Loan Against Property: Interest Rate & Charges
Availing a Loan Against Property on affordable terms is crucial for borrowing smartly. We understand the need of our customers and have designed our loan to offer a seamless experience. The Poonawalla Fincorp Loan Against Property is offered at a low rate of interest and fees. What’s more, there are no hidden charges whatsoever, and we assure 100% transparency in all our loan dealings.
Loan Against Property Fees and Charges
|Other fees and charges
Other charges for Loan Against Property as applicable as given below:
Kindly check our tariff sheet document to get more details about our other fees and applicable charges.
Loan Against Property – Schedule of Charges & Other Features
|Loan Against Property Interest Rates||9% p.a onwards|
|Loan Amount||From ₹25 Lakhs to ₹10 Cr|
|Loan Processing Fees||Up to 1% Plus applicable taxes|
|Lowest EMI per month||Starting from ₹25,357* per 25 Lakhs for 15 years|
|Loan Tenure||3 - 15 years|
|Prepayment/Foreclosure Charges||4% of the outstanding loan amount plus taxes|
|Late Payment Charges||2% per month|
|Cheque Bounce Charges||₹1000 per bounce plus applicable taxes|
|IMD Charges - Initial application fee||₹10,000 - Non Refundable|
|Stamp Duty||At actuals (as per state)|
|No Other Hidden Charges|
Tips For Loan Against Property Foreclosure
A foreclosure is when you pay off the remaining outstanding loan principal amount in a single payment. When done right, a foreclosure can help you save on interest amount but must be done only after careful planning. If it is a large payment, it can have a significant impact on your financial health. To avoid any negative implications, follow these tips:
- Check the foreclosure charges
- Do a cost-benefit analysis to know your true savings
- Use an online foreclosure calculator for more detailed analysis
- Plan to foreclose as early as possible for maximum savings
Frequently Asked Questions
What is the starting rate of interest on a Loan Against Property?
Poonawalla Fincorp offers a Loan Against Property at some of the most competitive rate. Our LAP interest rate starts at just 9%* p.a., making this one of the most cost-effective options.
How can I get the lowest mortgage loan interest rates?
To enjoy the lowest interest rates and ensure maximum affordability, follow these simple tips:
- Apply with a strong financial profile
- Pledge a property with a high market value
- Have a good credit score
- Meet all the loan eligibility criteria without any issues
Is there a way to reduce the mortgage loan interest payable?
Yes. Some of the best ways to reduce the interest on Loan Against Property are as follows:
- Negotiate for a lower interest rate
- Even though you might be eligible for a higher amount, borrow only the amount you require
- Opt for a shorter tenure
What is the processing fee chargeable on the Poonawalla Fincorp Loan Against Property?
We ensure an affordable experience and only levy nominal charges on our Loan Against Property. You only must pay a processing fee that ranges up to 1% of the sanctioned loan amount plus applicable taxes.
Can I foreclose the Loan Against Property before the tenure ends?
Yes. You can foreclose your loan before tenure ends. There will be up to 4% charges on the principal outstanding plus applicable taxes.