Home Loan

A home loan is a form of financial support that helps you buy, build, or renovate your dream home without paying the full amount upfront. You borrow the required amount and repay it in easy monthly EMIs over a set tenure, along with interest.

The loan amount is based on your income, credit score, and property value. Home loans offer flexible repayment options, making it easier for people across Bharat to own a home while managing their finances comfortably and confidently.

Piramal Finance designs home loans to meet the needs of Bharat. You can fill out the home loan application online or offline. Our team will provide a complete service. We aim to make your experience easy and smooth.

Visit Branch –
you could visit the nearest branch of Piramal Finance to submit your application for a loan.

Apply Online –

• Go to our online application form and fill out your personal and income details.
• Once submitted, your application will be processed for verification.
• Our executive will then get in touch with you to assist with the KYC documentation, review your eligibility and credit profile, and coordinate the property inspection.
• If everything meets the eligibility criteria, your application will be approved, and you will receive your home loan sanction letter.

Your eligibility for a housing loan depends on several key factors:

1. Income: Your ability to repay the loan based on your income.
2. Credit Score: A good credit score increases your chances of approval.
3. Employment Status: Stable employment or business history is crucial.
4. Age: Age is an important factor to determine loan tenure.
5. Property Value: The value of the property you wish to purchase impacts your loan amount.

Understanding these factors helps you prepare better and ensures a smoother approval process.

The Equated Monthly Instalment (EMI) for a home loan is calculated based on three key factors:

1. Loan Amount: This is the total amount you borrow. A higher loan amount generally leads to a higher EMI.
2. Interest Rate: An interest rate is the percentage Piramal Finance charges a borrower for using the money. In the context of a home loan, it is the cost of borrowing money to purchase a house.  A lower interest rate reduces your EMIs and total interest, helping you save more.
   A higher interest rate increases your repayment burden, costing you more over time.
3. Loan Tenure: This is the duration over which you plan to repay the loan. A longer tenure results in smaller EMIs, but you may end up paying more interest over time. Conversely, a shorter tenure means higher EMIs but less total interest paid.

By considering these factors, lenders use the EMI formula to provide you with a monthly payment amount that fits your financial situation.

A fixed interest rate on a home loan means the rate—and your EMI—remains the same throughout the loan tenure, regardless of market fluctuations. This offers predictability and financial stability, helping you plan your budget with confidence.

With a fixed rate, you enjoy peace of mind knowing your monthly payments won’t change, making it easier to manage home expenses. However, fixed rates often start slightly higher than floating rates, so you might miss out on potential savings if market rates decline later.

There are many types of housing loans available in India. They include:

1. Home Purchase Loan: This is for buying a new or resale property. It covers the entire cost of the home, including registration and stamp duty.
2. Home Construction Loan: If you plan to build a house on a plot of land, this loan helps cover construction costs.
3. Home Improvement Loan: This loan is designed for those looking to renovate or repair their existing homes.
4. Home Extension Loan: If you want to expand your current home, this loan can finance the addition of new rooms or floors.
5. Land Purchase Loan: This loan is for buying land to build a home in the future.
6. Joint Home Loan: This option allows two or more individuals, such as family members, to apply for a loan together, making it easier to secure a larger amount.
7. Balance Transfer Loan: If you find a better interest rate elsewhere, this loan lets you transfer your existing home loan to another lender.
8. Pradhan Mantri Awas Yojana (PMAY): PMAY offers affordable housing loans with subsidized interest rates for individuals with an annual household income of up to ₹3 lakh.

A guarantor is not always required when applying for a home loan. If you have a strong credit score, stable income, and solid repayment capacity, Piramal Finance—will not insist on one. However, in cases where your credit score is low, income is insufficient or unstable, or your credit history is limited, a guarantor may be requested to provide additional security.

·       The borrower is self-employed with irregular income

·       The property has legal or ownership issues

A guarantor acts as a backup, committing to repay the loan if you default. Having one can improve your chances of approval and may even help you secure a better loan amount or interest rate.

Yes, home loans offer significant tax benefits under the Income Tax Act, 1961. Under Section 80C, you can claim a deduction of up to Rs. 1.5 lakhs per year on the principal repayment, which also includes registration costs and stamp duty.

If the home loan is jointly taken, and both borrowers are co-owners, each one can claim up to Rs. 1.5 lakhs individually under Section 80C—doubling the tax-saving potential.