Sundaram Finance Limited established Sundaram Home Finance Limited with the aim of making housing loans accessible to both
the formal and informal section of society. The company was incorporated in 1999, as a subsidiary of Sundaram Finance Limited.
A joint venture agreement was agreed upon in 2007 between BNP Paribas Personal Finance and Sundaram Finance Limited (SFL) in order to leverage the market potential. In 2007, after UCB attained a 49.9% stake in Sundaram Home Finance Limited, the Company was renamed as Sundaram BNP Paribas Home Finance Limited.
Sundaram Home Finance Interest RatesUpdated on 22 Jan 2020
Features of Sundaram Home Finance:
Sundaram BNP Paribas Home Finance can be used for the following purposes:
- To build a house on plot of land that you already own
- To purchase an existing freehold properties row house/ apartment or bungalow.
- To purchase a house or apartment from a builder
The maximum loan amount that an applicant can avail is given below (This amount is subject to the market value of the property according to the assessment done by the company):
For Home Loan:
- For home loan that is up to 30 Lakhs, 90% of the property value may be availed as loan. This value is determined by what Sundaram BNP Paribas Home Finance Limited values the property to be and what the company finds to be the customer’s repayment capacity.
- For home loan that is between 30 Lakhs and 75 Lakhs, 80% of the property value may be availed as loan. This value is determined by what Sundaram BNP Paribas Home Finance Limited values the property to be and what the company finds to be the customer’s repayment capacity.
- For home loan that is above 75 lakhs, 75% of the property value may be availed as loan. This value is determined by what Sundaram BNP Paribas Home Finance Limited values the property to be and what the company finds to be the customer’s repayment capacity.
Maximum Term of Loan:
- In the case of salaried employees, the maximum term of loan can be up to 25 years or up to the retirement age (whichever is earlier).
- In the case of self-employed individuals, the maximum term of loan can be up to 15 years or until the customer turns 65 years (whichever is earlier).
- In the case of NRI‘s, the maximum term of loan can be up to 15 years or until the customer’s retirement age (whichever is earlier).
Property Insurance Scheme:
A low cost property insurance scheme is offered by Sundaram BNP Paribas Home Finance Limited in association with Royal Sundaram Alliance Company Limited. This scheme makes sure that the property that is financed by the company is protected against various perils so that the customer can have peace of mind. The insurance scheme is effective for the entire period of the loan.
These are the perils that could damage your property and is covered by the company:
- Aircraft damage
- Explosion /Implosion
- Fire, Lightning
- Subsidence, Impact damage, landslide and rockslide
- Riot, strike and malicious damage,
- Cyclone, storm, flood, typhoon, hurricane, tempest, tornado and inundation
- Missile testing operations, bursting
- Earthquake, Bushfire
Sundaram Home Finance Loan Documentation:
Along with the duly filled application form, applicant must submit the following:
- Salary slips of the last 3 months.
- Tax Return -Form 16/Latest Income.
- Last six months’ bank statement.
- Proof of identity, age and residence.
- Profit and Loss Account of the company and individual for last three years
- Balance Sheet of the Company and Individual for last three years
- Copy of the tax paid challan/ Income-Tax Returns of the Company and Individual for the last three years
- Bank statement of the company and Individual for the last six months.
- Business profile and proof of business continuity.
- Proof of identity, age and residence.
Apart from these documents mentioned, SBNPPHFL may also ask for additional documents as found to be required while appraising the loan. For a detailed list of documents that’s required to be submitted please walk into any of the company’s branches.
Sundaram Home Finance Home Loan Interest Rate:
Sundaram Home Finance interest rates start at 10.25%. It is a floating rate of interest that is calculated on the Monthly Reducing Balance method
Sundaram BNP Paribas Home Finance Eligibility:
To be eligible for a home loan from Sundaram Home Finance Home Loans, one must be an Indian national. The borrower can be either an employed individual or a self-employed individual. NRIs can also apply for a home loan. Sundaram BNP Paribas Home Finance considers the following factors while deciding if the customer is eligible for a home loan and how much he/ she is eligible for:
- Monthly income
- Monthly commitments
- Savings background
- Repayment history of other loans if any.
Why apply for Sundaram Home Finance on Creditupchar.com?
Creditupchar.com assembles a large number of products and options of home loans in one place so that it is easy to choose the home loan that’s right for you and also get approval directly. Using Creditupchar.com to apply for a home loan is a simple task as you can compare the pros and cons in one go, and make sure that the features are in line with your specifications. When you apply for a Sundaram BNP Paribas Home Finance Home Loan through Creditupchar.com, you can use the EMI calculator to check your loan eligibility, find how much you will be spending as EMI and further decide upon the loan amount and tenure. That means planning your budget is made easier than ever. What’s more, you can look out for special discounts and customized deal options you can avail thanks to Creditupchar’s association with various banks.
How to Apply for Sundaram Home Finance?
Applying for a home loan from Sundaram BNP Paribas Home Finance is simple, quick and transparent. You can simply walk into any of the Sundaram BNP Paribas Home Finance branches to do so. You must have with you your latest income documents such as IT Returns, Salary slips, Bank Statements etc. so that you can find out how much loan amount you are eligible for. Along with the documents you must submit a duly filled application form.
Alternatively, you can call any of the branches and a representative will answer your questions and assist you in the process of acquiring a loan.
If you visit the website the Sundaram official website, you will find the application form. You must print out this form, fill it in and send it to any of the branches along with the necessary documents.
Different Types of Home Loans Available at Sundaram Home Finance:
There are various types of Home Loans that offered at Sundaram BNP Paribas Home Finance. They fall in the categories of Housing Loan and Non-Housing Loans:
- Loan for purchasing of a residential plot
- Home loans to construct a dwelling unit
- Home loans for purchase of House or flat (either new or resale)
- Home Extension loans which can be used to construct an additional room or floor in an existing house
- Home Improvement loans which can be used for renovation purposes.
- Takeover loans is the loan taken out to pay off an existing loan with another financial institution. This loan is then transferred to Sundaram BNP Paribas Home Finance.
Non-Housing Loans (Only for Resident Indians)
- Non Residential Property Loan (NRPRO loans) - to purchase an office or business space
- Loan against Mortgage of Property (LAMP)
The loans will only be offered if the property is duly approved by the competent authority.