Home Loan

KYC Documents

Proof of Identity & Address

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Income Documents

Proof of Income

• For Salaried

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

• For Self Employed

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

Property Documents

Land & property related documents

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

Co-applicants

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 hav 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

What is a Home Loan?

A home loan helps you buy your dream home by lending you the required money. You can pay back this loan in easy monthly payments over a decided tenure. We decide how much you can borrow based on your income, credit score, and property value. Home loans make it easier to own a home and offer flexible repayment options.

How to Apply for a Home Loan at Piramal Finance?

Piramal Finance designs home loans to meet the needs of Bharat. You can fill out the home loan application online or offline. Our team will provide a complete home loan service. We aim to make your experience easy and smooth.

Visit Branch –
you could visit the nearest branch of Piramal Finance to submit your application for a loan.

Apply Online –

• Go to our application form and fill out the details.
• Submit all your income and KYC documents.
• Wait till the application gets processed for verification.
• If everything meets the eligibility criteria, your loan will get approved within a few minutes.
• Subsequently, the loan amount gets disbursed and credited to your bank account.

What factors influence your eligibility for a housing loan?

Your eligibility for a housing loan depends on several key factors:

1. Income: Your ability to repay the loan based on your income.
2. Credit Score: A good credit score increases your chances of approval.
3. Employment Status: Stable employment or business history is crucial.
4. Age: Age is an important factor to determine loan tenure.
5. Property Value: The value of the property you wish to purchase impacts your loan amount.

Understanding these factors helps you prepare better and ensures a smoother approval process.

How is the Equated Monthly Instalment (EMI) for a home loan determined?

The Equated Monthly Instalment (EMI) for a home loan is calculated based on three key factors:

1. Loan Amount: This is the total amount you borrow. A higher loan amount generally leads to a higher EMI.
2. Interest Rate: This is the cost of borrowing the money, expressed as a percentage. A lower interest rate will result in a lower EMI, while a higher rate increases the EMI.
3. Loan Tenure: This is the duration over which you plan to repay the loan. A longer tenure results in smaller EMIs, but you may end up paying more interest over time. Conversely, a shorter tenure means higher EMIs but less total interest paid.

By considering these factors, lenders use the EMI formula to provide you with a monthly payment amount that fits your financial situation.

What is a floating interest rate on a home loan?

A floating interest rate on a home loan is also called a variable interest rate. This type of rate can change over time based on market conditions. This means your monthly payments may go up or down as the rate adjusts. Changes in the economy or the lender’s benchmark rate can influence this.
While floating rates often start lower than fixed rates, they come with the potential for increases in your payments. It’s important to consider your financial situation and how comfortable you are with the possibility of these changes when choosing between a floating and fixed interest rate for your home loan.

What is a fixed interest rate on a home loan?

A fixed interest rate on a home loan means the rate stays the same for the whole loan period. This stability helps you plan your finances better. Your monthly EMI (Equated Monthly Instalment) will not change, no matter what happens in the market. With a fixed rate, you can enjoy peace of mind knowing your payments will stay the same, making it easier to budget for your home expenses.

What types of home loans are available in India?

There are many types of housing loans available in India. They include:

1. Home Purchase Loan: This is for buying a new or resale property. It covers the entire cost of the home, including registration and stamp duty.
2. Home Construction Loan: If you plan to build a house on a plot of land, this loan helps cover construction costs.
3. Home Improvement Loan: This loan is designed for those looking to renovate or repair their existing homes.
4. Home Extension Loan: If you want to expand your current home, this loan can finance the addition of new rooms or floors.
5. Land Purchase Loan: This loan is for buying land to build a home in the future.
6. Joint Home Loan: This option allows two or more individuals, such as family members, to apply for a loan together, making it easier to secure a larger amount.
7. Balance Transfer Loan: If you find a better interest rate elsewhere, this loan lets you transfer your existing home loan to another lender.

Is a guarantor required when applying for a home loan?

A guarantor is not always required when applying for a home loan. However, if your credit score is low, your income is insufficient, or your credit history is limited, lenders may ask a guarantor to provide additional security for the loan. Having a guarantor can improve your chances of approval and may help you secure a better loan amount or interest rate.

How long does it typically take to get a home loan sanctioned?

The duration required to secure a home loan approval can fluctuate based on numerous factors, such as the lender's procedures and the thoroughness of your application. Typically, it could range from a couple of days to several weeks.

What is a pre-approved home loan?

A pre-approved home loan is an initial loan approval based on your income, credit score, and financial stability.

Are there any tax benefits on the home loan?

According to Section 80C of the Income Tax Act, 1961, you can claim up to INR 1.5 lakhs. This amount includes the main sum, registration costs, and stamp duty fees for your home loan.

What tax benefits can I get on a home loan?

When you take a home loan, you can claim 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 costs, and stamp duty charges.
For joint home loans, each borrower (if they are also co-owners) can claim up to INR 1.5 lakhs per year.

Can I get a home loan for the entire amount?

No. According to RBI guidelines, a lender cannot give a home loan for the full amount. You can usually get a loan for about 80% to 90% of the property's price. You will need to pay the rest as a down payment.