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  • Sundaram Home Finance Limited

    Sundaram Home Finance Ltd. offers eligible customers home loans with attractive interest rates that start at 8.60% p.a. It is a floating interest rate. You can avail home loans for up to 85% of the property cost for a maximum repayment tenure of 20 years. 
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    We found 1 Sundaram Home Finance Limited Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    8.55% - 9.25% Floating
    0.5% + GST
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know

    Sundaram Home Finance Limited Home Loan Details

    Interest Rate Salaried: 8.60 % onwards,
    Self-employed - Individual: 9.50% onwards
    Loan Tenure 1 Year to 20 Years
    Processing fee 0.05%+GST PF (For salaried) (Not applicable for plot loans)+Tax (for Self employed)
    Pre-closure Charges Nil
    Guarantor Required No Guarantor Required

    Different Types of Home Loans Available at Sundaram Home Finance Limited:

    There are various types of Home Loans that offered at Sundaram Home Finance Limited. They fall in the categories of Housing Loan and Non-Housing Loans: 

    Housing Loans:
    • Loan for purchasing of a residential plot 
    • Home loans to construct a dwelling unit 
    • Home loans for purchase of House or flat (either new or resale) 
    • Home Extension loans which can be used to construct an additional room or floor in an existing house. 
    • Home Improvement loans which can be used for renovation purposes. 
    • Takeover loans are the loan taken out to pay off an existing loan with another financial institution. This loan is then transferred to Sundaram Home Finance Limited. 
    Non-Housing Loans (Only for Resident Indians)
    • Non-Residential Property Loan (NRPRO loans) - to purchase an office or business space 
    • Loan against Mortgage of Property (LAMP) 

    The loans will only be offered if the property is duly approved by the competent authority. 

    Sundaram Home Finance Limited Home Loan Eligibility:

    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 Home Finance Limited considers the following factors while deciding if the customer is eligible for a home loan and how much he/ she is eligible for:

    • Age
    • Monthly income
    • Monthly commitments
    • Qualifications
    • Employment
    • Savings background
    • Assets
    • Liabilities
    • Repayment history of other loans if any.

    Documents required for Sundaram Home Finance Limited: 

    For 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). 
    For 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) 

    Features of Sundaram Home Finance Limited:

    Salaried individuals can avail a home loan from Sundaram Home Finance Limited 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 Home Finance Limited. The maximum loan tenure applicable is 15 years or until the borrower is of retirement age, whichever comes first. 

    How to Apply for Sundaram Home Finance Limited Home Loan?

    Applying for a home loan from Sundaram Home Finance Limited is simple, quick and transparent. You can simply walk into any of the Sundaram Home Finance Limited 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.

    Bankbazaar assembles a large number of products and options of home loans in one place so that it is easy to choose the home loan that’s right for you and also get approval directly. Using Bankbazaar to apply for a home loan is a simple task as you can compare the pros and cons in one go, and make sure that the features are in line with your specifications. When you apply for a Sundaram Home Finance Limited Home Loan through Bankbazaar, you can use the EMI calculator to check your loan eligibility, find how much you will be spending as EMI and further decide upon the loan amount and tenure. That means planning your budget is made easier than ever. What’s more, you can look out for special discounts and customized deal options you can avail thanks to BankBazaar’s association with various banks.

    Sundaram Home Finance Limited FAQ

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

      The maximum loan amount that can be availed is 85% for loans up to 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 must be met in order to avail the home loan?

      Security that must 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. What is my eligibility for a home loan dependent on?

      Your eligibility for a home loan from Sundaram Home Finance Limited 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.

    5. What is the applicable rate of interest for a home loan from Sundaram Home Finance Limited?

      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.

    6. How is the calculation for interest rate on my loan done?

      The calculation of interest rate is based on Monthly Reducing balance. The principal reduces each month from your EMI net of interest accumulated. 

    7. What type of interest will be offered for my home loan?

      Floating (variable) rate of interest will be offered. 

    8. Who can be a co applicant for a home loan?

      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. 

    9. When will disbursement of the loan take place?

      The disbursement of the loan takes place once the following conditions are met:

      • All the required documents which establish clear and marketable title are submitted to the company 
      • Loan agreements executed 
      • It is evident that there has been enough progress in construction that is proportionate to the own contribution. 
      • Any conditions, if applicable, are complied with. 
    10. The disbursement of loan will take place in how many instalments?

      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). 

    11. Is it compulsory for the property to be insured?

      Yes, you will have to take insurance for the property against natural hazards. The beneficiary of the insurance policy will be the lending institution. 

    12. I am working in a different city from the city I would like to take the loan from. Is this possible?

      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. 

    13. On an average, how much time does sanction the loan take?

      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. 

    14. Is it mandatory for me to get property insurance cover?

      Yes, it mandatory for customers to get property insurance cover. It is however, one time and low cost. 

    15. What is the premium payable for property insurance cover?

      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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