Piramal Housing Finance Loan Against Property

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 Criteria

The Piramal Finance Loan Against Property eligibility criteria for both salaried and self-employed individuals are detailed below:

Salaried Individuals

Minimum Age	21 years
Maximum Age	Government employee: 70 years (considering pension) Private employee: 62 years or the retirement age
Employment type	The salaried individual should work in the following sectors: Government institutions Public sectors Private sector companies, such as limited companies or private limited companies MNCs Partnership firms LLPs Proprietorship concern (including HUFs) Institutions run by Trust / NGO / Society

Self-Employed Individuals

Minimum Age	23 years
Maximum age	70 years
Employment type	Professionals including doctors, CAs, and architect Business owners, proprietorship, partners of partnership firms and promoter/director of closely held private and public limited companies.

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	First time: free Second time onwards: INR 500 + GST
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.

Credit Score

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. 

Financial Condition

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

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:

Salaried individual

Application form	Submit the application form along with a recent photo
Identity Proof	Passport Aadhaar card Driving licence Voter ID Job Card issued by NREGA Letter issued by the National Population Register containing details of photo/name
Proof of income	Previous 3 months salary slip Past 2 year’s Form 16 Bank statements for past 6 months Documentation of the property offered as collateral
Proof of residence	Passport Aadhaar card Driving licence Voter ID Utility bills Job Card issued by NREGA Letter issued by the National Population Register containing details of photo/name

Self-Employed Individuals

Application form	Submit the application form along with a recent photo
Identity Proof	Passport Aadhaar card Driving licence Voter ID
Proof of residence	Passport Aadhaar card Driving licence Voter ID Utility bills
Proof of income	Previous 2 years’ ITR with computation Financial statements audited by a CA Primary bank statement for the previous 6 months

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] 

Here,

• 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
Email ID	customercare@piramal.com