Urban Money

Poonawalla Fincorp Limited Home Loan

Poonawalla Fincorp Limited
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.

OTP Send

Enter 6 Digit OTP

We have just sent a verificaton code to
Mobile XXXXX

Check Poonawalla Fincorp Limited Home Loan Eligibility

+91
Choose City
bt svg
Urban Money

Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Poonawalla Fincorp Limited Home Loan Interest Rate

Poonawalla Fincorp Limited

9.55% - 16%

1% - 2%

4.5

₹5L

Tenure(1 - 30 Years)

Details

Features & Benefits of Poonawalla Fincorp Limited Home Loan

Now you can achieve your dream of owning a home with a Poonawalla Fincorp Limited Home Loan. This home loan product is the perfect financial tool for all your needs. With simple loan requirements, quick loan processing, and online application provisions, the applicant does not have to worry about anything. This loan is provided for various end-use like building, buying, or renovating a home. Poonawalla offers competitive interest rates and flexible loan tenures to ensure maximum affordability. Further, you can expect complete transparency in the loan processing, as there are no hidden charges. In this piece, we will take a look at the Poonawalla Fincorp Limited Home Loan interest rates, eligibility criteria, documents required, and how it compares to other loan offers in the country.

The customised home loan offering is the perfect home financing tool whether you want to build, buy, or renovate your home. A home loan from Poonawalla is the one-stop solution for all your financing needs. Given below are some of the features and benefits of this loan:

  • Suited for all Needs: With the Poonawalla Fincorp Limited home loan, you can effectively address all kinds of home financing needs. This loan product is designed to aid you in every way possible. You can use the loan to buy a new home, purchase a plot to construct a new home, renovate an existing home, or even fund a development project.
  • Affordability: The minimal interest rate and low processing charges ensure that the borrower has an affordable loan experience. The applicant can obtain home loans starting at Rs. 5 lakhs to meet all kinds of home funding needs.
  • Flexible Tenure: Now, you can keep your interest and EMI outgo within your budget with a home loan with flexible tenure. Poonawalla offers loan tenures ranging from 1 to 30 years to keep your loan repayment comfortable. You also have the choice to tailor your EMI according to your repayment ability.
  • Pradhan Mantri Awas Yojana (PMAY): With a home loan from Poonawalla, you can take benefit of the government-backed PMAY scheme and buy your first home at a more affordable rate. First-time buyers can use the CLSS benefit, which makes them eligible for a subsidy of up to Rs. 2.67 lakhs.
  • Minimum Documentation: A home loan from Poonawalla has easy-to-meet documentation requirements to simplify the process. All the steps of the borrowing experience have been optimised to provide a hassle-free experience.
  • Nominal Interest Rates: Poonawalla offers an affordable borrowing experience by offering loans with interest rates starting at 9.55% per annum.
  • Doorstep Service: Obtaining a home loan from Poonawalla Fincorp is a truly efficient process. Each applicant is assigned a dedicated relationship manager to assist with the loan application and processing. These seasoned professionals offer end-to-end service during the entire loan process.

Poonawalla Fincorp Limited Home Loan Eligibility Criteria

Given below are the basic eligibility criteria to obtain a home loan from Poonawalla Fincorp:

Salaried Applicants Self-employed Applicants Firm/Company
Eligible Applicants Employees of Government, Sem-government, PSU, Private, MNC, and Proprietorship firms
  • Director/Proprietor/Partners
  • Doctors, Chartered Accountants, Company Secretary, etc
Private limited or partnership firms involved in servicing, trading, or manufacturing
Age The applicants should be minimum of 21 years during the time of loan application and a maximum of 65 years at the time of loan maturity The applicants should be minimum of 21 years during the time of loan application and a maximum of 65 years at the time of loan maturity The applicant should be at least 25 years at the time of loan application and a maximum of 65 years at loan maturity
Income The net monthly salary of the applicant should be at least Rs. 20,000 The gross annual income should be over Rs. 3 lakhs The business should have a minimum annual turnover of Rs. 10 lakh
Experience  The applicant should have a minimum experience of 1 year The applicant should have a minimum work experience of 2 years The business should have a minimum continuity of 3 years 
Citizenship Should be an Indian Citizen Should be an Indian Citizen Should be an Indian-registered company

Poonawalla Fincorp Limited Home Loan Interest Rates

Now you can turn your dream of owning a home into reality, with maximum affordability, with a Poonawalla Fincorp Limited home loan. Poonawalla offers one of the most lenient interest rates in the market to ensure that you have a cost-saving experience. An applicant can obtain a Poonawalla Fincorp Limited Home Loan with interest rates starting at 9.55% per annum. This, in combination with other attractive features, ensures a truly pocket-friendly experience.

Factors Affecting Poonawalla Fincorp Limited Home Loan Interest Rates

When you seek a loan from a lender, they might grant you higher or lower interest rates based on several factors. Given below are some of the primary influences on your Poonawalla Fincorp Limited home loan:

Credit Score

Typically, the higher your credit score, the lower will be your home loan interest rate. Lenders usually check the credit score of the borrower to assess their financial credibility. Most lenders prefer a credit score of over 750 and will grant a loan at lower interest rates. Therefore, it is a good practice to fetch your credit score at least 6 months before applying for a loan. It will allow you adequate time to improve your credit score. 

Loan Amount

Most banks and NBFCs in the country will charge a high-interest rate for higher loan amounts. For example, if the interest rate for a home loan of up to Rs. 30 lakhs starts at 7.90% per annum, the interest rate for loan amounts above Rs. 30 lakhs will start at 8.15% per annum. You can effectively lower your loan interest rate by opting for a lower loan amount. You can make a higher down payment for the property to reduce the loan amount you need to borrow.

Type of Interest Rate 

In India, lenders charge three varieties of home loan interest rates from borrowers- floating, fixed, and mixed interest rates. The floating interest rates are subject to change based on changes by the Reserve Bank of India. If the RBI interest rate norms lead to lower interest rates, you will be granted a lower interest rate for your home loans. With a fixed-interest rate loan, you will enjoy the same interest rate throughout the loan tenure. Loans with a mixed interest rate start with a fixed rate of interest and then later switch to a fixed rate later in the tenure.

Property Location

The location of the property that you are considering purchasing has a major impact on the home loan interest rate. Homes in a good locality with advanced amenities will usually have a higher resale value. Homes in less desirable areas might be cheaper but will also have a lower resale value. Similarly, newer homes have a higher resale value than older properties. Lenders perceive homes with a better resale value to be a better investment option and hence may grant lower interest rates. Homes with a lower resale value will be granted a higher interest rate.

Loan Tenure

Home loans with a shorter tenure generally attract lower interest rates as compared to loans with a longer tenure. If you wish to lower your interest rate, you might want to consider opting for a shorter tenure, even though it will lead to a higher EMI amount. 

Job Profile

Applicants with a stable source of income are considered to be low-risk while those who have higher income may be considered to be high-risk. Therefore, people with stable jobs will be granted lower interest rates than those with unstable sources of income. Chartered accountants and doctors are also considered to be low-risk applicants and will be granted lower interest rates

Loan-to-Value Ratio

The LTV can be defined as the percentage of the property that can be effectively financed through the property loan. If the LTV is high, it will typically attract a higher interest rate since it is a greater credit risk. Depositing a higher down payment may help you to bring the loan amount you are required to borrow. This will, in turn, help reduce the interest rate for the loan.

Poonawalla Fincorp Limited Home Loan Fees and Charges

In addition to the interest rate and EMI amount, there are a few charges a borrower has to incur related to the processing and disbursement of the loan. Given below are the fees and charges for a Poonawalla home loan:

Details Amount
Processing Fee Up to 0.50% of the sanctioned loan amount
Stamp duty, registration charges and other related charges To be borne by the applicant as per the prevalent stamp duty rates 
Loan Cancellation Charges Rs. 5,000
Cheque Bounce Charges Rs. 600 per instance
Penal Interest for Delayed Payment 2.50% per month
Prepayment Charges 4% of the remaining loan amount
Collection Charges Rs. 200 per instance of visit
List of Document Charges  Rs. 500
Statement of Accounts  Rs. 500 per statement 
Over-the-Counter Service charges As applicable at the time of services
Retrieval of copy of documents Rs. 250 to Rs. 750

Documents Required For a Poonawalla Fincorp Limited Home Loan

Given below are the set of documents that an applicant will have to submit while applying for a home loan from Poonawalla:

Salaried Applicants Self-employed Applicants Company/Firm
Identity Documents
  • Aadhaar Card
  • PAN Card
  • Valid Passport
  • Driving License
  • Voter ID Card
  • NREGA issued job card
  • Passport
  • Aadhaar Card
  • PAN Card
  • Driving License
  • NREGA Job Card
  • Voter ID card
  • Company PAN card
  • GST registration certificate
  • Partner/Directors Aadhar Card and PAN card
Address Proof Documents
  • Aadhaar Card
  • Passport
  • Driving License
  • Voter ID card
  • NREGA Job Card
  • Letter sanctioned by National Population Register
  • Passport 
  • Aadhaar Card
  • Driving License
  • Voter ID Card
  • NREGA Job Card
  • Letter sanctioned by National Population Register
  • Electricity bill for the premises owned by the business
  • Rent Agreement
  • Partner/Director’s Passport
Income Documents
  • Salary slip from the previous 3 months
  • Form 16
  • Income tax returns from the previous 2 years
  • P&L account and balance sheet from the previous 2 years
  • GST Returns
  • P&L account and balance sheet from the previous 2 years
  • Income tax returns from the previous 2 years
Bank Statement Bank account statement from previous 6 months showing the clear credit of salary Bank account statement for an operative account from the previous 6 months Previous 6-month bank account statement for operating account

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

An EMI is a monthly amount that a borrower will have to repay the loan amount. A specific pre-decided amount is deducted from the chosen account every month. You can easily calculate the EMI amount using the calculator available on the official website of Poonawalla. However, it is also important to know how the manual calculation of the EMI is done. Given below is the formula for calculating a home loan EMI amount:

EMI = P x r x (1+r) n/((1+r)n-1)

In this formula,

  • P stands for the principal amount borrowed
  • R denotes the applicable interest rate
  • n stands for the loan tenure 

How Does Poonawalla Fincorp Limited Compare With Other Lenders?

The table given below shows how a home loan from Poonawalla Fincorp compares with other loan offers in the country:

Name of Bank/NBFC Interest Rate
YES Bank 9.85% onwards
HDFC Bank 7.50% onwards
Tata Capital 9.25% onwards
ICICI Bank 7.70% onwards
PNB Housing Finance 8.95% onwards
Axis Bank 7.75% onwards
Punjab National Bank 6.80% onwards
Bank of Baroda 6.85% onwards
LIC Housing Finance 7.40% onwards
Indiabulls Housing Finance 8.99% onwards
Kotak Mahindra Bank 7.40% onwards
India Shelter Finance Corp. Ltd. 13.00% onwards
Indian Overseas Bank 7.45% onwards
Canara Bank 7.30% onwards
Standard Chartered Bank 9.11% onwards
Central Bank of India 6.85% onwards
State Bank of India (SBI) 7.35% onwards
DHFL 9.50% onwards
IIFL 8.70% onwards
Federal Bank 8.35% onwards
IDBI Bank 7.80% onwards

Poonawalla Fincorp Limited Home Loan Customer Care Number

In case you have any doubts or queries regarding any Poonawalla services, you can get in touch with them in the below-mentioned ways:

Address 201 and 202, 2nd Floor, AP81, Koregaon Park Annex, Mundhwa, Pune - 411036
Email Address info@poonawallafincorp.com
Phone Number +91 20 67808090
Toll-Free Number 1800-266-3201

FAQs

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

Is Poonawalla Fincorp Limited genuine?

Yes, Poonawalla is registered with the Reserve Bank of India as a Non-banking Financial Company. It is one of the leading financial services providers in the country.

What is the interest rate of a Home Loan in Poonawalla Fincorp Limited?

Poonawalla offers customised home loan products with interest rates starting from 9.55% per annum.

What are the benefits Poonawalla Fincorp Provides on Home Loan?

Seamless online application, minimal documentation, quick disbursal, and nominal interest rates are some of the benefits of a home loan from Poonawalla Fincorp.

Does Poonawalla Fincorp Check for CIBIL Score for Home Loans?

Yes, Poonawalla checks the applicant’s CIBIL score before sanctioning a home loan. They usually prefer applicants with a credit score over 750.

What are the KYC documents I will have to submit to apply for a home loan from Poonawalla?

The applicant will be required to submit their PAN card and Aadhar card as KYC documents to obtain a home loan from Poonawalla Fincorp.

Will I be charged a penalty for not paying my EMI on the Poonawalla housing loan?

Yes, you will be charged a late payment fee to the tune of 2.50% per month on the outstanding amount.

What is the processing fee for the Poonawalla Fincorp home loan?

Poonawalla charges a processing fee of up to 0.50% on the sanctioned loan amount.

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

CIBIL Dispute : Types, Process to Raise CIBIL Dispute and Its Resolution
Shiv Kumar GuptaNov 16, 2022

CIBIL Dispute : Types, Process to Raise CIBIL Dispute and Its Resolution

Sometimes, we fail to make on-time repayments and have bad credit scores because of our poor credit behaviour. But, the possibilities are we end up having a bad CIBIL score because of someone else. Sounds perple

Read More
Top 10 Fuel Credit Cards in India : Why You Must Get One?
Shiv Kumar GuptaNov 15, 2022

Top 10 Fuel Credit Cards in India : Why You Must Get One?

If there’s something that has increased every year, it is fuel prices in India. We can’t deny that automobiles are an integral fragment of modern day-to-day life, making fuel expenses inevitable. While using credit ca

Read More
Buy Now Pay Later (BNPL) in India - All You Need to Know
Shiv Kumar GuptaNov 10, 2022

Buy Now Pay Later (BNPL) in India - All You Need to Know

Buy Now Pay Later or BNPL is a payment method that allows an individual to make a payment without actually paying for it. The payer can avail of this revolutionary service by signing up for a company offering BNPL. Th

Read More