home loan

Festive offers on Home Loan

Attractive interest rates just
starting @ 9.50%* p.a.


Flexible Repayment


PMAY Subsidy
up to ₹2.67 lakh*

Frequently Asked Questions on Home Loan

Find out answers for your general queries

How does a Home Loan process work?

A home loan is a secured loan/credit option where funds are provided for the purchase, construction, extension, or renovation of residential property. Home loan eligibility largely depends on several factors like employment, annual income, credit score and more. Post verification of your eligibility and property documents, the loan is disbursed. Thereafter, your Equated Monthly Instalment will start towards repayment of your home loan. A home loan is said to be closed when the principal and interest component is paid off completely by the borrower either until the end of loan tenure or by way of prepayment.

How to Apply for a Home Loan?

a. You can apply for a home loan online through a simple and hassle-free online application:

  • Click on Apply online and fill in your loan application with basic details
  • Submit your KYC and Income & Property documents to check your loan eligibility
  • Through a speedy assessment of your documents, your verification is done
  • Your loan is approved with a quick process
  • Once approved, you get the funds instantly transferred to your or to the builder's bank account, as per your request

b. You can also contact us on our Toll-Free Number 1800-266-3201, and our representative will be happy to assist you

c. Or you can visit our nearest branch to apply for a home loan.

What is the minimum loan I can borrow?

We provide you with a home loan offer starting from 5 Lakhs onwards.

Can I use Home Loan for renovation and improvement? What is the interest rate?

Yes, you can avail our home loan offerings to fund your home renovation at affordable interest rates starting at 9.50% p.a.

What are the different types of Home Loans?

With Poonawalla Home Loans, you can do more than just buy a home. We provide Loans for self-construction of bungalows /Independent houses, Purchase of new house/flat/ apartments / villas or for Purchase through Re-sale of houses / flats /apartments / villas/bungalows. You can also avail home loan for flat extension / renovation / improvement.

Are there any tax benefits in Home Loan?

Yes, if you opt for the old tax regime, the home loan that you opt for is eligible for tax deduction under section 80C. You can claim a deduction for interest paid on Self Occupied house property up to 2 Lakhs and on principal repayment a maximum amount of 1.5 Lakh can be claimed as a deduction.

What are the documents required for a Home Loan?

As our list of required documents varies for salaried individuals, self-employed individuals and companies, we request you to check the list of required documents  as per your applicant category.

How to calculate Home Loan EMI?

You can use our simple and effective Home Loan EMI Calculator to get your monthly instalments plan, by defining these 3 important components:

  • Home Loan Amount you want to apply with Poonawalla Fincorp
  • Tenure over which you can repay the loan
  • Interest rate applicable based on your eligibility
What are my Home Loan tenure options?

At Poonawalla Housing Finance, we offer you loan repayment tenure of up to 30 years.

Is there any age limit for applying for a Home Loan?

Yes, to avail of our Home Loan, the applicant must meet the defined minimum age criteria:

  • Salaried or self-employed individual must be minimum of 21 years at the time of loan application and maximum of 60 years at loan maturity.
  • Proprietor/director of firm/company should be minimum of 25 years at the time of loan application and maximum of 65 years at loan maturity.
Is property insurance required for a Home Loan?

Although the applicant is not under obligation to take the property insurance, it is highly recommended as buying home loan insurance offers security that covers the loan borrower’s outstanding loan liability if he/she dies during the loan repayment term.

How to get a Home Loan statement?

To get a home loan statement or have any other related query, you can drop an email at customercare@poonawallahousing.com or call us on 1800-266-3204. Our Customer Care support team is just a call away for all your needs with regards to your loan with us.

Is a top-up loan facility available with Poonawalla?

Yes, at Poonawalla, we do provide a top-up loan facility to our existing customers that allows them to borrow a certain amount of money over and above their existing home loan at attractive interest rates and longer tenures.

What are the benefits of availing of a Home Loan for the borrower?

Poonawalla Home Loan offering caters to a wide range of housing needs from residential construction/under-construction projects to purchase, extension, or renovation of property. Get to finance your housing dream with a quick processing and unmatched benefits of:

  • Affordable loans starting as low as 5 Lakhs
  • Simple eligibility criteria
  • Flexible repayment solution up to 30 years
  • No hidden charges
  • End-to-end doorstep service
  • PMAY scheme with maximum interest subsidy of up to 2.67 Lakhs
Can I have a co-applicant for Poonawalla Home Loan? Who can I include?

Yes, you can avail of a home loan with a co-applicant which will make you eligible for a significantly higher loan amount while sharing the loan repayment and availing higher tax benefits. Ideally, an immediate family member can be your co-applicant.

What is Home Loan Eligibility Criteria?

We have different eligibility criteria for salaried individuals, self-employed individuals and firm/company. To know and understand your eligibility criteria, please refer to our Eligibility and Documents.

How can I check my Home Loan eligibility?

To know if you’re eligible for our Home Loan offering, refer to our  Eligibility and Documents. You can contact us on our Toll-Free Number 1800-266-3201 or visit the nearest branch  and our representative will be happy to assist you.

Who all are eligible for a Balance transfer loan?

An excellent opportunity awaits you to lower your loan repayments when you choose to transfer your outstanding home loan availed from other banks/financial institutions to Poonawalla. To know the eligibility criteria as per the applicant category, kindly click and refer to our Eligibility and Documents..

What is PMAY scheme?

The Pradhan Mantri Awas Yojana (PMAY) is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government with the aim to provide affordable housing to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle-Income Group-II (MIG-II). Under PMAY, the beneficiaries will be provided with a home loan interest subsidy on purchase/construction/extension/improvement of their home.

Who is eligible for subsidy under PMAY?

Applicants categorised as Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle-Income Group-II (MIG-II) as per their total annual household income are eligible for subsidy under PMAY.

What are the income norms for various categories of PMAY?

The annual income norms for various household categories are defined as under:

  • Up to 3 Lakhs for EWS households
  • More than 3 Lakhs and up to 6 Lakhs for LIG households
  • More than 6 Lakhs and up to 12 Lakhs for MIG I households
  • More than 12 Lakhs and up to 18 Lakhs for MIG II households
What is affordable housing through Credit Linked Subsidy Scheme for EWS/ LIG?

Under CLSS, the beneficiaries of the Economically Weaker Section (EWS) and the Low-Income Group (LIG) can avail housing loans from Banks and other financial institutions for purchase/construction of houses and improvement of existing homes. However, the credit linked subsidy will be available only for loan amount up to 6 Lakhs and the eligibility of subsidy for such loans is calculated at the rate of 6.5% for tenure of 20 years or during loan tenure, whichever is lower.

Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary lending institutions resulting in affordable housing by way of reduced housing loan and EMI.

What is affordable housing through Credit Linked Subsidy Scheme for MIG?

Under CLSS, the beneficiaries of Middle-Income Group (MIG) can avail housing loans from Banks and other financial institutions for acquisition/construction of house (including re-purchase). However, the credit linked subsidy will be available only for loan amounts up to 9 Lakhs for MIG-I and 12 Lakhs for MIG-II and the eligibility of subsidy for such loans is calculated at the rate of 4 % and 3%, respectively, for a tenure of 20 years or during loan tenure, whichever is lower. The Net Present Value of the interest subsidy will be calculated at a discount rate of 9%. Any additional loan amount beyond the limit will be at a non-subsidised rate. Also, the carpet area of the house should not exceed the permissible carpet area of 160 sq m and 200 sq. m for MIG-I and MIG-II categories, respectively.

What is the process of crediting the interest subsidy?

The subsidy is released by the Central Nodal Agencies based on the disbursements made by Primary Lending Institutions to the beneficiaries. The Central Nodal Agency disburses the subsidy to the Primary Lending Institution, which in turn credits it to the borrower’s home loan account upfront by deducting it from the principal loan amount.

Which are the PLIs through which this interest subsidy is released or credited?

The PLIs such as Scheduled Commercial Banks (SCB), Regional Rural Banks (RRBs), Housing Finance Companies (HFCs), Urban Cooperative Banks (Scheduled as well as Non-scheduled), State Cooperative Banks, Small Finance Banks (as approved by the Reserve Bank of India) and Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) (as registered with Reserve Bank of India) which have signed Memorandum of Understanding with any one of the Central Nodal Agencies.

How is subsidy disbursed to the CNAs?

Each Central Nodal Agencies releases a subsidy at the start of the scheme. Subsequent amount of credit linked subsidy will be released to the Central Nodal Agencies after 70% utilisation of earlier funds based on claims raised by these Central Nodal Agencies.

Is there any preferential treatment for beneficiaries proposed for affordable housing through Credit Linked Subsidy?

Yes, preference under the Credit Linked Subsidy Scheme will be given to persons belonging to Scheduled Castes/ Scheduled Tribes/ Other Backward Classes, Women (with overriding preference to widows), Minorities, Manual Scavengers, Persons with disabilities and Transgender subject to beneficiaries being from EWS /LIG, MIG -I & II segments as applicable.

Interest Rate

APR ranging from 9.5% to 16% | One-time Processing Fee up to 2% plus taxes


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


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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