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
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.
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 amount||You can borrow a loan of anything between 20 lakh to 10 crores depending on your demands.|
|Tenure||The loan tenure can go up to 30 years, depending on your affordability and other factors.|
|Maximum age||the maximum age for applying is 70.|
|Minimum age||you need to be at least 21 years to apply for the Piramal home loan.|
|Interest rate||The usual interest rate for all their loan schemes remains around 9.6%.|
|Income eligibility||your monthly income has to be 40,000 and above|
|Processing fees||No 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:
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.
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.
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 9%. It goes up to 10.5% 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 9.5% 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 10.5% will be applied when you take the loan.
Also Check - SBI Bank Home Laon Interest Rates
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.
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.
Your CIBIL score for home loan needs to be around 700 to 750.
Also Check - SBI Bank Home Loan Eligibility Criteria
Make sure you take note of all the important documents that you will need to apply for the Piramal housing finance loan.
Also Check - Documents Required for SBI Home Loan
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:
2. Home Construction Loan
3. Home Renovation and Extension Loans
4. Super Loans
5. Pradhan Mantri Awas Yojna
6. Bridge Loan
Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.
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.
Also Check - Home Loan Processing Fees of All Banks/NBFC
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.
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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.
You can take a loan of up to 10 crores, depending on your demands.
The Piramal housing finance offers a tenure of 5 years to 30 years to the customers for their home loan schemes.
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.