Poonawalla Fincorp Home Loan Interest Rates

4.5

The home loans offered by Poonawalla Fincorp Limited start at INR 5 lakhs at an interest rate of 9.55% pa. It is cost-effective and requires minimal documentation. The repayment period is between 1 and 30 years. Poonawalla Fincorp Limited's home loans scheme complies with the PMAY housing initiative, where a subsidy of INR 2.67 lakhs is offered. A borrower can apply for a home loan online and fulfil their various needs.

  • Home Loan offer for You

  • 9% - 22%

    Interest Rate (p.a.)
  • ₹1L - ₹1Cr

    Tenure(1 - 30 Years)
  • ₹2,076 - ₹2,762

    EMI Per Lakh
  • 9% - 22%

    Interest Rate (p.a.)
  • ₹1L - ₹1Cr

    Tenure(1 - 30 Years)
  • one-time nominal processing fee up to 3% plus applicable taxes.

    Processing Fee

Compare Poonawalla Fincorp Home Loan Interest Rates with Other Lenders

The table below compares Poonawalla Fincorp Limited Home Loan Interest Rates with other banks and lenders:

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Types of Poonawalla Fincorp Limited Home Loans

Customers of Poonawalla Fincorp Limited can avail themselves of various home loans. Some of these have been listed below:

Home Improvement Loan

  • Purpose: To make repairs, renovations, routine maintenance, and other changes to the current house.
  • Up to 30 years tenure
  • 1-2% processing charge

Home Extension Loan

  • The existing property will be extended to include new living space, a balcony, a visitor room, a bedroom, etc.
  • Up to 30 years tenure
  • 1-2% processing charge

Home Construction Loan and Plot Purchase Plus Construction

  • With the proviso that building must begin within a year after the plot purchase, the purpose is for both the purchase of a plot and the construction of a home.
  • Up to 30 years tenure
  • Processing Fee: 1-2%

Home Loan Balance Transfer

  • Obtaining existing house loans from other banks or NBFCs and transferring them to Poonawala Housing at reduced interest rates is the purpose.
  • Up to 30 years tenure
  • 1-2% processing charge

Pradhan Mantri Awas Yojna (PMAY)

For the following purposes, up to Rs 2.67 lakh may be provided as a subsidy for the purchase, building, or improvement of a home to applicants with a minimum family income of.

  • EWS and LIG: Up to Rs 6 lakhs
  • MIG 1: Rs 6 lakhs-Rs 12 lakhs
  • MIG 2: Rs 12 lakh-Rs 18 lakhs
  • Interest Subsidy: Based on the requirements, up to Rs. 2.67 lakh
  • Processing Fee: 1-2%

Poonawalla Fincorp Limited Home Loan Interest Rates for Salaried Applicants

Poonawalla Fincorp Limited offers home loan interest rates to salaried applicants ranging from 8.50% to 10.50%. The interest rates vary depending on the loan amount, tenure, income, credit score, and other factors. The interest rates are subject to change without prior notice.

Poonawalla Fincorp Limited Home Loan Interest Rates for Self-Employed Applicants

Poonawalla Fincorp Limited offers a range of home loan products for self-employed applicants. The interest rate applicable on the loan amount depends on the credit score of the applicant, the loan amount and the tenure chosen. The rates are:

Credit Score:

Excellent (750 and above) – 8.50% p.a.

Good (700-749) – 8.75% p.a.

Average (650-699) – 9.00% p.a.

Poor (below 650) – 9.50% p.a.

Note: The above rates may change without prior notice. A processing fee of up to 1% of the loan amount may be applicable.

Poonawalla Fincorp Limited Home Loan Interest Rates for Government Employees

Poonawalla Fincorp Limited offers home loans to government employees at an interest rate of 8.30% to 9.30%. The interest rate depends on the loan amount, repayment period and applicant's credit score. The minimum loan amount is Rs. 2 Lakhs, and the maximum is Rs. 10 Crores. The repayment period offered by the lender is up to 30 years. The processing fee charged by the lender is 0.50% of the loan amount.

Poonawalla Fincorp Limited Home Loan Interest Rates for Women

Poonawalla Fincorp Limited offers home loan interest rates starting from 8.75% per annum for women applicants. The interest rate applicable will depend on the applicant’s credit score and other factors. The processing fee applicable is also subject to change.

Poonawalla Fincorp Limited Home Loan Interest Rates for NRI

Poonawalla Fincorp Limited offers home loan interest rates for NRI customers starting from 9.35% onwards. The interest rate varies based on the loan amount, loan tenure and other factors. The bank also offers attractive prepayment charges and foreclosure charges.

Poonawalla Fincorp Limited Fees and Charges

The table given below shows the different fees and charges for a home loan from Poonawalla Fincorp Limited:

Particulars  Fees
Processing Fee 1%-2%
Loan Cancellation/Re-booking charges Rs 5,000
Payment instrument bounce charges Rs 600
Penal Interest 2.50% p.m
Payment Instrument Swap Charges Rs 500
List of document charges Rs 500
Foreclosure Letter Charges Rs 1,500
Collection Charges Rs 200 per visit

Factors Affecting Poonawalla Fincorp Limited Home Loan EMI

Given below are the factors affecting the EMI for a home loan from Poonawalla Fincorp:

  • Loan Amount: The loan amount is the most crucial factor that affects the EMI amount. A higher loan amount will result in a higher EMI.
  • Interest Rate: The interest rate is the interest rate charged for the loan. A higher rate will increase the EMI amount.
  • Tenure: The tenure of the loan is the period for which the loan needs to be paid. A longer tenure will result in a lower EMI.
  • Processing Fees: Processing fees are the fees the lender charges for processing the loan application. This fee will be included in the EMI amount.
  • Prepayment Charges: Prepayment charges are the fees charged by the lender if the loan is prepaid before the completion of the tenure. These charges can increase the EMI amount.
  • Insurance Charges: Insurance charges are the fees charged by the lender for taking an insurance policy to cover the loan amount. This fee will be included in the EMI amount.
  • Other Charges: Other charges include taxes, stamp duty, registration charges, etc., which are to be paid by the borrower. These charges will be added to the EMI amount.

Frequently Asked Questions (FAQs)

Is Poonawalla Fincorp Limited genuine?

Poonawalla Fincorp Limited is a legitimate financial services company registered with the Indian Ministry of Corporate Affairs. It provides a range of financial services to individuals, businesses and institutions. The Reserve Bank of India regulates the company and complies with all applicable laws and regulations.

What are the benefits Poonawalla Fincorp Provides on Home Loan?

Some benefits of a home loan from Poonawalla are low-interest rates, flexible repayment tenures, speedy approval, and a prepayment facility.

Does Poonawalla Fincorp Check for CIBIL Score for Home Loans?

Yes, Poonawalla Fincorp checks the applicant’s CIBIL score before approving the home loan. The CIBIL score of the applicant is a decisive factor for the approval of the home loan.

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