Piramal Housing Finance – Home Loan Types, Interest Rates, EMI Calculator and Eligibility Check

Piramal Housing Finance’s home loan interest rates start from 8.49% per annum.

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What You Will Learn From the Article –

  1. Introduction About Piramal Housing Finance
  2. Key Features of Piramal Housing Finance
  3. Why Piramal Housing for Home Loan
  4. Interest Rate and Method
  5. Eligibility Check
  6. Documents List
  7. Loan Amount, Tenure and LTV Ratio
  8. Other Fees
  9. PMAY Details
  10. Different Home Loan Products Details in Piramal Housing Finance.

Buying a home is the biggest dream of every individual. With the growing number of home loan providers, it has become easy for people to fulfil their dream of buying home. With the rising number of banking and financial institutions providing the home loan, it is easy for people to compare the interest rate provided by them and then choose the one which is the best. Piramal Housing Finance has recently become a popular medium of home loan. The Piramal Group though having its presence in the pharmaceutical sector has now expanded its wings in the financial sector and housing finance vertical of the parent company offers quick and easy home loans to the people. It is important to know more about the group before deciding to get funded from them by locking our documents with them.

About Piramal Housing FinancePiramal Group is a globally spread business corporation. The company has a strong foothold in pharma, IT, real estate, financial services, and glass packaging. It has its operation in over 30 nations of the world and access to more than 100 markets globally.

Piramal expansion in the financial service vertical: Piramal Capital & Housing Finance provides funding opportunities within real estate and non-real estate sectors. Piramal Housing Finance is a completely owned subsidiary of Piramal Finance Limited. The NBFC Piramal Housing Finance, provides various financial products like Loan Against Property (LAP), home loans and construction finance.

Piramal Housing Finance has already collaborated with some of the leading builders nationally like Lodha  World Towers by Lodha, Fairway West  by M3M Group, Global Techies Town by GM Infinite, Lodha Belmondo by Lodha, 25 South by Wadhwa. The company has initially focussed on tier I cities like Delhi/NCR, Mumbai, Bengaluru, and Pune.

Piramal Housing Finance is known to provide tailored home loan solutions that work in the best interest of the customers. If you are looking for a housing loan which is available at a lower interest rate and is hassle-free when it comes to documentation and processing, Piramal Housing Finance is a good choice for you.

Key Features and Benefits of Piramal Housing Finance 

The NBFC, Piramal Housing Finance is known to provide customized home loan solutions to its customers. Some of the key features that segregate Piramal Housing Finance from its contemporaries include the following

  • Piramal Housing Finance provides loan for buying the home directly from the developers for both, under construction and ready-to-move homes.
  • If you are looking loan for buying a resale property, Piramal Housing Finance helps you with the same.
  • The home loan tenure offered by the company is up to 30 years
  • You can choose from both fixed and floating rate of interest
  • Piramal Housing Finance gives you the option of choosing between the floating and fixed interest rates
  • The NBFC charges minimal processing fees
  • You also get the tax benefits on the home loan
  • Piramal Housing Finance gives you the option to choose home loan which is 20% higher than your eligibility. So allows you to buy a bigger home.
  • Top up without additional EMI.
  • Variable rate of interest will be linked to the benchmark rate of PHFL

Why Piramal Housing Finance for Home Loan

If it is about home loan then the biggest concern that holds most of the people back is the tedious paperwork and approval process. Additionally, it may happen sometimes that you might want to buy a bigger house but you might not be eligible to get the home loan. Piramal Housing solutions come as a rescue to all this. Piramal Housing Finance gives you  an easy access to home loan, the entire process of documentation and loan approval is comparatively simpler.

Piramal Housing Finance is known to provide the variable rate of interest, you can opt for a fixed or floating interest rate. Moreover, at Piramal Housing Finance you have the benefit of availing 20% higher loan amount. Thus making it a good choice for those who are looking for home loan.

Piramal Housing Finance Home Loan types, interest rates, eligibility, tenure, emi calculator, loan amount
Piramal Housing Finance Home Loan types, interest rates, eligibility and many more

Piramal Housing Finance Home Loan Interest Rate and Method Used 

Piramal Housing Finance’s home loan interest rates start from 8.49% per annum.

The calculation of the interest rate is done on basis of RPLR.

However, Loanyantra makes you a customised quote according to your requirements. All it takes to know your rate is just fill in the information in the form or call 040-71011991 and know top lenders different interest rates and get the lowest rate while you are sitting in your place.

Eligibility for Piramal Housing Loan

In order to take home loan from Piramal Housing finance or any other bank or NBFC, it is imperative that you must see whether you are eligible for the home loan or not.

Eligibility criteria specified by Piramal Housing Finance –

  • The applicant must be 21 years of age when he/she has applied for the loan.
  • The applicant must have a recurrent source of income so that they can easily pay the EMI.
  • All salaried and self-employed individuals can apply for the home loan.
  • CREDIT SCORE is the first and foremost step you should check. Without the score reaching 700, no lender can help you in granting the loan.

But be in touch with loanyantra for tips on maintaining good credit score. Which doesn’t allow your application to be rejected.

Co-applicant details- If you are looking for co-applying for the home loan at Piramal Housing Finance then the NBFC has the provision for the same. You can apply for home loan individually or with a co-applicant. Yes, having a co-applicant increase your eligibility for a great amount as compared to when you apply for home loan individually. Also be wise while choosing a home loan co-applicant, as the co-applicant’s credit score affects your loan application approval.

Documents Required for Piramal Housing Loan

Here is the list of documents that an individual seeking the home loan from Piramal Housing Finance needs to provide for quick and hassle-free approval of the home loan.

The documentation for Piramal Housing Loan has been divided under two categories :

  • Salaried individuals
  • Self-Employed individuals
Types of Home Loan Applicant Documents Required for Home Loan
Salaried Individual
  • Any one Identity Proof – Valid ID proof like Voter ID, Driving Licence, Aadhaar Card, PAN Card, Passport.
  • Any one Proof of Residence – Rent agreement, Utility bills of last 3 months like water bill, electricity bill, gas bill, telephone bill.
  • Age Proof –  PAN Card, Passport, Birth Certificate ( issued by the Government)
  • Proof of Employment – Recent  Bank statement reflecting the credited salary, Appointment letter , Form 16 for last two years
Self-Employed Individual
    • Identity Proof –  valid ID proof like Voter ID, Driving Licence, Aadhaar Card, PAN Card, Passport.
    • Proof of Residence – Rent agreement, Utility bills of last 3 months like water bill, electricity bill, gas ill, telephone bill.
    • Age Proof – PAN Card, Passport, Birth Certificate issued by Government authority.
    • Business Proof – Trade licence, SSI registration certificate.
  • The self-employed professionals must provide proof of their professional qualification when they submit the home loan application form.
  • Income Proof – P&L Statements , auditor report certified by a CA, ITR of last 2 years.

 

Minimum and Maximum Loan Amount for Home Loan from Piramal 

Piramal Housing Finance provides loan starting from Rs. 20 lakhs and the maximum loan amount it provides is Rs. 10 crore for a maximum tenure of 30 years.

Loanyantra’s Tip – You can even opt for lower tenure provided if you can pay more EMI. But this is a better plan to reduce your tenure when you have surplus at the end of the month. Get more tips from Loanyantra as a privileged Loanyantra Customer.

Loan To Value Ratio  – This ratio is dependent on loan amount you applied for and the market value of the property. This is also an important factor when you calculate your funds while investing.

Loan Amount Applied Loan amount upto 30 lakhs Rs. 30 lacs to Rs. 75 lakhs Loan amount more than Rs. 75 lakhs
Percentage Granted Upto 90% 80% 75%

Extra Fees To be calculated before proceeding further

Detailed tabular representation of the other charges charged by Piramal Housing Finance:

Particulars Amount
Processing fees Up to 3% of loan amount + applicable taxes
Part prepayment For those who have taken home loan at floating rate of interest, Piramal Housing Finance doesn’t charge fees.

For those who have taken home loan at fixed rate of interest, it is 2% of principal o/s on balance transfer + applicable taxes

NOC certificate issuance charges For the first time it is free and then it is Rs.500 plus taxes
CERSAI charges Rs. 500 + applicable taxes
Swap charges 0.50% of the loan outstanding + applicable taxes

Loanyantra’s Tip – If you belong to a gated community and all of you are looking for a home loan new, or balance transfer or resale, let one person represent your group to Loanyantra and rest all Loanyantra takes care for any discount on interest rate or processing fee waiver. Above all, you all get a discount subjected to then offers.

Home loan Insurance

Piramal Housing Finance is tied up with HDFC Ergo for Home Loan Insurance. It is always better to go for home loan insurance. Even you are out of funds, you can include that amount to the principal and pay the scheme premium through EMI.

It is made mandatory by all the lenders to the applicants for the safety of both parties to the applicants family as well as to the lender as well.

But make sure with what product you are going and how the home loan insurance is covered.

Pradhan Mantri Awas Yojna by Piramal Housing Finance

The most promising and futuristic dream of our PM, the Pradhan Mantri Awas Yojna, aims at providing a home to every individual. As per PMAY, the government aims to provide housing solutions, extensions, improvement, construction and improvement of a home to Lower Income Group People, Economically Weaker Section, Middle Income Group.

In alliance with this objective, Piramal Housing Finance provides the home loan to such people, however, they need to fall in the eligibility parameter specified by Piramal Housing Finance:

  • The family applying for this loan must not have a pucca house under his/her name
  • For the married couple, either of or both will be eligible for a single subsidy
  • The family must have not availed central assistance under any housing scheme form Government of India.
  • The beneficiary family must have not availed any benefit under any scheme of Pradhan Mantri Awas Yojna.
Type of House Eligibility Household Income Maximum Carpet Area Subsidized Interest Rate Purpose of Loan
LIG &EWS Upto Rs. 6 lac 60 square meter 6.50% For purchasing new home or constructing home
MIG1 Rs. 6,00,001- Rs. 12,00,000 90 sq. meter 4% For purchasing new home or constructing home
MIG2 Rs. 12,00,001 – Rs. 18,00,000 110 sq meter 3% For purchasing new home or constructing home

Loanyantra’s Precautionary Points – 

  • The beneficiary gets the interest subsidy upfront into your loan account.
  • The NPV or Net Present Value of interest subsidy is calibrated at 9% discount rate.
  • In case the applicant wants an additional loan, that extra amount will not be given at the subsidized interest rate.

Types of Piramal Home Loans

Apart from providing home loan for buying new house, Piramal Housing Finance offers varied types of loans.

Extension and Renovation of home

Purpose – If you want to renovate your house and are looking for financial assistance, then you can apply for the loan for Extension and renovation of home from Piramal Housing Finance.

Loan Tenure Maximum of 30 years or the age of retirement.

Eligibility

  1.    Salaried individuals
  2.    Self-employed individuals
  3.    Self-employed non-individuals

Rate of Interest Offered by Piramal Housing Finance– it starts from 8.40% and the RPLR or Retail Prime Lending Rate is 15.50%

 

Loan for self-construction

Purpose – If you are the believer of the fact that you must build your house and want to have financial assistance for the same, then you can contact Piramal Housing Finance which provides loan for self-construction. You can use this amount to build your dream house.

Loan Tenure Maximum of 30 years or the age of retirement.

Eligibility

  1.    Salaried individuals
  2.    Self-employed individuals
  3.    Self-employed non-individuals

Rate of Interest Offered by Piramal Housing Finance – Starts from 8.40% and the RPLR or Retail Prime Lending Rate is 15.50%

Super Loans

Purpose – There is yet another type of loan provided by Piramal Housing Finance which is known as Super Loans. Who doesn’t want a big house but sometimes one might not be eligible to get such a huge loan, for all such people and for those who are looking to buy a bigger house, Piramal Housing Finance provides Super Loan. In simple words, Super Loans gives you 20% higher loan eligibility or you can opt for 15% lower EMI than the existing loan.

Loan Tenure Maximum of 30 years or the age of retirement.

Eligibility

  1.    Salaried individuals
  2.    Self-employed individuals
  3.    Self-employed non-individuals

Rate of Interest Offered by Piramal Housing Finance – Starts from 8.40% and the RPLR or Retail Prime Lending Rate is 15.50%.

Loanyantra’s Role: Loanyantra gives you an easy access to various loan providers. You not only get the details of the different types of loan providers and their interest rates but at the same time, we also provide you SPOC that helps you with the complete modus operandi of loan application and approval. From completing paperwork to submission, Loanyantra will help you in each step. Not only this, but we also help you find out the best home loan provider. You can also check the EMI using our EMI calculator. With the help of this calculator, you get to know the details of the EMI that you would be paying to different lenders. All-in-all we are a one stop solution to all your home loan related queries. To explore more you can contact us online or call us to 040-71011991.