loan against property

Loan Against Property Leverage the property value for your needs

Higher Loan Amount | Longer Tenure | No Hidden Charges

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.

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

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.

What is the LTV ratio for a LAP?

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.

What can I use the loan sanction for?

No, there are no restrictions to use the funds until they are utilized within the stipulated regulations as directed by the regulator.

What are the different types of properties accepted as collateral?

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.

Why should I choose the Poonawalla Fincorp LAP product?

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
What are the minimum and maximum loan amounts offered?

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.

What are the tenure options available to borrowers?

Borrowers can avail of a loan tenure that ranges between 3 and 15 years.

Do I have to pay foreclosure charges?

Yes. We levy a foreclosure fee, which is up to 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 a few easy steps.

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

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.

Who can qualify for the Poonawalla Fincorp Loan Against Property?

Salaried individuals, self-employed professionals, companies, firms etc. 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?

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.

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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