Poonawalla Fincorp Limited Home loan
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.
Connect with our Loan Advisor Now!
- Personalized Home Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Home Loan interest rate comparison
Get in Touch for Loan Expert Advice
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 |
| 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 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 |
|
|
|
| Address Proof Documents |
|
|
|
| Income Documents |
|
|
|
| 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
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.
Poonawalla offers customised home loan products with interest rates starting from 9.55% per annum.
Seamless online application, minimal documentation, quick disbursal, and nominal interest rates are some of the benefits of a home loan from Poonawalla Fincorp.
Yes, Poonawalla checks the applicant’s CIBIL score before sanctioning a home loan. They usually prefer applicants with a credit score over 750.
The applicant will be required to submit their PAN card and Aadhar card as KYC documents to obtain a home loan from Poonawalla Fincorp.
Yes, you will be charged a late payment fee to the tune of 2.50% per month on the outstanding amount.
Poonawalla charges a processing fee of up to 0.50% on the sanctioned loan amount.