loan against property

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Loan Against Property

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starting @ 9%* p.a.

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Loan Against Property: Frequently Asked Questions

As you are required to pledge your property to avail funding, it is important that you clear any doubts you may have about this loan. Here are answers to loan against property FAQs.

Can I get a loan against property for a jointly owned property?

Yes. You can avail the Poonawalla Fincorp Loan Against Property as a co-owner, but all co-owners must be co-applicants for the loan as well.

What is the LTV ratio for an LAP loan?

The LTV or Loan-To-Value ratio is the percentage of the property’s market value that is offered to you as a sanction. Typically, the LTV for a LAP loan ranges up to 80% across property types.

What can I use the loan sanction for?

Our loan against property sanction has no spending restrictions, meaning that you can use it freely. Fund any financial obligations, personal or business-related, freely.

What are the different types of properties accepted as collateral?

We have relaxed requirements and have simplified access to funding. As such, we accept a range of property types, right from apartments, flats, villas, and houses to office buildings, shops, land, and open plots.

Why should I choose the Poonawalla Fincorp LAP offering?

This instrument is loaded with convenience-first features and is available at one of the lowest rates in the market. With our loan, you can enjoy an affordable and cost-effective experience, all in one easy solution.

What is the minimum and maximum loan amount offered?

To serve your financial needs, we offer a sanction that ranges between Rs.25 lakh and Rs.5 crore. You can rely on our loan for any big-ticket expense.

What are the tenure options available to borrowers?

Borrowers can avail a loan tenure that ranges between 5 and 15 years.

Do I have to pay foreclosure charges?

Yes. We levy a foreclosure fee, which is 4% of the outstanding principal amount plus applicable taxes.

Can I apply online for a loan against property?

Yes. We have a simple and intuitive online loan application provision that can be completed in just 5 easy steps.

What are the mortgage loan rates and charges applicable?

To maximise affordability, we charge nominals fees on our loan against property. The loan has a processing fee, cheque swapping charge, legal fee, incidental charge, valuation charges, and foreclosure charges. Find all the specifics for these charges and rates on the official loan against property interest rate & charges webpage.

Who can qualify for the Poonawalla Fincorp Loan Against Property?

Salaried individuals, self-employed professionals, companies, and firms can all qualify for funding with our loan against property.

Where can I find the loan against property eligibility details?

The full list of loan against property eligibility criteria is listed online on our dedicated webpage. You can contact our support team for this information as well.

Do I need to submit property paperwork for loan approval?

Yes. This is a crucial requirement that affects the approval for the loan.

What are the business vintage requirements for self-employed persons?

Self-employed individuals must have business vintage of at least 3 years. Self-employed professionals like a doctor or a chartered accountant must have maintained their practice for at least 1 year.

Is there an annual turnover requirement for companies/firms to qualify?

Yes. Companies and firms must maintain an annual turnover of at least Rs.10 lakh to meet the income criterion for this loan.

Interest Rate

APR ranging from 9% to 18% | One-time Processing Fee up to 2% plus taxes.

Repayment

Flexible repayment tenure from 3 to 15 years with 4% Foreclosure charges on principal outstanding plus applicable taxes.

Example

Loan Amount Rs.30 lakh, Interest Rate: 10%, Tenure: 10 years, equates to EMI of Rs. 39,645 per month.

This rate of interest is prone to fluctuation basis our internal credit and risk policy, and as per an algorithmic multivariate score card.
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Fill a simple online form with basic details.

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Submit your KYC, Income Documents, and Bank Account Statements along with a copy of Property Documents.

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Quick assessment of your documents and property inspection.

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Loan Against Property
Advantages of Loan Against Property.

A Loan against property is a secured loan granted when you offer your existing residential or commercial property as collateral. These loans are sanctioned by housing finance companies and banks, usually at a lower rate of interest than other traditional forms of loans.

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5 important things to keep in mind when availing a Loan against property

With the number of Covid-19 cases gradually coming down in India and the possibility of regional lockdowns easing and opening of the business markets, the need for finances or capital needs towards personal or business commitments will start seeing an uptick in credit demands from individuals and self-employed people.

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