Sundaram Finance Limited established Sundaram Home Finance Limited with the aim of making housing loans accessible to both the formal and informal section of society. The company was incorporated in 1999, as a subsidiary of Sundaram Finance Limited.
A joint venture agreement was agreed upon in 2007 between BNP Paribas Personal Finance and Sundaram Finance Limited (SFL) in order to leverage the market potential. In 2007, after UCB attained a 49.9% stake in Sundaram Home Finance Limited, the Company was renamed as Sundaram BNP Paribas Home Finance Limited.
|Interest Rate||8.55% - 9.25%|
|Loan Tenure||1 Year to 20 Years|
|Processing fee||0.05%+GST PF (For salaried) (Not applicable for plot loans)+Tax (for Self employed)|
|Guarantor Required||No Guarantor Required|
Sundaram BNP Paribas Home Finance can be used for the following purposes:
Loan Amount:The maximum loan amount that an applicant can avail is given below (This amount is subject to the market value of the property according to the assessment done by the company):
For Home Loan:
Maximum Term of Loan:
Property Insurance Scheme:
A low cost property insurance scheme is offered by Sundaram BNP Paribas Home Finance Limited in association with Royal Sundaram Alliance Company Limited. This scheme makes sure that the property that is financed by the company is protected against various perils so that the customer can have peace of mind. The insurance scheme is effective for the entire period of the loan.
These are the perils that could damage your property and is covered by the company:
Along with the duly filled application form, applicant must submit the following:
Apart from these documents mentioned, SBNPPHFL may also ask for additional documents as found to be required while appraising the loan. For a detailed list of documents that’s required to be submitted please walk into any of the company’s branches.
Sundaram Home Finance interest rates start at 10.25%. It is a floating rate of interest that is calculated on the Monthly Reducing Balance method
To be eligible for a home loan from Sundaram Home Finance Home Loans, one must be an Indian national. The borrower can be either an employed individual or a self-employed individual. NRIs can also apply for a home loan. Sundaram BNP Paribas Home Finance considers the following factors while deciding if the customer is eligible for a home loan and how much he/ she is eligible for:
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Applying for a home loan from Sundaram BNP Paribas Home Finance is simple, quick and transparent. You can simply walk into any of the Sundaram BNP Paribas Home Finance branches to do so. You must have with you your latest income documents such as IT Returns, Salary slips, Bank Statements etc. so that you can find out how much loan amount you are eligible for. Along with the documents you must submit a duly filled application form.
Alternatively, you can call any of the branches and a representative will answer your questions and assist you in the process of acquiring a loan.
If you visit the website the Sundaram official website, you will find the application form. You must print out this form, fill it in and send it to any of the branches along with the necessary documents.
There are various types of Home Loans that offered at Sundaram BNP Paribas Home Finance. They fall in the categories of Housing Loan and Non-Housing Loans:
Non-Housing Loans (Only for Resident Indians)
The loans will only be offered if the property is duly approved by the competent authority.
Your eligibility for a home loan from Sundaram BNP Paribas Home Finance is dependent on factors such as monthly income, age, employment, monthly commitments, liabilities, qualifications, assets, savings background and history of repayment of other loans if any.
The type and quantum of loan will decide the interest rates applicable. In the case of Housing Loans, the interest rate begins at 8.70%. In the case of Non Housing Loans, the interest rate begins at 15.00% and goes up.
The calculation of interest rate is based on Monthly Reducing balance. The principal reduces each month from your EMI net of interest accumulated.
Floating (variable) rate of interest will be offered.
Co applicant(s) can also be co-owner(s) of the property in question. However this does not mean that all co applicant(s) must be co-owners. Co applicant(s) are usually, a spouse, parent, child etc.
These are the basic documents that you will be required to submit when you submit your application:
Self – employed:
These are only the basic documents required by the company. You will need to provide further documents if the company is not satisfied by these.
If you have decided upon the property that you want, you will need the following basic documents:
These are only the basic documents required by the company. You will need to provide further documents if the company is not satisfied by these in order to establish marketable title.
The registration of mortgage will depend on the laws of the state in which the loan is availed. For example, in Karnataka, in the case of both non housing and housing loans, MOTD has to be duly registered in the concerned SRO. In the states of Andhra Pradesh and Kerala, a Simple Mortgage Deed has to be registered in the concerned SRO for all non-housing loans. for both Housing and non-housing loans in Tamil Nadu, a Memorandum confirming Deposit of Title deeds (MOTD) has to registered in requisite stamp paper in the concerned Sub Registrar’s office (SRO).
The disbursement of the loan takes place once the following conditions are met:
The disbursement of loan will take place in full or in suitable instalments. This will depend on the requirement of funds and how construction is progressing (as assessed by the company).
Yes, you will have to take insurance for the property against natural hazards. The beneficiary of the insurance policy will be the lending institution.
Yes, it is possible for you to take a home loan in one city while you work in another city. Since the company has many branches across South India (and a few in the North), it is easy to coordinate your matters. The details of the branches can be found on the website.
Processing an application can take between 2 to 10 working days on an average. This includes processing of the application from sanction to disbursement. In this case all the required documents must be in order and the title to the property must be found to be clear and marketable. This must also include the proof that the borrower’s contribution has been utilized/ paid upfront.
Yes, it mandatory for customers to get property insurance cover. It is however, one time and low cost.
The premium that must be paid depends on RSAIL. Customers must check with the company’s customer relations officer to get the most recent rates.
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