Sundaram BNP Paribas Home Finance

Sundaram BNP Paribas Home Loan

About Sundaram BNP Paribas

Sundaram Home Finance Limited was incorporated in 1999. It is a subsidiary of Sundaram Finance Limited. In 2007, BNP Paribas Personal Finance entered into a joint venture with Sundaram Finance Limited and subsequently acquired a 49.9% stake in Sundaram Home Finance Limited. The company was renamed Sundaram BNP Paribas Home Finance Limited.

Sundaram Finance is one of the leading NBFCs in the country and provides an array of housing loans. These loans are among the cheapest loans available on the market and are a good way of raising funds without selling your property asset. The interest rates on this type of loan are lower than a personal loan.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Sundaram BNP Paribas Home Loans

Sundaram BNP Paribas offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Sundaram BNP Paribas Home Loans are tailor made catering to the needs of various customers.

Advantages of Sundaram BNP Paribas Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment penalties
• No hidden costs and administrative charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options

Key Highlights

Features of Sundaram BNP Paribas Home Loan

Objective: Sundaram BNP Paribas home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount: The home loan amount is subject to the market value of the property. For property value above INR 75 Lakhs, you will get 75% of the funding.

Rate of Interest: Starts from 10.25% onwards

Tenure: The repayment period is 30 years

Documents Required to Apply for Sundaram BNP Paribas Home Loans

Important documents to be submitted while applying for home loans with Sundaram BNP Paribas

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Sundaram BNP Paribas home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Sundaram BNP Paribas, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Sundaram BNP Paribas account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Sundaram BNP Paribas account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Sundaram BNP Paribas account at your nearest Sundaram BNP Paribas Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Sundaram BNP Paribas Home Loan?

You can either apply online or visit a nearby Sundaram BNP Paribas branch for the application. You can also download the home loan application form from the Sundaram BNP Paribas official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Sundaram BNP Paribas Home Loans

With attractive interest rates and low processing fees, Sundaram BNP Paribas caters to the needs of various sections of people.Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Sundaram BNP Paribas home loan without any penalty. Sundaram BNP Paribas home loan is the best option to buy or construct your dream house.

Sundaram BNP Paribas Home Loan FAQs

1. Is there penalty for prepaying the Sundaram BNP Paribas Home Loan?

No penalty is levied for prepaying the Sundaram BNP Paribas Home Loan.

2. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

3. What is the maximum loan repayment period for Sundaram BNP Paribas home loans?

The maximum repayment period is 30 years.

4. How Can I apply for Sundaram BNP Paribas home loan?

You can either apply online or visit a nearest Sundaram BNP Paribas branch and take the help of the bank’s representative.

5. What is the maximum loan amount provided by Sundaram BNP Paribas?

The maximum loan amount depends on the market value of the property.

6. Does Sundaram BNP Paribas facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Sundaram BNP Paribas.

7. Can I get tax benefits from Sundaram BNP Paribas Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.