Get a Loan Against Property at better interest rates!
Smart borrowing begins with availing a loan at affordable terms. At Poonawalla Fincorp, we understand this and have designed our Loan Against Property to offer a seamless experience to our customers. Offered at attractive interest rates starting from just 9.5% per annum, our loan is a cost-effective solution that meets your financial needs. We guarantee 100% transparency, ensuring there are no hidden charges whatsoever. Go ahead and achieve your financial goals today. Apply now!
Applicable Fees and Charges
 |
Interest Rate
|
 |
Processing Fee
|
 |
Foreclosure 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 other applicable charges. |
Loan Against Property – Schedule of Charges & Other Features
| Interest Rate | 9.5% p.a. onwards |
| Loan Amount | From ₹51 Lakh to ₹25 Crore |
| Loan Processing Fees | Up to 2% |
| Lowest EMI per month | 1044* per Lakh for 180 months |
| Maximum Tenure | 3-15 years (12 years for Industrial/Warehouse) |
| Foreclosure/Prepayment Charges |
|
| Default Charges | 24% per annum |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
4 Tips For Foreclosing a LAP
Foreclosure refers to the process of paying off the remaining outstanding loan principal amount in a single payment. When done correctly, foreclosure can help you save on interest payments. However, it is essential to plan carefully before considering foreclosure as a viable option, as a large payment amount can have a significant impact on your financial health. Hence, 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 a more detailed analysis.
- Plan to foreclose as early as possible for maximum savings.
Frequently Asked Questions
Poonawalla Fincorp offers LAP at competitive interest rates. This makes our loan one of the most cost-effective financing options that you can avail of to fulfil any kind of big-ticket expense.
To enjoy the lowest LAP interest rate and ensure maximum affordability, follow these simple tips:
- Apply with a strong financial profile.
- Pledge a property with a high market value.
- Maintain a good credit score.
- Meet all the loan eligibility criteria.
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.
Note : It is important to consider your existing financial condition carefully before opting for the above-mentioned tips to reduce the interest payable on your property mortgage loan.
We ensure an affordable experience and only levy nominal charges on our LAP loan. You will be required to pay a processing fee upto 2%.
Yes. You can foreclose your loan before tenure ends. You may need to pay a foreclosure charges up to 5% on principle outstanding plus applicable taxes.
*Terms & Conditions Apply
