Frequently Asked Questions on Loan Against Property
Find out answers for your general queries
It is a secured loan which you can avail against your existing residential/commercial property, pledged as a collateral while you continue using it. Your requirement of funds for personal needs, business needs or any unexpected financial expenditure can be met with our Loan against Property offering.
We understand your need of urgent funding for your requirements; therefore, we provide a higher loan amount against your property with minimal documentation, competitive interest rates for longer tenure, and quick approvals with no hidden charges.
At Poonawalla Fincorp, our customized features and offerings on Loan against Property helps you meet all your financial needs by unlocking the best value of your property with:
- Wide range of owned residential/commercial property.
- Quick and easy loan processing.
- Longer repayment tenure.
- Doorstep service.
Yes, you can avail the Loan against Property even if you jointly own the property. However, all the property owners should be co-applicants to the loan.
Yes, you can avail the loan on your residential as well as commercial properties.
At Poonawalla Fincorp, our competitive Loan against Property interest rate starts at 14% p.a. depending on your credit rating.
At Poonawalla Fincorp, you can avail a flexible loan tenure ranging from 5 to 15 years which helps you keep those monthly instalments low.
Our Loan against Property offering, allows customers to avail the best mortgage loan value from as low as 3 Lakhs to 30 Lakhs depending on your eligibility. You can get loan up to 100% of your property market value.
Yes, you can foreclose your loan with 4% Foreclosure charges on principal outstanding plus applicable taxes.
The Loan against Property is a convenient option to get your business and personal needs financed by pledging your property. Following are some of the collaterals that you can pledge be it self-occupied or rented.
- Apartment / Flat / House/ Villa, etc.
- Commercial properties like office building / shops
- Open Plot or Land
With the list of required documents varying for salaried individual, self employed individuals and companies, we request you to check the list of required documents as per your applicant category in our Eligibility and Documents sections.
Loan against property eligibility criteria is different for salaried individual, self employed individuals and companies. To know and understand your eligibility criteria, please refer to our Eligibility and Documents