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    Sundaram Finance Group Home Loan Reviews

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    Home Loans from Sundaram Finance Group:

    Sundaram Home Finance Limited was a subsidiary of Sundaram Finance Limited, and was established in 1999. In order to strengthen its market potential in home financing, Sundaram Finance Limited (SFL) entered into a joint venture with BNP Paribas Personal Finance in 2007. Subsequently, BNP Paribas acquired a 49.9% stake in Sundaram Home Finance Limited and this led to the renaming of the Company to “Sundaram Finance Group”.

    Sundaram Home Finance Ltd. provides customers housing loans for construction of house on pre-owned land, purchase of an apartment or house from a certified builder and/or for purchase of a pre-existing freehold property, apartment, house or bungalow.

    Sundaram Finance Group - Home Loan Documentation:

    Documents required are as follows:

    Salaried:

    • Salary slip of the last 3 months.
    • Form 16 or Latest Income –Tax Return.
    • Last six months’ bank statement.
    • Age proof, identity proof and proof of residence (Address Proof).

    Self-employed:

    • Last 3 years’ Profi­t & Loss Account and Balance Sheet of the Company and Individual.
    • Last 3 years’ Income-Tax Returns of the Company and Individual OR a copy of the tax-paid challan.
    • Last six months’ bank statement of the company and Individual.
    • Proof of Business continuity and business profi­le.
    • Age proof, identity proof and proof of residence (Address Proof)

    Sundaram Home Finance - Loan amount:

    • Home loans upto Rs. 20 Lakhs: The loan amount offered is 85% of the property cost. This is determined by factors such as valuation of the property and repayment capacity as assessed by the company.
    • Home loans above Rs. 20 Lakhs and upto Rs. 75 Lakhs: The loan amount offered is 80% of property cost. The factors affecting the final call on the loan quantum are: repayment capacity of the applicant as well as valuation of the property cost by Sundaram Finance Group.
    • Home loans above Rs. 75 Lakhs: The loan amount offered is 75% of the property cost. The conditions affecting the loan quantum are property valuation by the company as well as assessment of repayment capacity.

    Features of Sundaram Housing Finance:

    • Salaried individuals can avail a home loan from Sundaram Finance for a maximum tenure of at least twenty years or until the borrower is of retirement age, whichever is earlier.
    • Self Employed individuals are eligible to avail a loan for a period of up to 15 years or until the borrower is 65 years, whichever is earlier
    • NRI’s can also avail a home loan from Sundaram Finance. The maximum loan tenure applicable is 15 years or until the borrower is of retirement age, whichever comes first.

    Housing Loan Interest Rates offered by Sundaram Finance Group:

    Interest rate on home loans offered by Sundaram Home Finance is dependent on the SH-Prime Lending Rate. As of now, SH-Prime Lending Rate (SH-PLR) to 15.40% per annum. For the latest updates on interest rates applicable, kindly contact any branch of Sundaram Finance Group.

    Sundaram Finance Home Loan EMI Calculator:

    In order to assess the affordability of your home financing needs and to better manage your finances, you have to use online home loan EMI calculator before applying for a home loan. Using an EMI calculator to judge your expenses that will be incurred will assist you in choosing a house that fits your budget. In order to use the home loan EMI calculator, you will have to enter details such as the desired loan amount, interest rate, loan tenure and other charges if applicable. By clicking on the “calculate” tab, you will be redirected to the page with all the details of amortization, including your monthly EMI. You can use the home loan calculator multiple times and alter the inputs till you arrive at a result that is feasible for you. The BankBazaar home loan EMI calculator can be used to get a detailed and accurate report on your amortization schedule.

    FAQs:

    1. What is the maximum loan amount that will be provided?

      The maximum loan amount that can be availed is 85% for loans upto 20 Lakhs, 80% for loans between 20 Lakhs and 75 Lakhs and 75% for loans above 75 Lakhs.

    2. What are the security requirements that have to be met in order to avail the home loan?

      Security that has to be placed in order to avail the home loan is mortgaging the property and/or putting up any other additional security as may be instructed by the Company.

    3. Is prepayment of the home loan allowed?

      Yes. The home loan can be repaid either in part or in full before the due date specified. However, prepayment charges will be levied.

    4. How can I repay my home loan with Sundaram Finance Group ?

      You can repay the home loan through Auto debit, direct debit, ECS (Electronic Clearing System), post-dated cheques or by deduction of salary.

    5. Are there any Income tax benefits of availing home loan from Sundaram Finance Group ?

      Yes. You can avail the tax benefits as mentioned under the Income Tax Act, 1961.

    News About Sundaram Finance Home Loan

    • Sundaram BNP forgoes outstanding interest on house loans in Chennai

      Sundaram BNP Paribas Housing Finance, a subsidiary of the city-based Non Banking Finance Company Sundaram Finance has decided to exempt the penalty fee charged for paying the EMIs late in the event of natural calamities that stuck Chennai in the past week. This is applicable only for November and December though. Many insurance providers like Indiabulls, HDFC among others have taken a benevolent stand in this. The heavy rain and flood have disrupted the normal life of people to such an extent that bank dues will be the least of their concerns when homeless and struggling to get back to life. The company has also waived off the processing fees for every housing loan applied by their customers for renovation during the months of November and December. All the assured benefits would be offered to the affected customers residing outside Chennai as well.

      7th December 2015

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