Piramal Housing Finance

Piramal Housing Finance Home Loan

Apply Piramal Housing Finance Home Loan @ 9.00%
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Interest Rate

9.00%-9.50%

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Processing fee

Upto 10000

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Loan Tenure upto

30 years

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LTV (Loan to value)

75% to 90% of property value

About Piramal Capital & Housing Finance Home Loan

Piramal Capital & Housing Finance (PCHF) is the entirely owned finance subsidiary of Piramal Enterprises Limited. This company is registered with the National Housing Bank (NHB) and is involved in several financial services businesses.

Their vision is to be the financial service partner that is most preferred by all the stakeholders. They aim to provide a complete spectrum of various financial services across the wholesale and retail verticals.

PCHF provides the best Home Loan solutions to enable customers to not only purchase a new property but also construct their own home and even obtain funds from an existing property for any financial emergency.

These loans are extremely affordable and offer the most competitive rates of interest. You also have the advantage of flexible repayment tenure so that you can plan your monthly expenses towards the loan easily. Piramal Capital & Housing Finance provides loans for individuals who are salaried, self-employed or are professionals in a certain field of practice. That way, the loans are offered to a wider range of the population, making it possible for just about everyone to realize their dreams of owning the perfect home.

Piramal Capital & Housing Finance Home Loan - Types, Features & Benefits

Piramal Capital & Housing Finance offers a variety of housing.

Following are the types with their features and benefits:  

Super Loans

Purpose

This loan can be availed to get up to 20% higher loan eligibility to help you choose the best home for yourself or get up to 15% lower EMI on your existing loan.

Amount

  • Up to 90% of the property's cost (including the land's cost), subject to the regulatory caps and borrower's repayment ability.
  • Minimum 20 Lakhs and maximum 10 Crores.

Tenure

Up to 30 years or retirement age, whichever is earlier.

Interest Rates

Starting from 9% p.a

Who can apply

Salaried Individuals - Both resident and Non-Resident Indians

Benefits

  • You can apply for a loan either individually or jointly/mutually.
  • Get Top Up loan without additional EMI
  • Tax benefits
  • Income of close family members of the borrower, such as Spouse/ Parent/ Children, can be clubbed.
  • Income of siblings can also be clubbed if they are co-owners of the property.

Home Loan ? New Purchase

Purpose

  • Direct purchase of under-construction as well as ready property from developers
  • Purchase of resale property

Amount

  • Up to 90% of the property's cost (including the land's cost), subject to the regulatory caps and borrower's repayment ability.
  • Minimum 20 Lakhs and maximum 10 Crores.

Tenure

Up to 30 years or retirement age, whichever is earlier.

Interest Rates

Starting from 9% p.a

Who can apply

  • Salaried Individuals - Both resident and Non-Resident Indians
  • Self-employed Individuals (Doctors, CAs, and other professionals)
  • Self-employed Non-Individuals

Benefits

  • You can apply for a loan either individually or jointly/mutually.
  • Tax benefits
  • Quick processing of loan application
  • Higher eligibility option
  • Income of close family members of the borrower, such as Spouse/ Parent/ Children, can be clubbed.
  • Income of siblings can also be clubbed if they are co-owners of the property.
  • Just call the dedicated relationship manager to apply.
  • Interest starts from the day you accept the cheque, not when PCHF prints it.
  • Advisory services for property selection
  • Insurance option available

Home Loan Balance Transfer & Top Up

Purpose

  • Transfer of an existing home loan from other financial institutions to PCHF.
  • You can get an additional top-up if required

Amount

  • Up to 90% of the property's current market value, subject to regulatory guidelines.
  • Minimum 20 Lakhs and maximum 10 Crores.

Tenure

Up to 30 years or retirement age, whichever is earlier.

Interest Rates

Starting from 9% p.a

Who can apply

  • Salaried Individuals - Both resident and Non-Resident Indians
  • Self-employed Individuals (Doctors, CAs, and other professionals)
  • Self-employed Non-Individuals
  • Proprietorship Firms
  • Private Limited Companies
  • Closely Held Limited Companies
  • Partnership Firms
  • LLPs

Benefits

  • Tax benefits
  • Income of close family members of the borrower, such as Spouse/ Parent/ Children, can be clubbed.
  • Income of siblings can also be clubbed if they are co-owners of the property.
  • Interest starts from the day you accept the cheque, not when PCHF prints it.
  • Dedicated relationship manager to help you get the lowest interest possible.
  • A simplified process available for customers running a home loan for above 18 months.
  • Equity Cash Out facility

Self-Construction

Purpose

Construction of an independent house/ bungalow/ row house/ other variants.

Amount

  • Up to 90% of property's cost, including the cost of the land, subject to regulatory guidelines.
  • Minimum 20 Lakhs and maximum 10 Crores.

Tenure

  • Up to 30 years or retirement age, whichever is earlier.
  • Construction should begin within up to 24 months of loan commencement.

Interest Rates

Starting from 9% p.a

Who can apply

  • Salaried Individuals - Both resident and Non-Resident Indians
  • Self-employed Individuals (Doctors, CAs, and other professionals)
  • Self-employed Non-Individuals
  • Proprietorship Firms
  • Private Limited Companies
  • Closely Held Limited Companies
  • Partnership Firms
  • LLPs

Benefits

  • Income of close family members of the borrower, such as Spouse/ Parent/ Children, can be clubbed.
  • Income of siblings can also be clubbed if they are co-owners of the property.
  • Expert advice, legal counsel, and technical check assistance to search the right plot and materials for building a new home.
  • Easy approval and quick loan disbursal
  • You can apply for a loan either individually or jointly/mutually.
  • EMI calculated on the basis of the amount disbursed.
  • Insurance option available

 Pradhan Mantri Awas Yojana (PMAY)

Purpose

First time home buyers, who take a loan for house purchase or self-construction, can avail interest as low as 6.5% under PMAY credit-linked subsidy scheme.

Who can be a beneficiary

  • The beneficiary family comprises a husband, wife, and unmarried children.
  • An adult earning member irrespective of their marital status is treated as a separate household under the MIG category.
  • The beneficiary family shouldn't own a pucca house in their name or any of their family member's names, in any part of India.
  • For married couples, either or both spouses together in joint ownership are eligible for a single subsidy.
  • The beneficiary family shouldn't have availed of any central assistance from the Government of India under any housing scheme or any benefit under any PMAY scheme.

Coverage

As per Census 2011, all statutory towns, including towns notified subsequently, and planning area notified as a statutory town.

Tenure

 

The PMAY subsidy scheme is applicable for up to a maximum tenure of 20 years.

Benefits

  • Subsidies up to 2.67 Lakhs for loan amounts within 6 Lakhs.
  • Applicants having an annual household income of below 6 Lakhs can avail a maximum loan of 6 Lakhs at 6.5% interest rate.
  • Applicants having an annual household income between 6 Lakhs and 12 Lakhs can avail a maximum loan of 9 Lakhs at 4% interest rate.
  • Applicants having an annual household income between 12 Lakhs and 18 Lakhs can avail a maximum loan of 12 Lakhs at 3% interest rate.

 Bridge Loans

Purpose

  • Purchase a residential property - new and resale.
  • Bridge Loan gives the borrower the time to arrange the right buyer for their existing house, by covering the financial gap between purchasing a new house and selling an existing house.

Amount

For the cases of the initial transaction

Lower of the below: 

  • 90% of the existing house's MV
  • 100% of new house's DV
  • 70% of combined MV of both houses

Other than initial transaction cases

Lower of the below: 

  • 90% of the existing house's MV
  • 100% of new house's COP
  • 70% of combined MV of both houses

From 20 Lakhs to 10 Crores

Tenure

  • For ready property: 24 months
  • For under-construction property: 24 months from the last disbursement date, subject to a maximum tenure of up to 60 months.

Interest Rates

Starting from 9% p.a

Who can apply

  • Salaried Individuals
  • Self-employed Professionals (SEP)
  • Self-employed Non-Professionals (SENP)
  • Co-applicant is mandatory

Benefits

  • Tax benefits
  • Interest starts from the day you accept the cheque, not when PCHF prints it.
  • Dedicated relationship manager to help you get the lowest interest possible.
  • Income of close family members of the borrower, such as Spouse/ Parent/ Children, can be clubbed.
  • Income of siblings can also be clubbed if they are co-owners of the property.
  • Advisory services to help in property selection.
  • Insurance option

 Advantage Loan

Purpose

If you are expecting a pension income after your retirement or if you wish to apply for a Home Loan with your parents who are about to retire, you can apply for Advantage Loan. This loan provides no restrictions on tenure of the loan due to age norms, a higher eligibility option, and EMIs that match your income. All this helps you to purchase a bigger and better home.

Amount

  • Up to 90% of property's cost, subject to regulatory guidelines.
  • From 20 Lakhs to 10 Crores

Tenure

  • Up to 30 years or the age of retirement, whichever is earlier.

Interest Rates

Starting from 9% p.a

Who can apply

The loan can be availed  by:

  • Applicants who have an additional co-applicant (preferably parents nearing retirement) income support.
  • Government employees who are expecting to have pension income after retirement.
  • Customers can be salaried as well as self-employed. In the case of self-employed applicants, at least one resident salaried person should be an income contributor for the loan.

Benefits

  • The loan can be applied either individually or jointly.
  • Tax benefits
  • Interest starts from the day you accept the cheque, not when PCHF prints it.
  • Dedicated relationship manager to help you get the lowest interest possible.
  • Advisory services to help in property selection.
  • Income of close family members of the borrower, such as Spouse/ Parent/ Children, can be clubbed.
  • Income of siblings can also be clubbed if they are co-owners of the property.
  • Insurance option

Piramal Capital & Housing Finance Home Loan Interest Rate

The interest rates of Piramal Capital & Housing Finance Home Loans are linked to its Retail Prime Lending Rate (RPLR), which is 16.05% p.a (w.e.f from May 5, 2019). The current interest rates start at 9% p.a.

Eligibility for Piramal Capital & Housing Finance Home Loan

The eligibility criteria for different Piramal Capital & Housing Finance Home Loans are as follows:

Name of the Loan Eligibility Criteria

Home Loan - New Purchase

  • Salaried individuals (Resident and Non-Resident Indians).
  • Self-employed individuals and non-individuals
  • Customized plans are available of CAs, doctors, and other professionals.

Balance Transfer and Top Up

Self-Construction

Bridge Loans

Super Loans

  • Salaried individuals (Resident and Non-Resident Indians)

Pradhan Mantri Awas Yojana

  • There should be no pucca house in the name of the beneficiary or any member of his or her family.
  • A single subsidy is provided for married couples and for spouses with joint ownership.
  • The beneficiary must not have availed any housing scheme or benefit provided by the Govt. of India.

Advantage Loans

  • Loans are available for both salaried and self-employed individuals as long as one of the contributors towards the loan is a salaried family member. 

Documents Required for Piramal Capital & Housing Finance Home Loan

In order to complete the loan application process, the following documents must be provided by the borrower:

Photo ID Proof - any one

  • Passport
  • PAN Card
  • Adhaar Card
  • Driver's License
  • Voter's ID Card

Proof of Current Residence - any one

  • Passport
  • Ration Card
  • Adhaar Card
  • Driver's License
  • Voter ID Card

Age/ Date of Birth Proof

  • Passport
  • Ration Card
  • Driver's License
  • Birth Certificate issued by any government body
  • 10th School Leaving Certificate

Employment/Business proof

  • Salaried Individuals
    • ID card with joining date
    • Appointment letter
  • Self-Employed Professionals & Non-Professionals
    • Shop & Establishment Certificate
    • SSI registration certificate
    • Trade License Certificate
    • Sales Tax/ GST/ VAT Registration Certificate
    • Professional qualification proof in the area of expertise as well as other applicable documents as mentioned above (for self-employed professionals only).

Income Proof

  • Salaried Individuals
    • Last 3 months payslip
    • Latest ITR or Form 16
    • Bonus letter or Performance Appraisal letter (if applicable)
  • Self Employed individuals
    • ITR for last 2 years along with profit and loss statement, computation of income, balance sheet, schedules, and auditor's report (if applicable).
    • Financials should be audited if mandated as per regulations or if annual turnover is above 2 Crores, otherwise these need to be CA certified.

Property Documents

The borrower must furnish the documents related to the concerned property.

Why Apply for Piramal Capital & Housing Finance Home Loan through MyMoneyMantra?

The objective of MyMoneyMantra is to connect customers to various banking and finance institutions and to facilitate various funding options available to them. MyMoneyMantra aims to educate each customer about the various options available out there before providing the most suitable and affordable solution.

The advantages of applying for loans through MMM are as follows:

  • You have instant access to the loans and products provided by over 100 banks, NBFCs, and other financial institutions.
  • Customers can compare different loans offered in real time before choosing the most suitable and affordable one.
  • MyMoneyMantra prepares the most suitable loan quotation for each customer based on the requirement, repayment capacity, employment status, and other factors.
  • The loan application process is simplified by our loan experts, allowing customers to initiate it by placing a request online. Once the request for a loan has been placed, the documents will be verified and collected from your doorstep by our representatives.
  • You have access to close to 2500 relationship managers as well as specially recruited financial advisors to help you choose the perfect loan and funding options for yourself.
  • They also help you with faster loan approval and disbursement with special systems that function 24x7.
  • MyMoneyMantra has received over 100 banking awards for providing customers with innovative financial solutions.
  • We are easily accessible and have serviced close to 500 cities across the country
  • We currently have a strong base of 4 million customers who have only positive feedback to provide
  • You have access to different financial tools such as EMI Calculator that help you understand expenses and plan finances better.

How to Apply for Piramal Capital & Housing Finance Home Loan through MyMoneyMantra?

Applying for a Home Loan through MyMoneyMantra is quite simple. All you have to do is follow these steps:

  • Log on to mymoneymantra.com   
  • In the menu, under Loans, choose the Home Loan option
  • Then, you can place a request for a Home Loan by providing details like your name, gender, place of residence, purpose of loan, etc.
  • Once you have provided these details, the loan plans that are best suited for you will be provided
  • Choose a loan plan and submit an application
  • Once the application has been submitted, the documents will be collected from your doorstep and submitted along with the application form to the chosen finance institution.
  • MyMoneyMantra also helps you with follow ups for the loan and in the disbursement process of the loan.

How to Calculate Piramal Capital & Housing Finance Home Loan EMI?

Unless you are fully aware of the EMI that you are going to pay towards a loan, it is not advisable to apply for one. The customer should be fully aware of the EMI before the loan application is made in order to understand if it is truly affordable. If not, chances of irregular payments and reduction in the credit score increase. In any case, an EMI that is out of your budget can become extremely stressful. This is why it is highly advised that you use the following options to check your possible EMI.

The formula to calculate your Home Loan EMI is:

[P x R x (1+R)^N]/[(1+R)^N-1

Here, P is the principal amount, R is the rate of Interest, and N is the tenure of the loan. This formula allows you to calculate your EMI manually.

EMI Calculator

If you wish to avoid complex calculations and minimise errors in calculating your EMI, the best option is to use an EMI Calculator tool available online on MyMoneyMantra. These tools use the same formula mentioned above in order to compute your EMI. All you have to do is provide the loan amount, the tenure, and the rate of interest and the tool will calculate the accurate EMI towards the loan instantly.

What to Check after Calculating EMI?

Once you know what the EMI towards the loan will be, here are some things that you have to check:

  • All the mandatory monthly expenses such as rent, food, EMIs towards other loans, utility bills, school fees of kids, etc.
  • Then subtract the aggregate of these expenses from your net monthly income
  • Finally, check if the EMI fits into your monthly budget
  • In case it is too high, look for options like increasing the tenure or negotiating the interest that you are charged for the loan plan that you are applying for.
  • Make sure that you check the prepayment charges of the loan. This will also help you determine if you can close the account faster and avoid paying too much towards the interest.

Other Products Offered by Piramal Capital & Housing Finance

There are several financial products provided by Piramal Capital and Housing to individuals as well as corporates as mentioned below:

 

Private Equity

Preferred Mezzanine

Senior Secured or Structured Debt

Construction Finance

Commercial Loan Against Property

Lease Rental Discounting

Last Mile Construction Finance

Operational Hotels LAP

Senior Lending

Structured Financing

Loans against Shares

Loan Against Cash Flow

Promoter Financing

Acquisition Financing

Piramal Capital & Housing Finance Home Loan Processing Fee and Charges

The processing fees and charges that you will have to pay towards any Home Loan that you apply for with Piramal Capital & Housing Finance are as follows:

Charges Towards Amount

Processing Fees

3% of loan amount along with applicable taxes

Part-payment or pre-closure charges

  • For Home Loans availed by individuals at floating interest rates: NIL
  • For Home Loans availed by individuals at fixed interest rate: 2% of the balance transfer along with taxes.
  • Home Loans availed as non-individuals as borrowers or co-borrowers: 2% of the outstanding amount plus taxes.

Instrument return charges upon loan repayment

500 + Taxes

CERSAI Charges

500 + Taxes

Loan Pre-Closer quote

500 + Taxes

List of documents

500 + Taxes after the first time

Loan repayment schedule

500 + taxes after the first time

Re-scheduling terms of the loan

500 + Taxes

No due certificate

500 + Taxes after the first time

Statement of Account

Available free of cost once each year. For additional statements: 500 + Taxes

Photocopy of documents

500 + Taxes

Swap charges

0.5% of outstanding amount + Taxes

Original document retrieval charges

1,000 + Taxes

Late payment charges

2% per month or 24% per annum

Collection pick up charges

500 + Taxes

Legal charges

As per actuals

Non encumbrance certificate

As per actuals

Other recover charges

As per actuals

Stamp duty

As per actuals

Loan cancellation charges

Interest accrued and due along with 5,000 + Taxes

Switch of a plan to a lower interest variable

0.5% of the loan amount subject to a maximum amount of 1.5 Lakhs + Taxes

Property swapping request

0.5% of loan amount + Charges

Changes in cheque favoring request after it has been handed over

500 + Taxes after the first time

Piramal Capital & Housing Finance Home Loan - Customer Care

For any query regarding your housing loan at PCHF, you can get in touch with them through the following ways:

  • Toll-free Number: 18002666444, available at 9:30AM to 6:00PM, from Monday to Saturday
  • Email: customercare@piramal.com
  • Registered Address: 4th Floor, Piramal Towers, Ganapatrao Kadam Marg, Lower Parel West, Lower Parel, Mumbai, Maharashtra - 400013

FAQs - Piramal Capital & Housing Finance Home Loan

What is the maximum loan amount available as Home Loan?

You can get up to 90% of the value of the property as a loan. However, this is subject to the loan amount required as well as the repayment capacity of the borrower.

Is it a good idea to choose the longest repayment tenure possible?

With Piramal Capital, you are able to get loan repayment tenures of up to 30 years. However, if you are able to choose a shorter repayment period, it is highly advisable as you will be able to avoid paying exuberant amounts towards the interest. This also helps you consolidate your debts faster and be stress-free.

Does Piramal offer floating or fixed interest rates on loans?

Piramal Capital provides both fixed and floating interest rates to customers. In the case of the floating rates, they are based on the Retail Prime Lending Rate, which is subject to change from time to time. Any change in these rates will be intimated to the customer through a press release or through the website.

What if I miss an EMI payment?

All customers are obligated to make payments towards the loans on the designated due date. In case an EMI payment is missed, the customer will be reminded through phone calls or electronic media. Representatives from PCHF may also pay you a visit if necessary. In the case of longstanding dues, the methods of recovery include the sale of the property provided as security.

Is insurance mandatory?

During the tenure of the loan, it is mandatory to have the property insured against any possible risk, including acts of god, like earthquakes or storms, fire, explosions, etc. The sole beneficiary of this insurance is Piramal Capital for the period that the loan is available for. Customers are also advised to get health insurance or life insurance for themselves when applying for a loan. For these loans, too, the sole beneficiary is Piramal Capital for the loan tenure. Piramal also offers several insurance plans in collaboration with HDFC to make this process simpler for its customers.

Is it a good idea to apply jointly with another person for a Home Loan?

Home Loan applications can be made individually or jointly. In the case of joint applications, the co-applicant should be a close relative of the borrower and should also be the co-owner of the property. This is a highly recommended option as the income of both the individuals will be clubbed to increase the loan amount and also the eligibility for the loan.

Can I pre-close the loan?

Yes. It is possible to close these loans before the completion of the actual tenure. For individuals who have borrowed the loan as an individual on a floating rate of interest, there are no pre-closure charges. However, in case of a balance transfer loan or in case of joint loans, a fee of 2% of the outstanding loan amount is levied.

When is the pre-closure of the loan advised?

It is a good idea to pre-close a loan when you do not have to pay any pre-closure charges towards the loan. If there are any charges levied on the loan, make sure that you check the amount payable and compare it with the interest due. Only if it is significantly lower than the interest rate should you pre-close your loan.

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