Leverage Your Home’s Value to Get the Funds You Need with a Loan Against Residential Property!
In today's dynamic financial landscape, individuals often find themselves in need of substantial funds for various purposes, be it education, business expansion, or debt consolidation. One financing option that has gained considerable popularity in recent years is a Loan Against Property. This financial tool allows homeowners to utilise the value of their homes to secure loans for various needs. Let's delve deeper into the world of Loan Against Residential Property.
EMI Calculator for Loan Against Residential Property
Interest Rate & Charges for Loan Against Residential Property
Poonawalla Fincorp offers a Loan Against Property at attractive interest rates, starting from just 9% per annum. Please see below for more details:
|Loan Against Property Interest Rates||9% p.a. Onwards|
|Loan Amount||From ₹51 Lakhs to ₹25 Cr|
|Loan Processing Fees||Up to 1% Plus applicable taxes|
|Lowest EMI per month||1044* Per Lakh for 180 Months|
|Maximum Tenure||3-15 years (12 years for Industrial/Warehouse).|
|Foreclosure/Prepayment Charges||4 % on the outstanding loan Plus applicable 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|
Types of Residential Properties in India
India's real estate market offers diverse residential property types to suit various lifestyles and preferences. Some of the types of residential properties In India are:
- Apartments: Residential units in multi-story buildings that offer various configurations and shared amenities.
- Independent Houses: Single-unit properties with more privacy and customization options.
- Villas: Luxurious standalone properties with private amenities and custom features.
- Gated Communities: Controlled-access complexes with apartments, villas, or row houses, with shared facilities.
- Builder Floors: Independent units in low-rise buildings with shared infrastructure.
Required Eligibility Criteria for Loan Against Residential Property
- Income: Lenders evaluate your income to gauge your loan repayment capacity.
- Property Ownership: You must be the legal owner of the residential property.
- Age: Your age should be between 18 and 60 years of age.
- Credit Score: A favourable credit score (700 and above) increases your chances of loan approval.
- Property Type: The property must be residential, with clear ownership.
Benefits of Loan Against Residential Property
Obtaining a Loan Against Residential Property offers several advantages, such as:
Attractive Interest Rates
Higher Loan Amounts
Flexible Repayment Tenure
- Attractive Interest Rates: These loans often come with competitive interest rates, making them an excellent financing option.
- Higher Loan Amounts: The value of your property can determine a higher loan amount, enabling you to meet significant financial needs.
- Flexible Repayment Tenure: Borrowers can choose from a range of repayment tenures of up to 15 years.
- Quick Approval: If you meet the eligibility criteria and have all the required documents, the loan approval process can be relatively quick and hassle-free.
Apply for a Loan Against Residential Property within 5 Minutes
Click on ‘Apply Now’ and enter your contact details along with loan amount, tenure, and property type.
Enter Property Details
Enter your DOB and property ownership details.
Enter Occupation Details
Enter your occupation and employment details.
The application will then proceed for verification and assessment.
Frequently Asked Questions about Residential Property Mortgage Loan
To get a loan against a plot that is already mortgaged, you need to check with your existing lender if the same is allowed within the terms and conditions of your loan. Make sure that you read all the loan terms carefully before making any further decisions.
If you default on the loan, the lender has the right to take possession of your property and sell it to recover the outstanding amount. It is extremely important to assess your repayment capacity before applying for a Loan Against Property.
The loan amount is typically determined based on the property's current market value, the applicant's creditworthiness, and the lender's policies.
*Terms & Conditions Apply