Home loan Interest Rates
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Home Loan offerings by Piramal Capital & Housing Finance Ltd. (Piramal Finance)
Key Features
Loan amount
{hliramount}
Loan tenure up to
30 years
Interest rates starting at
{hlirintrestrate}
Home Loan Interest Rates
Check out the latest home loan interest rates from Piramal Finance before applying for home loan.
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Row 1
- Segment
- Slab
- Home Loan Interest Rate
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Row 2
- Affordable Housing
- Up to INR 35 lakhs
- Starting From 9.5%* per annum onwards
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Row 3
- Mass Affluent
- From INR 35 lakhs to INR 75 lakhs
- Starting From 9.5%* per annum onwards
If you are trying to find a new home loan interest rate, this illustration will help you see its effect on the EMI that you would end up paying.
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Row 1
- Loan Amount
- Tenure
- Rate of Interest
- EMI
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Row 2
- INR 10 lakhs
- 10 years*
- 9.5%*
- ₹ 13,775
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Row 3
- INR 25 lakhs
- 10 years*
- 9.5%*
- ₹ 34,438
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Row 4
- INR 50 lakhs
- 20 years*
- 9.5%*
- ₹ 51,609
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Row 5
- INR 50 lakhs
- 30 years*
- 9.5%*
- ₹ 47,616
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Row 6
- INR 1 crore
- 30 years*
- 9.5%*
- ₹ 95,232
*Terms & Conditions apply.
Use Home Loan Calculators
To get a clear idea, use the Home Loan EMI & Eligibility Calculator.
Documents Required
For Home loan interest rates, we require certain documents based on the profession/occupation of the applicant.
Whatsapp me this document list
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Row 1
- Document Type
- For Self-Employed Individuals
- For Salaried Individuals
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Row 2
- Photo ID Proof
- Aadhaar card / Pan card
- Aadhaar card / Pan card
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Row 3
- Residence Address Proof
- Aadhar card
- Aadhar card
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Row 4
- Office Address Proof
- GST Registration Certificate / Trade License / Partnership Deed / Import Export Code / SEBI Registration Certificate / Memorandum of Association / ROC Registration Certificate
- Not applicable
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Row 5
- Income Proof
- P/L Account and Balance Sheet for the previous three years, ITRs of the last three years, bank account statement of business account
- Bank account statement of salary account, salary slip of the last three months, Form 16
Types Of Home Loan Interest Rates
Before we discuss the house loan interest rates it is important to understand the 2 different types of housing loan rates.
Fixed Home Loan Interest Rates
As the name suggests, such types of housing loan rates remain fixed. This means that the home loan rates that are applied stay the same throughout the tenure of the loan. As these rates remain constant, they allow you to plan your future finances accordingly.
Floating Home Loan Interest Rates
Floating housing loan rates are variable. There are many factors that can affect the home loan rates today and thus, such loans often come with the risk of an increase in rates.
Factors that can influence the Home Loan Rate
Type of Interest Rate
While the fixed rates will not change, the floating rates would be influenced when the RBI brings in any modifications.
The ratio between loan and value
The loan-to-value ratio, better known as LTV, is the maximum limit that the lender can extend. It is a percentage of the property’s present market value. To decrease the loan quantum, you can increase the down payment.
The Property
The resale value of the property depends on factors such as its location, its condition, and its age. Any property with a high resale value becomes a lucrative opportunity for the lender, who would attract the borrower with low-interest home loans.
The Term of the Loan
There is a direct relationship between the loan term and the home loan interest rate that you pay. The longer the tenure, the lower would be the EMI.
The Borrower’s Profile
In most cases, salaried employees are a safe bet as they have a stable income. Also, maintaining a good financial profile can help you in attracting competitive interest rates.
Get Home Loan for Different Budget
Know your monthly EMI for various home loan amounts.
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Frequently asked questions
Can I reduce the burden of my home loan EMI?
Having gone through the factors that can influence the home loan rate, you may feel there isn’t much you can do about them. Yet, fortunately, you can. Given below are a few simple yet effective tips that can help decrease the EMI burden on your shoulders.
Make Prepayments In an initial couple of years of the house loan, you would spend further on interest and much less on principle. Thus, making prepayments on your house loan will gradually reduce your remaining principal, lowering your interest rate.
Choose as short a Tenure as possible With the option of repaying your loan in as many as 30 years, home loans are long-term commitments. But when you choose a shorter term, you can keep the interest accumulation in control.
Keep a good Credit Score A score over 800 is regarded to be a good score and can greatly help in reflecting your creditworthiness.
Go for an EMI revision After taking the loan, if you feel you are in a better position to clear the EMIs you can always go for an EMI revision.
- Fixed Interest Rate – The interest rate remains unchanged throughout the loan tenure, providing stability in your monthly payments, regardless of market fluctuations.
- Floating Interest Rate – The interest rate varies based on market conditions, which means your EMI payments may increase or decrease over time.
If you are good at the traditional ways of calculation, you can use the given formula to calculate the EMI on your home loan:
P*R*((1+R)^n)/(1-(1+R)^n)
Here, P stands for Principal loan amount
R is the Rate of interest
n is the Tenure of the loan (in months)
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