A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Sundaram Finance Group Home Loan is Rated as "Great!" by 47 Users

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    Home Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 47 users

    Sundaram Finance Group Home Loan

    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.

    Sundaram Home Finance FAQ

    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 thehome 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

    Sundaram Finance Group Home Loan Reviews

    • review Home Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      My home loan is with SUNDARAM FINANCE which was taken 1.5 years back. I have taken 30.5 lakhs and the promised interest rate was9.5% before and now its 8.5% . The EMI period was 20 years . They have provided door step service for collecting documents and the processing fee is also less. The pre closure after 1 year. The customer service and responses was satisfactory .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 31, 2017
    • review Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for the home loan from Sundaram Finance, my loan application was approved and the requested amount was disbursed. I had taken loan for Rs 25 lakhs with the rate of interest of 8.4% which is less when compared to all other sources. The process was very smooth and easy, the customer service was good and they were helpful.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 31, 2017
    • review Home Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan with the Sundaram finance limited and the interest rate is around 10.25%, also the loan amount got disbursed within four to five days of time from the date, when I have applied. I am really happy with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 24, 2017
    • review Home Loan
      "average service"
      0.5 3.0/5 "Satisfactory"
      Service is good from SUNDARAM FINANCE for my home loan service but the rate of interest was little high . Even the documentation part was fine with SUNDARAM ,so overall service is average from SUNDARM FINANCE. No issue till now from SUNDARM finance .
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 05, 2017
    • review Home Loan
      "Interest rate should be reduced as per other market"
      0.5 5.0/5 "Blown Away!"
      Sundaram Finance service is good, though their interest rate is high. But whenever that I request them to reduce the interest rate, they will consider and give the best. Now my housing loan got closed, I paid the entire amount and got the NOC from them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 05, 2017
    • review Home Loan
      "Fast process & high on ROI"
      0.5 5.0/5 "Blown Away!"
      I got the approval for the home loan in just a day from Sundaram finance. It was a super fast process and the disbursement was much before the date I expected. The rate of interest was around 8.7% which is a bit high, and the processing charges was high too also the service rendered by them is excellent.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 16, 2017
    • review Home Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      Actually I was in a need of 9 lakhs because the car value is 10.4 lakhs, but Sundaram finance was ready to provide 8 lakhs based on their criteria. Hence I cancelled my loan application with them. Otherwise their services are really good and supportive.
      Was this review helpful? 0
      , tumkur
      Reviewed on Jun 03, 2017
    • review Home Loan
      "Not Responsive"
      0.5 1.0/5 "Really Bad"
      Long time back ago, I applied for the housing loan with State bank of India but they provide no response towards my loan application. I am a long term customer of SBI but I did not receive proper response from them. Their executive called me once and said they will visit my premises and collect the documents, but they failed to collect it. Hence I closed my application.
      Was this review helpful? 0
      , vellore
      Reviewed on May 08, 2017
    • review Home Loan
      "Expecting low rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have not taken the car loan with the Sundaram finance limited because I have postponed the plan for a while. Response was good with them and I have not experienced much with them like it was only five minutes of meeting. I was offered around 9.25% as the interest rate and I would like to get much cheaper than this.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 08, 2017
    • review Home Loan
      "Very speedy process"
      0.5 4.0/5 "Great!"
      As a matter of fact, Sundaram Fiancne offered a good rate of interest and processing fee was very reasonable. I was offered a loan amount of 5 lakhs for renovation. This was offered within 3 months. No downside as such. Another interesting feature about this Sundram Finance was they were able to offer the loan at rural areas too.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2016
    • review Home Loan
      "Higher interest rate"
      0.5 4.0/5 "Great!"
      Sundaram Finance tends to provide a good rate for the new customer also they should retain their exsisting customers by offering a better rate for their old customers too. Rate of interest for home loan is very high with sundram finance. I took the loan before eight years and they have not at reduced it but they are offering a good interest rate to the new customers. They are very good in processing the loan like the amount gets disbursed within one week.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 14, 2016
    • review Home Loan
      "Excellent !!!!"
      0.5 5.0/5 "Blown Away!"
      Sundram finance process was very fast, when it comes home loan but the interest rate is high which is 10.5% . So I transferred the loan to other company. Maximum time they took to disburse the amount was just 15 days. Property verification was completed in 2 days.
      Was this review helpful? 0
      , panipat
      Reviewed on Apr 06, 2016
    • review Home Loan
      "Proper intimation..."
      0.5 4.0/5 "Great!"
      My Home loan was taken from Sundaram Finance. Advantage is, they will give all the information and also provide letter also well in advance. I would say compare to other banks intimation part is best in this finance. Communication part also best.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 04, 2016
    • review Home Loan
      "Quick approval!"
      0.5 4.0/5 "Great!"
      Sundaram Finance provided me the list of required documents for the loan application. The home loan was approved within 1 hour of documentation. They are ready to disburse the loan amount immediately, but I took the loan from them after 5 months of approval!
      Was this review helpful? 1
      , secunderabad
      Reviewed on Dec 10, 2015
    • review Home Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My housing loan with the Sundaram Finance is super for me. I got the loan within week of time and the rate of interest was around 11%. Customer service is very good with them because I faced an issue with my housing infrastructure and I informed them to get me money from the insurance company, then they did every process and they sanctioned around 50000 Rupees without any hassle.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Nov 11, 2015
    • review Home Loan
      "High rates"
      0.5 4.0/5 "Great!"
      I am happy with the service provided by Sundaram finance based on the home loan application.Its a easy way to get the loan.They have processed the loan within 15days of time and the interest rate applied for the loan was around 10.75% in this home loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 02, 2015
    • review Home Loan
      "Not happy with service "
      0.5 1.0/5 "Really Bad"
      I have taken this mortgage loan with Sundaram finance for purchase of flat and I have clearly mentioned about the ECS date.They have keep on postponing the EMI date for the loan and come to my home for collecting charges applied for late payment which is not good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 29, 2015
    • review Home Loan
      "Took more money "
      0.5 2.0/5 "Expected more"
      From SUNDARAM FINANCE I have taken my Home loan. They took 1 lakh additional for the loan amount as an pre closing charge. For the first year I just paid the interest rate, where in the second year they told me to pay the complete loan amount which I taken from them. When I was taking this loan not aware about this information.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 20, 2015
    • review Home Loan
      "Slow process "
      0.5 1.0/5 "Really Bad"
      I had a very difficult time with Sundaram finance based on the Home loan.They have delayed the loan process. The form documents received was not correctly done so they asked to resubmit the same.They have taken around 3monhts to process the loan application.The interest rate offered was around10.5% with charges around40000Rs for the loan.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 14, 2015
    • review Home Loan
      "Good finance company "
      0.5 5.0/5 "Blown Away!"
      Taken my Home Loan from SUNDARAM FINANCE which I already completed now. One of my friend has recommended me about this finance company and they have offered me 11.90% rate of interest. They are providing best services to the customers. I made a pre closing on this loan within three years and there were no charges for it.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 05, 2015
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