Online Mortgage Loan - Unlock Your Property’s True Value
A Mortgage Loan is used to avail of additional funds against a property’s value, be it residential or another real estate. Since it is a secured loan, the property itself serves as the collateral against the loan amount. Mortgage Loans are a type of Loan Against Property that allows you to fulfil your financial requirements by putting up an immovable asset like your property as security. Moreover, the property’s ownership remains with you; it only shifts to the lender if you default on the loan repayment.
Various Reasons to Borrow a Mortgage Loan
There can be a host of reasons to apply for a Mortgage Loan, some of which include:
- Expand an Existing Business - You can expand business operations using a Mortgage Loan, meaning using the funds to buy a new warehouse or commercial property.
- Renovate Business Infrastructure or a Home - The funds received from a Mortgage Loan can be further used to upgrade business infrastructure. In the case of a residential property, a Mortgage Loan can be used to renovate your residential space without any hassle.
- Pay for a Medical Emergency - The funds received from a Mortgage Loan can be used to help pay for medical emergencies or meet other financial requirements during such circumstances.
- Fund Overseas Higher Education - With a Mortgage Loan, you can easily fulfil your overseas education dreams without worrying about high tuition costs or fees.
Calculate your monthly EMI for Mortgage Loan
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EMI Amount = *
Mortgage Loan – 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 | 0%* If paid from own sources. 4% of the outstanding loan amount plus taxes if paid from other sources |
| 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 | |
Apply for Mortgage Loan within 5 Minutes in 4 Easy Steps
You can easily apply for a Mortgage Loan by following the four simple steps mentioned below:
- Step 1 – Click on the ‘Apply Now’ button on our website & enter the basic KYC details
- Step 2 – Await assessment & verification of your loan application
- Step 3 – Receive confirmation upon loan approval
- Step 4 – Approve the loan offer and authorize disbursal of the loan amount
Apply Mortgage Loan within 5 Minutes in 4 Easy Steps
Apply
Online
Apply Online
Click on Apply Now and enter your contact details along with loan amount, tenure and property type
Enter
residence
details
Enter residence details
Enter your DOB and residentce ownership details
Enter
occupation
details
Enter occupation details
Enter your occupation and employment details
Verification
Verification
Application will then proceed for verification and assessment
Features and Benefits for Poonawalla Mortgage Loan
Poonawalla Fincorp’s Mortgage Loan comes with a host of different features and benefits, such as:
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Quick and Simple Loan Processing
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Loan Available on Different Property Types
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Higher Loan to Value (LTV)
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Competitive Interest Rates
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Longer Repayment Tenure
- Quick and Simple Loan Processing - Our online loan application process ensures a seamless experience for our customers. When you apply for a Mortgage Loan, the entire process from application to disbursal can be completed quickly.
- Loan Available on Different Property Types - We offer Mortgage Loans against different properties, including residential, commercial, warehouse, industrial, etc.
- Higher Loan to Value (LTV) - With our Mortgage Loans, you can get a higher loan amount sanctioned to manage your financial obligations thanks to the high Loan-To-Value (LTV) ratio on the property’s market value.
- Competitive Interest Rates - Poonawalla Fincorp’s Mortgage Loan interest rates are competitive, meaning you can repay your loan in affordable EMIs without any hassle. It further ensures that you are not financially overburdened.
- Longer Repayment Tenure - Our Mortgage Loans come with a flexible repayment period of up to 15 years.
Mortgage Loan Eligibility Criteria
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company |
| Eligible Borrowers | Salaried individuals working with LLP / Private Limited / Public Limited companies |
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Partnership or Private Limited companies engaged in manufacturing, servicing, or trading |
| Age | Applicants must be at least 18 years old when applying for the loan. The maximum age (at loan maturity) must be 60 years. |
Applicants must be at least 18 years old when applying for the loan. The maximum age (at loan maturity) must be 75 years. |
The proprietor / key partner / key director must be at least 18 years old when applying for the loan. The maximum age (at loan maturity) must be 75 years. |
| Income | The gross monthly salary (in hand) must be at least ₹50,000 | The gross annual income must be at least ₹3 Lakh | The annual turnover should be at least ₹10 Lakh |
| Experience/vintage | Minimum 3 years of total experience. At least 6 months working with the current employer |
Must be in the same business/profession for the last 5 years | Business stability/vintage/continuous operations of a minimum of 5 years |
| Citizenship | Individuals must have Indian citizenship | Individuals must have Indian citizenship | Proprietors/partners/directors must have Indian citizenship |
Note: The above-mentioned eligibility criteria are indicative.
Mortgage Loan Documents Required
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company | |
| Identity Documents | KYC documents | KYC documents | GST Registration Certificate (If applicable) and Other Applicable Registrations, KYC of Partners / Directors PAN Card and Aadhaar Card | |
| Address Proof | Electricity bill for owned premises, Rent agreement for Rented premises, and Passport | Electricity bill for owned premises, a Rent agreement for Rented premises, and a Passport | The Electricity bill for owned premises, a Rent agreement for Rented premises, Passport of the Partner / Directors | |
| Income Documents | 3-month salary slips |
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Income Tax Returns with computation for the last 2 years, Profit/Loss statement and balance sheet from the last 2 years, and GST Returns | |
| Bank Account Statement | Salary-credit bank account statement from the last 12 months | Operative bank account statement from the last 12 months | Operative bank account statement from the last 12 months | |
| Property Documents | Required if already finalized along with legal & technical clearance of the property | |||
Note: The above-mentioned list of documents is indicative.
Frequently Asked Questions for Mortgage Loan
A Mortgage Loan is a secured loan that is used to avail of additional funds against a property’s value, be it residential or another real estate. The property itself serves as the collateral against the loan amount.
You must fulfil the basic eligibility criteria as listed above to be able to apply for a Mortgage Loan with Poonawalla Fincorp. You can refer to the eligibility criteria table above to know more.
Poonawalla Fincorp’s Mortgage Loans are offered at attractive interest rates starting from 9% p.a. You can also use our Mortgage Loan Calculator to find out how much loan amount you qualify at which rate and the repayment tenure.
Mortgage Loans are an excellent financial product for those looking to fulfil certain financial obligations like overseas education or meeting medical expenses. The loan terms are simple to understand and can be tailored to suit your specific requirements.
The different types of Mortgage Loans mainly include loans against residential property (bungalows, flats, etc.), and loans against commercial properties like warehouses and stores. Basically residential and commercial properties that are immovable can be used under Mortgage Loans.
*Terms & Conditions Apply
