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Vacation Home Loan

A holiday cottage, holiday home, or vacation property for the relaxing moments with your family

Do you like taking regular vacations? Have you found the perfect vacation home for yourself and your loved ones? Make it a permanent vacation home with home loans from Piramal Capital & Housing Finance. Our home loans are designed to provide you with as much flexibility as you need in terms of tenure and installments, so that you are comfortable making the payments for the vacation home of your dreams.

Our dedicated relationship managers will help guide you through the home loan application process to ensure a hassle-free experience.

This loan can be used to purchase a brand new vacation home, or even to purchase the perfect resale property that you may have found. So whether it's a brand new construction in a developed township, or the perfect little cottage by the sea or in the mountains, your new vacation home is just a few simple steps away. Are you ready to make it your own?

Key Features of Home Loan

Simple and hassle-free application process
Dedicated relationship manager to answer any and all queries regarding the loan application process
Flexible tenure and repayment options

Eligibility

  • Salaried

    Age

    • Minimum Age- Minimum Age- 21 years
    • Maximum Age- Income contributor (Govt employee) - 70 yrs (if pension considered)
      Income contributor (Others) - 62 yrs (or restricted to retirement age)

    Employment Type

    Working in a
    • Govt. institution
    • Public Sector Undertaking
    • Private Sector Companies such as Limited Companies / Private Limited companies
    • MNC
    • Partnership firm / LLP
    • Proprietorship concern (Individual / HUF)
    • Institutions run by Trust / NGO / Society / others

    Documents needed

    • Income Tax Returns for the latest 2 years
    • KYC Documents
    • Form 16
    • Bank statements for the last 6 months and salary slips
    • Documentation pertaining to the property offered as collateral.
  • Self-employed

    Age

    • Minimum Age- 23 years
    • Maximum Age- 70 years

    Employment Type

    • Self Employed Professionals: Qualified doctor (MBBS/MD/MS), CA and Architect.
    • Self Employed Non-Professionals, Business Owners, Proprietorship, Partners of Partnership Firm and Promoter Director of closely held private and public limited companies.

    However, Director of listed Public companies will be treated as Salaried

    Documents needed

    • Last 2 Years ITR With Compitation / CA Audited Financials Where Ever Applicable
    • KYC Documents
    • Form 16
    • Bank statements for the last 6 months.
    • Documentation pertaining to the property offered as collateral.

Interest Rate

Interest Rate
Customer Type Rates
Salaried / Self Employed Interest Rates starting from 9.75%* p.a
Fees & Charges
Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate
Schedule of Fees & Other Charges Details
Processing Fees
  • Home Loan: Processing Fees up to 3 % of Loan amount + applicable taxes (payable before disbursement of Loan)
  • On cancellation or withdrawal or rejection of loan application (prior to handing over of loan cheque) minimum of ₹ 5000/- + applicable taxes or the initial processing fee, whichever is lower, will be held back
Part Payment/Pre-closure charges
  • Home Loan (for the purpose other than business) availed by Individual/s at Floating Rate of Interest: No charges.
  • Home Loan availed by Individual/s at Fixed Rate of interest: 2% of principal amount of Loan being prepaid+ applicable taxes. No prepayment charges shall be payable for partial or full payments made from own sources. The expression “own sources” for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution. The Borrower will be required to submit such documents that the Lender may deem feet and proper to ascertain the source of the fund.
  • Home Loan availed by Non-individual as a borrower at a Floating or Fixed Rate of Interest: 2% of principal amount of Loan being prepaid+ applicable taxes.
Loan repayment instrument dishonour charges ₹ 500/- + applicable taxes
CERSAI charges ₹ 500/- + applicable taxes
Loan Pre-closure Statement ₹ 1000/- + applicable taxes
List of documents deposited with the Lender ₹ 500/- + applicable taxes
Loan Repayment Schedule ₹ 500/- + applicable taxes
Change of Loan repayment mode ₹ 500/- + applicable taxes
"Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor" ₹ 5000/- + applicable taxes
No Due Certificate issuance charges 1st time free; subsequently ₹ 500/- + applicable taxes
Statement of Account Free once a year; subsequently ₹ 500 + applicable taxes
Photocopy of documents ₹ 1000/- + applicable taxes
Retrieval of original property documents ₹ 2000 + applicable taxes
Additional Charges 2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes
For detailed fees & charges and other Terms & Conditions click here

Documents

  • Salaried

    Applcation Form

    Application form with a recent photograph

    Proof of Identity

    • Passport
    • Driving License
    • Aadhaar
    • Voter's Identity Card
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name

    Proof of Income

    • Lasr 3 Months Salary Slips
    • 2 YEARS FORM 16.
    • 6 MONTHS BANK STATEMENT WITH SALARY CREDIT
    • Bank statements for the last 6 months and salary slips
    • Documentation pertaining to the property offered as collateral.

    Proof of Residence

    • Passport
    • Driving License
    • Aadhaar Card
    • Voter's Identity Card
    • Utility bills like Telephone Bill /Electricity Bill etc.
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name and address.

    Co-applicant

    Co-applicant is mandatory. Additionally, WOMAN co-applicant is mandatory in certain cases

    • spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
    • All co-owners of property should be on loan structure
    • Friends cannot be co‐applicants (allowed ony if they are coming in the capacity of partners/Directors/Shareholder)
  • Self-employed

    Applcation Form

    Application form with a recent photograph

    Proof of Identity

    • Passport
    • Driving License
    • Aadhaar
    • Voter's Identity Card

    Proof of Income

    • Last 2 YEARS ITR With Computation.
    • CA Audited Financials Where Ever Applicable
    • 6 Months Primary Bank Statement

    Proof of Residence

    • Passport
    • Driving License
    • Aadhaar Card
    • Voter's Identity Card
    • Utility bills like Telephone Bill /Electricity Bill etc.

    Co-applicant

    Co-applicant is mandatory. Additionally, WOMAN co-applicant is mandatory in certain cases

    • Co‐applicant can be spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
    • All co-owners of property should be on loan structure
    • Friends cannot be co‐applicants (allowed ony if they are coming in the capacity of partners/Directors/Shareholder)

Frequently Asked Questions

  • What is a home loan?

    A home loan is the amount of money borrowed from a financial institution to buy, construct, extend, or renovate a house. The loan is paid with interest (fixed or floating rates) over a fixed tenure through Equated Monthly Instalments (EMIs). Lenders can finance up to 90% of the property value if you pay the rest 10% as a down payment towards your home loans.

  • What are the tax benefits of taking a home loan?

    You can claim up to INR 1.5 lakh on the principal amount, registration and stamp duty fees of your housing loans by claiming it as tax deductions under Section 80C of the Income Tax Act. Claim deductions for the interest payments under Section 24. For joint home loans, each borrower can get up to 1.5 lakh each as income tax returns, provided they are co-owners of the loaned property. Use Piramal’s Tax Calculator to see have more clarity on your housing finance.

  • What is the eligibility for a home loan?

    Financial institutions have established certain criteria to evaluate your repayment capability to approve your housing loans. Different lenders have different criteria, some of the general criteria used by banks to check your home loan eligibility include your age, employment status, employment stability, and credit score.

    Plan your housing finance efficiently by using a home loan eligibility calculator to see the loan amount you can apply for.

  • What is the tenure for home loans?

    Home loan tenure usually ranges from a minimum of 5 years to a maximum of 30 years. The tenure is judged based on your eligibility criteria. You can either opt for a short home loan tenure with low interest and high EMI payments or a long tenure with high interest and low EMIs based on your comfort.

  • How to apply for home loans?

    This is the general process to get a housing loan followed by financial institutes in India.

    • A loan application process where you submit identity proofs, personal information and property details to create a new account.
    • Paying the processing fees which lenders need to create your account.
    • Verification of documents includes inspection and evaluation of documents.
    • Approval of documents where you can be endorsed or rejected for the loan.
    • Processing the offer letter with a quote.
    • A legal check of the submitted documents
    • Site check and property verification to assess property value.
    • Finalizing the deal with signatures, and sealed documents.

From homeowner’s heart