Home Construction Loan
Build your dream home
If you have dreamt of the home you want to live in, we can help you with constructing it brick-by-brick. Why settle for a home designed and developed by another when you can comfortably let your own vision guide the design process for your own home?
With a construction loan from Piramal Capital & Housing Finance, the perfect home for you is easily within reach. A dedicated relationship manager is assigned to you at the very outset to help you navigate through the process of applying for a construction loan.
The hassle-free process and flexibility on offer thanks to a adjustable tenures and installments means that you can choose a repayment option that you are most comfortable with, without having to worry about the state of your finances. Worried about the legal aspects of constructing a home? Our team of experts is just a call away. Are you ready to build the home of your dreams yet?
Minimum Age- Minimum Age- 21 years
Maximum Age- Income contributor (Govt employee) - 70 yrs (if pension considered)
Income contributor (Others) - 62 yrs (or restricted to retirement age)
Minimum Age- 23 years
Maximum Age- 70 years
However, Director of listed Public companies will be treated as Salaried
|Salaried / Self Employed||Interest Rates starting from 9.75%* p.a|
|Fees & Charges|
|Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate|
|Schedule of Fees & Other Charges||Details|
|Part Payment/Pre-closure charges||
|Loan repayment instrument dishonour charges||₹ 500/- + applicable taxes|
|CERSAI charges||₹ 500/- + applicable taxes|
|Loan Pre-closure Statement||₹ 1000/- + applicable taxes|
|List of documents deposited with the Lender||₹ 500/- + applicable taxes|
|Loan Repayment Schedule||₹ 500/- + applicable taxes|
|Change of Loan repayment mode||₹ 500/- + applicable taxes|
|"Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor"||₹ 5000/- + applicable taxes|
|No Due Certificate issuance charges||1st time free; subsequently ₹ 500/- + applicable taxes|
|Statement of Account||Free once a year; subsequently ₹ 500 + applicable taxes|
|Photocopy of documents||₹ 1000/- + applicable taxes|
|Retrieval of original property documents||₹ 2000 + applicable taxes|
|Additional Charges||2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes|
|For detailed fees & charges and other Terms & Conditions click here|
Application form with a recent photograph
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Application form with a recent photograph
co-applicant is manadtory. Additionaly Woman co-applicant is mandatory in Affordable Hosing and SBL
Home loans are borrowed from financial institutes for buying, constructing, extending, or renovating a house. The loan gets paid with interest (fixed or floating rates) over a fixed tenure through Equated Monthly Instalments (EMIs). Lenders finance up to 90% of the property value. You pay the balance 10% as a down payment towards the loans.
You can claim up to ₹1.5 lakh on the principal amount, registration, and stamp duty fees of your housing loans as tax deductions under Section 80C of the Income Tax Act. You get deductions for the interest payments under Section 24. For joint home loans, each borrower gets up to ₹ 1.5 lakh each as income tax returns, provided they are co-owners of the property. Use Piramal's Tax Calculator to gain more clarity on housing finance.
Financial institutes have set criteria to evaluate your repayment capability for housing loan approvals. Different lenders have different criteria. Banks' basics to check home loan eligibility include age, employment status, employment stability, and credit score.
Plan your housing finance efficiently using the Eligibility Calculator to check the loan amount you can apply for.
The tenure usually ranges between 5 years to 30 years. They get determined based on your eligibility criteria. You can either opt for a short term with low interest and high EMI payments or a long tenure with high interest and low EMIs based on your comfort.
There is a standard process followed by all financial institutes in India for housing loan: