Poonawalla Credit Pvt Ltd Home Loan
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.
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%.
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.
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|
|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||
|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 BorrowerYou 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 BorrowerYour 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 BorrowerIf 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 ConditionsApart 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 ValueYour 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 EmploymentIf 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|
|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)
- 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|
|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.
|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.|
|Types of Documents||Firms/Companies|
|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.
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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