Online Mortgage Loan - Unlock Your Property’s True Value
A Mortgage Loan is used to avail of additional funds against a property’s value. It is a long-term financial arrangement where the lender provides funds to the borrower against a property, be it residential or real estate. Since it is a secured loan, the property itself serves as 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. You can easily avail of this loan through a simple application process Apply now!
Property Mortgage Loan EMI Calculator
-
EMI Amount = *
Mortgage Loan – 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.
Various Reasons to Get a Mortgage Loan
There can be a host of reasons to apply for a Mortgage Loan, some of which include:
- Expand Existing Business - You can expand business operations using a Mortgage Loan, 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 used to upgrade business infrastructure or to renovate your residential space without any hassle.
- Pay for a Medical Emergency - Use 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.
- Debt Consolidation - Debt consolidation streamlines financial management by combining various debts, like credit cards, Personal Loans, and medical bills, into one consolidated loan, reducing your debt burden.
- Claim Tax Benefits - By borrowing a Mortgage Loan, you can also claim tax benefits through the deductibility of mortgage interest payments. Also, with competitive interest rates and flexible repayment, you can plan your finances better.
Apply Mortgage Loan within 5 Minutes in 3 Easy Steps
You can easily apply for a Mortgage Loan by following the steps mentioned below:
- Step 1 – Click on the ‘Apply Now’ button.
- Step 2 – Fill in the required details on the loan application form.
- Step 3 – Upload the necessary documents.
On successful verification, the approved loan amount will be transferred to your bank account.
Apply Mortgage Loan within 5 Minutes in 3 Easy Steps
Apply
Online
Apply Online
Click on ‘Apply Now’ and enter your contact details along with loan amount, tenure, and property type.
Personal
Details
Property and Occupation Details
Enter your DOB, employment, and property ownership details.
Verification
Verification
The application will then proceed for verification and assessment
Features and Benefits of Mortgage Loan
Poonawalla Fincorp’s Mortgage Loan comes with a host of different features and benefits, such as:
-
Quick and Simple Loan Processing
-
Loan Available on Different Property Types
-
Higher Loan-to-Value (LTV)
-
Competitive Interest Rates
-
Flexible Repayment Tenure
- Quick and Simple Loan Processing - Our online loan application process ensures a seamless experience for our customers. 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. This is 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.
- Flexible Repayment Tenure - Our Mortgage Loans come with a flexible repayment period of up to 180 months.
Mortgage Loan Eligibility Criteria
| Description | Salaried Individuals | Self-Employed Individuals | Firm/Company |
| Eligible Borrowers | Salaried individuals working with LLP/Private Limited/Public Limited companies |
|
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. Additional details may be required during loan processing by Poonawalla Fincorp.
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/Aadhaar Card/Voter ID/Driving License/Passport | |
| 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 | Salary slips from the past 3 months |
|
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 finalised along with legal & technical clearance of the property | |||
Note: The above-mentioned list of documents is indicative. Additional documents may be required during loan processing by Poonawalla Fincorp.
Frequently Asked Questions
A Mortgage Loan is a secured loan that is used to avail of funds against a property’s value. The property itself serves as a collateral against the loan amount.
Anyone can apply for a Mortgage Loan; you just need to meet our basic eligibility criteria when applying for the loan.
Poonawalla Fincorp’s Mortgage Loans are offered at attractive interest rates starting from 9.5% p.a. You can also use our Mortgage Loan Calculator to plan your repayment schedule according to the tenure.
Mortgage Loans are an excellent financial product for those looking to fulfil certain financial obligations like expanding existing businesses or property renovation. The loan terms are simple to understand and can be tailored to suit your specific requirements.
The different types of Mortgage Loans mainly include:
- Loan Against Residential Property (bungalows, flats, etc.)
- Loans Against Commercial Properties like warehouses and stores
- Loan Against Industrial Property
*Terms & Conditions Apply
