About Sundaram BNP Paribas Home Finance Home Loan
A home of your own is a dream accomplishment that nearly all of us work towards, for a lifetime. Funding and getting a loan at the appropriate time, was until a decade ago, a tricky ambiguous process. However today, the customer has a choice of banks offering transparent, competitive interest rates, tenures, loan amounts, and purposes. The entire process is simplified, and customer service tweaked to incorporate online applications, comparisons and quick turn-around times.
Added to this are the benefits of tax saving, insurance, and easy foreclosures. The environment is just right to research, plan and make your dreams come true with a reliable financial institution like Sundaram BNP Paribas Home Finance which offers Home Loans for the Indian salaried and self-employed as well as NRIs.
BNP Paribas is among the oldest corporate banks having started their first branch in 1860 at Kolkata. Their presence in pan-India cities of Kolkata, Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Chennai, and Bangalore, strong local partners and three business areas namely Corporate and Institutional Banking, Investment Solutions, and Retail Banking have made them a force to reckon with.
Sundaram BNP Paribas Home Finance is a joint venture between Sundaram Finance Limited and BNP Paribas Personal Finance set up in 1999 and has emerged as a leading player offering long-term housing finance to individuals for home ownership.
|Sundaram BNP Paribas Home Finance|
Loan turnaround period
8 - 15 days
Loan to value (LTV)
Get loan up to 85% of project cost
Who can apply?
Up to 4 applicants are allowed as co-applicants
926 Per Lakh
Why Sundaram BNP Paribas Home Finance Home Loan?
Sundaram BNP Paribas Home Finance offers complete financial solutions for Home Loans, home extension, renovation or improvement loans, loans to buy land and even mortgage loans against the property to meet the requirements of all individuals in India and NRIs.
Here are some reasons to opt for Sundaram BNP Paribas Home Finance Home Loan:
- Many branches available in India to apply for a Home Loan easily
- No guarantors are required for the loan
- Pre-closure and part-payment allowed at a nominal fee
- Doorstep service
- Top-up loans and easy balance transfer facilities available
- Simple documentation
- Processing fees are transparent, disclosed and include no hidden charges
Features and Benefits of Sundaram BNP Paribas Home Finance Home Loan
Some of the important features and benefits of the loan are:
- Loan available for the purchase of a new flat/ house, resale flat/ house, and construction of the house, purchase of land, and renovation/repair of existing homes.
- Eligibility and EMI Calculators based on its policies are available for easy computation
- Long repayment tenure: Up to 25 years or up to retirement age (whichever is earlier) for salaried and up to 15 years or 65 years (whichever is earlier) for self-employed applicants. For NRIs, the maximum tenure available is up to 15 years or retirement (whichever is earlier).
- Loan to value (LTV): Up to 75%-90% of the property's cost, depending on the loan amount
- Interest rates start from 10.25%
- Insurance cover provides life coverage, loan protection in the event of accidental/natural deaths through sister-firm Royal Sundaram.
- Balance transfer and take-over facility of Home Loan allow you to take advantage of the best rates, service, and terms.
- Tax benefits are available for Home Loans
Sundaram BNP Paribas Home Finance Home Loan Interest Rates
The rate of interest on housing loans SBNPPHF is linked to its PLR (SH-Prime Lending Rate), which 15.65% p.a. w.e.f 07.01.2019.
The interest rates may vary based on the loan type and amount. For Home Loans, the interest rates start from 10.25%.
For the information about the latest interest rates, you may contact their nearest branches.
Types of Home Loans Offered by Sundaram BNP Paribas Home Finance Home Loan
Sundaram BNP Paribas Home Finance offers the following types of housing loans:
This is a regular Home Loan that can be availed for the purchase of a new flat/house, resale flat/house, and, self-construction of a house. The LTV offered is up to 90% of the cost of the property/construction. The maximum repayment tenure is up to 25 years or up to retirement age (whichever is earlier) for salaried and up to 15 years or 65 years (whichever is earlier) for self-employed applicants. For NRIs, the maximum tenure available is up to 15 years or retirement (whichever is earlier).
Home Extension Loans
These loans are offered for the construction of additional floors or rooms to increase the built up area. These loans can be availed by existing as well as new customers based on an estimation of the project. The loan amount is based on the estimated market value of the project as assessed by the technical officer.
Home Improvement Loans
The improvement includes external repairs, internal repairs, electrical works, roofing, flooring/tiling, replacing doors & windows, built in cupboards, plumbing works, water proofing, compound wall, and painting works. Home Improvement Loans are given to existing as well as new customers based on an estimation of the project. The loan amount is based on the estimated market value of the project as assessed by the technical officer.
Land Loans are given only for properties approved by the competent authorities. The construction has to be carried out in 3 years of sanctioning the loan, else the Land Loan is converted to Non-Housing Loan at the rates prevailing at that time. The maximum LTV offered is up to 75% of the cost of the land, subject to property's valuation and borrower's repayment capacity as assessed by the lender. 60% of the land's value will be considered in case of appraised income. The maximum repayment tenure is 10 years or up to the age of retirement (whichever is earlier) for salaried and NRI customers and 10 years or 65 years (whichever is earlier) for self-employed customers.
The Takeover of Home Loan (also known as Home Loan Balance Transfer) from other banks/institutions is considered based on borrower's existing repayment behaviour. The borrower can also avail additional loan at balance transfer.
Sundaram BNP Paribas Home Finance Home Loan Eligibility
You can apply anytime when you have decided to purchase, construct, extend or renovate a property and even if you are still to select a property or construction is yet to commence. Just visit any of their branches along with required documents to apply. Alternately call the closest branch to assist you in the loan process. You could also apply online on MyMoneyMantra. However, you need to fulfil their eligibility criteria to apply for the loan.
To apply for the loan your age must be minimum 21 years at the time of loan application and below 65 years at loan maturity. The applicant must have a regular source of income to service the loan repayment conveniently.
Documents Required for Sundaram BNP Paribas Home Finance Home Loan
The basic documents to be submitted with the Home Loan application are:
- Identity proof
- Residence proof
- Age proof
- Lat 6 months' bank statements
- Salary slips or salary certificate of last 3 months
- Form 16/ Income Tax Deduction Certificate that is issued by the employer
- Identity proof
- Residence proof
- Age proof
- Business profile
- Last 3 years' Income Tax Returns & tax paid challan
- Last 3 years' Profit & Loss A/c & Balance Sheet
- Lat 6 months' bank statements
You will also need to submit the following property-related documents:
- Original title deed
- Agreenent of sale or construction (whichever is applicable)
- Original or copies of parent documents (if applicable)
- Last 15 years Encumbrance Certificate showing the history of transactions
- Approved plan or layout
- Revenue records, such as Patta, Adangal, Chitta, Town Survey Extracts, and Property Tax Receipts
*You may be required to submit additional documents is required.
Why Apply for Sundaram BNP Paribas Home Finance Home Loan on MyMoneyMantra?
Simply put one of your biggest lifetime investments will be purchasing your dream home. This feat needs a lot of research, due diligence, and financial planning and SBNPPHL can make that accomplishment come true. Imagine a hassle-free quick loan assessment, quick disbursal and customer friendly people to establish a loan relationship with. Take the advice of professionals at MyMoneyMantra to compare and zero-in on the best-suited Home Loan for you, understand the nitty-gritty of the loan and banking terminology, get the lowest and best interest rates and even get door-step service. You can also use the EMI Calculator available at our website to know your future financial obligation before you apply for the loan. We provide quick and easy application and disbursal experience to the borrowers.
MyMoneyMantra helps to provide you the best housing loan product. With over 30 years of experience and partnerships with 90+ banks and NBFCs, we are India's largest loan facilitation centre.
How to Apply for Sundaram BNP Paribas Home Finance Home Loan on MyMoneyMantra?
You can easily apply for the loan through MyMoneyMantra by following the steps given below:
- Visit MyMoneyMantra's website
- Click on the loans tab and select the Home Loan option to navigate to the relevant page
- Now select the Sundaram BNP Paribas Home Finance Home Loan on the page or you can directly fill up the application form and then choose the lending partner.
- Fill in the relevant information for applying for the loan
- Submit your application
- Once the application is complete and submitted, the process is initiated
- MyMoneyMantra representatives will call you shortly for all the documentation procedure
- The application will then be forwarded to the concerned lender
How to Calculate Sundaram BNP Paribas Home Finance Home Loan EMI?
The EMI amount can be easily computed using the MyMoneyMantra's EMI Calculator. Just go to the Financial Tools and click on the EMI Calculator tab, fill in details such as the loan amount, interest rate, and tenure, and click on the Calculate button to compute the monthly EMI amount.
Longer the tenure lower the EMI. Other factors that affect your EMI are the interest rates and loan amount. Normally with higher loan amounts the lower interest rate and longer tenures are recommended.
Other Products by Sundaram BNP Paribas Home Finance Home Loan
Apart from housing loans, Sundaram BNP Paribas Finance also offers the following products:
LAMP Top Up
LAMP on Plot
Non-Residential Property (NRPPro)
Commercial Real Estate (CRE)
Sundaram BNP Paribas Home Finance Home Loan - Processing Fees and Other Charges
Sundaram BNP Paribas Home Finance levies the following charges on Home Loans:
- Non-refundable processing fee
- Documentation charges
- CERSAI charges
You can call them to know about these and other associated charges.
Sundaram BNP Paribas Home Finance Home Loan - Customer Care
The address and customer care number for Sundaram BNP Paribas Home Finance Ltd. are:
First Floor, Desabandhu Plaza,
47, Whites Road, CHENNAI - CV CENTRAL - 600 014
+91 (44] 28522481
FAQs - Sundaram BNP Paribas Home Finance Home Loan
Who can apply for the Sundaram BNP Paribas Home Finance Home Loan?
Any Indian resident salaried as well as self employed or Non-Resident Indian (NRI) can apply for the loan.
For which purpose can I avail the loan?
You can apply for the loan to purchase, construct, extend/ renovate a property.
How does the Sundaram BNP Paribas Home Finance determine my eligibility for a Home Loan?
Your eligibility is determined on the basis of various factors such as your age, monthly income and financial commitments, qualification, employment, savings, assets, liabilities, and past loan repayment history (if any).
In how much time does the loan get sanctioned?
It usually takes between 2 to 10 working days for application processing, sanction, and disbursement, subject to the submission of all necessary documents and evaluation of the title to the property.
How does the Sundaram BNP Paribas Home Finance calculate interest rate on my loan?
The interest rate is calculated on the basis of Monthly Reducing Balance.
Which type of interest is offered?
The Home Loan interest rate offered by Sundaram BNP Paribas Home Finance is a floating (or variable) that fluctuates as per the changes in Sundaram BNP Paribas Home Finance PLR.
What is a floating interest rate?
It is an interest rate that varies as per the market lending rates.
Who can be a co-applicant for the loan?
Co-applicant(s) can be:
- Co-owner(s) of the property (financial)
- Relatives as agreed by the Company like husband, wife, mother, father, son, daughter, etc.
What does own contribution mean?
Own contribution refers to the difference between the total property cost minus the loan amount sanctioned.
Does Sundaram BNP Paribas Home Finance allow repayment of the loan ahead of the scheduled time?
Yes, you can repay the Home Loan either in part or full ahead of its schedule. Only three part prepayments are accepted in a financial year and the amount prepaid each time should be equivalent to at least 6 EMIs.
Do I need to insure the property?
Yes, the property has to be insured against any natural hazards. The Sundaram BNP Paribas Home Finance will be the beneficiary for the insurance policy.
Latest News Snippets - Sundaram BNP Paribas Home Finance Home Loan
21.05.2019: Sundaram BNP Paribas Home Finance to raise 4,000 crore
Sundaram BNP Paribas Home Finance is planning to raise over 4,000 Crores through various sources in Financial Year 20 to fund its growth plans. During the quarter ended March 2019, it posted a 64% rise in its net profit to 25.74 Crores from 15.68 Crores registered in the last year?s corresponding quarter. Home Loan disbursements also grew by 8% to 480 Crores.
21.05.2019: Sundaram BNP Paribas Housing Finance clocks 4th quarter net up 64.1%
The Home Finance subsidiary of Sundaram Finance Ltd., Sundaram BNP Paribas, has recorded a 64.1% jump in its net profit for the fourth quarter ending in March 2019 at 25.74 Crores. It had registered a net profit at 15.68 Crores in the corresponding quarter last year. Home Loan disbursements also grew to 480 Crores from 446 Crore for the same quarter.
19.10.2019: Demand for home loans for second-hand flats are on the rise
Sundaram BNP Paribas Home Finance is witnessing an uptick in demand for housing loans for funding the purchase of second-hand flats. The main reason for it is no GST on second sales. The contribution from the said segment to the lender's business is about 18%, which was 11%-12% a couple of years ago. The total disbursements by the company in the fiscal 2017-18 was to 2,626 Crores.
19.10.2019: Sundaram BNP Paribas Home Finance hikes its deposit rates
Sundaram BNP Paribas Home Finance has increased its deposit interest rates for all tenors on fresh deposits and renewals w.e.f October 20. The interest rate for senior citizens is now 8.25% p.a. compared to 8% on 12/18-month, 8.5% (8.25%) on 2/3-year, and 8.5% (7.75%) on 4/5-year. For other categories, the interest rate has been raised to 7.75% from 7.5% on 12/18 month deposits and 8% on 2-5 year deposits.
07.09.2018: Sundaram BNP Paribas slashed interest rate on home improvement loan
Sundaram BNP Paribas Home Finance announced on Friday a marginal cut in its home improvement loans interest rates for its flood-hit Kerala customers. The customers can take loans to carry out repairs/ renovation of their homes after floods at 8.50% interest rate (variable) as against 8.90%.