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
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 |
|
| 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
- Form-16 for ITR
- Salary slip for last 3 months
- Bank Statement of last 6 months showing proof of salary credit
Documents Required for Self-Employed Applicants
- Balance Sheet and Profit/Loss Statement for the last 2 years
- ITR with computation for the last 2 years
- 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 |
|
| Documents Related to Property |
|
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.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
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.