Poonawalla Bank Home Loan Apply Online 2024
Poonawalla Bank Ltd (Aadhar) is one of the largest low-income housing finance companies in India servicing the home financing needs of the low-income sections of society—Aadhar endeavours to empower underserved millions to own their first homes.
Poonawalla Bank Limited offers home loans @ 11.25% p.a. onwards for tenures up to 30 years and for loan amounts of up to Rs 1 crore. No prepayment charges. Transparent application process. Apply on FinMarket for more benefits and offers!
Poonawalla Bank Home Loan Details
| Interest rate | 8.50% to 22.00% p.a. onwards. |
| Eligibility Age | 23 years and above the maximum of 65 years at loan maturity |
| Loan Amount | Up to 80% of the property cost. |
| Eligible Monthly Income | Minimum ₹25,000 p.m. |
| Processing Fees | Up to 2.00% of loan amount + taxes |
| Loan Tenure | Up to 30 years |
Poonawalla Bank Home Loan Interest Rate
Poonawalla Bank provides home loans to its customers starting from an interest rate of 11.25% per annum. The interest rates for Aadhar Housing Finance's home loans may differ based on the specific loan slabs presented by the Bank. The below table shows the present home loan rate of interest offered by Aadhar Housing Finance.
| Interest Rate | 8.50% - 22.00% |
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Eligibility Criteria for Poonawalla Bank Home Loan
Poonawalla Bank extends home loan facilities to customers based on their income and the repayment capacity of the loan. The table provided below outlines the eligibility criteria set by Aadhar Housing Finance for home loans, which individuals must meet to qualify for obtaining the loan amount from the bank.
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Citizenship | All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan | All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan. |
| Net Monthly Income | ₹25,000 | ₹200000 Lakh per annum |
| Age | 23 to 65 years. | 23 to 65 years. |
| CIBIL Score | 750 > The better the CIBIL score the lower the interest rate. | 750 > The better the CIBIL score the lower the interest rate. |
Documents Required for Poonawalla Bank Home Loan
Aadhar Housing Finance requires all applicants for home loans to provide a specific set of documents as part of the loan application process. The following is a comprehensive list of the necessary Aadhar Housing Finance home loan documents that must be submitted to the bank for the loan application.
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Citizenship | All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan | All Indian citizens are eligible to apply for the Aadhar Housing Finance home loan. |
| Identity Proof for KYC | PAN Card, Aadhaar Card, Voters ID or Driving License | PAN Card, Aadhaar Card, Voters ID or Driving License |
| Address Proof | Aadhaar Card, Passport, Driving Licence or Utility Bills | Aadhaar Card, Passport, Driving Licence or Utility Bills |
| Payslips | Last 3 months salary slips/latest salary certificate. | Profit & Loss account statements and Balance Sheet for the last 3 years. |
| Income Docs | Form 16 | IT Returns for the last 3 years (Attested by a professional CA) |
| Bank Statements | for the past 3 months (Bank passbook for last 6 months) | Current account statements of the business and savings accounts for the last 6 years. |
| Property Documents |
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Other documents:
- Latest from 26AS for proof of tax.
- Partnership deed (in case of applicable) .
- Documents related to property for salaried and self-employed.
For home resale - receipt of payment to the builder, title deed, and copy of sale agreement.
For new homes - receipt of payment to builder and copy of buyer agreement.
For the construction of the home - proof of ‘no encumbrance’ on the property, title deed of the plot, and estimate of construction provided by the architect.
Comparison of Home Loan Interest Rates of Poonawalla Bank with other Banks/NBFCs
| Bank Name | Interest Rate Range | Processing Fees |
|---|---|---|
| HDFC Home Loan | 8.75% to 10.00 | 1.00% to 1.50 |
| AXIS Home Loan | 8.75% to 10.00 | 1.00% to 1.00 |
| ICICI Home Loan | 8.75% to 10.00 | 1.00% to 2.00 |
| Kotak Home Loan | 8.75% to 10.00 | 1.00% to 1.00 |
| Standard Chartered Home Loan | 8.95% to 10.00 | 1.00% to 1.00 |
| Bajaj Finserv Home Loan | 8.95% to 13.00 | 1.00% to 2.00 |
| SBI Home Loan | 8.75% to 10.00 | 1.00% to 2.00 |
| IDFC Home Loan | 8.75% to 10.00 | 1.00% to 3.00 |
| Tata Capital Home Loan | 8.75% to 10.00 | 1.00% to 2.00 |
| YES Home Loan | 10.25% to 15.00 | 0.25% to 2.00 |
| BOB Home Loan | 8.90% to 15.00 | 0.25% to 1.00 |
| PNB Home Loan | 8.75% to 10.75 | 0.25% to 1.00 |
| IndusInd Home Loan | 8.60% to 10.75 | 0.25% to 2.00 |
| Aditya Birla Home Loan | 9.00% to 14.00 | 0.25% to 2.00 |
| Poonawalla Home Loan | 8.50% to 22.00 | 0.25% to 2.00 |
| DCB Home Loan | 9.75% to 15.00 | 0.25% to 2.00 |
| Piramal Home Loan | 11.00% to 15.00 | 0.25% to 2.00 |
| Aadhar Finance Home Loan | 11.00% to 15.00 | 0.25% to 2.00 |
| L&T Home Loan | 11.00% to 15.00 | 0.25% to 2.00 |
Fees and Other Charges of Poonawalla Bank Home Loan
| Rate of Interest | 8.50% to 22.00% p.a onwards |
| Processing Fees | 0.25% to 2.00% on the loan amount |
| Prepayment and foreclosure charges | Up to 2% of the outstanding balance. |
| Stamp Duty and other statutory charges | As per the laws of the state |
| Cheque swapping charges | Up to ₹500 + applicable charges |
| Amortisation Schedule Charges | ₹200 |
| Overdue EMI interest | A monthly penalty of 2% will be applied to the principal amount or on overdue EMI. |
| Cheque bounce charges |
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| Document Retrieval Charges | ₹75 per document set (after disbursement). |
| Cost of Photocopies of Title Documents | Up to ₹500 |
Features and Benefits of the Poonawalla Bank Home Loan
- The maximum selectable tenure is approximately 30 years.
- Poonawalla Bank offers home loans with interest rates ranging from 11.25% p.a onwards, and any adjustments in the repo rate will be reflected in the bank's modified loan rates.
- The Loan-to-Value (LTV) ratio for home loans continues to be lower.
- Poonawalla Bank provides a land loan covering up to 80% of the total property cost.
- A loan processing fee is applied as part of the Aadhar Housing Finance home loan approval process.
- A plot loan does not provide any sort of tax relaxation. However, if you take the plot plus construction loan, then the tax benefits will be offered to the applicant.
- Use this Aadhar Housing Finance plot loan calculator to check monthly EMI and tenure.
- No prepayment charges are applicable if you choose to repay the entire loan amount during the loan tenure.
* Note: Wherever the details regarding interest rates, processing fees and tenure are mentioned, they may differ as per the lenders' discretion. The actual eligibility will be determined based on the borrowers' risk profile during the loan application process.