A loan against property cannot be considered the same as a home loan. The first type of loan is secured by owned property. Whereas the second type requires funds to purchase a newly built house or property. Piramal Housing Finance provides both house loans and LAPs.
If you need a huge amount of money, the property you own may prove to be your most valuable asset. You may utilize this valuable asset to get financial assistance and more effectively handle your financial affairs. Interest rates are much lower than those offered by other financial institutions in the industry. This allows consumers to receive a loan at an inexpensive EMI.
Piramal Loan Against Property: Key Highlights
Piramal Finance offers a loan against property with the following key advantages:
- Home loans are issued against residential as well as commercial properties.
- A home loan is additionally eligible to purchase a previously owned property.
- A house loan of up to 90% of the present-day market price of the property in question is available.
- The amount borrowed can fall between Rs. 10 lakh and Rs. 4 crore.
- The highest loan repayment term given is 15 years.
- Loans against property applications can be submitted either independently or jointly.
- Individuals can bring together earnings from their closest immediate relatives when making an application.
- Rates of interest begin at 9.75% annually.
- Individuals with no proof of income can apply for this loan.
Piramal Finance Loan Against Property Highlights 2024
| Criteria | Details |
| Location | 70 Km from Branch |
| CIBIL Score | 630+ |
| Applicant | Any Salaried or Self-Employed Person |
| Applicant Age | 25 Year – 60 Year (Salaried), 70 Year (Self-Employed) |
| Loan Amount & Tenure | ₹10 Lac to ₹4 Cr (5 years to 15 years) |
| Login Fees | ₹2359 |
| Rate of Interest & Type | 9.75%to 15% and SENP would be started at 11% & 12 to 15(T&C) |
| Processing Fees | Physical |
| Foreclosure Charges | 2% – 4% |
| Insurance | 1% – 4% |
| Minimum Business Vintage | 3 Years |
| Lock-In Period | 12 Months |
| Part Payment Allowed | Yes |
| Product | BT + Top Up, Fresh LAP, LRD |
| FOIR | 70% of Salary<br>If applicant receives Cash Salary, Max 50K considered |
| Accepted Collateral |
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| Funded Property | (i) Residential (ii) Commercial (iii) Industrial (iv) Plot (v) Hotel & Restaurant |
Eligibility to Apply for Piramal Finance Loan Against Property
- The candidate may be an employed or self-employed person.
- When applying for a loan, the applicant can present proof of income to any blood relative or immediate family member.
- The Income proof of siblings also can be presented if the property is co-owned by the siblings.
- Non-income proof Individuals can also apply for this loan.
- Individuals with rental earnings can apply for this loan.
- Individuals with a cash salary can apply for this loan.
Required Documents to Apply for Piramal Finance Loan Against Property
| Document Type | Salaried Individuals | Self-Employed Individuals |
| KYC of Applicant & Co-Applicant | Required | Required |
| Last 3 Month Salary Slip of Applicant | Required | Not applicable |
| Last 12 month’s Bank Statement of the Applicant & Co-Applicant | Required | Required |
| Last 3 year ITR with computation of income of Applicant & Co-Applicant | Required | Required |
| Last 2 Year Form 16 of Applicant | Required if available | Not applicable |
| 26AS of last 2 year of Applicant & Co-Applicant | Required | Required |
| Appointment letter of Applicant (if available) | Required if available | Not applicable |
| Agreement to Sale (if purchase case) | Required if applicable | Required if purchase case |
| Property Paper with complete chain of last 13 years | Required | Required |
| LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case | Required | Required |
| Sanction letter of all running loan | Required | Required |
| Latest utility Bill (owned residence) or rent agreement (if rented) | Required | Required |
| 2 Reference with contact details | Required | Required |
| Last 3 year ITR with computation of income of Applicant & Co-Applicant | Not applicable | Required |
| Last 3 year audited balance sheet of Applicant | Not applicable | Required |
| Last 3 year Tax audit report of Applicant | Not applicable | Required |
| Copy of GST registration | Not applicable | Required |
| Copy of MSME registration | Not applicable | Required |
| Copy of Last 12 month GST return | Not applicable | Required |
| Debt Sheet | Not applicable | Required |
| Latest utility Bill of Office (if owned) or rent agreement (if rented) | Not applicable | Required |
| Last 3 years Debtors & Creditors on letterhead | Not applicable | Required |
| List of Directors & Shareholders (if Company) or List of Partners (if Partnership firm/LLP) | Not applicable | Required |
How to Apply For a Piramal Finance Loan Against Property?
If you’re looking for a loan against your property, follow the instructions below:
- Open https://referloan.in/.
- Navigate to the “Loan” option.
- Click on the “Loan Against Property” option.
- Select Piramal Loan Against Property.
- If you’re an existing client, complete the form. New people must first register before submitting their application form.
- Enter your name, phone number and email ID for OTP authentication.
- Bring in your earnings and KYC information.
- Choose your loan size.
- Attach all relevant papers.
- Send your application form.
- Wait for a response from Refer Loan’s Team.
How to Reach Piramal Housing Finance?
If you have any question or doubt in your mind, you can contact Piramal Finance by calling them at 1800 266 6444 or send them an Email at customercare@piramal.com.
What are Foreclosure and Part Payment Charges?
Loan foreclosures require the complete return of the remaining balance on the loan in one go rather than across several EMIs. If you want to foreclose your loan, financial and banking organizations will ask for a small rate of interest on the entire principal sum.
When you have excess finances, you may also opt for partial prepayment options. In that manner, you can opt to pay off a certain amount of the remaining debt while lowering your monthly payments and loan duration.
Bottom Line
You may effortlessly apply for a Piramal loan against property through the simple digital application process. For setting up small-scale businesses, there is always a chance of using an LAP to address concerns, including cash flow, operating expenditures, goods in stock, and operational expenses. Applicants can raise funds to cover a variety of demands by using any sort of property, whether residential, industrial, or business-oriented.