Get Loan Against Residential Property @9.5% p.a.

Q: Can I get a loan against a plot that is already mortgaged?

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.

Q: What happens if I can't repay the loan against my residential property?

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.

Q: How is the loan amount determined?

The loan amount is typically determined based on the property's current market value, the applicant's creditworthiness, and the lender's policies.

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

Loan Amount

51,00,000 25,00,00,000

Interest Rate %

9.5% 15%

Tenure

3 Year 15 Years

Calculate

EMI Amount = *

Check Repayment Schedule
Download Repayment Schedule

Interest Rate & Charges for Loan Against Residential Property

Poonawalla Fincorp offers a Loan Against Property at attractive interest rates, starting from just 9.5% per annum. Please see below for more details:

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	5% on principle outstanding plus applicable taxes. 5% on principle partly paid amount plus applicable taxes.
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.

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

Property Ownership

Age

Credit Score

Property Type

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
Quick Approval

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.