Sundaram BNP Paribas Home Finance

Sundaram BNP Paribas Home Finance Ltd. is a leading NBFC in India. With a remarkable stint of over two decades in housing loan operations, the company enjoys a pan India presence and presently has over 112 branches across India. Sundaram home loan through its plethora of home finance schemes offers tailored home loan solutions to eligible customers at a competitive rate of interest alongside a host of features and benefits.

Also Read - Home Loan Tax Benefits

Features and Benefits of Sundaram BNP Paribas Home Finance

Home loans from Sundaram BNP Paribas Home Finance offer a range of benefits to home loan seekers. These include:

  • Quick processing and loan disbursal within 10 working days
  • Home Loans are available under varied categories like Plot Loans, Home Improvement Loans, Home Extension Loans, etc.
  • Up to 85% Loan-to-Value Ratio
  • Loan Top-Up facility available
  • Home loan eligibility above 18 years of age
  • Option to add co-applicants to maximize loan amount 
  • Competitive Sundaram home loan interest rates start at 8.60% p.a. for salaried individuals and 9.50% p.a. for self-employed individuals.
  • Widespread eligibility includes salaried and self-employed individuals.
  • Easy documentation process
  • Balance transfer facility available
  • Flexible loan repayment term up to 20 years
  • No prepayment and foreclosure charges
  • Low processing fees charged at 0.05% of the loan amount
  • Repayment through easy EMIs
  • In-house legal and technical assistance
  • No guarantor required

Sundaram Home Loan Interest Rates

Sundaram Home Loan is offered at a floating rate of interest. The rate of interest is linked to market lending rates. The current Sundaram Finance home loan interest rate starts from 8.60% p.a. and 9.50% p.a., for salaried and self-employed individuals, respectively.  

The rate of interest applicable on a home loan application will vary according to the type of home loan applied for, amount of the home loan applied for, credit rating, the loan term, etc.

Types of Home Loans Offered by Sundaram BNP Paribas Home Finance

Sundaram Home Loan offers customized home loan schemes to address customer needs. The different home loan schemes offered by Sundaram Home Loan are:

  • Regular Home Loan – A regular home loan scheme available to all salaried and self-employed individuals who meet all the eligibility conditions set up by the company. A regular home loan provides the financial assistance required to buy a house. The loan proceeds can be used to purchase a new house/apartment or the self-construction of an independent house.
  • Plot Loan – The Plot loan can be availed by both salaried and self-employed individuals to buy a piece of land.
  • Balance Transfer and Top-Up Loan – While balance transfer scheme is available to home loan customers who wish to balance transfer their ongoing home loans to Sundaram BNP Paribas Home Finance. Whereas, a loan Top-Up facility allows availing an additional loan on the ongoing loan after certain terms and conditions are met.
  • Affordable Housing Loan – Home loan under the Affordable Housing Scheme is offered under NHB’s Affordable Housing Fund scheme. Customers who wish to avail of a home loan under this scheme enjoy home loans at a lower rate of interest fixed for seven years and thus enjoy incredible savings.
  • Pradhan Mantri Awas Yojna – Under the government’s housing for all scheme, customers can apply for home loans as under the Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS). This scheme offers an interest subsidy of up to Rs. 2.67 lakh on home loans which can be availed for purchase, construction, extension, and renovation of homes. 

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

Sundaram BNP Paribas Home Finance Home Loan Eligibility

The eligibility criteria to avail of a Sundaram BNP home loan is as under:

  • Salaried individuals
  • Self-employed professionals
  • Self-employed non-professionals

In addition to the customer profile, the quantum of the home loan the applicant is eligible for will depend upon their monthly income, existing liabilities, financial history, credit score, etc. 

To increase home loan eligibility, the applicant can consider applying for a Sundaram home loan with a co-applicant. 

Also Check - Axis Bank Home Loan Eligibility

Documents Required for Sundaram BNP Paribas Home Finance Home Loan

Salaried and Self-Employed individuals are required to furnish a different set of documents for availing a Sundaram home loan. The documents required include:

PAN Card (Mandatory)
Passport size latest, colored photograph
KYC Documents (Any One)
  • Aadhaar Card
  • Driving Licence
  • Passport
  •  Voter ID Card
  • Bank Passbook with photo
  • Photo Credit Card
  •  Any other Photo ID as accepted by the company
Income Documents (All)Salaried Individuals
  • Last 6 months’ Salary Slips
  • Last 6 months’ Bank Statements of bank account in which salary is credited
  • Latest Form-16 and IT return
Self-Employed Individuals
  • Last 12 months’ GST Returns
  • Last 6 months’ Bank Statements
  • Last 3 years’ IT returns
Property DocumentsTitle documents of the property against which loan is sought

Also Check - Income Tax Documents Required for Home Loans

Sundaram BNP Paribas Home Finance Home Loan - Processing Fees and Other Charges

The fee and other charges applicable on a Sundaram BNP Paribas Home Finance Home Loan are: 

Charge HeadCharge Amount
Loan Processing Fee0.05% of the loan amount + applicable GST
Loan Prepayment ChargeNIL
Loan Foreclosure ChargeNIL

Please note that the processing fee is payable along with the loan application and is non-refundable. Other charges like the Property & Personal Insurance, Documentation charges, CERSAI charges, etc. become payable after loan sanction, but before loan disbursement.

Also Read - 5 Home Loan Providers in India That Charge Zero Processing Fees

Sundaram BNP Paribas Home Finance Home Loan - Customer Care

For any home loan related query, customers can reach Sundaram BNP Paribas Home Finance customer care @ toll-free number 1800 419 7722. 

Alternatively, customers can also request a call back or submit a written query by filling up request form @ www.sundaramhome.in

Also Check - Axis Bank Home Loan Customer Care

How to Apply for Sundaram BNP Paribas Home Finance Home Loan?

Customers can apply for a Sundaram BNP Home Loan online through MyMoneyMantra.com. The process is simple and hassle-free and involves the following steps: 

  • Visit the official website of MyMoneyMantra
  • Scroll down the home page. Click on the Home Loan link.
  • Fill the form and provide the required details.
  • Submit the loan request form by clicking on the ‘Proceed’ button.

A representative from MyMoneyMantra will get in touch with you on the provided contact number and process your Sundaram BNP home loan request further.

Also Read - Tax Benefit on Second Home Loan

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FAQs

✅Who can apply for the Sundaram BNP Paribas Home Finance Home Loan?

People who are salaried, those who are self-employed professionals and self-employed non-professionals are eligible for a home loan from Sundaram BNP Home Finance

✅When will disbursement of the loan take place?

Sundaram BNP Home Finance has a quick loan application and disbursal process. The online home loan applications are processed within 7-10 working days. Loan sanction and disbursal is subject to the condition that all required KYC and property related documents are in order.

✅Who can be a co applicant for a home loan?

Sundaram BNP Paribas Home Finance allows more than one co-applicant for home loan. This maximizes the home loan amount. Co-applicants can be a spouse or close family member like father, son, mother, daughter, etc. All co-owners of the property against which the home loan is sought must be the co-applicants of the Sundaram BNP home loan. However, all co-applicants may not necessarily be the co-owners of the property.

✅What is the maximum loan amount that will be provided?

Sundaram BNP Paribas Home Finance allows a maximum loan amount of up to 85% of the property value.

✅Is prepayment of the home loan allowed?

Yes, Sundaram BNP home loans can be prepaid or foreclosed ahead of schedule at no prepayment charge. However, part prepayments cannot be more than three installments in a financial year. Also, the amount of each prepayment installment cannot be less than 6 EMIs. 

✅What is my eligibility for a home loan dependent on?

Sundaram BNP home loan eligibility depends upon customer profile. Salaried individuals or self-employed professionals, and self-employed non-professionals are eligible for a Sundaram BNP home loan. However, the quantum of home loans that an applicant is eligible for depends upon the monthly income, amount of existing liabilities, financial history, credit score, etc. The Sundaram home loan eligibility can be increased by adding co-applicants. 

✅How is Sundaram Home Loan EMI calculated?

Sundaram Home Loan EMI is calculated using the EMI calculator. The following table shows Sundaram BNP home loan EMIs for different loan amounts and loan terms calculated at 8.60% p.a. as offered to salaried individuals.

Loan AmountRate of InterestPayable EMI
10 years15 years20 years
Rs. 10 Lakh8.60% p.a.Rs. 12, 452Rs. 9,906Rs. 8,742
Rs. 20 Lakh8.60% p.a.Rs. 24,904Rs. 19,812Rs. 17,483
Rs. 50 Lakh8.60% p.a.Rs. 62,261Rs. 49,531Rs. 43,708

The following table shows Sundaram BNP home loan EMIs for different loan amounts and loan terms calculated at 9.50% p.a. as offered to self-employed individuals.

Loan AmountRate of InterestPayable EMI
10 years15 years20 years
Rs. 10 Lakh9.50% p.a.Rs. 12,940Rs. 10,442Rs. 9,321
Rs. 20 Lakh9.50% p.a.Rs. 25,880Rs. 20,884Rs. 18,643
Rs. 50 Lakh9.50% p.a.Rs. 64,699Rs. 52,211Rs. 46,607