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How to Get Affordable Home Loans with Poonawalla Housing Finance

Are you looking for a reliable and trustworthy housing finance company in India? Do you want to fulfil your dream of owning a home without breaking the bank? If yes, then you should consider Poonawalla Housing Finance as your partner in your home buying journey.

Poonawalla Housing Finance is one of the leading affordable housing finance companies in India, with over 50,000 happy customers and ₹6,571 Cr assets under management. They offer home loans for various purposes, such as:

  • Home purchase loans for acquiring residential properties, either newly constructed or previously owned.
  • Home extension loans for adding more space to your existing home, such as a balcony, a room, or a floor.
  • Home improvement loans for renovating or refurbishing your home, such as painting, flooring, plumbing, or electrical work.
  • Home construction loans for building your own home on a plot of land that you own or co-own.
  • Balance transfer + top-up loans for transferring your existing home loan from another lender to Poonawalla Housing Finance and getting an additional amount for your personal or business needs.
  • Loan against property for leveraging your residential or commercial property as collateral and getting funds for any purpose.

Benefits of Choosing Poonawalla Housing Finance

Poonawalla Housing Finance offers many benefits to its customers, such as:

  • Attractive interest rates: Poonawalla Housing Finance offers competitive interest rates that are based on the customer’s profile, income, credit score, and property value. The interest rates start from 8.5% p.a. and vary depending on the type and tenure of the loan.
  • Flexible repayment options: Poonawalla Housing Finance allows its customers to choose from various repayment options, such as monthly, quarterly, half-yearly, or yearly instalments. The customers can also opt for pre-payment or part-payment of the loan without any penalty charges.
  • Minimal documentation: Poonawalla Housing Finance simplifies the loan application process by requiring minimal documentation from its customers. The customers can submit their documents online through their website or app or visit any of their branches and get their loan approved within 24 hours.
  • Quick loan disbursal: Poonawalla Housing Finance ensures that the customers get their loan amount disbursed within 48 hours of loan approval. The customers can receive the loan amount directly in their bank account or through a cheque or demand draft.
  • Hassle-free customer service: Poonawalla Housing Finance provides excellent customer service to its customers through various channels, such as phone, email, chat, or social media. The customers can also track their loan status, view their loan details, download their loan statements, and pay their EMIs online through their website or app.

How to Avail the Benefits of PMAY Scheme with Poonawalla Housing Finance

Poonawalla Housing Finance also helps its customers avail the benefits of the Pradhan Mantri Awas Yojana (PMAY) scheme, which is a government initiative to provide affordable housing to all by 2022. The PMAY scheme provides a subsidy of up to ₹2.67 lakhs on the interest rate of the home loan for eligible customers.

The eligibility criteria for availing the PMAY scheme are:

  • The customer should not own a pucca house in his/her name or in the name of any family member in any part of India.
  • The customer should belong to one of the following income groups:
    • Economically Weaker Section (EWS): Annual household income up to ₹3 lakhs
    • Low Income Group (LIG): Annual household income between ₹3 lakhs and ₹6 lakhs
    • Middle Income Group I (MIG I): Annual household income between ₹6 lakhs and ₹12 lakhs
    • Middle Income Group II (MIG II): Annual household income between ₹12 lakhs and ₹18 lakhs
  • The customer should apply for a home loan for a carpet area of up to:
    • 30 sq.m. for EWS category
    • 60 sq.m. for LIG category
    • 160 sq.m. for MIG I category
    • 200 sq.m. for MIG II category

The subsidy amount and the interest rate applicable for each income group are:

Income GroupSubsidy AmountInterest Rate
EWSUp to ₹2.67 lakhs6.5% p.a.
LIGUp to ₹2.67 lakhs6.5% p.a.
MIG IUp to ₹2.35 lakhs4% p.a.
MIG IIUp to ₹2.30 lakhs3% p.a.

The subsidy amount is calculated based on the loan amount, the tenure of the loan, and the interest rate of the loan. The subsidy amount is credited directly to the customer’s loan account, thereby reducing the principal amount and the EMI of the loan.

To apply for the PMAY scheme with Poonawalla Housing Finance, the customer needs to submit the following documents along with the home loan application:

  • Aadhaar card
  • PAN card
  • Income proof
  • Property documents
  • PMAY application form

Poonawalla Housing Finance will verify the documents and submit them to the National Housing Bank (NHB), which is the nodal agency for implementing the PMAY scheme. The NHB will approve or reject the subsidy claim based on the eligibility criteria and inform Poonawalla Housing Finance accordingly. Once the subsidy claim is approved, Poonawalla Housing Finance will credit the subsidy amount to the customer’s loan account and inform the customer about the same.

How to Apply for a Home Loan with Poonawalla Housing Finance

If you are interested in applying for a home loan with Poonawalla Housing Finance, you can follow these simple steps:

  • Visit their website and fill out a simple online application form. You can also download their app from the Google Play Store or the App Store and apply from your smartphone.
  • Upload or submit your documents online or visit any of their 170+ branches across 19 states in India and get in touch with their friendly and professional staff.
  • Get your loan approved within 24 hours of document verification.
  • Get your loan disbursed within 48 hours of loan approval.

Poonawalla Housing Finance is a part of Poonawalla Fincorp Limited, a diversified financial services company that offers various products and services, such as personal loans, business loans, vehicle loans, gold loans, insurance, mutual funds, and more. Poonawalla Fincorp Limited is backed by the Poonawalla Group, a reputed business conglomerate with interests in biotechnology, pharmaceuticals, hospitality, real estate, and education.

So what are you waiting for? Apply for a home loan with Poonawalla Housing Finance today and make your dream home a reality.

FAQs

Q: What are the eligibility criteria for applying for a home loan with Poonawalla Housing Finance?

A: The eligibility criteria vary depending on the type of home loan, the amount of loan, the tenure of loan, and the income source of the applicant. However, some of the common factors that are considered are:

  • Age: The applicant should be at least 21 years old at the time of application and not more than 65 years old at the time of loan maturity.
  • Income: The applicant should have a stable and regular income source that can support the repayment of the loan. The minimum income requirement depends on the location and type of property.
  • Credit score: The applicant should have a good credit history and score that reflects their creditworthiness and repayment capacity.
  • Property value: The property that is being financed should have a clear title and marketable value that can cover the loan amount.

Q: What are the documents required for applying for a home loan with Poonawalla Housing Finance?

A: The documents required vary depending on the type of home loan, the amount of loan, the tenure of loan, and the income source of the applicant. However, some of the common documents that are required are:

  • Identity proof: Aadhaar card, PAN card, passport, voter ID card, driving license, etc.
  • Address proof: Aadhaar card, passport, voter ID card, driving license, utility bills, rent agreement, etc.
  • Income proof: Salary slips, bank statements, income tax returns, Form 16, etc. (for salaried applicants); business registration certificate, GST returns, profit and loss statement, balance sheet, income tax returns, bank statements, etc. (for self-employed applicants).
  • Property documents: Sale deed, agreement to sell, allotment letter, builder-buyer agreement, NOC from builder/society, property tax receipt, valuation report, etc.

Q: How can I check the status of my home loan application with Poonawalla Housing Finance?

A: You can check the status of your home loan application by logging into your account on their website or app and clicking on the ‘Track Application’ option. You can also call their customer care number 1800-266-3204 (toll-free) or email them at customercare@poonawallahousing.com and provide your application reference number.

Q: How can I calculate the EMI for my home loan with Poonawalla Housing Finance?

A: You can calculate the EMI for your home loan by using their online EMI calculator4 on their website or app. You just need to enter the loan amount, the interest rate, and the loan tenure and click on the ‘Calculate’ button. The EMI calculator will show you the monthly EMI, the total interest payable, and the total amount payable for your home loan.

Q: How can I repay my home loan with Poonawalla Housing Finance?

A: You can repay your home loan with Poonawalla Housing Finance by choosing any of the following modes:

  • Electronic Clearing Service (ECS): You can authorize Poonawalla Housing Finance to debit the EMI amount from your bank account every month through ECS.
  • National Automated Clearing House (NACH): You can sign a NACH mandate that allows Poonawalla Housing Finance to debit the EMI amount from your bank account every month through NACH.
  • Post-dated Cheques (PDCs): You can submit post-dated cheques for the EMI amount in favour of Poonawalla Housing Finance for the entire loan tenure.
  • Online Payment: You can make online payments for your EMI amount through their website or app using your debit card, credit card, net banking, UPI, or wallet.

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