Piramal Housing Finance Loan Against Property

Features and Benefits of Piramal Housing Finance Loan Against Property

Piramal or DHFL Housing Finance offers a range of benefits on loans against property, as elucidated below.

• Extended loan repayment tenure of up to 20 years
• Minimal documentation to ease the application process
• Can be availed against: 
  • Self-owned residential properties 
  • Commercial properties 
  • Rented residential properties 
  • Self-owned but rented commercial properties, or 
  • Self-owned plots
• Quick loan sanctions
• Simple eligibility criteria

Piramal Housing Finance Loan Against Property: Eligibility Criteria

The Piramal Finance Loan Against Property eligibility criteria for both salaried and self-employed individuals are detailed below:

Salaried Individuals

Self-Employed Individuals

Factors Affecting Piramal Housing Finance Loan Against Property Eligibility

There are a few factors that affect the Piramal or DHFL Housing Finance Loan Against Property eligibility of an applicant. These factors are the following:

• Insufficient and irrelevant property documents.
• CIBIL Score/Credit score of the applicant.
• Age of the applicant to determine their repayment ability.
• A steady and constant flow of income for the applicant.
• Previously rejected loan application.

Piramal Housing Finance Loan Against Property: Fees and Charges

Part Payment/Pre-Closure Charges

A loan foreclosure means full repayment of the outstanding loan amount at once instead of repaying in multiple EMIs. Banks and financial institutions charge a nominal rate of interest on the principal amount if you opt for foreclosure of your loan. 

If you have extra funds, you can also opt for part-prepayment. That way, you can choose to repay a portion of the outstanding loan and reduce your EMI and loan tenure.

Piramal Housing Finance Loan Against Property: Interest Rates

Factors Affecting Piramal Housing Finance LAP Interest Rates

As a loan against property is a high-value asset, the interest rates on such loans are usually economical in nature. But interest rates vary amongst different applicants of Piramal or DHFL Housing Finance as per the factors mentioned below.

Credit Score

A credit score is a crucial factor that measures a person’s creditworthiness and affects LAP interest rates. Like any other banks or NBFCs, a credit score above 750 is always favoured by DHFL Housing Finance. 

Financial Condition

Banks and NBFCs also assess the financial history of the borrower before finalising the interest rates. A salaried employee working at a reputed organisation having a stable income or a self-employed professional with high returns can secure a low-interest rate. A high income with a low debt-to-income ratio makes way for affordable interest rates.

Loan Tenure

Loan tenure or the total repayment period of the loan borrowed. It determines the interest rates charged by the financial institutions. A loan against property at Piramal or DHFL Housing Finance is usually a long-term loan because of which the interest rate offered is low. They charge a higher interest rate for a shorter loan tenure.

The Mortgaged Property

The lending institution evaluates the location, age, condition and current market value of the property before determining the interest rate. Residential properties fetch lower interest rates than commercial properties. Similarly, properties in a prime location with all modern amenities attract a lower interest rate than a property in poor condition.

Documents Required For Piramal Housing Finance Loan Against Property

The following documents are imminent for a Piramal Finance Loan Against Property application:

Salaried individual

Self-Employed Individuals

Piramal Housing Finance LAP EMI Calculator

Since a loan against property is a long term loan, it is critical to organise the budget before applying for the loan. 

Piramal Finance Loan Against Property EMI calculator is a tool that helps compute the EMIs (estimated monthly instalments), interests and the total cost of the loan within seconds. It not only offers you error calculations but ensures that you are aware of your repayment capacity. 

The mathematical formula to calculate the EMI manually is: 

EMI = [P*R (1+R) *N] / [(1+R) N-1] 

Here,

• P is the Principal Amount
• R stands for the Interest Rate
• N is for the Repayment Tenure

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