Poonawalla Fincorp Limited Home Loan

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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.

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Poonawalla Fincorp Limited Home Loan

  • Interest Rate

    9% - 22%

  • Loan Amount

    ₹1L - ₹1Cr

  • EMI Per Lakh

    ₹2,076 - ₹2,762

  • Processing Fees

    one-time nominal processing fee up to 3% plus applicable taxes.
  • Pre-Payment Charges

    • Pre-paying a Business Loan is a smart way to save on payment of additional interest, thereby keeping the overall costs low.
    • With Poonawalla Fincorp’s Business Loan, you can prepay at your convenience and are not required to pay any fee for the same.
    • This is because we levy zero prepayment charges on our Business Loan if paid from own sources.
    • This helps you maximize your savings and focus on your business.
    ... more

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 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

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.

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