Urban Money

Poonawalla Credit Pvt Ltd Home Loan

Poonawalla Credit Pvt Ltd
4.5

Poonawalla Finance Private Limited is a financial services company that is registered with the RBI as a non-deposit-taking systemically important NBFC. It is headquartered in the city of Pune and is a part of the Cyrus Poonawalla Group, a $12 billion reputed conglomerate.

  • Poonawalla Credit Pvt Ltd
  • Home Loan
Loan Amount:₹5L
Interest Rate:9.55% - 16%
Processing Fee: 1% - 2%
Tenure:30 Years
BanksInterest RateProcessing FeeLoan Amount/Tenure
Poonawalla Credit Pvt Ltd

9.55% - 16%

1% - 2%

₹5L

Tenure(1 - 30 Years)

Features and Benefits of Poonawalla Fincorp Home Loans

Accomplish your dream of possessing a home with Poonawalla Fincorp Home Loans (also known as Poonawalla Housing Finance), ranging from ₹5 lakhs to ₹1 crores at attractive interest rates and a maximum loan tenure of up to 30 years.

Poonawalla Home Loan is tailor-made for salaried or self-employed individuals, firms, private and public companies, societies, trusts or LLP.

This loan can be obtained for purchasing a ready-to-move-in residential unit, under-construction property, or resale property. The borrower can also avail of the loan for the self-construction of residential units.

Poonawalla offers feature-rich home loan schemes designed for a seamless and delightful experience.

A Home Loan that Caters to Various Needs

Whether you wish to build or own a home, the home loan offered by Poonawalla Housing Finance caters to all your needs. You can use the home loan to buy or self-construct your new house, expand your existing home, or buy a resale property.

Competitive Interest Rates

To avoid any extra burden on your finances, Poonawalla's home loan comes with an interest rate that is affordable and competitive, starting at 9.55%.

Minimum Documentation

The company allows you to avail of home loans with simple eligibility criteria and minimal documentation.

Flexible Repayment Tenure

You can repay your home loan between 1 year and 30 years. Poonawalla Housing Finance even lets you stretch your payment over a longer tenure for smaller and pocket-friendly EMIs.

Pradhan Mantri Awas Yojana (PMAY)

First-time homeowners can find it more affordable to buy homes with the Government's PMAY scheme, which offers a maximum interest subsidy of up to ₹2.67 lakhs, based on your eligibility.

Top-Up Loan

If you get into any emergency and have a sudden financial need, Poonawalla Housing Finance offers a top-up of extra funds on your existing loan with minimal documentation.

Eligibility Criteria for Obtaining Poonawalla Fincorp Home Loan

The following are the eligibility criteria for home loans at Poonawalla Housing Finance:

Eligibility Criteria Salaried Individuals Self-Employed Individuals
Eligible Borrowers Government/Semi-Government/PSU/Private and MNC companies/Proprietorship or Partnership firms Proprietor/Partners/Directors Or Self-Employed Professionals like Chartered Accountant, Company Secretary and Doctors
Age The minimum age of the applicant at the time of loan application must be at least 21 years and a maximum of 65 years or the retirement age, whichever is lower. The minimum age of the applicant at the time of loan application must be at least 21 years and a maximum of 65 years or the retirement age, whichever is lower.
Income Net monthly take-home salary should be a minimum of ₹20,000. Gross annual income must be at least ₹3 Lakh.
Experience / Vintage Minimum one year Minimum two years in current business or profession
Citizenship Individuals with Indian Citizenship. Individuals with Indian Citizenship.

Poonawalla Fincorp Home Loan Fees and Charges

Following is the list of fees and charges applicable to home loans at Poonawalla Housing Finance:

Loans and Charges Charges Applicable
Foreclosure Charges
  • No foreclosure charges are applicable for floating rate home loans
  • Charges may be applicable as per the loan agreement or terms and conditions specified by the NHB for fixed rate home loans
  • Valuation charges for BT/Home Equity/Refinance cases as per actuals
Processing Fee A minimum processing fee of 1% to 2% of your loan amount plus GST is applicable
Login Fee (Non-Refundable) Not to exceed ₹10,000 /-
Loan Documentation/Loan Sourcing/Technical/Valuation/Legal/CERSAI/CKYC/NeSL Charges (Non-Refundable) Up to 2% of the sanctioned loan amount
Charges on cancellation of loan/ rebooking ₹5,000/-
Registration, stamp duty and other related charges levied on loan agreement, security  document(s) etc. Based on the prevailing stamp duty rates levied in the respective State (s)
Penal Interest for payment delay or outstanding dues 2.50% per month
Payment Bounce Charges (Cheque, ACH, etc)  ₹600/- per instance
Statement of Accounts ₹500/- for each statement
Payment instrument Swap fee for changing repayment instrument / NACH ₹500/- per swap
Interest Rate Switching Fee (Applicable on outstanding principal amount) 0.50%
Retrieval of a copy of documents
  • ₹250/- for one document
  • ₹500/- for 2 to 4 documents
  • ₹750/- for more than 4 documents
List of Document Charges ₹500 /-
Foreclosure Letter Charges ₹1,500/-
Collection Charges ₹200/- per visit for the collection of dues from the customer residence/office

Poonawalla Fincorp Home Loan Interest Rates

Poonawalla Fincorp Home Loan interest rates start from 9.55%, which is quite low compared to its peer lenders. Given below are some of its home loan details:

Interest Rate 9.55% onwards
Loan Tenure Up to 30 years
Minimum Loan Amount ₹5 lakhs
Maximum Loan Amount ₹1 crore
Processing Fee A minimum processing fee of 1% to 2% of your loan amount plus GST is applicable

Factors Affecting Poonawalla Fincorp Home Loan Interest Rates

There are certain factors that affect the interest rates on loans you are considering to avail. You must ensure to take care of those components if you wish to get a better deal on interest rates.

Credit Score and History

If you have always paid your debts and credits within the stipulated time and have maintained a credit score of 750 or more, you can bag a lower interest rate on the availed home loan.

Age of the Borrower

You must not be below 18 or a senior citizen reaching retirement when you are availing of the loan. Age defines the applicant's loan repayment capacity. Younger borrowers with a stable income are more likely to get a better deal on interest rates on home loans.

Income of the Borrower

Your income defines your potential for loan repayment. Therefore, the higher the income, the lower could be the interest rate on the home loan.

Existing Debts of the Borrower

If you have existing debt, we recommend you repay it as soon as possible. Otherwise, it could pose a threat to your chances of availing a loan at lower interest rates.

Market Conditions

Apart from the applicant's credit profile, market condition is one of the crucial factors affecting the interest rate. If the market is doing better, lenders may provide you with lower interest rates.

Property Location and Value

Your property location and value play a crucial role in determining your home loan interest rate. As per the Loan-to-Value ratio, the steeper the property price, the higher will be the interest rate as it incurs more risk. However, if you buy a property in a well-connected location where its resale value has a high chance of increasing in the future, the interest rates provided by the lenders will be low. 

Nature of Employment

If the borrower is working in a renowned or popular organisation, the chances of getting a home loan at lower interest rates increase.

Documents Required for Poonawalla Fincorp Home Loan

To avail of a home loan, you must submit the required documents or else your application will be rejected. Different individuals have to submit different types of documents as described below:

Types of Documents Salaried Individuals Self-Employed Individuals
Identity Documents
  • PAN Card
  • Aadhaar Card
  • Passport (Not Expired)
  • Voters ID card 
  • Driving Licence with Photo
  • NREGA Job Card issued and signed by a State Government officer
  • Driving Licence with Photo
  • Aadhaar Card
  • PAN Card
  • Passport (Not Expired)
  • NREGA Job Card issued and signed by a State Government officer
  • Voters ID card 
Address Proof
  • Aadhaar card
  • Passport (not expired)
  • Voters ID card 
  • Driving Licence with photo
  • NREGA Job Card issued and signed by a State Government officer 
  • Letter provided by the National Population Register that contains particulars of name and address
  • Aadhaar Card
  • Passport (not expired)
  • Driving Licence with photo
  • Voters ID card 
  • NREGA Job Card issued and signed by a State Government officer
  • Letter provided by the National Population Register that contains particulars of name and address
Income Documents
  • Latest 3 months’ salary slip
  • Form 16
  • Income Tax Returns and computation for previous two years
  • Balance sheet and Profit or Loss statement for the last 2 years
Bank Account Statement Latest 6 months’ bank statement showing salary credits Operative bank account statement for previous six months
Property Documents Property documents besides the technical and legal clearance of the property

How Does the EMI Calculation Work for Poonawalla Fincorp Home Loan?

Poonawalla Housing Finance has a home loan EMI calculator tailor-made to help borrowers determine their monthly EMIs before applying for a home loan. Based on your principal amount, interest rate and loan tenure, you can plan, compute, and distribute your loan EMIs over a convenient tenure.

If you opt for a manual calculation, you can do so using the following formula.

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

  • P is the principal loan amount
  • R is the rate of interest
  • n is the loan tenure

How Does Poonawalla Fincorp Compare with Other Home Loan Lenders?

Go through the table below to see how Poonawalla Housing Finance Home Loan compares with other lenders.

Name of Lender Up to 30 Lakh (in %) Above 30 Lakh & up to 75 Lakh (in %) Above 75 Lakh (in %)
Poonawalla Housing Finance 9.55% to 19.55% 9.55% to 19.55% 9.55% to 19.55%
State Bank of India 6.65-7.65 6.65-7.65 6.65-7.65
DHFL 10.50% onwards 8.75 onwards 8.75 onwards
Kotak Mahindra Bank 6.60 onwards 6.60 onwards 6.60 onwards
HDFC 6.70-8.45 6.70-8.60 6.70-8.70
ICICI Bank 6.70-7.55 6.70-7.55 6.70-7.55
Axis Bank 6.75-11.50 6.75-11.50 6.75-11.50
PNB Housing Finance 6.75-12.00 6.75-12.00 6.90-9.75
Punjab National Bank 6.55-7.95 6.50-7.65 6.50-7.60
Union Bank of India 6.50-8.25 6.50-8.45 6.50-8.45
Bajaj Housing Finance 6.65 onwards 6.65 onwards 6.65 onwards
Bank of Baroda 6.90-8.40 6.90-8.40 6.90-8.65
Godrej Housing Finance 6.59 onwards 6.59 onwards 6.59 onwards
LIC Housing Finance 6.70 – 7.85 6.70 – 8.05 6.70 – 8.05
L&T Housing Finance 6.75 – 7.75 6.75 – 7.75 6.75 – 7.75
IDFC First Bank 6.70 onwards 6.70 onwards 6.70 onwards

Home Loan for Firms/Companies

What makes Poonawalla Fincorp Home Loans stand out from other lenders is that the company offers home loans to firms/companies too. Given below are the eligibility criteria and documents required for firms/companies seeking home loans.

Eligibility Criteria

Eligibility Criteria Particulars
Eligible Borrowers Partnership or Private Limited companies involved in manufacturing, trading or servicing.
Age The minimum age of the Proprietor/Key Partner/Key Director at the time of loan application should be at least 25 years and a maximum of 65 years or the retirement age during the term completion, whichever is lower.
Income Annual turnover should be at least ₹10 Lakhs.
Experience / Vintage Business vintage or stability of minimum 3 years.
Citizenship Indian

Required Documents

Types of Documents Firms/Companies
Identity Documents
  • GST Registration Certificate (if applicable), PAN Card and other applicable registration documents of Firms/Companies
  • KYC of Directors or Partners (Aadhaar Card and PAN Card)
Address Proof
  • Electricity bill for owned premises
  • Rent agreement for rented premises
  • Passport for Directors or Partners
Income Documents
  • Income Tax Returns and computation for the previous 2 years
  • GST returns
  • Balance sheet and Profit or Loss statement for the previous 2 years
Bank Account Statement Operative bank account statement for the previous six months
Property Documents Property documents besides technical and legal clearance of the property

To know if the interest rates on home loans are similar to that of the salaried individuals and self-employed individuals, you can connect with the customer care executives of Poonawalla Housing Finance.

Poonawalla Fincorp Home Loan Customer Care Number

In case you have any queries or want some additional information about Poonawalla Fincorp Home Loan, you can connect with Poonawalla's customer care executive.

  • Phone Number: 1800-266-3204
  • Timings: 9.00 AM to 7.00 PM. Closed on Sundays and Holidays.

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the minimum home loan amount that Poonawalla Housing Finance offers?

Poonawalla Housing Finance offers home loans starting at ₹ 5 lakh.

Can I use my home loan for renovation and improvement?

Yes, you can use your home loan to renovate, improve or modify your old house, too.

What are the types of home loans provided by Poonawalla Housing Finance?

Poonawalla offers home loans not just to purchase any new or resale residential property but for property construction, apartment extension, renovation and improvement.

Do I receive any tax benefits on my home loan?

Yes, if you choose the old tax regime, you will be eligible to receive tax deductions on home loans under Section 80C. You can claim a deduction of up to ₹2 Lakh and up to ₹1.5 Lakh for principal repayment.

Will there be any foreclosure charges for floating rate home loans?

No foreclosure charges are there for floating rate home loans.

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