Is It Mandatory To Have A Co-Applicant For Availing LAP?
Yes. You can only apply for our Loan Against Property with a co-applicant. In case you are applying for a loan against joint property, the co-owner can be a co-applicant in your loan application.
Both applicants will have to fulfil the eligibility criteria to get a Loan Against Property from Poonawalla Fincorp. The eligibility criteria for Loan Against Property is mentioned below.
|Description||Salaried Individuals||Self-employed Individuals||Firm / Company|
|Eligible Borrowers||Salaries individuals that are employed with LLP Private Limited/ Public Limited companies||
||Partnership or Private Limited companies engaged in servicing, manufacturing, or trading.|
|Age||Borrowers must be a minimum of 18 years at the time of loan application and should be a maximum of 60 years old at the time of loan maturity||Borrowers must be a minimum of 18 years at the time of loan application and should be a maximum of 75 years old at the time of loan maturity||Proprietor/ key partner/ key director should be a minimum of 18 years of age at the time of loan application and 75 years old at the time of loan maturity|
|Income||Gross monthly income should be a minimum of ₹50,000||Gross annual turnover should be a minimum of ₹3 Lakh||Gross annual turnover of a minimum of ₹10 Lakh|
|Experience / Vintage||3 years of total experience and 6 months stable employment with the current employer||Should be in the same business/profession for the last 5 years||Business vintage of at least 5 years in the same business|
|Citizenship||Borrowers must have Indian citizenship||Borrowers must have Indian citizenship||Borrowers must have Indian citizenship|