Housing Loan
- Regular Home Loan
- Urban Home Loan
- Rural Home Loan
PHFCL provide home loan for construction of residential house or building, purchase of readymade flat or house, acquisition of plot and construction of the house on the purchased plot, an extension of existing house, and repairs, renovation and up-gradation of the house or flat. The company offers loans at an interest rate of 8.36% to 12.50% per annum*, floating or fixed, based on the market dynamics and Board decision and loan tenure of maximum 20 years*. Under the housing loan, the company offers CLSS home loans to EWS/LIG and MIG I and MIG II category.
| Criteria | Regular Home Loan | Urban Home Loan | Rural Home Loan |
|---|---|---|---|
| Who can Apply | Salaried, Professional, Business | Salaried, Professional, Business | Salaried, Professional, Business |
| Loan Tenure | 30 Years | 20 Years | 20 Years |
| Loan Amount | ₹ 2 lakhs to ₹ 50 lakhs | ₹ 2 lakhs to ₹ 20 lakhs | ₹ 2 lakhs to ₹ 20 lakhs |
| ROI p.a. for EWS (Upto 3 lakhs p.a.) |
12.50% | 12.50% | 12.50% |
| ROI p.a. for LIG (₹ 3 lakhs to 6 lakhs p.a.) |
12.50% | 12.50% | 12.50% |
| ROI p.a. for MIG I & II (₹ 6 lakhs to ₹ 18 lakhs p.a.) |
12.50% | 12.50% | 12.50% |
| ROI p.a. for income greater ₹ 18 lakhs p.a | 12.50% | – | 12.50% |
| Eligibility | Benefits |
|---|---|
| Government (Central or State) or a reputed company employed individual who has attained the age of 22 years but not exceeding the age of 55 years at the time of the commencement of the loan | A customer can avail benefits of subsidy up to ₹ 2.67 lakhs |
| Self-employed individual/ Entrepreneurs who have attained the age of 22 years but not exceeding the age of 65 years at the time of the commencement of the loan | A customer can avail loan of maximum 20 years |
| Professionals who have attained the age of 22 years but not exceeding the age of 60 years at the time of the commencement of the loan | A customer can avail tax benefits under three sections of Income Tax Act. Under the Section 24, for a self-occupied property, a customer can avail tax deduction of ₹ 2 Lakhs, however, there is no limit for non-self-occupied property. Under the Section 80C, for both self-occupied and non-self-occupied property, a customer can avail tax deduction of ₹ 1.5 Lakhs. Under the Section 80EE, for both self-occupied and non-self-occupied property, a customer can avail tax deduction of ₹ 50,000 |
| The property of the applicant should have a clear and marketable title | |
| The applicant should not be a defaulter for any loan from a bank or financial institution |