Home loan Interest Rates
it is advised not to fall for firms only because they are offering low-interest home loans. We offer one of the best home loan interest rates in Bharat.
-
- Already Apply
- Track Application
Home Loan offerings by Piramal Capital & Housing Finance Ltd. (Piramal Finance)
Key Features
Loan amount
₹ 5 Lakhs - 2 Crore
Loan tenure up to
30 years
Interest rates starting at
9.50%* p.a
For detailed fees and charges Click here *T&C apply
Home Loan Interest Rates
Let's look at the current home loan interest rates offered by Piramal Finance
If you are trying to find a new home loan interest rate, this illustration will help you see its effect on the EMI that you would end up paying.
Loan Amount Tenure Rate of Interest EMI INR 10 lakhs 10 years* 9.5%* ₹ 13,775 INR 25 lakhs 10 years*
9.5%*
₹ 34,438 INR 50 lakhs 20 years* 9.5%* ₹ 51,609 INR 50 lakhs 30 years* 9.5%* ₹ 47,616 INR 1 crore 30 years* 9.5%* ₹ 95,232
Recommended Articles
To know more about loans, processes and much more
- Making your financial dreams come true can sometimes require a helping hand. Be it to...
- 12 Nov 2021
- 5 min read
- When it comes to loans, collateral is the most daunting term for people. The question...
- 24 Nov 2021
- 5 min read
- Working Capital is an indicator of the financial condition of an organization or a...
- 26 Nov 2021
- 5 min read
- Working Capital is an indicator of the financial condition of an organization or a...
- 26 Nov 2021
- 5 min read
- Whether you’re applying for a credit card or a loan, your CIBIL score becomes a...
- 11 Jan 2022
- 5 min read
Types Of Home Loan Interest Rates
Before we discuss the house loan interest rates it is important to understand the 2 different types of housing loan rates.
Fixed Home Loan Interest Rates
As the name suggests, such types of housing loan rates remain fixed. This means that the home loan rates that are applied stay the same throughout the tenure of the loan. As these rates remain constant, they allow you to plan your future finances accordingly.
Floating Home Loan Interest Rates
Floating housing loan rates are variable. There are many factors that can affect the home loan rates today and thus, such loans often come with the risk of an increase in rates.
Factors that can influence the Home Loan Rate
Type of Interest Rate
While the fixed rates will not change, the floating rates would be influenced when the RBI brings in any modifications.
The ratio between loan and value
The loan-to-value ratio, better known as LTV, is the maximum limit that the lender can extend. It is a percentage of the property’s present market value. To decrease the loan quantum, you can increase the down payment.
The Property
The resale value of the property depends on factors such as its location, its condition, and its age. Any property with a high resale value becomes a lucrative opportunity for the lender, who would attract the borrower with low-interest home loans.
The Term of the Loan
There is a direct relationship between the loan term and the home loan interest rate that you pay. The longer the tenure, the lower would be the EMI.
The Borrower’s Gender
Most financial institutes offer a much better deal to women borrowers.
The Borrower’s Profile
In most cases, salaried employees are a safe bet as they have a stable income. Also, maintaining a good financial profile can help you in attracting competitive interest rates.
More Home Loan Products
Construction Loan
With a construction loan from Piramal finance, the perfect home for you is easily within reach...
Construction Loan
90% of Property Cost
Loan tenure up to
30 years
Interest rates starting at
9.50% p.a
Renovation Loan
With a Home Renovation Loan, you can keep your hard-earned savings and investments untouched and pay off...
Loan amount
₹ 5 Lakhs - 2 Crores
Loan funded up to
30 years
Interest rates starting at
9.50% p.a
Extension Loan
You may simply enlarge your own home in utmost comfort with a home extension loan from Piramal finance...
Loan amount
₹ 5 Lakhs - 2 Crores
Loan tenure up to
30 years
Interest rates starting at
9.50% p.a
Frequently asked questions
Can I reduce the burden of my home loan EMI?
Having gone through the factors that can influence the home loan rate, you may feel there isn’t much you can do about them. Yet, fortunately, you can. Given below are a few simple yet effective tips that can help decrease the EMI burden on your shoulders.
Make Prepayments In an initial couple of years of the house loan, you would spend further on interest and much less on principle. Thus, making prepayments on your house loan will gradually reduce your remaining principal, lowering your interest rate.
Choose as short a Tenure as possible With the option of repaying your loan in as many as 30 years, home loans are long-term commitments. But when you choose a shorter term, you can keep the interest accumulation in control.
Keep a good Credit Score A score over 800 is regarded to be a good score and can greatly help in reflecting your creditworthiness.
Go for an EMI revision After taking the loan, if you feel you are in a better position to clear the EMIs you can always go for an EMI revision.
Compare the offers Before making your decision, make sure you do your homework and research on the best home loan interest rates deals that are available in the market.Bonus Tip: Make use of the Piramal Finance Home Loan EMI calculator to finalize the EMI amount that suits your budget.
In such a scenario, as a home loan borrower, you need to decide on your suitability. The fixed housing loan interest rate is generally about 1% to 2.5% more than the floating rate. However, you have the option to switch from one type to another during the tenure of your loan.
If you are good at the traditional ways of calculation, you can use the given formula to calculate the EMI on your home loan:
P*R*((1+R)^n)/(1-(1+R)^n)
Here, P stands for Principal loan amount
R is the Rate of interest
n is the Tenure of the loan (in months)