home loan

Home Loan Take a step into your dream home

Starting @ 5 Lakh | No Hidden Charges | Doorstep Service

Home Loan: Frequently Asked Questions

Both first-time homebuyers and experienced borrowers should know all they can about the home loan. Take a look at these home loan FAQs to gain insight into our offering and its features.

What is a home loan?

A home loan is a financing tool that grants funding to assist you in acquiring your dream home. It is a long-term secured option that usually lasts 20 to 30 years and is offered at affordable rates.

What can I use a home loan sanction for?

Typically, a home loan sanction can be used to buy, build, or renovate a home.

How can I apply for a home loan?
    To apply for a home loan by Poonawalla Fincorp, follow these simple steps:
  • 1. Visit the official home loan webpage, and click on ‘Apply Now’
  • 2. Fill the easy application form
  • 3. Upload the required home loan documents
  • 4. Wait for the application to be assessed internally
  • 5. Receive approval, accept the loan offer, and authorise disbursal
Are there different types of home loans?

Yes. Poonawalla Fincorp offers several types of home loans to suit all your financing needs. We offer loans for self-construction of bungalows or independent houses, purchase of a new house/flat/ apartment/ villa or for purchase through re-sale of houses/ flats /apartments/ villas/bungalows. You can also avail a home loan for flat extension, renovation or improvement.

What are the home loan tax benefits I can get?
    Under the old tax regime, borrowers can avail tax benefits under Section 80C and 24 under the Income Tax Act, 1961. These tax benefits include yearly deductions, which are as follows:
  • Up to Rs.1.5 lakh for principal repayment
  • Up to Rs.2 lakh for interest paid

This applies to both borrowers in a joint home loan too.

What are the home loan repayment options?

Poonawalla Fincorp offers a flexible tenure that ranges between 1 and 30 years. This feature provides you with a range of repayment options to choose from and helps you tailor payments to suit your comfort.

Is it required for me to have property insurance?

There is no obligation to have property insurance, but it is always a smart option to have insurance. It ensures coverage in case the primary borrower dies during the term.

Does Poonawalla Fincorp offer a top-up loan facility?

Yes. We do offer a top-up loan facility. Existing borrowers can avail an additional amount over and above the existing loan amount to handle other pressing expenses.

Can I opt for a balance transfer with Poonawalla Fincorp?

Yes. You can choose to transfer your existing home loan with another lender to Poonawalla Fincorp. However, you will have to meet all the home loan documents & eligibility requirements to qualify.

What is the minimum and maximum loan sanction offered?

Poonawalla Fincorp offers a home loan sanction that starts at Rs.5 lakh and onwards. The sanction offered entirely depends on your requirement and your financial profile.

Is it easy to get a home loan from Poonawalla Fincorp?

Yes. It is very easy to qualify for a home loan as we have minimal requirements. You only need to meet simple criteria and upload basic documents to get approval.

What are the documents required for a home loan?
    To successfully apply for a home loan, you need to submit basic documentation, which are:
  • ID documents
  • Financial documents
  • Address proof
  • Income documents
  • Property documents
What is the eligibility criteria for a home loan?

Customers must meet a simple set of requirements based on their borrower type. You can find the complete list of home loan eligibility criteria online on our dedicated webpage.

What is the age limit to qualify for a Poonawalla Fincorp Home Loan?

To qualify for funding, salaried, or self-employed individuals must be at least 21 years of age at the time of loan application or a maximum of 60 years at loan maturity. On the other hand, proprietors/directors of firms/companies should be a minimum of 25 years at the time of loan application or a maximum of 65 years at loan maturity.

Who can avail PMAY housing loan benefits?

First-time homebuyers that qualify under the 4 main economical categorisations can avail the PMAY benefits on offer.

Interest Rate

APR ranging from 9.55% to 16% | One-time Processing Fee up to 2% plus taxes

Repayment

Flexible repayment tenure from 1 year to 30 years with zero Foreclosure charges for all Floating Rate Home Loans

Example

Loan Amount Rs.10 lakh, Interest Rate: 10%, Tenure: 5 years, equates to EMI of Rs. 21,247 per month.

This rate of interest is prone to fluctuation basis our internal credit and risk policy, and as per an algorithmic multivariate score card.
*T&C Apply

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Click on Apply Now and fill in the complete application.

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Submit your KYC and Income Documents.

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Application will then proceed for verification and assessment.

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That’s it! The loan is credited to your bank account.

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