Poonawalla Housing Finance Home Loan

Make home-buying a reality with easily affordable home loan schemes by Poonawalla Housing Finance. The NBFC offers a host of home loan schemes, all of which come with attractive features for potential loan applicants. Poonawalla has home loans for varied needs at affordable interest rates starting at 8.00% per annum. Besides this, the company also attracts customers of other banks and NBFCs to transfer their outstanding loan amount to Poonawalla and avail of lower interest rates via its home loan balance transfer facility. Documentation for home loans is kept to a minimum to ensure a hassle-free and pleasant experience for the applicants. In addition, Poonawalla Housing Finance provides the utmost convenience with its doorstep service.

Poonawalla Home Loan EMI Calculator

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Poonawalla Home Loan Key Highlights

Get the lowest interest rates with Poonawalla Housing Finance

Loan Amount Rs. 5 lakh onwards
Rate of Interest 8.00% - 22.00% per annum
RPLR
Processing Fee

0.50% on the approved loan amount + GST as applicable

Maximum Tenure for Repayment Up to 30 years
Penal Rate of Interest 2.50% per month
Rate Packages
Charges for Prepayment/Foreclosure As per loan agreement on fixed-rate home loans and no charges on floating-rate home loans

Poonawalla Housing Finance Interest Rates in 2024

Poonawalla aims at making housing finance easily affordable and accessible to the maximum number of people in the country. This is why the NBFC offers competitive interest rates on its home loans. Besides this, Poonawalla does not have any hidden charges in its home loan application process. The company intends to lower the financial debt of its customers when buying a house. Poonawalla home loan interest rates start at 8.00% p.a. and go up to 22.00% p.a.

Given below are the standard range of interest rates for home loans offered by Poonawalla Home Finance:

 

Loan Slab Interest Rate for Home Loan
Home Loan 8% - 21.05% 
Loan Against Property 10.39% - 25.50% 

Interest rates were last updated on 22nd September 2023

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Poonawalla Home Loan Eligibility Criteria

To be considered eligible for applying for a home loan with Poonawalla Housing Finance, you must adhere to a set of criteria laid out by the NBFC. For your easy reference, we list below Poonawalla home loan eligibility criteria that you should be able to match up to for your loan application to be successful:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 21-65 years 21-65 years
Nationality Indian Indian
Minimum Income Earned At least Rs. 20,000 per month Rs. 3 lakh (minimum) gross income per annum

Poonawalla Housing Loan Processing Fee and Charges

To process the home loan application of its customers, Poonawalla Housing Finance levies the following charges. The table below lists the Poonawalla home loan processing fee as well as all additional costs that the company lays out as part of home loan processing:

Processing Fee

0.50% of the loan amount sanctioned

Foreclosure Charges
  • For fixed-rate home loans: charges applicable as per the loan agreement 
  • For floating-rate home loans: No foreclosure charges 
Login Fee (Non-Refundable)

Not exceeding Rs. 10,000

CERSAI Charges

Up to 2% of the loan amount sanctioned

Cancellation/Rebooking Charges

Rs. 5,000

Penalty Charges for Delay in Repayment

2.50% per month

List of Document Charges

Rs. 500

Foreclosure Letter Charges

Rs. 1,500

Over the Counter Service Charges

As applicable at the time of service

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Poonawalla Home Finance Schemes and Top Plans

Every loan applicant has a specific requirement to be met. Poonawalla Housing Finance understands this well and offers a variety of home loan options to its applicants based on this premise. Some of the most popular housing finance options for the NBFC's customers include the following:

1. Home Extension Loan

  • Designed to allow applicants to create more space within the existing residential property to meet growing needs
  • Examples include converting the balcony into a room, building a new additional room, or expanding the existing living space to accommodate greater needs

2. Regular Home Loan

  • Ideal for buying a constructed residential property or a site under construction
  • The loan amount can also be used for buying an existing property

3. Home Loan Balance Transfer

  • Enables you to transfer your outstanding loan amount at another bank to Poonawalla Housing Finance at better (lower) rates of interest
  • Can help reduce the load of paying higher EMIs

4. Home Improvement Loan

  • Used to make improvements/upgrades in an existing property, such as redesigning interiors, kitchen remodeling, or home maintenance

5. Top-Up Loan

  • Useful for financing emergency requirements 
  • Can be topped up over the existing loan amount 

6. Home Construction Loan

  • Helpful if you want to build your own house from scratch
  • Competitive rates of interest make buying a plot and home construction affordable 
  • Can also be used to simply buy a plot for investment or commercial reasons and sell it later for profit   

Note: All of the above home loan plans are made available to applicants solely at the discretion of Poonawalla Housing Finance Ltd, taking into consideration the earning and repayment capacity of the applicant.

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Documents Required for Poonawalla Home Loan

Your home loan application process is incomplete without the submission of a complete set of documents required by the home loan company. Poonawalla Housing also demands that its home loan applicants furnish specific documents to support their loan application. Listed below are some of the most commonly acceptable documents by the company from its home loan applicants:

Documents Required for Salaried Applicants

Proof of Income
  • Form-16 for ITR
  • Salary slip for last 3 months
Other Required Documents
  • Bank Statement of last 6 months showing proof of salary credit

Documents Required for Self-Employed Applicants

Proof of Income
  • Balance Sheet and Profit/Loss Statement for the last 2 years
  • ITR with computation for the last 2 years
Other Required Documents
  • Statement of operative bank account for previous 6 months

Common Documents Required from Both Salaried and Self-Employed Applicants

Type of Document Documents Required
Identity & Address Proof
  • Any one - Valid Passport, PAN Card, NREGA-issued job card signed by an authorized state govt. officer, Aadhaar Card, Voter's ID, Valid Photo Driving License  
  • Any one - Voter’s ID, Aadhaar Card, letter by the National Population Register with the applicant’s name and address, Photo Driving License, NREGA-issued job card, valid passport 
Documents Related to Property
  • All property documents must show the property’s technical & legal clearance

Interest rates were last updated on 15 July 2023

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How to Apply for a Poonawalla Finance Home Loan?

If you are interested in applying for a home loan with Poonawalla Housing Finance from the comfort of your home, all you need to do is follow the simple procedure online:

  • Go to the BASIC Home Loan Apply section at BASIC Home Loan
  • Fill out the form provided. Duly enter your name, contact address and number, and other details as asked
  • Click on Submit to submit the form
  • A team member from the BASIC Home Loan team will connect with you at the earliest to assist you with the home loan application process for Poonawalla Housing Finance

Find Poonawalla Home Loan Offices Near You

If you want a home loan with Poonawalla Housing Finance, the easiest way to initiate the process is to visit a branch of the NBFC near you (depending on your city of residence). Alternatively, you can make things even easier by simply connecting with the BASIC Home Loan team. Our team will contact you shortly and offer complete assistance in the home loan application process for Poonawalla home loans. Also, you may reach out to the nearest branch of Poonawalla Home Loan for prompt redressal of all queries, grievances, or complaints.

Disclaimer:

Please refer to the official website of Poonawalla Home Loan for the latest home loan interest rates and updates on eligibility criteria, home loan schemes, home loan application fees, required documents, and other FAQs on home loans.

FAQs

Yes,  Poonawalla Housing Finance is registered with the RBI and adheres to all quality and financial prerequisites laid out by the RBI.

The interest rate of Poonawalla Housing Finance lies in the range of 8% - 22% per annum.

The foreclosure or prepayment charges levied by Poonawalla Housing Finance on home loans is 4% of the unpaid balance loan amount. This is exclusive of applicable taxes.

The different types of home loans offered by Poonawalla Housing Finance include home extension loans, home loan balance transfers, regular home loans, top-up loans, home improvement loans, and home construction loans.

The repayment tenure range for home loans offered by Poonawalla Housing Finance lies between 20 and 30 years.

The immediate family members of the primary applicant can be the co-applicant for a home loan from Poonawalla.

Some of the primary benefits offered by the company to its home loan applicants include:

  • Minimum need for documentation 
  • Doorstep service to customers
  • Competitive rate of interest - 12.50% per annum onwards
  • Flexible tenure for loan repayment, ranging between 20 and 30 years

The easiest way to apply for a home loan from Poonawalla is through the BASIC Home Loan website. One of our team representatives will connect with you at the earliest to initiate your home loan application process with Poonawalla Housing Finance.