loan against property

Loan Against Property Frequently Asked Questions

Higher Loan Amount | Longer Tenure | No Hidden Charges

Before availing of a Loan Against Property, it is important to clear any doubts you may have beforehand. Here are answers to some Loan Against Property FAQs.

Can I get a Loan Against Property for a jointly owned property?

Yes. You can avail of a Loan Against Property from Poonawalla Fincorp as a co-owner of a joint property. However, you must note that all co-owners must be co-applicants for the loan account as well.

What is the LTV ratio for a Loan Against Property?

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 Loan Against Property ranges up to 80% across property types. So, for example, if a property is valued at ₹1,00,00,000 and the LTV is 80%, then the maximum loan amount that can be availed of is ₹80,00,000.

What can I use the loan sanction for?

You can apply for a Loan Against Property to fulfil nearly any financial need. There are no restrictions to use the funds as long as they are utilized within the stipulated regulations as directed by the regulator.

What are the different types of properties accepted as collateral?

We have simple eligibility criteria that allow you to get a Loan Against Property for any type of real estate asset. We accept a range of property types, including apartments, flats, villas, houses, office buildings, shops, etc.

Why should I choose the Loan Against Property from Poonawalla Fincorp?

The Loan Against Property offered by Poonawalla Fincorp is loaded with convenience-first features and is available at competitive rates. By getting a Loan Against Property from us, you get to enjoy several benefits, such as:

  • Digital Process
  • Competitive Eligibility Programs
  • Wide Range of Eligible Property Types
  • Attractive Interest Rates
  • Experienced Team
What are the minimum and maximum loan amounts offered?

To serve your financial needs, we offer a Loan Against Property that ranges between ₹51 Lakh and ₹5 Crore. You can rely on our loan for any kind of big-ticket expense.

What are the tenure options available to borrowers?

Borrowers can avail of a loan tenure that ranges between 3 and 15 years. For industrial and warehouse properties, the maximum tenure is 12 years.

Do I have to pay foreclosure charges?

There will be 0% foreclosure charges if paid from own sources and 4% charges on the outstanding loan amount plus taxes if paid from other sources.

Can I apply online for a Loan Against Property?

Yes. We have a simple online loan application process that can be completed in just a few easy steps.

What are the applicable Loan Against Property interest rates and charges?

To maximize affordability, we charge nominal fees on our Loan Against Property. It includes 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?

All salaried individuals, self-employed professionals, companies, firms, etc. can qualify for availing of 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 also contact our support team for more information.

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 professionals like Doctors 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.

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

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

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