loan against property

Property Mortgage Loan

Online @9% p.a.

Loan Up to 10 Cr | Minimal Documentation | Flexible Tenure

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.
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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

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
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Apply Online

Click on Apply Now and enter your contact details along with loan amount, tenure and property type

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Enter residence details

Enter your DOB and residentce ownership details

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Enter your occupation and employment details

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Verification

Application will then proceed for verification and assessment

Poonawalla Fincorp’s Mortgage Loan comes with a host of different features and benefits, such as:

  • Short turn around time for loan approval logo

    Quick and Simple Loan Processing

  • Flexible repayment tenure logo

    Loan Available on Different Property Types

  • Competitively priced low-interest rate loan schemes logo

    Higher Loan to Value (LTV)

  • No foreclosure penalty logo

    Competitive Interest Rates

  • Quick loan disbursal facility logo

    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.
Description Salaried Individuals Self-Employed Individuals Firm / Company
Eligible Borrowers Salaried individuals working with LLP / Private Limited / Public Limited companies
  • Proprietor / Partner / Director
  • Self-employed professionals like Chartered Accountants,Company Secretaries, and doctors
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.

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
  • Income Tax Returns with the computation for the latest 2 years
  • Profit/Loss statement and balance sheet from the last 2 years
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.

What is a 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.

Who can apply for a Mortgage Loan?

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.

What is the rate of interest for a Mortgage Loan?

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.

Is a Mortgage Loan a good idea?

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.

What are the types of Mortgage Loans?

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

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