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Piramal Housing Finance Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest10.50% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 915 Per Lakh
Processing feeNIL
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

Piramal Housing Finance offers several home loan schemes to customers who want to build, reconstruct, repair, or remodel their dream homes.

They offer several home loan schemes at low-interest rates and cover up to 90% of the entire cost.

These home loans are utilised by different customers in different ways. You can either buy new properties or can utilise these loans to remodel or reconstruct your house.

Building a house from scratch can be quite intimidating for people at times. Not making a solid financial strategy to manage your expenses during the repayment tenure can be one of the major reasons that can affect you financially. You need to make a financial strategy to make sure you do not face any financial troubles during the repayment tenure. 

Choosing the proper scheme is extremely important when it comes to home loans. Piramal Housing Finance offers different schemes to the customers. Make sure you use the online calculator to select the proper plan with an interest rate that suits your budget well.

Also Read - The Evolution of Home Loans in India

About Piramal Capital & Housing Finance

Piramal Capital & Housing Finance was established in 2010. It is a nonbanking financial company that offers several loan schemes to the Indian estate sector. Piramal housing finance is registered with the NHB, i.e. National Housing Bank. 

They offer flexible loan schemes to retail as well as wholesale customers across the world. The main objective is to offer structured debt schemes to the real estate sector. The lowest interest rate offered by the NBFC remains around 9% for different loan schemes. They offer tenure of up to 30 years for the customers to repay the loan along with interest.

Features and Benefits of Piramal Housing Finance

If you intend to apply for a Piramal home loan, make sure you go through the essential features and benefits that you can expect from the loan scheme.

Loan amountYou can borrow a loan of anything between 20 lakh to 10 crores depending on your demands.
TenureThe loan tenure can go up to 30 years, depending on your affordability and other factors.
Maximum agethe maximum age for applying is 70.
Minimum ageyou need to be at least 21 years to apply for the Piramal home loan.
Interest rateThe usual interest rate for all their loan schemes remains around 10.50%.
Income eligibilityyour monthly income has to be Rs. 40,000 and above
Pre-payment fees,Nil
Processing feesNo processing fee can go up to 0.50% of your loan amount.

The major benefits that you can expect from the Piramal Housing Finance loan schemes are listed below:

  • You can easily apply for the Piramal home loan online from the comfort of your home.
  • Use the Piramal Bank home loan EMI calculator to figure out which loan scheme fits your budget the most. It gives you the exact amount and helps you make a solid financial strategy before you apply for the loan.
  • The Piramal housing finance rate of interest remains around 9% for all their loan schemes for all the customers.
  • You can choose a tenure of up to 30 years. Select a tenure that fits your budget well.

Several home loan tax benefits are also offered to those who have a good credit score.

Piramal Home Loan Schemes

The Piramal home loan interest rate differs from one scheme to the other depending on a lot of factors. Before you apply for the home loan, make sure you go through the different interest rates that are offered. Go to the chat to understand the difference between the interest rates for different schemes.

Interest RateHome Loan Schemes
10.50%Home Loan- new purchase
10.50% onwardsHome Construction Loans
10.50%Home renovation loan
10.50%Home extension loan
10.50%onwardsSuper loan
10.50%onwardsBridge Loan
10.50% onwardsPradhan Mantri Awas Yojna

These are the various home loan interest rates offered by the Piramal housing and finance. Make sure you choose a plan according to your budget and plan your future expenses accordingly.

Piramal Housing Finance Rate of Interest

The Piramal housing finance rate of interest differs from one scheme to the other. The lowest interest rate that is offered by the NBFC remains around 10.50%. It goes up to 10.50% and above based on your credit history and other details.

When you take a loan to construct your home from scratch, an interest rate of 10.50% or more will be applied depending on your credit score and tenure. If you want to take a home loan to renovate, reconstruct, remodel your already existing house for reselling or other purposes, an interest rate of 10.50% will be applied when you take the loan.

Also Check - SBI Bank Home Laon Interest Rates

Piramal Home Loan EMI Calculator

Taking a home loan to build your dream home can be quite difficult at times. Without a proper strategic plan to manage your financial finances during the repayment period, tackling the loan can be quite tricky to handle.

Before you apply for a home loan, make sure you use the Piramal Home Loan EMI calculator to determine which loan scheme fits your budget the most. The calculator follows the method [P x R x (1+R)^N] / [(1+R)^N-1] to give you the exact EMI amount. The P here stands for the principal amount, R stands for rate of interest, and N stands for the selected tenure.

Simply visit the bank's website and calculate your monthly instalments before you apply for the loan. Select your principal amount, your tenure, and the current interest rate offered by the NBFC to check your results. You can also try different combinations with different loan amounts, 10 years, and interest rates to compare the plans. Make sure you compare these rates with other interest rates offered by other banks at the moment to determine which plan will be the best one for you in the future.

home loan for dream home

Piramal Home Loan Eligibility Criteria

Loan to make your application process even smoother. Missing out on any important information can affect your application immensely. 

Make sure you go through the home loan eligibility criteria before applying.

  • For salaried individuals, you need to be at least 21 years to be able to apply for a home loan.
  • The maximum age remains around 72 years for home loans for government employees
  • If you do not get a pension after retirement, the maximum age to apply for a home loan is 62.
  • You need to be at least 23 years old to apply for a home loan if you are self-employed.
  • For self-employed individuals, 70 is the maximum age to apply for a home loan.

Your CIBIL score for home loan needs to be around 700 to 750.

Also Check - SBI Bank Home Loan Eligibility Criteria 

Documents Required for Piramal Home Loans

Make sure you take note of all the important documents that you will need to apply for the Piramal housing finance loan. 

  • A duly filled application form with your photographs.
  • Identity proof- voter ID, PAN card, Aadhar card
  • Address proof- utility bills such as electricity bills, telephone bills etc
  • KYC documents from your bank
  • Income tax returns details for the last two years
  • Bank statements for the last six months
  • Salary slips for the last six months
  • Property documents
  • For self-employed individuals, the details of their business, income proof and bank statements are unnecessary.
  • CA audited financials for self-employed people

Also Check - Documents Required for SBI Home Loan

Types of Home Loan Offered by Piramal Housing Finance

There are several home loan schemes that are offered by Piramal housing finance. The different types of loan schemes that you need to go through before applying for a home loan are listed below:

  1. Home loan- New construction 
  • These loans are offered to customers who aim to buy a home for the first time.
  • An interest rate of 10.50% is applied.
  • The home loan processing fee goes up to 3% of your loan amount

        2. Home Construction Loan

  • These loans are granted to customers who want to construct their homes from scratch.
  • An interest rate of 10.50% is applied.
  • The processing fee goes up to 3% of your entire loan amount.

        3. Home Renovation and Extension Loans

  • These loans are utilised by those who want to remodel, reconstruct, rid of it, or extend their existing homes.
  • An interest rate of 10.50% is applied based on your credit history and other details.

        4. Super Loans

  • Super loans help you factor in your current and your potential earnings for future growth prospects.
  • You get up to 15% lower EMI for the first five years if you opt for this loan.
  • The interest rate of 9%- 10.50% is applied.

        5. Pradhan Mantri Awas Yojna

  • The loan tenure can go up to 20 years.
  • An interest rate of 10.50% onwards is applied.
  • These loans can be utilised to purchase or self-construct houses.

        6. Bridge Loan

  • An interest rate of 10.50% is applied.
  • These loans are utilised by customers to fund a shortfall that may take place between the cost of the new purchase and the sale price of the existing property.
  • The tenure goes up to 5 years.

Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.

Piramal Housing Finance Fee & Charges

All the fees and charges are subject to modifications. The NBFC changes the rules from time to time, and the fees change depending on several factors.

  • The usual processing fee of the Primal Housing Finance goes up to 3%. It mostly varies from 0.30% to 3% of your entire loan amount. Applicable taxes are charged on top of the processing fees.
  • On withdrawal or cancellation of your loan application, a penalty of around Rs.5000 is charged along with the applicable taxes or the initial processing fees. The lowest rate is held back when you cancel the loan application. 
  • CERSAI charges of up to Rs.500+ applicable taxes are applied.
  • Loan repayment instrument dishonors charges can go up to Rs.500 in the middle of your tenure.
  • If you change your loan repayment mode, a penalty of up to Rs.500+ applicable charges are applied.
  • Rescheduling loan terms can charge you up to Rs.5000 along with applicable taxes.
  • An additional charge of 2% can be applied depending on the terms and conditions.

Also Check - Home Loan Processing Fees of All Banks/NBFC

Compare Piramal Housing Finance with Other Banks Home Loan

Before you apply for the Piramal home loan, make sure you go through the other interest rates and other loan schemes that are offered by the leading banks at the moment in India.

Go through the chart to compare and analyze different interest rates to determine which one would be the ideal loan scheme for you.

Bank NameInterest RatesLowest monthly EMI
Piramal Housing & Finance10.50%Rs. 915
Citi Bank Home Loan7.40%Rs. 692
Axis Bank Home Loan7.60%Rs. 706
PNB Housing Finance7.50%Rs. 699
HDFC Home Loan7.55%Rs. 703
ICICI Bank Home Loan7.60%Rs. 706
LIC Housing Finance 7.50%Rs. 699
Bank of Baroda Home Loan7.45%Rs. 696

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MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

FAQs

✅Can the income of siblings also be clubbed?

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If you apply for the Piramal housing finance home loan on your own, your sibling’s income will not be counted. However, if you add your sibling as a co-applicant, their credit score and other details will be taken into consideration by the bank.

✅What is the loan amount I can avail of under the New Purchase scheme?

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You can take a loan of up to 10 crores, depending on your demands.

✅What is the tenure for Piramal Housing Loans?

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The Piramal housing finance offers a tenure of 5 years to 30 years to the customers for their home loan schemes.

✅Are there any tax benefits under home loans?

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Under section 80 C of the income tax act, you can claim after one and half lakh on the entire principal amount, registration, and other duty fees of your housing loan. You get deductions under section 24. If you opt for joint home loans, you can borrow up to 1 and half lakh each as income tax returns. This will only be applied if you are co-owners of the property.