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.
Documents required are as follows:
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.
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.
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.
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.
Yes. The home loan can be repaid either in part or in full before the due date specified. However, prepayment charges will be levied.
You can repay the home loan through Auto debit, direct debit, ECS (Electronic Clearing System), post-dated cheques or by deduction of salary.
Yes. You can avail the tax benefits as mentioned under the Income Tax Act, 1961.
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