Piramal Home Loan
Piramal Capital & Housing Finance offers home loans with attractive interest rates that start at 9.50% p.a. Loans can be availed for up to 90% of the property cost for a maximum tenure of 30 years (which is subject to your retirement age).
You can use the loans to buy properties that are new, for resale, under construction, ready to move in, or for self-construction. Loans under the Pradhan Mantri Awas Yojana are also available.
Features and Benefits of Piramal Home Loans
The various features and benefits of Piramal Home Loans are mentioned below:
- The procedure to apply for a Piramal home loan is quite easy. Customers can opt for online application to apply for the loan as well.
- Minimal documents are required to apply for the loan.
- Piramal home loan allows flexibility in repayment period, foreclosure, and repayment tenure.
- Piramal home loan can be availed by both salaried as well as self-employed people as well.
Piramal Home Loan Interest Rates
The interest rates for Piramal Home Loans are given below:
Home Loan Amount | Interest Rate (p.a.) |
Up to Rs.35 Lakh | 9.50% onwards |
From Rs.35 Lakhs to Rs.75 Lakhs | 9.50% onwards |
Piramal Home Loan Schemes
Piramal offers different types of loans to cater to different requirements. Here are the details of 3 such loan schemes:
- Piramal Super Loans
- Up to 20% higher eligibility
- Up to 15% reduced EMI
- Up to 90% of property cost, including land, is funded
- Top up available with additional EMI
- Individual or joint applications are accepted
- Interest rates start at 9% p.a.
- Piramal New Purchase Home Loan
- Can be used for resale, under-construction, and ready-to-move-in property
- Advisory services to help with verified properties
- Tie-ups with leading insurance firms to cover the loan and property
- Quick turnaround time for processing
- Customised schemes for doctors, CAs, and other professionals
- Interest rates start at 9.65% p.a.
- Piramal Self-Construction Home Loans
- For construction of bungalow, independent house, row house, etc.
- Up to 90% of property cost, including land, is funded
- Construction period of up to 2 years is permitted
- Maximum tenure of 30 years, subject to retirement age
Piramal Home Loan EMI Calculator
Understanding how much EMI you will be obligated to pay beforehand helps you to manage your finances better. It is important to avail a home loan with an EMI that you can pay easily every month. This ensures that you do not default on your EMI payments which in turn ensures that your Credit Score remains healthy. The best way to do this is to use the BankBazaar Piramal home loan EMI calculator given below:
Loan Amount | Tenure | Interest Rate | EMI |
Rs.10 lakh | 10 years | 10.5% | Rs.13,493 |
Rs.25 lakhs | 10 years | 10.5% | Rs.33, 734 |
Rs.50 lakh | 20 years | 10.5% | Rs.49,919 |
Rs.50 lakh | 25 years | 10.5% | Rs.47,209 |
Rs.75 lakh | 25 years | 10.5% | Rs.70,814 |
Piramal Home Loan Eligibility Criteria
Criteria | Loan Scheme |
Type of Employment | Salaried (Super Loan and New Purchase) Self-employed (New Purchase and Self Contruction) |
Nationality | Resident and non-Resident Indians |
Documents Required for Piramal Home Loans
Any one of the following documents (and a photograph for individual applicants):
Piramal Pradhan Mantri Awas Yojana
Under the Pradhan Mantri Awas Yojana (PMAY) Credit-Linked Subsidy Scheme (CLSS), subsidies can be availed to construct or purchase a new house. You can get subsidies of up to Rs.2.67 lakh (6.5%) for loan amounts of up to Rs.6 lakh for a tenure of 20 years.
For those with an annual household income in the range of Rs.6 lakh to Rs.12 lakh, a maximum of Rs.9 lakh can be availed at 6% interest. Those with an annual household income in the range of Rs.12 lakh to Rs.18 lakh can avail up to Rs.12 lakh as loan with 3% interest.
FAQs on Piramal Home Loan
- Can I club my income with that of family members to be eligible for a higher loan amount?
Yes, Piramal allows you to club your income with that of your close family members, such as a spouse, parent, or child to get a higher loan amount.
- Can income of siblings also be clubbed?
Income of siblings can be clubbed for the home loan if they are co-owners of the property.
- What is the Loan-to-Market value offered by the loans?
While the LTV is linked to the customer's repayment capacity and the property's market value, the funding that can be obtained on an average is up to 90% for a loan amount of Rs.30 lakh, up to 80% for a loan amount of Rs.30 to 75 lakh and up to 75% for a loan amount of Rs.75 lakh and above.
- What is the loan amount I can avail under the New Purchase scheme?
While this depends on several criteria, the loan amount that can be availed is between Rs.20 lakh to Rs.10 crore.
- From which date is the interest calculated?
Interest amount starts on the date the cheque is accepted and not on the date the cheque is printed.
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