Sundaram Home Finance Limited Home Loan

Home loans are a great option to secure funding to purchase a residential property, and the Sundaram Home Finance Limited home loan is a reliable option. This loan facility is made available by Sundaram Home Finance Limited, a trusted name in the market.

You can use the Sundaram Home Finance Limited home loan to purchase, construct or renovate your house.

Here are the details of the Sundaram Home Finance Limited home loan:

Sundaram Finance Home Loan interest rate starts from 10.00% p.a. However, the rates are different for salaried and self-employed applicants:

Here is a table that presents the interest rates on home loans offered by partner lenders. You can compare these with the Sundaram Home Finance Limited home loan rate of interest.

To get a home loan from Sundaram Home Finance Limited, you need to fulfil certain requirements set by the lender. Here are the details of the Sundaram Home Finance Limited home loan eligibility requirements:

• Your age must be between 18 and 65 years

• You must be either self-employed or salaried

• You must be an Indian citizen

When you apply for the Sundaram Home Finance Limited home loan, you will need to submit an application form along with a few documents. Here is the list of the documents required for Sundaram Home Finance Limited home loan:

1. KYC Documents

• Aadhaar card

• Driver’s licence

• PAN card

• Passport

• Voter’s ID

• Bank Passbook

2. Proof of Income

A. Salaried

• Salary slips and bank statements from the last 6 months

• Form 16 and IT returns

B. Self-employed

• GST returns of last year

• Bank statements for the last 6 months

• IT returns for the last 3 years

Here is a table showcasing the fees and charges associated with the home loan:

The lender offers varied lending options under the home loan facility. You can avail of any of the following based on your financial requirements. 

• Home Loan

• Plot Loan

• Home Improvement Loan

• Home Extension Loan

• Top Up Loans

• Take Over Loans

• Loan Against Property

There are various factors that can affect your home loan. Some of them are listed below:

• Credit Score

A better credit score indicates strong creditworthiness. This reduces the lender’s risk and leads to lower interest rates.

• Loan Amount and Tenure

Higher loan amounts or extended tenures increase the lender’s risk. This may result in higher interest rates.

• Income and Employment Stability

Stable employment and higher income reassure the lender of your repayment capacity. This may lead to reduced interest rates.

• Loan-to-Value (LTV) Ratio

A lower LTV means you are contributing more upfront, which makes the loan less risky for the lender. This may help you secure more favourable interest rates.

• Market Conditions

Interest rates may vary based on monetary policies, inflation rates, and overall economic conditions. These factors influence the lender’s cost of funds and lending decisions.

Here are some tips to secure a Sundaram Home Finance Limited home loan at lower interest rates: 

• Improve Credit Score: Maintain a high credit score by avoiding defaults, reducing outstanding debts, and making timely bill payments

• Higher Down Payment: Make a higher down payment to reduce both the loan amount and the loan-to-value (LTV) ratio

• Stable Employment: Demonstrate a consistent employment history to strengthen your credibility as a borrower

• Compare Offers: Research and compare interest rates and loan terms offered by different lenders to identify the most favourable option

• Negotiate with the Lender: Discuss your financial profile and eligibility with the lender to negotiate lower interest rates

• Opt for Shorter Tenure: Choose a shorter loan tenure, where possible, to reduce the overall interest burden

For any home loan-related query or complaint, you can reach out to the lender using the following contact channels: