Loan Against Property: Frequently Asked Questions
As you are required to pledge your property as mortgage to avail of Loan Against Property, it is important that you clear any doubts you may have about this loan beforehand. Here are answers to some Loan Against Property FAQs.
Yes. You can avail of the Poonawalla Fincorp Loan Against Property as a co-owner of a joint property, but all co-owners must be co-applicants for the loan account as well.
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 ranges up to 80% across property types. So, for example, if a property is valued is Rs 1,00,00,000 and the LTV is 80%, then the maximum loan amount that can be availed is Rs 80,00,000.
No, there are no restrictions to use the funds until they are utilized within the stipulated regulations as directed by the regulator.
We have relaxed requirements for getting a Loan Against Property and simplified access to funding. As such, we accept a range of property types, including apartments, flats, villas, houses, office buildings, shops, etc.
This instrument is loaded with convenience-first features and is available at a competitive rate in the market. With our loan, you can enjoy an affordable and cost-effective experience. Here are some benefits of choosing Poonawalla Fincorp LAP product:
- Digital process
- Competitive eligibility programs
- Wide range of properties eligible
- Competitive pricing
- Best in industry payouts
- Experienced team
To serve your financial needs, we offer a sanction that ranges between ₹25 Lakh and ₹10 Crore. You can rely on our loan for any big-ticket expenses.
Borrowers can avail of a loan tenure that ranges between 3 and 15 years.
Yes. We levy a foreclosure fee, which is up to 4% of the outstanding principal amount plus applicable taxes.
Yes. We have a simple and intuitive online loan application provision that can be completed in just a few easy steps.
To maximize affordability, we charge nominal 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.
Salaried individuals, self-employed professionals, companies, firms etc. can all qualify for funding with our Loan Against Property.
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.
Yes. This is a crucial requirement that affects the approval for the loan.
For self-employed professionals like a doctor or Chartered Accountants must have maintained their practice for at least 1 year. All other self-employed individuals must have a business vintage of at least 3 years.
Yes. Companies and firms must maintain an annual turnover of at least ₹10 Lakh to meet the income criterion for this loan.