Piramal Finance Home Loan

Piramal Finance Finance offers home loans starting at 9.99% per annum. The final interest rate offered by the housing finance company will depend on factors such as the desired loan, amount, LTV ratio, applicant’s credit score, employment type, etc.

Maximum loan amount that Piramal Finance can offer to its customers is Rs 2 crore. The maximum home loan repayment period offered by the lender can go up to 30 years.

To apply for Piramal Home Loan, submit the duly filled loan application form along with the required set of documents at its nearest branch. Alternatively, fill out an online home loan application form available at the lender’s official website.

Yes, under Section 80C of the Income Tax Act, Piramal home loan borrowers can claim tax deduction of up to Rs 1.5 lakh each financial year on the home loan principal amount repaid. Under Section 24(b), they can claim deduction of up to Rs 2 lakh on the home loan interest paid in a financial year.

Lenders assess your eligible home loan amount based on your income, loan tenure, interest rates, existing monthly EMI obligations (if any) and the EMI/NMI ratio prescribed by the bank. Instead of or in addition to using the EMI/NMI ratio, some lenders also use the multiplier method to assess your eligible home loan amount. Also, your eligible home loan amount may vary across lenders as factors that determine loan amounts such as interest rates, EMI/NMI ratio, etc. may also vary from one lender to another. Therefore, use the online home loan eligibility calculator of the respective lender to determine your home loan eligibility.

Piramal Finance has not disclosed the guidelines or rules for extending the tenure of an existing home loan. However, many lenders allow borrowers to extend the tenure of their home loan, provided the revised repayment tenure remains within the maximum tenure offered by the lender or the maximum age allowed at the time of loan maturity. However, before opting for tenure extension, you should know that extending your loan tenure will lower your credit score and, therefore, reduce your eligibility to obtain loans and credit cards in the future. The reason behind this is that your request for tenure extension will be treated as loan restructuring and credit bureaus will consider it as a negative credit event. Therefore, credit bureaus will lower your credit score if you opt to extend your home loan tenure.

Piramal home loan applicants can pay their Piramal Home Loan EMIs by logging in on this link – https://www.piramalfinance.com/account.

The lender has not specified payment methods for Piramal Home Loan EMIs. However, common options include issuing Standing Instructions (SI) to your bank for automatic payments, submitting post-dated cheques, or opting for salary deduction through your employer.

Piramal home loan applicants can check their loan application status by logging in on this link – https://www.piramalfinance.com/account.

To log in to your Piramal home loan account, first follow this link – https://www.piramalfinance.com/account. Then, enter the mobile number linked with your loan account.

Customers can reach Piramal Finance by calling on their toll-free number – 1800 266 6444.

RBI has barred lenders from levying pre-payment charges on floating rate home loans. However, there is no such restriction on fixed rate home loans. Therefore, there are no charges applicable to Piramal Home Loans lent on floating interest rates whereas the lender will charge a foreclosure fee of up to 2% of the loan amount being prepaid on its fixed rate home loans.

The lender has not revealed the home loan closure procedure on its website. The borrower should contact the housing finance company to know about the home loan closure procedure.