Piramal Housing Finance Home Construction Loan

Piramal Housing Finance Construction Loan helps you finance the construction of your dream home. It provides funds in stages as construction progresses, with interest charged only during construction. You can borrow up to 90% of the property cost and benefit from a flexible repayment tenure of up to 30 years (subject to confirmation). The interest rate is currently 10.50% p.a. for salaried and self-employed applicants (although it's wise to check for updates directly with Piramal). This loan simplifies the construction process by assigning you a dedicated relationship manager and offering a hassle-free application process.

Piramal Housing Finance Construction Loan Interest Rates 

Here are the interest rates for the Piramal Housing Finance home construction loan:

Piramal Housing Finance Construction Loan Eligibility Criteria for Salaried

Here are the eligibility criteria for salaried individuals applying for a construction loan from Piramal Housing Finance:

• Age: 21 to 65 years at loan maturity.
• Employment: Minimum 2 years with current employer.
• Income: Must be regular with verifiable income supported by salary slips and bank statements.
• Credit Score: Preferably above 750.
• Debt-to-Income Ratio: Manageable existing debts.
• Property Documents: Approved plans and proof of land ownership.
• ID Proofs: Aadhaar and PAN required.

Piramal Housing Finance Construction Loan Eligibility Criteria for Self-employed

For self-employed individuals, the eligibility criteria are as follows:

• Age Requirement: Applicants should be at least 21 years old at the time of application and up to 65 years old at the time of loan maturity.
• Business Stability: Must have been in the current business for at least 3 years, demonstrating stability and ongoing viability.
• Income Requirements: Should have a consistent and verifiable income, as evidenced by financial statements and tax returns.
• Credit Score: A good credit score of 750 or higher indicates responsible credit management.
• Financial Health: Adequate debt-to-income ratio to ensure the capability to repay the new loan alongside any existing debts.
• Property Documents: Must provide relevant property documents, including title deeds and government approvals for the construction.

Piramal Housing Finance Construction Loan Documents Required for Salaried

The document requirements for a Piramal Housing Finance Construction Loan are:

• KYC documents (ID proof, address proof)
• Form 16 (income tax form from employer)
• Last 6 months bank statements & salary slips
• Property documents (as collateral)

Piramal Housing Finance Construction Loan Documents Required for Self-Employed

The following documents are required for self-employed individuals applying for a Piramal Housing Finance Construction Loan:

• KYC Documents: These documents help verify your identity and residence. Examples include Aadhaar, Voter ID, Passport, Driving License, etc.
• Last 6 months’ bank statements: This gives an overview of your recent income and financial activity.
• Income Tax Returns (ITR) with Computation / CA Audited Financials from the previous two years (wherever applicable): This is the key document for self-employed individuals as it establishes your income and financial health.
  • ITR with Computation: This applies if you file your taxes under the Income Tax Return (ITR) with computation format, which involves detailed calculations of your income and expenses.
  • CA Audited Financials: This applies if your business is required to have its financials audited by a Chartered Accountant (CA). This is typically the case for larger businesses.
• Property documents that are offered as collateral: This proves ownership or rights to the property on which you’ll be building.

Features of Piramal Housing Finance Construction Loans

 Here are the features of Piramal Housing Finance Construction Loans:

• High Loan-to-Value Ratio: Covers up to 90% of the property cost, allowing you to finance a larger portion of the construction project.
• Flexible Repayment Options: This option offers flexibility in repaying the loan, which can be helpful when managing construction costs.
• Easy Application Process: Streamlined application process to get you started on your building project quickly.
• Assigned Relationship Manager: Provides personalised assistance throughout the construction loan process.