Buying your first home with home loans from Piramal Capital & Housing Finance is easy. A hassle-free loan application process ensures that you are informed and aware of all that goes on as you transform your dream of home ownership into reality. A dedicated relationship manager is always on-call if you need any help with understanding the process at any stage.

With flexible repayment options, you can control the amount you repay monthly. You can lower this amount by increasing the tenure, thereby, freeing up funds for other investments or needs that may arise. You can also choose a shorter term to repay the loan faster, if possible, with your existing income. Your loan application is also processed quickly, and your home can be purchased easily in under-construction properties with leading developers. The funds can also be used to help you purchase your dream home available for re-sale.

Features and Benefits

• Simple and hassle-free application process

• Dedicated relationship manager to answer any and all queries regarding the loan application process

• Flexible tenure and repayment options

Eligibility

Salaried

Age :-

• Minimum Age- Minimum Age- 21 years

• Maximum Age- Income contributor (Govt employee) - 70 yrs (if pension considered)

Income contributor (Others) - 62 yrs (or restricted to retirement age)

Employment Type :-

• Govt. institution

• Public Sector Undertaking

• Private Sector Companies such as Limited Companies / Private Limited companies

• MNC

• Partnership firm / LLP

• Proprietorship concern (Individual / HUF)

• Institutions run by Trust / NGO / Society / others

Documents Needed :-

• Income Tax Returns for the latest 2 years

• KYC Documents

• Form 16

• Bank statements for the last 6 months and salary slips

• Documentation pertaining to the property offered as collateral.

Self Employed

Age :-

• Minimum Age- 23 years

• Maximum Age- 70 years

Employment Type :-

• Self Employed Professionals: Qualified doctor (MBBS/MD/MS), CA and Architect.

• Self Employed Non-Professionals, Business Owners, Proprietorship, Partners of Partnership Firm and Promoter/Director of closely held private and public limited companies.

However, Director of listed Public companies will be treated as Salaried

Documents Needed :-

• Last 2 Years ITR With Computation / CA Audited financials wherever applicable

• KYC Documents

• Form 16

• Bank statements for the last 6 months.

• Documentation pertaining to the property offered as collateral.

Interest Rates on Loans and Advances

Interest Rate
Customer Type	Rates
Salaried / Self Employed	Interest Rates starting from 10.50%* p.a
Fees & Charges
Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate
Schedule of Fees & Other Charges	Details
Processing Fees	Home Loan: Processing Fees up to 3 % of Loan amount + applicable taxes (payable before disbursement of Loan) On cancellation or withdrawal or rejection of loan application (prior to handing over of loan cheque) minimum of ₹ 5000/- + applicable taxes or the initial processing fee, whichever is lower, will be held back
Part Payment/Pre-closure charges	Home Loan (for the purpose other than business) availed by Individual/s at Floating Rate of Interest: No charges. Home Loan availed by Individual/s at Fixed Rate of interest: 2% of principal amount of Loan being prepaid+ applicable taxes. No prepayment charges shall be payable for partial or full payments made from own sources. The expression “own sources” for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution. The Borrower will be required to submit such documents that the Lender may deem feet and proper to ascertain the source of the fund. Home Loan availed by Non-individual as a borrower at a Floating or Fixed Rate of Interest: 2% of principal amount of Loan being prepaid+ applicable taxes.
Loan repayment instrument dishonour charges	₹ 500/- + applicable taxes
CERSAI charges	₹ 500/- + applicable taxes
Loan Pre-closure Statement	₹ 1000/- + applicable taxes
List of documents deposited with the Lender	₹ 500/- + applicable taxes
Loan Repayment Schedule	₹ 500/- + applicable taxes
Change of Loan repayment mode	₹ 500/- + applicable taxes
"Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor"	₹ 5000/- + applicable taxes
No Due Certificate issuance charges	1st time free; subsequently ₹ 500/- + applicable taxes
Statement of Account	Free once a year; subsequently ₹ 500 + applicable taxes
Photocopy of documents	₹ 1000/- + applicable taxes
Retrieval of original property documents	₹ 2000 + applicable taxes
Additional Charges	2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes

Documents

Salaried

Applcation Form :-

• Application form with a recent photograph

Proof of Identity :-

• Passport

• Driving License

• Aadhaar

• Voter's Identity Card

• Job card issued by NREGA

• Letter issued by the National Population Register containing details of photo / name

Proof of Income :-

• Last 3 Months Salary Slips

• 2 Years Form 16.

• 6 Month Bank Statement With Salary Credit

• Bank statements for the last 6 months and salary slips

• Documentation pertaining to the property offered as collateral.

Proof of Residence :-

• Passport

• Driving License

• Aadhaar Card

• Voter's Identity Card

• Utility bills like Telephone Bill /Electricity Bill etc.

• Job card issued by NREGA

• Letter issued by the National Population Register containing details of photo / name and address.

Co-applicant :-

Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases

• Spouse or any first blood relative like parents, siblings, children who have 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)

Self Employed

Applcation Form :-

• Application form with a recent photograph

Proof of Identity :-

• Passport

• Driving License

• Aadhaar

• Voter's Identity Card

Proof of Income :-

• Last 2 Years ITR With Computation.

• CA Audited Financials Where Ever Applicable

• 6 Months Primary Bank Statement

Proof of Residence :-

• Passport

• Driving License

• Aadhaar Card

• Voter's Identity Card

• Utility bills like Telephone Bill /Electricity Bill etc.

Co-applicant :-

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 have 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)

Frequently Asked Questions about Home Loan

1. What is a home loan?

Answer:  Home loans are borrowed from financial institutes for buying, constructing, extending, or renovating a house. The loan gets paid with interest (fixed or floating rates) over a fixed tenure through Equated Monthly Instalments (EMIs). Lenders finance up to 90% of the property value. You pay the balance 10% as a down payment towards the loans.

2. What is a home loan?

Answer: What are the tax benefits under home loans? You can claim up to ₹1.5 lakh on the principal amount, registration, and stamp duty fees of your housing loans as tax deductions under Section 80C of the Income Tax Act. You get deductions for the interest payments under Section 24. For joint home loans, each borrower gets up to ₹ 1.5 lakh each as income tax returns, provided they are co-owners of the property. Use Piramal's Tax Calculator to gain more clarity on housing finance.

3. What is the eligibility criteria for home loans?

Answer: Financial institutes have set criteria to evaluate your repayment capability for housing loan approvals. Different lenders have different criteria. Banks' basics to check home loan eligibility include age, employment status, employment stability, and credit score.
Plan your housing finance efficiently using the Eligibility Calculator to check the loan amount you can apply for.

4. What is the tenure for home loans?

Answer: The tenure usually ranges between 5 years to 30 years. They get determined based on your eligibility criteria. You can either opt for a short term with low interest and high EMI payments or a long tenure with high interest and low EMIs based on your comfort.

5.  How to apply for home loans?

Answer:There is a standard process followed by all financial institutes in India for housing loan:

• Submit your application and identity proofs, personal information, and property details for creating a new account.

• Pay the processing fees which lenders require for creating your account.

• Verification of documents includes inspection of the property.

• Document approvals mean whether you get approved or rejected for the loan.

• Processing of offer letter with quote happens.

• Documents go through legal check as well.

• Site check and property verification get done for assessing property value.

• The deal gets finalised with signatures and sealed documents.