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