|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)|
|Guarantor Required||No Guarantor Required|
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:
The loans will only be offered if the property is duly approved by the competent authority.
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:
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.
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.
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.
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.
Yes. The home loan can be repaid either in part or in full before the due date specified. However, prepayment charges will be levied.
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.
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.
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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