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Home Loan

Home Loans that put your dreams first

A home loan can act as a comprehensive solution to a home buyer. Piramal Finance offer multiple financial solutions that can take you a step closer to your dream of having your own house. Simple and hassle-free application procedures, efficient customer care and dedicated relationship managers make the loan journey smooth.

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Home Loan Features and Benefits Offered by Piramal Finance

When there are plenty of home loan lenders, it may often seem overwhelming to select the one that would be most suitable for you. At Piramal Finance, it is of great importance to us to offer our customers the best possible options to make achieving their goal of acquiring their home easier. Let us take a look at the highlighting features of a housing loan:

Easy Procedures

When you want to apply home loan from Piramal Finance you simply need to fill in the application form and submit the listed documents. Very soon a relationship manager will get in touch with you and start the procedure as per your choice and convenience.

The option of an online home loan application has made the process quicker and simpler.

Minimum Documentation

To further ensure an easy and hassle-free process of a home loan application, Piramal Finance requires minimal documentation.

Flexibility of repayment of the home loan

There are many options available when it comes to creating a home loan structure that suits your requirements. We allow a lot of flexibility in the loan tenure, prepayment and foreclosure as well.

Home loan EMI that fits your pocket

To make paying your home loan all the more convenient, we also offer you the choice to opt for a floating or a fixed interest rate when you opt for a home loan. With a loan up to 90% of the purchase price, you stand so much closer to turning your dream into a reality.

Loans for all

For salaried as well as self-employed individuals, Piramal Finance offers the best deals possible when it comes to home loans.

Tax Benefits

Another major benefit that you can avail of when seeking a home loan is tax benefits. Under Section 80C of the Income Tax Act, 1961, you can claim up to INR 1.5 lakhs on the principal amount, registration cost and the stamp duty charges of the housing loan.

In the case of a joint home loan, each borrower (provided they are also the co-owner of the property) can claim up to INR 1.5 lakhs in an annual year.

Home Loan Interest Rate & Charges:

Let us now take a look at the home loan interest rates structure offered by Piramal Finance.

Slab Home Loan Interest Rate
Up to INR 35 lakhs Starting From 11.00%* per annum onwards
From INR 35 lakhs to INR 75 lakhs Starting From 11.00%* per annum onwards
Over INR 75 lakhs Starting From 11.00%* per annum onwards

To help you understand how the interest rate structure would affect your home loan EMI, take a look at the following example, showing how much you would have to pay under different variables:

Loan Amount Tenure Rate of Interest EMI
INR 10 lakhs 10 years 11.00%* INR 13,775*
INR 25 lakhs 10 years 11.00%* INR 34,438*
INR 50 lakhs 20 years 11.00%* INR 51,609*
INR 50 lakhs 25 years 11.00%* INR 49,006*
INR 75 lakhs 25 years 11.00%* INR 73,508*
*Terms & Conditions apply

Additional charges, if applicable, will be mentioned during the application process. For detailed fees & charges click here

Who Can Apply

The home loan eligibility criterion mainly depends on your employment. Take a look at the various aspects, you need to keep in mind:

  • Salaried employees

    Age

    • 21 years to 70 years
    • NOTE: This home loan can be availed only till an individual remains an income contributor.

    Employment

    Individuals working under the following can apply:

    • Government Institution
    • Private sector
    • Public sector
    • MNCs or related companies
    • Partnership Firms
    • Proprietorship concern
    • NGOs or related organisations
  • Self-employed individuals:

    Age

    23 years - 70 years

    Employment

    • Self-employed professionals (doctors, architects, etc)
    • Business owners, proprietors, partners of partnership firms, etc.

Documents Required for Home Loan:

When you apply for a home loan there are certain documents required for home loan that are mostly based on the profession/occupation of the applicant. However, most of them are common for all. Let us take a look:

  • Documents

    PAN Card

    Identity Proof

    Here is the list of the acceptable ID proofs -

    • Passport
    • Driving License
    • Aadhaar
    • Voter's Identity Card
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name

    Address Proof

    Here is a list of the acceptable Address proofs –

    • Passport
    • Driving License
    • Aadhaar Card
    • Voter's Identity Card
    • Utility bills like Telephone Bill /Electricity Bill etc.
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name and address.

    Property-Related Documents

    • Stamped agreement of the sale/ Sales Deed or the letter of Allotment
    • NOC from the builder/ housing society
    • Possession Certificate
    • Detailed Construction cost estimation
    • Bank Account statement
    • In case of Constructed Apartment - Occupancy Certificate

    Income Proof (Salaried Person)

    • Last 3 months salary slips
    • Form 16
    • Bank statements from the previous six months and pay stubs
    • Documentation of the collateralized property

    Income Proof (Self Employed Person)

    • ITR for the previous two years, with computation
    • CA audited financials wherever applicable
    • 6 months primary bank statement

    Co-applicant

    Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
    • Co‐applicant can be spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
    • All co-owners of property should be on loan structure
    • Friends cannot be co‐applicants (allowed only if they are coming in the capacity of Partners/Directors/Shareholder)

    Passport Size photographs

Risk Gradation

All "Borrower/s" on the loan facility are hereby informed that the company has the following approach and considers the following factors for assessing the gradation of risks for each Borrower:

  • Profile, the market reputation of the borrower including usage of internal credit scoring models leveraging traditional approaches like Bureau performance as well as alternative data sources,
  • Inherent nature of the product, type/nature of the facility, refinance avenues, whether the loan is eligible for bank financing, loan to value of asset financed,
  • Tenure of relationship with the borrower, past repayment track record, and historical performance of our similar clients,
  • Overall customer yield, future potential, repayment capacity based on cash flows and other financial commitments of the borrower,
  • Nature and value of primary and secondary collateral/security,
  • Type of asset being financed, end use of the loan represented by the underlying asset,
  • Interest, default risk in the related business segment,
  • Regulatory stipulations, if applicable, and
  • Any other factors that may be relevant in a particular case
  • Tenure, quantum, repayment schedule, and structure (including proposed moratorium, if any) of the proposed loan

The rate of interest for the same tenor for different clients can be different depending upon the combination of one or more factors listed above.

Frequently Asked Questions

  • How can I get an estimate of the loan amount?

    The simplest way to calculate the home loan eligibility and the home loan EMI is to make use of the Calculator available on our portal. It is a free online tool that allows you to plan the home loan in an efficient and clearer manner.

  • Are there any tax benefits on the home loan?

    Under Section 80C of the Income Tax Act, 1961, you can claim up to INR 1.5 lakhs on the principal amount, registration cost and the stamp duty charges of the housing loan.

  • Can I get a home loan for the entire amount?

    No. Under the guidelines of the RBI, a lender cannot lend 100% of the home loan. Depending on the lender you have opted for, you may be able to take a home loan for about 80% to 90% of the purchase price of the property. You would, however, have to make a down payment of the remaining amount on your own.

  • What is the maximum loan tenure and loan amount offered by Piramal Finance?

    Piramal Finance offers home loans that can go up to INR 75 lakhs for a tenure of 25 years.

Get Quick Approvals for Home Loan in Metro Cities

Avail Piramal Finance quality service and housing loan instantly in the top commercial and metropolitan cities of India to buy the home of your dreams.

  • Home Loans in Mumbai
  • Home Loans in Bangalore
  • Home Loans in Delhi
  • Home Loans in Chennai
  • Home Loans in Pune
  • Home Loans in Hyderabad
  • Home Loans in Ahmedabad
  • Home Loans in Surat
  • Home Loans in Noida
  • Home Loans in Gurgaon
  • Home Loans in Thane
  • Home Loans in Jaipur
  • Home Loans in Indore
  • Home Loans in Nashik

    • From homeowner’s heart

    I applied for a home loan with Piramal and I got sanction for the required amount for 29 years under the Gruh Setu Home Loan. I have purchased the row house, and my family and I are happy that we will be moving into our new house soon.

    Rajendra Rupchand Rajput,Nashik

    I and my family were planning on buying a new home for which we needed a loan and I chose Piramal Finance. From collecting documents to guiding me at every step, Piramal has been a strong support system through the process.

    Uday Biradar,Software Director