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Get Piramal Housing Finance home loan on the basis of gross annual income and incentives
Apply for Piramal Housing Finance home loan starting at 9.65%
In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability.
Table of Contents
- 1 About Piramal Housing Finance Home Loan
- 2 Piramal Housing Finance Home Loan Interest Rate April 2020
- 3 Piramal Housing Finance Home Loan EMI Calculator
- 4 Piramal Housing Finance Home Loan Eligibility Criteria
- 5 Documents Required for Piramal Housing Finance Home Loan
- 6 How to apply for Piramal Housing Finance Home Loan?
- 7 Piramal Housing Finance Home Loan Types
- 8 Piramal Housing Finance Balance Transfer & Top-Up
About Piramal Housing Finance Home Loan
With the vision to help everyone get a house of their own, Piramal Capital & Housing Finance (PCHF) has some special offerings. The housing finance company gives a home loan on the basis of gross annual income and not in-hand salary. Also, the applicants whose salary is less but they earn high incentives are considered eligible for a home loan from Piramal Housing Finance. This is one of the few unique features of Piramal Housing Finance home loan. Read all the details in this article:
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Piramal Housing Finance Home Loan Interest Rate April 2020
The home loan interest rates, processing fees and charges along with other Piramal Housing loan details are given in the table below:
|Interest Rates||Starting from 9.65%|
|Tenure||Up to 30 years|
|Loan Amount||Up to Rs. 10 crores|
|Processing Fee||0.10% of the loan amount + GST|
Piramal Housing Finance Home Loan EMI Calculator
A home loan EMI calculator would show you the exact monthly installment you will pay for a Piramal Housing Finance home loan. The calculator given below is a super EMI calcualtor which you can use to see what will be the monthly installment to be prepared accordingly. This is a special type of calculator for salaried people who take a home loan from Piramal Housing Finance who will pay super EMI.
Piramal Housing Finance Home Loan Eligibility Criteria
The eligibility criteria based on which the housing finance company offers housing loan is given below:
- Salaried Individuals (Both resident as well as Non Resident Indians)
- Self Employed Individuals (Customized schemes for doctors, CAs and other professionals)
- Self Employed Non Individuals
- Loans are available to employees working with Partnership & Proprietorship firms
Factors That Can Decide the Loan Eligibility for Borrowers
Piramal Housing Finance, besides checking the value of your property, considers cash income, income from investments and dividends, rental income to decide the quantum of loan it can extend you. Piramal seeks individuals with liquid income in the case of self-employed. Overall, the lender has relaxed norms when it comes to collaterals. It accepts Gram Panchayat collaterals while disbursing home loans to applicants.
Loan Amounts That You Can Get in Different Cities
|Cities||Loan Amount Available|
|Mumbai & Delhi||15 Lakh - 2 Crore|
|Bengaluru, Chennai, Ahmedabad, Hyderabad, Jaipur, Pune||15 Lakh - 1 Crore|
|Surat, Indore & Nashik||10 Lakh - 75 Lakh|
Documents Required for Piramal Housing Finance Home Loan
The documentation process is the most important step for home loan approval. If you do not submit complete authenticated documents, your application may be rejected. So, to avoid such scenarios, make sure you have all the documents as mentioned below:
- ID Proof – Passport/ PAN/ Aadhar Card/ Driving License/ Voter ID Card
- Residence Proof – Passport/ Ration Card/ Aadhar Card/ Driving License/ Voter ID Card
- Age Proof – Passport/ Ration Card/ Driving License/ Birth Certificate (issued by Government body)/ School leaving certificate (10th)
- Employment Proof – Salaried customer – ID card with date of Joining / appointment letter. Self Employed Professional and Non professional – Shops and establishment certificate, Trade license certificate, SSI Registration Certificate, Sales Tax / VAT /GST, Registration certificate, and Self Employed Professionals- Proof of professional qualification is required along with the documents mentioned above
- Income Documents
- Payslip for last 3 months.
- Latest Form 16 or ITR
- Performance Appraisal letter / Bonus letter – as proof of bonus ( if applicable)
Self Employed customers with income proof:
- ITRs for last 2 years with computation of income, P&L, Balance sheet , Schedules and auditors report ( If applicable)
Financials should be audited if mandatory as per regulations or annual turnover is more than 2 Crores, else these need to be CA certified.
How to apply for Piramal Housing Finance Home Loan?
Wishfin is a great platform to apply for a home loan. You can simply visit the website and fill up the form for Piramal Capital & Housing Finance home loan. Also, you can apply through WhatsApp which is the first ever facility provided for home loan seekers. The process is much easier as compared to visiting the branch and going through the process.
Piramal Housing Finance Home Loan Processing Fees
The processing fee applicable to the loan depends on the purpose for which you are taking the loan. The segregation is as follows:
- Home Loan processing fee – Up to 3 % of loan amount plus GST (18% of the processing fee).
- Non-home Loan processing fee – Up to 4 % of loan amount plus GST (18% of the processing fee)
- On cancellation of loan application (prior to handing over of loan cheque) – Minimum of Rs. 5000 plus GST (18% of the processing fee).
Piramal Capital & Housing Finance Home Loan Unique Features
The features that make Piramal Housing home loan one of its kind are as follows:
- Interest rates starting from 8.80% per annum
- Eligibility calculated on the basis of gross income and not in-hand salary
- Variable income (incentives) is considered while calculating maximum loan amount eligibility
- For self-employed individuals eligibility derived on gross profit, net profit, gross receipts along with non-income surrogate programs.
Piramal Housing Finance Home Loan Types
At Piramal Capital & Housing Finance Limited, you get the below-mentioned types of home loans:
- Super Home Loan
- Advantage Home Loan
- Bridge Home Loan
Read below the features of Super home loans offered by Piramal Housing Finance:
- Home Loans can be applied for either individually or jointly.
- Salaried Individuals (Both resident as well as Non Resident Indians)
- A home loan with up to 20% higher eligibility.
- Top up without additional EMI.
- Up to 90% of the cost of the property (including the cost of the land). This is subject to the regulatory caps and your repayment capacity.
- Up to 30 years subject to your retirement age.
- Interest Rates starting from 8.8% per annum.
- The loan amount you can get under this home loan is between Rs. 20 Lakhs to 10 Crores.
Bridge Home Loans
The features of Bridge home loans offered by Piramal Housing Finance is:
- Purchase of residential property – fresh purchase & re-sale.
- Up to 90% loan amount
- Tenure for ready property is 24 months and for under construction property it is 24 months from the date of last disbursement subject to maximum tenure of 60 months.
- A co-applicant is mandatory to apply for a home loan under this scheme.
- Salaried Individuals, Self-employed Professionals (SEP) and Self-employed Non-Professionals (SENP) can apply for this loan.
- The loan amount you can get ranges from Rs. 20 Lakhs to 10 Crores
- Income of close family members ( Spouse / Parent / Children ) can be clubbed.
- Incomes of siblings can be clubbed, subject to conditions, if they are co-owners in property.
Advantage Home Loan – Step-Down EMI
- This scheme is for customers who have an additional co-applicant (especially parents) income support who are about to retire from their job.
- Government employees who expect to have pension income post retirement are eligible for this type of home loan.
- The maximum loan amount you can get is Rs. 20 lakhs and up to Rs. 10 Crores.
- The maximum tenure available for this scheme is up to 30 years subject to your retirement age.
- This home loan can be applied for either individually or jointly.
- Customers can be both salaried and self-employed (At least one resident salaried individual should be an income contributor on the loan).
- Income of close family members ( Spouse / Parent / Children / siblings (if co-owners of the property)) can be clubbed to calculate maximum loan amount eligibility.
Piramal Housing Finance Self-construction loan
If you want to take a loan and construct your own house, you can apply for this home loan. The features are as follows:
- You can use the fund for the construction of independent house, bungalow, row house and other variants
- You can get up to 90% of the cost of the property (including the cost of the land) within the range of Rs. 20 Lakhs to 10 Crores.
- You can choose tenure up to 30 years subject to your retirement age.
- You get the time to start the construction with 24 months from the date of disbursal.
- You can apply individually or jointly.
- Salaried Individuals (Both resident as well as Non Resident Indians), Self Employed Individuals (Customized schemes for doctors, CAs and other professionals), Self Employed Non Individuals, Proprietorship Firms, Private Limited Companies / Closely held limited Companies, Partnership firms / LLPs can apply for the loan.
- Income of Spouse / Parent / Children/ Sibling can be used to calculate maximum loan amount eligibility.
Piramal Housing Finance Balance Transfer & Top-Up
- The balance transfer facility is also smooth with low-interest rates. You can transfer existing home loans from other lender and also avail an additional top up as per your requirement.
- Those who have a running home loan for more than 18 months are eligible for this facility.
- You can get loan up to 90% of the current market value of the property subject to a minimum of Rs. 20 lakhs and maximum of Rs. 10 crores.
- The maximum tenure for home loan balance transfer is up to 30 years subject to your retirement age.
Income of Spouse / Parent / Children/ Siblings can be added for maximum loan amount eligibility.
How can you check application status?
If you apply via Wishfin, you can contact the executive for the application status. Or, you can check it yourself with the help of the application ID generated at the time of applying for the loan.