How Can You Avail the Benefits of a Home Loan with Piramal Finance

Living in your own home is one thing most people dream of. If you are one of them, here is a way for you to realize your dream. Apply for a home loan with Piramal Finance.

Piramal Finance offers multiple options for housing loans that include:

• Home construction loans
• Home renovation loans
• Home extension loans
• Home loan balance transfers
• Pradhan Mantri Awas Yojna
• And other home loans such as money savers, super loans, advantage loans, and Gruh Setu.

You can explore these housing loans and then apply for the one that perfectly suits your requirements.

Here are a few benefits you can avail yourself by applying for a home loan with Piramal Finance:

Option to Own Home Without Paying a Large Chunk of Cash

Piramal Finance offers financial assistance up to 90 per cent of the purchase price of the home. This means you won’t have to set aside too much of your savings to purchase your home. You may even be able to afford a bigger home if the EMIs seem convenient to you.

Easy Application

The best part about Piramal Finance is the easy and hassle-free application procedure. All that you would need to do is fill up the application and submit the necessary documentation. A dedicated relationship manager will then contact you and start the loan procedure at your convenience.

Ability to Obtain Home Loan from the Comfort of Your Space

By offering the online option, Piramal Finance has made it very easy for anyone to obtain a housing loan, from the comfort of their own space. The application can be submitted online by uploading the necessary documentation. The entire procedure can be completed within a few minutes.

Minimum Documentation

With basic documents such as identity proof, address proof, income proof, property-related documents, and passport-size photographs, you should be able to avail of a housing loan from Piramal Finance.

Flexible Repayment Schedules

We at Piramal Finance understand what difficulties you may face to repay your home loan. Hence, we offer flexible options concerning loan tenure, prepayment, and even foreclosure.

Affordable EMIs for your Home Loan

To make your loan repayment even more convenient, Piramal Finance offers the option of choosing between a fixed or floating interest rate. Longer loan tenure can also reduce your EMI.

Loans for Everyone

Whether you are a self-employed individual or a salaried person, you can get the best deals on home loans via Piramal Finance.

Tax Benefits

A home loan from Piramal finance not only helps you realize your home ownership dream; it will also help you enjoy some tax benefits. Section 80C of the IT Act lets you claim a tax deduction of up to INR 1.5 Lakhs on the amount that you pay towards:

• your principal amount
• stamp duty charges
• and registration cost of the housing loan.

In the case of a joint home loan, each borrower gets to claim a tax deduction of up to INR 1.5 Lakhs.

The house loan interest rate offered by Piramal Finance starts from 11 per cent per annum. There will also be a few processing fees and additional charges that need to be paid while applying for the loan.

While anyone can apply for a home loan with Piramal Finance, certain criteria establish your eligibility to get approved. The various factors taken into consideration include your monthly salary, the loan repayment tenure chosen, existing obligations, and other sources of monthly income if any.

Piramal Finance website includes a home loan eligibility calculator that helps you assess your chances of obtaining a housing loan. You can use this before submitting your application. Here are a few details you may have to mention, to assess your eligibility:

• Type of Job – Where you are working matters a lot when it comes to getting approved for a housing loan. If you are working in an MNC or a government institution, you may have better chances of obtaining a home loan.
• Monthly Earnings – This refers to your monthly gross income before making any deductions. This will include various components such as your Basic Salary, HRA (House Rent Allowance), Conveyance Allowance, Medical Allowance, Educational Allowance, Special Allowance if any, and Leave Travel Allowance.
• Loan Tenure– This refers to the number of years within which you have to repay your housing loan. Choose a longer tenure if you want to increase your chances of getting a home loan.
• House Loan Interest Rate – Here you will have to enter the current interest rate at which you can obtain a housing loan from Piramal Finance.
• Existing EMIs – If you are paying any other EMIs to clear other debts you may have, this is where you enter the information.

The other factors considered to establish housing loan eligibility are the age of the borrower, credit score, and credit history.

After entering all the details, the Home Loan Eligibility Calculator will calculate the amount of loan you are eligible to obtain. Based on this you can start looking for a suitable home. There is also an EMI calculator that you can use, to calculate your EMIs.

Realizing your dream of owning your home depends a lot on your eligibility to obtain a home loan. You can improve your chances of obtaining one by:

• applying jointly
• choosing a well-structured repayment schedule
• mentioning other sources of income
• paying down any existing debts
• and by correcting any inaccuracies in your credit score report.  

The Conclusion

With websites like Piramal Finance offering multiple options, a home loan should not be too tough to obtain. However, it is always better to verify your eligibility before applying for one. Explore different types of housing loans and choose the best as per your requirement. Make sure you check the current house loan interest rate.