Piramal Housing Finance Loan Against Property
You can smoothly apply for Piramal Housing Finance loan against property with the easy Piramal Housing Finance loan against property online application method. For growing and small businesses, there is always the option of choosing a LAP for fixing issues in terms of working capital, running costs, and inventory or meeting overheads. Borrowers can tap into all types of properties, i.e. residential, industrial or commercial, for raising money to meet diverse needs. Along with enjoying competitive Piramal Housing Finance loan against property interest rates, borrowers can avail of loans up to Rs. 3 crore with flexible options for repayment as well. A relationship manager will guide borrowers throughout the entire procedure for ensuring that they get the best possible deals while also making sure that these processes do not consume much time in the bargain. Doorstep services are also offered for maximum convenience.
Features and Benefits of Piramal Housing Finance Loan Against Property
Piramal or DHFL Housing Finance offers a range of benefits on loans against property, as elucidated below.
- Extended loan repayment tenure of up to 20 years
- Minimal documentation to ease the application process
- Can be availed against:
- Self-owned residential properties
- Commercial properties
- Rented residential properties
- Self-owned but rented commercial properties, or
- Self-owned plots
- Quick loan sanctions
- Simple eligibility criteria
Piramal Housing Finance Loan Against Property: Eligibility CriteriaThe Piramal Finance Loan Against Property eligibility criteria for both salaried and self-employed individuals are detailed below:
|Minimum Age||21 years|
|Employment type||The salaried individual should work in the following sectors:
|Minimum Age||23 years|
|Maximum age||70 years|
Factors Affecting Piramal Housing Finance Loan Against Property Eligibility
There are a few factors that affect the Piramal or DHFL Housing Finance Loan Against Property eligibility of an applicant. These factors are the following:
- Insufficient and irrelevant property documents.
- CIBIL Score/Credit score of the applicant.
- Age of the applicant to determine their repayment ability.
- A steady and constant flow of income for the applicant.
- Previously rejected loan application.
Piramal Housing Finance Loan Against Property: Fees and Charges
|Processing Fees||4% + GST|
|Cancellation/ withdrawal of loan application||INR 5,000 + GST or initial processing fee (whichever is lower)|
|Repayment instrument dishonour charges||INR 500 + GST|
|CERSAI Charges||INR 500 + GST|
|Pre-payment statement||INR 1000 + GST|
|Documents list deposited with the lender||INR 500 + GST|
|Loan repayment schedule||INR 500 + GST|
|Changes made in terms of the loan||INR 5,000 + GST|
|No due certificate||
|Photocopy of documents||INR 500 + GST|
|Retrieval of original documents||INR 500 + GST|
|Cancellation of loan (after cheque handover)||The interest due and accrued GST|
|Physical copy of statement of account||INR 500 + GST|
|Interest rate conversion charges||0.50% of loan outstanding + GST|
|Collection charges||INR 250 + GST (per visit)|
|Cash collection charges||1% of INR 50,000 and above + GST|
|Legal fees||At actuals + GST|
|Certificate of non-encumbrance||At actuals + GST|
|Recovery charges||At actuals + GST|
|Stamp duty charges||At actuals + GST|
|Statutory charges||At actuals + GST|
|Custodial charges||INR 500 + GST (per month)|
Part Payment/Pre-Closure Charges
A loan foreclosure means full repayment of the outstanding loan amount at once instead of repaying in multiple EMIs. Banks and financial institutions charge a nominal rate of interest on the principal amount if you opt for foreclosure of your loan.
If you have extra funds, you can also opt for part-prepayment. That way, you can choose to repay a portion of the outstanding loan and reduce your EMI and loan tenure.
|Non Home Loan for purposes other than business at floating interest rates||No charges (by individuals)|
|Non home loan for business purposes at floating interest rates||4% of loan amount prepaid + GST (by individuals)|
|Non home loans at floating/fixed interest rates||4% of loan amount prepaid + GST (by non-individuals)|
Piramal Housing Finance Loan Against Property: Interest Rates
|Customer Type||Interest Rates|
|Salaried/Self-Employed||11.5% p.a. onwards|
Factors Affecting Piramal Housing Finance LAP Interest Rates
As a loan against property is a high-value asset, the interest rates on such loans are usually economical in nature. But interest rates vary amongst different applicants of Piramal or DHFL Housing Finance as per the factors mentioned below.
A credit score is a crucial factor that measures a person's creditworthiness and affects LAP interest rates. Like any other banks or NBFCs, a credit score above 750 is always favoured by DHFL Housing Finance.
Banks and NBFCs also assess the financial history of the borrower before finalising the interest rates. A salaried employee working at a reputed organisation having a stable income or a self-employed professional with high returns can secure a low-interest rate. A high income with a low debt-to-income ratio makes way for affordable interest rates.
Loan tenure or the total repayment period of the loan borrowed. It determines the interest rates charged by the financial institutions. A loan against property at Piramal or DHFL Housing Finance is usually a long-term loan because of which the interest rate offered is low. They charge a higher interest rate for a shorter loan tenure.
The Mortgaged Property
The lending institution evaluates the location, age, condition and current market value of the property before determining the interest rate. Residential properties fetch lower interest rates than commercial properties. Similarly, properties in a prime location with all modern amenities attract a lower interest rate than a property in poor condition.
Documents Required For Piramal Housing Finance Loan Against Property
The following documents are imminent for a Piramal Finance Loan Against Property application:
|Application form||Submit the application form along with a recent photo|
|Proof of income||
|Proof of residence||
|Application form||Submit the application form along with a recent photo|
|Proof of residence||
|Proof of income||
Piramal Housing Finance LAP EMI Calculator
Since a loan against property is a long term loan, it is critical to organise the budget before applying for the loan.
Piramal Finance Loan Against Property EMI calculator is a tool that helps compute the EMIs (estimated monthly instalments), interests and the total cost of the loan within seconds. It not only offers you error calculations but ensures that you are aware of your repayment capacity.
The mathematical formula to calculate the EMI manually is:
EMI = [P*R (1+R) *N] / [(1+R) N-1]
- P is the Principal Amount
- R stands for the Interest Rate
- N is for the Repayment Tenure
How Piramal Housing Finance compares with other lenders?
|IDFC First||8% per annum onwards|
|SBI||8.45-10% per annum|
|HDFC Bank||8-8.95% per annum|
|ICICI Bank||8.35-10% per annum|
Piramal Housing Finance Customer Care Contact
|Customer Care Number||1800 266 6444|
Need Loan Assistance?
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Piramal Housing Finance's Other Products
Loan Against Property By Other Banks
- Axis Bank Loan Against Property
- Bank of Baroda Loan Against Property
- HDFC Bank Loan Against Property
- ICICI Bank Loan Against Property
- Bajaj Finserv Loan Against Property
- IndiaBulls Loan Against Property
- Canara Bank Loan Against Property
- CITI Bank Loan Against Property
- DHFL Loan Against Property
- YES Bank Loan Against Property
- Union Bank of India Loan Against Property
- Federal Bank Loan Against Property
- IndusInd Bank Loan Against Property
- State Bank of India Loan Against Property
- IDFC FIRST Bank Loan Against Property
- Punjab National Bank Loan Against Property
- Hero FinCorp Loan Against Property
- IDBI Bank Loan Against Property
- Digikredit-SME Corner Loan Against Property
- Kotak Bank Loan Against Property
- Deutsche Bank Loan Against Property
- Punjab National Bank Housing Finance Loan Against Property
- Shriram Urban Co Operative Bank Limited Loan Against Property
- Tata Capital Housing Finance Limited Loan Against Property
- InCred Financial Services Loan Against Property
- Standard Chartered Bank Loan Against Property
- Hero Housing Finance Loan Against Property
- Godrej Housing Finance Loan Against Property
- Reliance Capital Loan Against Property
- Ujjivan Small Finance Bank Loan Against Property
- Capital First Ltd. Loan Against Property
- Home First Finance Company Loan Against Property
- Muthoot Finance Ltd Loan Against Property
- RBL Bank Loan Against Property
- Vastu Housing Finance Loan Against Property
- Clix Capital Loan Against Property
- Aditya Birla Finance Limited Loan Against Property
- L&T Finance Loan Against Property
- Poonawalla Fincorp Limited Loan Against Property
- Fullerton India Loan Against Property
- Tata Capital Financial Services LTD Loan Against Property
- IIFL Finance Loan Against Property
- Edelweiss Financial Services Loan Against Property
- Aadhar housing Finance Loan Against Property
- DCB Bank Loan Against Property
- Capri Global Loan Against Property
- HDFC Sales Loan Against Property
- Cholamandalam Finance Loan Against Property
- HSBC Loan Against Property
- Emirates NBD Loan Against Property
- Housing Development Finance Corporation Loan Against Property
From refinancing to reducing your interest, we have the answers right here.
Does Piramal Finance provide a fixed rate of interest on a loan against property?
Yes, Piramal Finance offers both fixed and floating rates of interest on loans against property.
Does Piramal Finance check the CIBIL score before sanctioning a loan against property?
Yes, Piramal Finance considers the CIBIL score of the applicant as one of the determiners for LAP approval. CIBIL determines the creditworthiness and repayment ability of the applicant. It is advised that you maintain a CIBIL score of 750 or above to grab the best loan deals.
What is the maximum LAP amount I can get from Piramal Finance?
With Piramal Finance Loan Against Property, you can avail yourself of a maximum amount of up to INR 3 crore.
Is a processing fee mandatory to avail of a loan against property from Piramal Finance?
Yes, Piramal Finance levies a processing fee of up to 4% on the principal amount.
Does Piramal Finance provide a loan against property at the best rate?
Yes, Piramal Finance offers loans against property at competitive and affordable interest rates, starting from 11.50%.
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