Sundaram Finance Home Loan Interest Rate 2020
|Interest Rate||8.60% onwards|
|Loan-to-Value Ratio||Up to 85% of the value of the property|
|Loan Tenure||Up to 20 years|
|Processing Charges||0.05% of the loan amount +GST|
Sundaram Home Finance Limited provides home loans to customers at a competitive interest rate starting from 8.60% onwards. Considering the distinct requirements of customers, Sundaram Finance offers tailored home loan solutions. Read through to get to know all the details.
Features and Benefits of Sundaram Finance Home Loan
- High loan-to-value ratio of up to 85%
- Tax benefit under Section 24(b) and 80C of the Income Tax Act
- Quick loan sanction
- Wide range of home loan products
- Simplified documentation
- Balance transfer facility
- Flexible repayment options
Sundaram Home Finance Interest Rates
The current Sundaram Finance home loan interest rate starts from 8.60% per annum for salaried individuals and 9.50% per annum for self-employed individuals. The actual rate of interest applicable on a home loan depends upon the type of loan and the loan amount applied for.
Sundaram Finance Home Loan Fees & Charges
|Processing fees||0.05% of the loan amount + GST|
|Prepayment charges/Foreclosure Charges||NIL|
Note: Other charges such as Property & Personal Insurance, Documentation & CERSAI charges are payable after sanction of the loan.
Sundaram Finance Home Loan EMI Calculator
Sundaram Finance Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Sundaram Finance home loan EMI calculator is an online tool, which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your EMI.
Sundaram Finance Home Loan EMI Calculation
The table below shows Sundaram Finance home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|10 years||15 years||20 years|
|Rs. 10 lakh||8.60%||Rs. 12,452||Rs. 9,906||Rs. 8,742|
|Rs. 20 lakh||9.50%||Rs. 25,880||Rs. 20,884||Rs. 18,643|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Sundaram Finance Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Sundaram Finance.
|Eligible Profiles||● Salaried individuals|
● Self-Employed professionals
● Self-Employed non-professionals
|Other Conditions||Loan eligibility is determined on the basis of several factors such as age, monthly income, monthly commitments, qualifications, employment, savings background, assets, liabilities and repayment history of other loans (if any).|
To know whether you qualify for Sundaram Finance home loan, use the Home Loan Eligibility Calculator. It is an online tool that helps you to know the loan amount you are eligible to borrow. The calculation is done on the basis of a few basic details like gross monthly income, loan tenure, loan interest rate and on-going loan payments.
Sundaram Finance Home Loan Documents Required
Following are the documents required to successfully apply for Sundaram Finance Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
Sundaram Finance Home Loan Schemes
Sundaram Finance offers customized home loan schemes to meet the needs of customers. Mentioned below are the schemes on offer along with their details.
|Regular Home Loan||Plot Loan||Take Over and Top-Up Loans|
|Affordable Housing Fund||Pradhan Mantri Awas Yojana/CLSS|
1. Regular Home Loan
This is a regular home loan scheme that is available to all the eligible salaried and self-employed individuals who need financial support to buy a house. This scheme can be used for:
- Purchase of a new house/apartment
- Resale of a house/apartment
- Self-construction of an independent house.
2. Plot Loan
This scheme is available to both salaried and self-employed individuals who are looking for funds to acquire the plot of their choice to construct a dream home thereon.[Read Also: Plot/ Land loan]
3. Take Over and Top-Up Loans
This scheme is available to home loan customers who wish to move their existing home loan account from another HFC to Sundaram Home Finance. Additional Top-Up Loan is also available under this scheme.
4. Affordable Housing Fund
This scheme is offered under NHB’s Affordable Housing Fund scheme. Through this, customers can avail home loans at a reduced interest rate fixed for seven years and enjoy incredible savings on the home loan.
5. Pradhan Mantri Awas Yojana (PMAY)
It is a government scheme launched to provide housing to all urban and rural poor across India. Under the scheme, the government offers interest subsidy of up to Rs. 2.67 lakh on home loans availed for buying, constructing, extending or renovating homes. Sundaram Finance extends affordable housing benefits of Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to all the customers eligible for this scheme. Click to learn more about PM Awas Yojana.
Apply for Sundaram Finance Home Loan on Paisabazaar.com
Customers can apply online for Sundaram Finance Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link:https://www.paisabazaar.com/home-loan
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Sundaram Finance Home Loan Customer Care Details
Customers can reach out to Sundaram Finance through the below-mentioned contact details to get their home loan-related queries addressed.
- Toll-Free: 1800 419 7722
Q1. Who can be a co-applicant?
Close relatives such as husband, wife, father, son, mother, daughter, etc. can join as co-applicant(s). However, if there are multiple owners of the property, it is mandatory to include them as co-applicants.
Q2. How is the interest rate calculated?
The interest is calculated on a monthly reducing balance basis.
Q3. What is the security required to avail a home loan?
The security required is the equitable mortgage of the property to be financed, normally by way of deposit of the title deeds. It is important for the borrower to ensure that the title of the property should be clear, marketable and free from any encumbrances details. If required, additional security may also be required in the form of assignment of LIC Policies or third-party guarantee.
Q4. How do I repay my loan?
The repayment of the home loan is possible through Electronic Clearance System (ECS). It can also be done by way of auto-debit with select banks. In locations where ECS/auto-debit is not available, EMI can be paid through post-dated cheques.
Q5. How long does it take to get the loan sanctioned?
It takes between 2 to 10 working days for processing an application. Sanction of the loan and disbursement is subject to the condition that all the necessary documents are in order and the title of the property is found to be clear and marketable.