Sundaram Home Finance, a subsidiary of Sundaram Finance Limited, was established in 1999 with an aim to provide individuals with affordable housing finance solutions and encourage homeownership in India. A few years down the line (in 2007 to be exact), the company entered into a joint venture with BNP Paribas which saw the latter acquiring a 49.99% stake in the company, giving rise to a new entity known as Sundaram BNP Paribas Home Finance. The aim of this move was to augment the scope of its business & increase its market share in the housing finance segment. The move was a success as Sundaram Finance Home Loans soon become a trusted name and a popular option amongst borrowers.
Today, the company has branches spread across the country and offers attractive housing finance solutions to the masses. Individuals can opt for Sundaram Finance Home Loans to cover the cost of home purchase, home renovation or home construction.
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Sundaram Finance Home Loan Eligibility:
Just like any housing loan, Sundaram Finance Home Loan Eligibility depends on a number of factors. Of these factors, you salary is probably one of the most influential ones. Sundaram Finance will look at your disposable income after you’ve taken care of your monthly costs. After all, how easy it is to cover your EMIs depends on the amount of finances you have after taking care of your monthly obligations.
The next most important factor determining Sundaram Finance Home Loan Eligibility is your credit score. Generally speaking, a score between 700 & 750 is considered good enough. However, if you work on your score and bring it closer to the maximum of 900 (in case of CIBIL Scores) you can try negotiating higher loan amounts.
Besides your income & credit score, the lender will also evaluate your financial back-up in terms of savings, your financial assets, the number of family members, your outstanding debt, etc. An easy way to check your eligibility would be to use an eligibility calculator. It will provide a near accurate prediction of your eligibility. If you want higher Sundaram Finance Home Loan Eligibility, you can consider co-borrowing with one of your earning family members – this will help you increase your eligibility significantly.
Sundaram Finance Home Loan Amounts:
Sundaram Finance offers high levels of financing to ensure it’s easy for you to turn your dream home into a reality with ease. For loan amounts up to Rs. 20 lakhs, you can up to 85% of the property’s value with a Sundaram Finance Home Loan. If your loan amount is between Rs. 20.01 lakh & Rs. 75 lakhs, you can get up to 80% of the property’s value as the loan amount. Finally, if your loan amount is above Rs. 75 lakhs, you can get up to 75% of the property’s value as the loan amount!
Sundaram Finance Home Loan Rates & Processing Fees.
Sundaram Finance Home Loans are synonymous with affordability. They come with relatively low interest rates & lower processing fees. You can avail Sundaram Finance Home Loan rates ranging between 8.90% and 9.50%. As far as processing fees are concerned, you can expect to anything between 0.50% & 1% (minimum of Rs. 3,000). This is quite low as many lenders are known to charge as much as 2% of the loan amount as processing fees. So, Sundaram Finance Home Loan Rates & Processing fees are both quite low, making it an affordable option for many.
Sundaram Finance Home Loan Documents:
The documentation for a Sundaram Finance Home Loan is quite straightforward. However, documentation can often be a hassle and that’s why we’ve provided a checklist of documents for Sundaram Finance Home Loan.
For salaried individuals:
-Identity proof, age and address proof.
-Bank statements for the last 6
-Salary certificate or slip of last 3
-Form-16 for availing income tax benefits.
For self-employed individuals:
-Identity proof, age and address proof.
-Income tax returns and receipts for last three months.
-Profit and loss account and Balance sheet copies of last 3
-Bank statement details of last three months.
Sundaram Finance Home Loans on ApnaLoan:
If you think Sundaram Finance Home Loans are a good match for your needs, we at ApnaLoan are here to help you take things forward. Just fill out the application form and we’ll come back to you with instant quotes on your home loan. Apply now!