Home Loan: Interest Rate & Charges
Turn your dream of owning a home into a reality, and do so affordably with the Poonawalla Fincorp Home Loan. We offer one of the most competitive home loan interest rates in the market to ensure that you have a cost-effective experience. To add to that, we only charge you nominal fees and maintain 100% transparency. There are no hidden charges whatsoever.
Home Loan Fees & Charges
|Other Fees & Charges
Things To Know About Home Loan Prepayment
As a general practice, prepaying your home loan is a good idea. It is a sign of good financial fitness as you can both repay debt and put surplus cash to use towards clearing it sooner. However, despite the benefits of prepaying a home loan, there is room for error. To ensure you get the most out of it, and avoid common pitfalls, take a look at these pointers.
- Prepay earlier in the tenure if you have a front-loaded loan
- Don’t dip into your emergency fund to prepay
- Compare interest savings with interest earnings through investments to determine the value of such a payment
- Use windfall gains to make prepayments
- Choose to reduce the tenure and not the EMI amount after you make a partial prepayment
Home Loan Foreclosure Guidelines
Foreclosing a home loan ahead of the tenure is a great way to save on interest. It is a hefty payment, but usually worth it. To ensure you have a smooth experience during such an undertaking, here are a few guidelines to adhere to.
- Check the foreclosure charges
- Calculate the foreclosure payment amount using a home loan calculator
- Collect all loan documents, and verify these against the document checklist
- Ask for the ‘No Dues Certificate’
- Contact the credit rating agencies to update the records
Frequently Asked Questions
What is the rate of interest on a home loan?
The Poonawalla Fincorp Home Loan interest rate starts at 9.55%. With this competitive rate, you can finance your dream home affordably, while keeping interest outgo in check.
What is the processing fee charged for a home loan?
We levy a nominal processing fee, which is 1% to 2% of the loan amount, plus taxes. This is a charge for handling loan processing and other such services offered.
Do I have to pay a foreclosure fee on a fixed-rate loan?
Yes. Foreclosing a fixed-rate loan does attract a charge, which is set based on the terms and conditions specified by the NHB for Fixed Rate Home Loans. This charge will be clearly listed in the loan agreement.
How can I get the lowest interest rate on the Poonawalla Fincorp Home Loan?
- Securing the lowest home loan interest rates is crucial to borrowing affordably. Here are few tips you can rely on to get the best deal.
- Make a sizable down payment
- Maintain a strong financial profile
- Meet all the home loan documents & eligibility requirements
- Apply with an excellent credit score
- Have a steady source of income
- Pick a floating-rate loan
What are the other fees & charges applicable on the Poonawalla Fincorp Home Loan?
- There are a few charges applicable during loan processing, and you will find all of these listed in the loan documents. Some of these charges are:
- Penal interest
- Bounce charges
- Interest rate switching fee
- Loan sourcing