Eligibility Criteria for a Loan Against Property
Meet our simple eligibility requirements, based on your occupation, to avail of a mortgage loan.
- Eligible Borrowers
- Salaried Individuals
- Salaried individuals working with LLP / Private limited companies / Public limited companies
- Self-Employed Individuals
- Proprietor / Partner / Director
- Self-employed professionals like Chartered Accountants, Company Secretaries, and Doctors
- Firm / Company
- Partnership or Private Limited companies engaged in Manufacturing, Servicing, or Trading
- Salaried Individuals
- Age
- Salaried Individuals
- Applicant must be a minimum of 21 years old at the time of loan application and a maximum of 60 years old at loan maturity
- Self-Employed Individuals
- Applicant must be a minimum of 18 years old at the time of loan application and a maximum of 75 years at loan maturity
- Firm / Company
- Proprietor / Key Partner / Key Director should be a minimum of 18 years old at the time of loan application and a maximum of 75 years at loan maturity
- Salaried Individuals
- Experience/Vintage
- Salaried Individuals
- Total work experience of 3 years, with at least 6 months with the current employer
- Self-Employed Individuals
- Should be in the same business or profession for the last 3 years
- Firm / Company
- Business stability/vintage of minimum 3 years in the same business
- Salaried Individuals
- Citizenship
- Salaried Individuals
- Individuals must have Indian citizenship
- Self-Employed Individuals
- Individuals must have Indian citizenship
- Firm / Company
- Proprietors/Partners/Directors must have Indian citizenship
- Salaried Individuals
Documents Required for a Loan Against Property
Submit just a few documents, based on your occupation profile, to qualify for the loan:
- Identity Documents
- Salaried Individuals
- PAN Card/Aadhaar Card/Driving License/Voter ID/Passport
- Self-Employed Individuals
- PAN Card/Aadhaar Card/Driving License/Voter ID/Passport
- Firm / Company
- GST Registration Certificate (if applicable) and Other Applicable Registrations, KYC of Partners / PAN Card/Aadhaar Card/Driving License/Voter ID/Passport
- Salaried Individuals
- Address Proof
- Salaried Individuals
- Electricity bill for owned premises,
- Rent agreement for rented premises
- Passport
- Self-Employed Individuals
- Electricity bill for owned premises
- Rent agreement for rented premises
- Passport
- Firm / Company
- Electricity bill for owned premises
- Rent agreement for rented premises
- Udyam Certificate/GST Registration Certificate
- Salaried Individuals
- Income Documents
- Salaried Individuals
- 3-month salary slips
- Self-Employed Individuals
- Income Tax Returns, along with computation for the last 2 years
- Profit/Loss statement and balance sheet for the last 2 years, GST Returns
- Firm / Company
- Income Tax Returns, along with computation for the last 2 years
- Profit/Loss statement and balance sheet for the last 2 years, GST Returns
- Salaried Individuals
- Bank Account Statement
- Salaried Individuals
- Salary credit bank account statement for the last 6 months
- Self-Employed Individuals
- Operative bank account statement for the last 12 months
- Firm / Company
- Operative bank account statement for the last 12 months
- Salaried Individuals
- Property Documents
- Relevant documents of property given as collateral
Loan Against Property Loan Eligibility Calculator
With Poonawalla Fincorp's Loan Against Property Loan EMI Calculator, you hold the key to unlocking financial transparency. This calculator helps you meticulously plan your EMIs, ensuring you are well-equipped to manage your monthly budget.
Apply for a Loan Against Property in Just 3 Steps
Click on "Apply Now”
Tap the Apply Now button to initiate your application.
Enter Details
Enter your contact, personal, occupation, and property ownership details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
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loan against property22 Apr 2024| 3 min -
loan against property13 Jan 2025| 10 min
Frequently Asked Questions
Yes. Salaried employees must submit their salary slips and bank statements, while self-employed individuals and firms/companies must submit their income tax returns, profit and loss account statement, balance sheet and bank account statements for the last 12 months to avail of our property mortgage loan.
Yes. The income documents required for a firm or company include the IT Returns, profit and loss account statement and balance sheet for the last 2 years, along with the GST returns.
Yes. Self-employed individuals and partners, proprietors or directors of a firm/company, aged up to 75 years at the time of loan maturity, are eligible to apply for our Loan Against Property. However, they must meet the required eligibility conditions and submit the necessary documents to improve their chances of getting loan approval.
You can improve your chances of getting a property mortgage loan by taking these steps:
· Give a high-value collateral (property).
· Maintain a steady source of revenue or income.
· Build and maintain a credit score of 700 and above.
· Ensure that the paperwork for your property is in order.
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I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.