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.
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.
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.
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.
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.
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.
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.
Borrowers can avail a loan tenure that ranges between 5 and 15 years.
Yes. We levy a foreclosure fee, which is 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 5 easy steps.
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.
Salaried individuals, self-employed professionals, companies, and firms 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.
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.
Yes. Companies and firms must maintain an annual turnover of at least Rs.10 lakh to meet the income criterion for this loan.