Sundaram Home Finance Limited Plot Loan
Sundaram Home Finance Limited offers plot loans at attractive interest rates that's linked to SH-Prime Lending Rate (SH-PLR). With this facility, you can take a loan for 10 years (maximum). You can get a financing of up to 75% of the total cost of the land with this scheme. The home financing facility is available for both salaried and self-employed individuals.
The company offers home loans for building new homes, improvement of existing houses, extensions, home loan balance transfer, and many more, apart from plot loan. Here are more details about Sundaram Home Finance Limited Plot Loan.
Overview:
Putting your hard-earned money in real estate is a high yielding investment which will stay vibrant for years to come. If you've long term financial goals, buying a property is worth its salt.
With rapid economic growth and urbanization, it makes sense to buy a plot in an upcoming area of the suburb and wait for the massive monetary growth it can add to your portfolio. You may even buy a plot to build a structure on it later.
Whatever the purpose may be, buying a plot can be a daunting task, especially on the financial front. It makes sense to fund it by means of a loan which gives you freedom to own a land by way of repayment of the borrowed amount in installments. Sundaram Home Finance Limited offers you loan for the purchase of plots at attractive rates and pleasing benefits. Sold exclusively as Land Loans by Sundaram Home Finance Limited, this product is available for purchasing land across India.
Features of Sundaram Home Finance Limited Land Loan
The following are some of the significant features of Sundaram Home Finance Limited land loan:
High cap on loan amount:
The applicant can avail themselves up to 75% of the land cost as a loan under this scheme. NRIs can look forward to a loan amount of up to 1 crore. With such high quantum on the offer, your dream of owning a plot only gets closer.
Maximum loan repayment term:
Sundaram Home Finance Limited offers a maximum term of 10 years to repay the amount borrowed for the salaried class and NRIs. For self-employed borrowers, the term offered is the same, up to the age of 65 years.
No external security required:
The plot purchased itself acts as a collateral until full repayment of the loan. Sundaram Home Finance Limited does not require a guarantor or other financial instruments to secure the loan amount, making it an easy to avail of a loan without any hassles.
Minimal processing fee:
The processing fee component is fixed at 1% of the loan amount with no other hidden charges in this area. All other fees involved are communicated upfront, making it a transparent deal.
Features in a Nutshell
Quantum of loan amount | Upto 75% of the land cost, subjection to valuation of the property |
Repayment term |
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Eligibility Criteria
The following are the eligibility criteria to avail home loan from Sundaram House Finance Limited:
- Age limit for the applicants ranges between 18 years to 65 years
- Applicants must be Indian residents
- Applicants can be both salaried and self-employed individuals
- Co-applicant can be added to maximise the loan amount and co- applicant can be the co-owner of the property, such as spouse or any other close family member
Documents Required for Sundaram Home Finance Limited Land Loan
Salaried |
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Self Employed |
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Property documents |
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What Are the Different Types of Loans Offered by Sundaram Housing Finance Ltd
The following are the different types of loans offered by Sundaram Housing Finance Limited:
- Home loan: Most popular and useful loan product that can be availed for purchasing new or old house, under-construction residential houses, and even residential property.
- Plot loan: These loans are provided to the borrowers who wish to purchase residential plots in their name.
- Home Extension Loans: Theses loans are provided in case the customers want to construct an additional floor or bedroom.
- Home Improvement Loans: These loans are provided for repair or renovation of an existing house.
- Loan Against Property: Loan against property is a great investment and enables customers to access funds during times of emergency. Sundaram Housing Finance Limited offers Loan Against Mortgage of Property (LAMP) that facilitates best value for their property, speedy approval, and funds in hand at the earliest.
- Take Over Loans – Home Loan Balance Transfer: Sundaram Home Finance offer home loan balance transfer at an affordable interest rate. Borrowers who have existing loan and have been paying loan amount on time for 12 months or more are eligible for balance transfer facility of Sundaram Home Finance. Properties under construction are also covered under this facility.
- Top-up Loans: These loans are available for any of your personal needs, such as marriage, education, medical treatment, vacation, etc., and can be availed on your existing home loan.
Loan Type | Loan Amount | Interest Rate | Repayment Tenure |
Home loan | Rs.4 crore | 8.65% | Up to 25 years |
Plot loan | Rs.20 lakh | 8.65% | Up to 25 years |
Home Extension Loans | Rs.4 crore | 8.65% | Up to 25 years |
Home Improvement Loans | Rs.4 crore | 8.65% | Up to 25 years |
Loan Against Property | Loan amount for new customer: 50%Loan amount for existing customer: 60% | - | Up to 15 years |
Take Over Loans – Home Loan Balance Transfer | - | - | - |
Top-up Loans | Based on your existing home loan and home equity | 8.65% | Up to 25 years |
Fees and Charges for Sundaram Home Loan
The following is the list of processing fees and other charges related to Sundaram Housing Finance Limited:
- Processing charges: Up to 0.75% of the loan amount with applicable GST
Note: depending on the loan type and borrower profile, the GST would range from Rs.5,000 to Rs.10,000.
- Foreclosure charges: No charges for individuals, while 2.00% for home loans availed at floating interest rates for non-individuals
- CERSAI fee: Rs.100 along with applicable GST for each property
- Cheque dishonour charges: Rs.500 plus GST per instrument
- Documentation charges:
The following is the documentation charges applicable as per different states:
- Kerala: Rs.800 plus GST
- Rajasthan: Rs.700 plus GST
- Maharashtra and Gujarat: Rs.600 plus GST
- Other states: Rs.450 plus GST
- Charges on account of delayed payments or defaults:
The following are some of the charges applicable on account for defaults or delayed payments:
- To cover costs for recovery of dues from defaulting customers, incidental charges are levied
- Additional interest of up to 24% per annum
- Expenses as per actuals
- Document handling charges (If external agency is involved in registration):
Here is the list of document handling charges of various states:
- Tamil Nadu: Rs.1,200 plus GST
- Andhra Pradesh and Telangana: Rs.1,500 plus GST
- Karnataka: Rs.1,550 plus GST
- Madhya Pradesh, West Bengal, Rajasthan, Odisha, Maharashtra, and Gujarat: Rs.2,500 plus GST
- Stamp duty and other charges: Charges as per actuals which vary from one state to another
FAQs on Sundaram Home Finance Limited Plot loan for Land purchase
- What are the repayment options with Sundaram Housing Finance Ltd.?
The repayment options available with Sundaram Housing Finance Limited are ECS (Electronic Clearing Service) or NACH (National Automated Clearing House) mandate.
- What is the maximum home loan I can get from Sundaram Home Finance?
Based on the purchase value and your eligibility, you can get a home loan from Sundaram House Finance for up to a loan amount of Rs.4 crore.
- Can I get a loan to renovate my current home?
Yes, you can get a home loan for renovation and extension of your current housing property.
- How can I apply for a loan with Sundaram Home Finance?
You can apply for a home loan with Sundaram House Finance by either visiting any of the branches out of 120+ branches or contacting their customer support.
- Is there a guarantor required to avail a land loan from Sundaram Home Finance Limited?
The plot itself acts as a collateral and therefore, they do not require an external security such as a guarantor or security in any other form.
- I am an NRI looking forward to buying a land in India. Am I eligible for a loan from this company?
Yes, you can be eligible to apply for and avail a loan under the Land Loan scheme from Sundaram Home Finance Limited.
- Are there any conditions for the loan disbursal?
The approved loan amount is disbursed after payment of your contribution in full. Other conditions such as completion of legal formalities and technical appraisal of the project should also be completed.
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