Affordable Housing Loan
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Affordable housing loans make the dream of owning a home a reality. At Piramal, we understand that owning a home remains a dream for many. Whether your dream home is an apartment, villa, or a plot, you can fulfill your most cherished dream with our affordable housing loans. These loans are helpful for families in the middle or lower-income sections of society.
Eligibility Requirements for Piramal Finance Affordable Housing Loans
Eligibility for affordable housing loans depends on your employment status. You can be a salaried employee or a business owner with a regular monthly income of a minimum of ₹12,000 when you do not have any other EMIs. Eligibility will vary according to your income, other running loans, the rate of interest, and the loan tenure.
Piramal Finance Affordable Housing Loans Application Process
The application process is quite simple.
- Check your loan eligibility using our loan calculator.
- You can apply for the loan online and our executive will reach out to you.
- You can visit any Piramal Finance branch to get more information and apply.
Documents Required for Piramal Finance Affordable Housing Loans
The documents needed for our affordable housing loans depend on your occupation or profession. However, some required documents in general are:
- Identity proof and proof of residence, which can be proven with documents like an Aadhar card/Passport/Voter ID card/Driver’s License/Utility bills/Job Card By NREGA/Letter By NPR with your photo and name for proof of identity and address verification.
- Proof of income documents, which include Form 16, salary slips, bank statements, etc.
- Land and property-related documents like sales deed or allotment letter/Occupancy certificates/NOC from the builder and other such documents.
- Passport Size Photographs
- Name of Co-Applicant (Mandatory). In some cases, a woman co-applicant is mandatory. The co-applicant can be your spouse or first blood relative, such as siblings, parents, or children over 18 years old. Friends can only be co-applicants, such as partners, shareholders, or directors.
To get detailed information on affordable housing loan documents, contact our toll-free number, WhatsApp, email, or visit our branch.
Interest Rates and Charges
The interest rates for affordable housing loans are 9.5% onwards per annum. The loan amount can be from 3 lakhs to 35 lakhs, and the tenure can be up to a maximum of 30 years.
A one-time processing fee of up to 5% of the loan amount is taken along with applicable taxes, and stamp duty is applicable. Loan cancellation after disbursement lead to standard charges and applicable taxes.
For the pre-closure of housing loans by individuals, there is a fixed rate of 2% of the principle of the loan being pre-paid plus the applicable taxes payable.
Benefits of Piramal Finance Affordable Housing Loans
Whether you work in a small or medium-sized company, a family-run business, a blue-collar job, or run your own business, our affordable housing loan is for you. Here are some of the benefits of this loan:
- Easy Eligibility: We offer flexible eligibility norms. The minimal document requirements simplify the gathering process, regardless of whether you're self-employed or a salaried employee. For instance, even if you don’t have ITR or income proof documents, you are still eligible for a loan, provided you have a good loan repayment history. You can contact our team for detailed eligibility criteria and support options. Moreover, the procedure to apply for housing loans is simple and convenient through our online platform.
- Lower Interest Rates: The biggest benefit of choosing our affordable housing loan is that we offer a lower interest rate than other credit forms. It starts at as low as 9.5% per annum. The beneficiaries may also get further subsidies based on their eligibility criteria. Plus, we quote all the charges upfront in the loan quote so that there is a transparent dealing. All this decreases the overall borrowing costs and makes owning a home more affordable.
- Housing Loans For All: Our housing loan is for all income segments and all home buyers. Whether you are salaried or own a successful business, we offer the best deal possible for all and make your dream of having a home come true.
- Repayment Flexibility: To suit your budget, we offer loans with flexible repayment options. You can choose from a variable or fixed interest rate and adjust loan tenure based on your repayment capacity. Prepayment and foreclosure are also possible with our housing loan.
- Easy EMIs: We offer affordable housing loans and flexible repayment options like tailor-made EMIs based on the borrower’s income, extended tenure, and other features. This flexibility enables borrowers to manage payment obligations efficiently. Additionally, you can give standing instructions for automatic repayment of EMIs directly from your bank account. So there is no hassle of waiting in queues or writing checks.
- Tax Benefits: The interest you pay on the affordable housing loan is tax deductible under Section 80C of the Income Tax, 1961. You can claim up to 1.5 lakh on the loan's principal loan amount, registration, and stamp duty charges. The other advantage is that if you have a joint home loan and both are co-owners of the property, both can claim tax exemptions of 1.5 lakhs in a year.
- Excellent Customer Service: From answering queries on loans, applications, disbursals, and throughout the repayment tenure, we have customer support representatives to reach out for any assistance. They work with the sole purpose of providing excellent customer service which is one of the major benefits of availing a home loan from us.
Frequently asked questions
Note: The figures provided by the Piramal Finance eligibility calculator are indicative, and actual loan amounts may vary based on factors like your city, age, and other considerations.