Poonawalla Fincorp Loan Against Property
Poonawalla Fincorp loan against property can be used for all your financial needs, including higher education of children, marriage in the family, funding business-related expenses, and so on. You can get a loan amount up to Rs. 25 Crores against the value of your property at affordable interest rates starting at 11%. For flexible tenures of 3 to 15 years.
Apply for Poonawalla Loan Against Property @ 11% Interest Rates
Poonawalla Fincorp Loan Against Property Details
The key details of the Poonawalla Fincorp loan against property are mentioned below:
| Loan amount | Rs. 51 Lakhs to Rs. 25 Crores, depending on the current market value of the property |
| Eligible property types | Residential, commercial purchase, industrial, industrial purchase, open plot, hotel, gym, lease, and PG in operational location |
| Age criteria | 21 to 60 years |
| CIBIL score | >= 700 |
| Business vintage | Minimum 3 years, depending on the loan amount |
| Rate of interest | 11% p.a. onwards |
| Processing fee | 1% of the loan amount |
| Tenure | 3 to 15 years |
| Loan-to-value (LTV) ratio | 50% to 80% of the property’s current market value |
Features and Benefits of Poonawalla Fincorp Loan Against Property
Below are the key features and benefits of the Poonawalla Fincorp loan against property:
- You can use the loan against property EMI calculator on the lender’s website to know your eligibility beforehand.
- Poonawalla offers a maximum loan-to-value (LTV) ratio of 80% for residential, 70% for commercial, 60% for industrial, and 50% for open plot with boundary.
- The lender accepts residential, commercial purchase, industrial, industrial purchase,
- open plot, hotel, gym, lease, and PG properties in operational locations as collateral.
- You can get a minimum loan amount of Rs. 51 Lakhs and a maximum of Rs. 25 Crores, depending on the current market value of the property.
- You can apply for a balance transfer plus top-up facility after 12 months of repayment.
- Poonawalla Fincorp loan against property interest rates are competitive, starting from 11% p.a.
- The loan can be repaid within a flexible tenure of 3 to 15 years.
Poonawalla Fincorp Loan Against Property Interest Rates
You can unlock the value of your property with Poonawalla Fincorp’s Loan Against Property at affordable interest rates, starting at 11% p.a., reducing your overall cost of borrowing.
Whether you are a salaried or self-employed individual, you can enjoy competitive financing with a minimal rate of interest rate and charges. Poonawalla’s attractive loan against property interest rate ensures you repay comfortably, making it an ideal solution for your personal or professional financial needs.
Compare Loan Against Property Interest Rates for Top Banks
Below is the comparison table of the Poonawalla Fincorp loan against property interest rates with other top banks:
| Lender | Interest Rate (p.a.) |
| Poonawalla Fincorp | 11% |
| IDBI Bank | 9.50% - 11.45% |
| State Bank of India | 13.15% - 14.40% |
| Canara Bank | 9.05% - 11.55% |
| HDFC Bank | 9.50% - 11.00% |
| IDFC First Bank | 9.00% - 20.00% |
| Central Bank of India | 8.90% - 12.25% |
| Bank of Baroda | 8.90% - 11.50% |
| HSBC Bank | 8.45% |
| Kotak Mahindra Bank | 9.50% - 10.50% |
| ICICI Bank | 10.60% - 12.25% |
| Federal Bank | 11.15% - 14.80% |
| PNB Housing Finance | 9.00% |
| Union Bank of India | 9.30% - 11.85% |
| Axis Bank | 9.25% - 10.00% |
| Bank of India | 10.10% |
| IndusInd Bank | 8.15% - 12.60% |
| UCO Bank | 11% - 12% |
| Indian Overseas Bank | 10.95% - 11.45% |
Poonawalla Fincorp Loan Against Property Fees and Charges
The following are the fees and charges associated with the Poonawalla Fincorp Loan Against Property:
- Processing fee: 1% on the approved sanction amount.
- Foreclosure charges: Up to 5% on principal outstanding + applicable taxes.
- Part prepayment charges: Up to 5% on the principal partly paid amount + applicable taxes.
- Default charges: 24% per annum + applicable taxes.
- Cheque bounce charges: Rs. 500 per bounce.
Stamp Duty: At actuals (as per state).
Eligibility Criteria for Poonawalla Fincorp Loan Against Property
Below are the Poonawalla Fincorp loan against property eligibility criteria in detail:
- Occupation of the applicant: Salaried individuals working with LLP/ private limited companies/ public limited companies, self-employed individuals (like proprietor/ partner/ director), self-employed professionals (like chartered accountants, company secretaries, and doctors), firms, and partnership/ private limited companies engaged in manufacturing, servicing, or trading.
- Age of the applicant: Minimum of 21 years old at the time of loan application and a maximum of 60 years old at loan maturity.
- Citizenship: Applicants must have Indian citizenship.
- CIBIL score: 700 or above.
- Business vintage: 5 years or above. The lender can process the loan for amounts ranging from Rs. 51 Lakhs to Rs. 3 Crores with a 3-year vintage.
- Development authority: Should be Municipal Corporation.
- Minimum turnover: Rs. 20 Lakhs.
- Types of property accepted by the lender: Residential (self-occupied, rented and vacant), commercial (self-occupied, rented and vacant), commercial purchase, industrial, industrial purchase, open plot, hotel, gym, PG property, and lease property in an operational location.
- Property carpet area: Should be at least 300 Sq ft.
- Maximum loan-to-value (LTV) ratio: 80% for residential, 70% for commercial, 60% for industrial, and 50% for open plot with boundary.
Valid documents submission: To get a loan against property from Poonawalla Fincorp, you will have to submit the valid documents as required by the lender. Your application for the loan against property without income proof and ITR can be rejected even if you meet all other eligibility criteria.
Documents Required to Apply for Poonawalla Fincorp Loan Against Property
To qualify for the Poonawalla Fincorp loan against property, you will be required to submit the following documents, based on your profile:
| Documents | Salaried Individuals | Self-employed Individuals | Firm/ Company |
| Identity Proof | PAN Card/ Aadhaar Card/ Driving License/ Voter ID/ Passport | PAN Card/ Aadhaar Card/ Driving License/ Voter ID/ Passport | GST Registration Certificate (if applicable) & other applicable Registrations, KYC of Partners/ PAN Card/ Aadhaar Card/ Driving License/ Voter ID/ Passport |
| Address Proof | Electricity Bill for owned premises, Rent Agreement for rented premises, and Passport | Electricity Bill for owned premises, Rent Agreement for rented premises, and Passport | Electricity Bill for owned premises, Rent Agreement for rented premises, and Udyam Certificate/ GST Registration Certificate |
| Income Proof | 3-month Salary Slips | Income Tax Returns along with Computation for the last 2 years, Profit/Loss Statement & Balance Sheet for the last 2 years, and GST Returns | Income Tax Returns along with Computation for the last 2 years, Profit/Loss Statement & Balance Sheet for the last 2 years, and GST Returns |
| Bank Account Statement | Salary Credit Bank Account Statement for the last 6 months | Operative Bank Account Statement for the last 12 months | Operative Bank Account Statement for the last 12 months |
| Property Documents | Relevant documents of the property given as collateral | Relevant documents of the property given as collateral | Relevant documents of the property given as collateral |
Calculate Poonawalla Fincorp Loan Against Property EMI
You can calculate the Poonawalla Fincorp loan against property EMI using the online EMI Calculator available on their website.
- Visit the official website of Poonawalla Fincorp and open “Loan Against Property” page given under the “Loan” tab.
- Click on the “EMI Calculator” tab.
- Select the desired loan amount, interest rate, and tenure on the tool.
- The “Monthly Payable Amount (EMI)” will be displayed on the screen.
- You can change the inputs as desired to come to an affordable EMI amount.
Poonawalla Fincorp Loan Against Property Customer Care
You may contact the Poonawalla Fincorp loan against property customer care team through any of the following ways:
- Toll Free Number: 1800-266-3201 (Timing: 9:00 AM to 7:00 PM, Monday - Saturday). Closed on Sundays and public holidays.
- Email: customercare@poonawallafincorp.com
How to Apply Poonawalla Fincorp Loan Against Property
You can easily apply for a Poonawalla Fincorp loan against property online in just 3 easy steps:
- On the Poonawalla Fincorp loan against property page, click on “Apply Now” button to initiate your application.
- Enter your contact, personal, occupation, and property ownership details.
- Upload the required documents for faster approval.
FAQs
Apart from the Poonawalla Fincorp, IndusInd Bank, HSBC Bank, Central Bank of India, Bank of India, and IDBI Bank are good banks for obtaining a loan against property as they offer comparatively lower interest rates.
Poonawalla Fincorp provides 50% to 80% of the property’s current market value (minimum Rs. 51 Lakhs to maximum Rs. 25 Crores) as loan against property.
The interest rate for Poonawalla Fincorp mortgage loan starts from 11% p.a.
Taking a loan against property is a great alternative for financing your big monetary needs including a marriage in the family, higher education of your kids, and so on.
You can get 50% to 80% of your property’s current market value with Poonawalla Fincorp.
Yes, you can transfer your existing loan against property to Poonawalla Fincorp.
For a Poonawalla Fincorp loan against property, you may expect approval within 3 to 10+ working days. For faster processing (a few days), make sure your documents are perfect.
The loan against property (LAP) rate for Poonawalla Fincorp starts from 11% p.a.
Salaried individuals working with LLP/ private limited companies/ public limited companies, self-employed individuals (like proprietor/ partner/ director), self-employed professionals (like chartered accountants, company secretaries, and doctors), firms, and partnership/ private limited companies engaged in manufacturing, servicing, or trading companies are eligible for a Poonawalla loan against property. For detailed eligibility criteria, check the “Eligibility Criteria for Poonawalla Fincorp Loan Against Property” goven above.
Property value for a loan against property is calculated by a professional valuer using Sales Comparison, Cost Approach, and Income Approach methods, considering various factors like age, location, size, and condition of the property.