Loan Against Property Banks | Interest Rate | Processing Fee | Rating | Loan Amount/Tenure | |
---|---|---|---|---|---|
Piramal Housing Finance LAP | 11.5% | 0.5% | Up to ₹5Cr Tenure(1 - 30 Years) | Details |
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 |
|
Employment type | The salaried individual should work in the following sectors:
|
Self-Employed Individuals
Minimum Age | 23 years |
Maximum age | 70 years |
Employment type |
|
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.
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 |
|
Proof of income |
|
Proof of residence |
|
Self-Employed Individuals
Application form | Submit the application form along with a recent photo |
Identity Proof |
|
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]
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 |
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Financial Calculators
Mutual Fund Scheme
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FAQs
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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