Piramal Housing Finance Home Loan Eligibility calculator
Different people have individual needs from a home loan, and Piramal Capital and Housing Finance offers various home loans that cater to different borrowers. PCHF offers home loans at affordable interest rates to eligible applicants even with low CIBIL scores of around 650. The eligibility for having a Piramal Home Loan approved is based on certain factors such as – age, salary, employment type, property value, CIBIL score, repayment capacity, etc. Piramal Capital and Housing Finance calculates your eligibility by formulating your net income, repayment capacity, and property value against which the loan will be taken. To increase the eligibility for getting a Piramal home loan, you can either club the income of your close family members or apply for an extended tenure for your home loan.
What is a home loan eligibility criterion?
Before issuing a home loan, a bank has mandatory checks that it must perform in order to ensure that it will be able to recoup the money it lends out. Banks only lend to individuals who have proven their ability to repay in the past – and have enough legitimate income sources to be able to repay the EMI as calculated at the time of borrowing. The bank takes a highly calculated risk whole choosing to lend money – so it lends to the people with the highest capability to repay. By analyzing certain aspects of a person’s life, the bank determines whether the individual will eventually be able to fulfill their repayment obligations. The basic eligibility criteria are explained below:
Piramal home loans eligibility criteria
All banks have more or less the same eligibility criteria, broadly speaking, but all banks follow different processes and assign different values to certain eligibility criterions. For example, Bank “A” may consider CIBIL Score to be a greater indicator of repayment ability than “income level” or “age”, but Bank “B” may not think too much of the CIBIL Score as long as the applicant’s income is high enough.
These are the factors that determine an applicant’s overall eligibility for a home loan from Piramal housing:
- Age: Your age is an important factor that has a bearing on the total tenure and home loan amount that you can have approved. Home loans can be decades-long so, a lender needs to calculate how soon you can repay the loan before your retirement. If you are an early applicant, you have a greater chance to repay the home loan over the course of your professional career, and thus have a greater chance of having your home loan approved.
- CIBIL score: Your CIBIL score is among the most important factors that most banks check while considering a home loan application. Typically, applicants need to maintain a “healthy” CIBIL score of above 750, but Piramal Housing and Capital Finance considers applications from borrowers with CIBIL scores as low as 650 (if the applicant meets other requirements).
- Existing Debts: If the applicant has multiple active debts and loans, it can be a problem. Unpaid dues are a concern for a lender to give a new loan, as it reduces the applicant’s ability to repay – as the applicant has lesser funds available. Lenders typically follow past repayment patterns like – timely payment of EMIs, Not missing due-dates, etc. Maintaining a disciplined repayment pattern can affect your eligibility when applying for a new loan.
- Income: An applicant’s income is one the primary factors that determines home loan eligibility. Every lender has an income parameter based on the applicant’s city of residence, reputation of the employer, and duration of employment.
- Employment Status: An applicant’s employment status plays an important role in having a home loan approved. Being a salaried applicant working in a reputed company makes one more reliable from the lender’s point of view. Similarly, salaried applicants are expected to maintain a stable business income history to ease the home loan process.
- FOIR: Fixed Obligation to Income Ratio (FOIR) is one of the parameters used by Piramal Capital and Housing Finance to determine home loan eligibility. An applicant must a minimum FOIR of 0.65 to be eligible for a Piramal Home Loan.
Eligibility for Piramal Capital and Housing Finance Home Loan for Women
Piramal Capital and Housing Finance maintains similar eligibility criteria for women borrowers with an interest rate starting from 6.95%*. For a joint home loan, it is mandatory to have a female co-applicant with a good credit history.
How to increase your eligibility for a Piramal home loan?
The eligibility criteria of Piramal Capital and Housing Finance depends on certain factors like – age, income, employment status, credit score, the market value of the property, and your repayment capacity. You can increase your eligibility by:
- Maintaining a CIBIL score of 720 and above
- Establish and maintain a stable monthly income for at least 6 consecutive months
- Proper repayment of the existing debts and keeping a clean credit history
- For being eligible to get a higher loan amount, you can club the income of your co-applicant or by applying for a longer repayment tenure
Listed below are the various home loan products and the eligibility criteria associated with each of them for salaried and self-employed applicants:
Eligibility criteria for individual Piramal home loan products:
- Piramal Super Home Loan: An individual can take a Piramal Super Home Loan for either purchasing or constructing a home with up to 15% lower EMIs for the first 5 years of the loan tenure. Piramal super home loan offers up to 90% of the market value of the property, including the cost of the land, depending on the regulations and repayment capacity of the borrower.
Eligibility criteria for Piramal Super Home Loan:
If you are planning to take a Piramal Super Home Loan whether as a salaried employee or a self-employed professional/entrepreneur, you must fulfil the eligibility criteria mentioned below:
Eligibility Criteria for salaried applicants for Piramal Super Home Loan:
| Eligibility | Requirements |
| Age | • Minimum age for application: 21 years • Maximum age for application: • 70 years (If the individual signing as the income contributor is a government employee. Also, if the pension is considered) • 64 years (if the applicant is not a government employee) |
| Employment Type | The applicant should work in a: • Government institution • Private sector companies – Limited company or Private Limited company • Public Sector Undertaking • Partnership Firms or LLP • MNC • Institutions run by Trusts/NGO/Society/others • Proprietorship concerns (individual/HUF) |
| Credit Score | The applicant must have a credit score of at least 650 to be eligible for a Piramal Super Home Loan. |
| Residential status/Citizenship status | An applicant must be: • A Resident Indian Citizen • Non – Resident Indian (NRI) |
| Co-applicants | It is mandatory in most cases to have a co-applicant when applying for a Piramal Home Loan |
Eligibility Criteria for self-employed applicants for Piramal Super Home Loan:
| Eligibility | Requirements |
| Age | • Minimum age for application: 21 years • Maximum age for application: 70 years |
| Employment Type | Self-employed professionals: • Licensed medical practitioners (MBBS/MD/MS) • Chartered Accountants • Licensed Architects |
| Credit Score | The applicant must have a credit score of at least 650 to be eligible for a Piramal Super Home Loan. |
| Residential status/Citizenship status | An applicant must be: • A Resident Indian Citizen • Non – Resident Indian (NRI) |
| Co-applicants | • It is mandatory in most cases to have a co-applicant when applying for a Piramal Home Loan • Co applicant can be a spouse/parent/sibling/child (if they are the co-owner of the property) |
Eligibility criteria for Piramal Advantage home loan
Listed below are the eligibility criteria for salaried and self-employed applicants to get a Piramal Advantage Home Loan.
Eligibility criteria for salaried applicant for Piramal Advantage home loan
| Eligibility | Requirements |
| Age | • Minimum age for application: 21 years • Maximum age for application: 70 years (If the applicant is a government employee. Also, if the pension is considered) and 62 years (if the applicant is not a government employee). |
| Employment type | Applicant should work in a – • Government institution • Public sector undertaking • Private sector companies – Limited companies or Private Limited companies • MNC • Partnership firm or LLP • Institutions run by Trust/Society/NGO/Others • Proprietorship concern (Individual/HUF) |
| Credit score (CIBIL) | An applicant must have a credit score of 650 and above to avail Piramal Advantage home loan |
| Residential status/Citizenship status | An applicant must be – • A Resident Indian Citizen • Non-Resident Indian (NRI) |
| Co-applicants | If you are applying for Piramal Advantage home loan, it is mandatory to have a co-applicant. Additionally, in some cases, it is mandatory to have a woman co-applicant. Co-applicant can be your spouse/children/parents/siblings (if they are the co-owner of the property) |
Eligibility criteria for self-employed applicants for Piramal Advantage home loan
| Eligibility | Requirements |
| Age | Minimum age for application: 23 years Maximum age for application: 70 years |
| Employment type | • Licensed medical doctor (MS/MBBS/MD) • Business Owners • Business partners registered in partnership firms • Licensed Chartered Accountant • Licensed Architect • Proprietorship • Members of the Board of Directors, Chief officers, and promoters of companies listed on the public exchange as well as privately held companies. |
| Credit score (CIBIL) | An applicant must have a credit score of 650 and above to be eligible for taking Piramal Advantage Home Loan |
| Residential status/Citizenship status | An applicant must be – • A Resident Indian citizen • Non-resident Indian (NRI) |
| Co-applicants | If you are applying for Piramal Advantage Home loan, it is mandatory to have a co-applicant. Additionally, in some cases, it is mandatory to have a woman co-applicant. Co-applicant can be your spouse/parents/children/siblings (if they are the co-owner of the property) |
Piramal Bridge Home Loan
Piramal Bridge home loan is taken by an individual to purchase a new home or resale home for a higher loan amount ranging from Rs.20 lakh to Rs.10 crore by clubbing the income of the co-applicants.
Eligibility Criteria for Piramal Bridge Home Loan:
If you are planning to take a Piramal Bridge Home Loan, you must fulfill the following criteria listed below:
Eligibility criteria for salaried applicant for Piramal Bridge Home Loan
| Eligibility | Requirements |
| Age | • Minimum age for application: 21 years • Maximum age for application: 70 years 70 years (If the individual signing as the income contributor is a government employee. Also, if the pension is considered) 64 years (if the applicant is not a government employee) |
| Employment Type | • Government institution • Private sector companies – Limited companies or Private limited companies • Public sector undertaking • Partnership firm or LLP • MNC • Trusts/non-governmental organizations/societies, etc. • Proprietorship concern (Individual/HUF) |
| Credit Score (CIBIL) | An applicant must have a credit score of 650 and above to avail Piramal Bridge Home Loan |
| Residential status/Citizenship status | An applicant must be – • A Resident Indian Citizen • Non-residential Indian (NRI) |
| Co-applicants | If you are applying for a Piramal home loan, it is mandatory to have a co-applicant. Additionally, in some cases, it is mandatory to have a female co-applicant. Co-applicant can be your spouse/parents/children/siblings (if they are the co-owners of the property) |
Eligibility criteria for self-employed applicant for Piramal Bridge Home Loan
| Eligibility | Requirements |
| Age | • Minimum age for application: 23 years • Maximum age for application: 70 years 70 years (If the individual signing as the income contributor is a government employee. Also, if the pension is considered) 64 years (if the applicant is not a government employee) |
| Employment Type | Self-employed professionals: • Licensed medical doctor (MD/MBBS/MS) • Licensed Chartered Accountant • Licensed Architects • Registered Business owners • Business partners as mentioned in the MoA of a partnership firm • Members of the Board of Directors, Chief Officers, and promoters of companies listed on the public exchange as well as privately held companies. |
| Credit score (CIBIL) | An applicant must have a credit score of 650 and above to take a Piramal Bridge home loan |
| Residential status/Citizenship status | An applicant must be – • A Resident Indian citizen • Non-Resident Indian (NRI) |
| Co-applicants | It is mandatory to have co-applicant for Piramal home loan. Additionally, in some cases, it is mandatory to have a woman co-applicant. Co-applicant can be your spouse/parents/children/siblings (if they are the co-owner of the property) |
Piramal housing finance self-construction loan
Piramal housing finance self-construction loan is either taken individually or jointly to construct – an independent house, bungalow, row house, etc. with an extended tenure of up to 30 years.
Eligibility criteria for Piramal housing finance self-construction loan:
Listed below are the eligibility criteria for salaried and self-employed applicants to get a Piramal Housing Finance self-construction loan
Eligibility criteria for Piramal housing finance self-construction loan
| Eligibility | Requirements |
| Age | • Minimum age for application: 21 years • Maximum age for application: 70 years 70 years (If the individual signing as the income contributor is a government employee. Also, if the pension is considered) 64 years (if the applicant is not a government employee) |
| Employment type | The applicant should work in a: • Government institution • Private sector companies – Limited companies or private limited companies • Public sector undertaking • Partnership firm or LLP • MNC • Trusts/non-governmental organizations/societies, etc. • Proprietorship concern (individual/HUF) |
| Credit score (CIBIL) | An applicant must have a credit score of 650 and above to avail a Piramal housing finance self-construction loan |
| Residential status/citizenship status | An applicant must be – • A Resident Indian citizen • Non-Resident Indian (NRI) |
| Co-applicants | If you are applying for PCHF self-construction loan, it is mandatory to have a co-applicant. Additionally, in some cases, it is mandatory to have a woman co-applicant. |
Eligibility criteria for self-employed applicant for Piramal Capital & Housing Finance Limited Self-construction loan
| Eligibility | Requirements |
| Age | • Minimum age for application: 23 years • Maximum age for application: 70 years 70 years (If the individual signing as the income contributor is a government employee. Also, if the pension is considered) 64 years (if the applicant is not a government employee) |
| Employment Type | For self-employed professionals: • Licensed medical doctor (MS/MBBS/MD) • Licensed Architect • Chartered accountant For other self-employed applicants: • Owners of proprietorship firms • Owners of businesses • Members of the Board of Directors, Chief Officers, and promoters of companies listed on the public exchange as well as privately held companies • Partners as per MoA and AoA for registered partnership firms |
| Credit score (CIBIL) | An applicant must have a credit score of 650 and above to avail PCHFL self-construction loan |
| Residential status/Citizenship status | An applicant must be – • Residential citizen of India • Non-resident Indian (NRI) |
| Co-applicants | If you are applying for PCHF loan, it is mandatory to have a co-applicant. Additionally, in some cases, it is mandatory to have a woman co-applicant. Co-applicant can be your spouse/parents/children/siblings (if they are the co-owners of the property) |
Piramal home loan balance transfer and top-up
Piramal Capital & Housing Finance offers a facility of home loan balance transfer with additional top-ups. An individual can also avail a lower rate of interest starting at 9.75% p.a* on home loan balance transfer. Individuals with an existing home loan for more than 18 months are eligible to take this facility. You can get a top-up of up to 90% of the market value of the property subject to the loan amount ranging from Rs.20 lakh to Rs.10 crore.
Eligibility criteria for salaried applicants for Piramal Home Loan Balance Transfer and Top-Up:
If you wish to shift your existing home loan to PCHF from another lender, you must fulfill the eligibility criteria mentioned below to avail the balance transfer facility:
| Eligibility | Requirements |
| Age | • Minimum age for application: 21 years • Maximum age for application: • 70 years (If the individual signing as the income contributor is a government employee. Also, if the pension is considered) • 64 years (if the applicant is not a government employee) |
| Employment type | The applicant should work in a: • Government institution • Private Sector Companies – Limited companies or Private limited companies • Public Sector Undertaking • Partnership firm or LLP • MNC • Trusts/Non-Governmental Organizations/Societies, etc. • Proprietorship concern (Individual/HUF) |
| An applicant must have a credit score of 650 and above to avail a Piramal Balance Transfer and Top-Up | |
| An applicant must be- • A Resident Indian citizen • Non-Resident Indian (NRI) | |
| Co-applicants | • If you are applying for a Piramal Balance Transfer and Top-Up, it is mandatory to have a co-applicant. Additionally, in some cases, it is mandatory to have a woman co-applicant. • Co-applicant can be your spouse/parents/children/siblings (if they are the co-owner of the property) |
Eligibility criteria for self-employed applicant for Piramal Home Loan Balance Transfer and Top-up:
| Eligibility | Requirements |
| Age | • Minimum age for application: 21 years • Maximum age for application: • 70 years (If the individual signing as the income contributor is a government employee. Also, if the pension is considered) • 64 years (if the applicant is not a government employee) |
| Employment type | For “Self Employed Professionals”: • Licensed medical doctor (MBBS/MS/MD) • Licensed Architect • Chartered Accountant For “Other Self-Employed Applicants”: • Owner of proprietorship firms • Owner of businesses • Members of the Board of Directors, Chief officer, and promoters of companies listed on the public exchange as well as privately held companies • Partners as per MoA and AoA for registered Partnership firms |
| An applicant must have a credit score of 650 and above to avail a Piramal Balance Transfer and Top-Up | |
| An applicant must be- • A Resident Indian citizen • Non-Resident Indian (NRI) | |
| Co-applicants | • If you are applying for a Piramal Balance Transfer and Top-Up, it is mandatory to have a co-applicant. Additionally, in some cases, it is mandatory to have a woman co-applicant. • Co-applicant can be your spouse/parents/children/siblings (if they are the co-owner of the property) |
Quickly check your eligibility with other banks
Using the above details, check your eligibility with other banks to get a home loan:
| Eligibility | HDFC | SBI | ICICI |
| Am I eligible? | Click to calculate | Click to calculate | Click to calculate |
| Minimum Age | 21 | 18 | 21 |
| Average Interest Rate | 6.90% p.a.* | 6.90% p.a.* | 6.75% p.a. |
| Tenure Range | Up to 30 Years | 1 – 30 years | 1 – 30 years |
| Minimum salary or income for getting a home loan | Rs.10,000 per month | Rs.25,000 per month | Rs.25,000 per month |
Piramal home loan EMIs calculator
You can check your eligibility to get a Piramal home loan by using the Fincity EMI calculator here.
How can I check my Piramal Capital and Housing Finance Home Loan Eligibility?
You can check your Piramal Capital and Housing Finance Home Loan eligibility by following the steps mentioned below:
- Visit the official Piramal Capital and Housing Finance website
- Go to Piramal Housing Finance option.
- Use the Home Loan eligibility calculator to check your eligibility
- Fill the necessary details such as – loan amount, monthly income, age, etc.
You can also call at 1800 266 2444 to check your eligibility.
Call Fincity at: 080 – 47188010 or email us at info@fincity.com to get started on your Home Loan journey.
FAQs
- What are eligibility criteria?
These are the characteristics that an applicant must fulfill to take a home loan from any bank or lender. These criteria may differ from lender to lender and include – age, income, credit history, CIBIL score, and other factor. These criteria decide whether or not an applicant is eligible to get the loan.
- How can I increase my eligibility?
You can increase your eligibility by:
- Maintaining a CIBIL score of 720 and above.
- Maintain a stable monthly income
- Repayment of your existing debts and keeping a good credit history
- You can either apply for a longer repayment tenure or club the income of your co-applicant to be eligibility for higher loan amount.
- What is the minimum CIBIL score to get a Piramal home loan?
An applicant needs a minimum CIBIL score of 650 to get a Piramal home loan as long as certain other eligibility criteria are met. Applicants with CIBIL score as low as 600 can also apply for home loans with Piramal if they fulfill other eligibility criteria (like income) well enough.
- What is the minimum salary for salaried employee to get a Piramal home loan?
A salaried applicant must have a minimum monthly salary of Rs.30,000* – Rs.45,000* to get a Piramal Home Loan.
- Is it mandatory to have a co-applicant to take a Piramal home loan?
Yes, it is mandatory to have a co-applicant to take a Piramal home loan. In some cases, it is mandatory to have a woman co-applicant.
- How to calculate my home loan eligibility for PCHF?
You can also check your Piramal Capital and Housing Finance home loan eligibility by following these steps:
- Visit the official Piramal Capital and Housing Finance website
- Go to Piramal Housing Finance option
- Use the home loan eligibility calculator to check your eligibility.
- Fill the necessary details such as – loan amount, monthly income, age, etc.
You can also call 1800 266 6444 to check your eligibility.
- What are the factors that affect my home loan?
The factors that affect your home loan eligibility are – age, credit score (CIBIL), existing debts, income employment status, and fixed obligation to income ratio. Scroll up to the “Factors affecting your home loan eligibility” for more information.