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Frequently Asked Questions

  • How do I apply for a Home Loan from PCHFL?

    You can apply online or contact us on our Toll free number 18002666444.

  • What are the different types of Loans available with PCHF?

    • Home Loan
    • Home Loan Balance Transfer
    • Home Loan Top up
    • Loan Against Property
    • Loan Against Property Balance Transfer
    • Home Renovation & Improvement
    • Self-Construction on owned residential plot

  • For what purpose can I avail a Home Loan from PCHFL?

    With PCHFL, you can avail Home Loan for purchase of under-construction / ready to move / resale properties.

    You can also avail a Home loan for purchasing a plot and constructing a house thereon, or get a loan for constructing a house on an owned plot.

  • Is it mandatory to have a Co-applicant?

    It is mandatory as well as advisable to have a co-applicant. Having a co-applicant may increase your eligibility, if co-applicant generates income, and your chances of getting the home loan sanctioned. Moreover, co-owner(s) of your property has to be co-applicant(s), but co-applicant(s) need not be co-owner(s).

  • Who all can be added as Co-applicants on my Loan?

    If you are an individual, your parents, your spouse or even your major children can be your co-applicants. Apart from that, non-individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.

  • What is RPLR?
    The Retail Prime Lending Rate (RPLR) is also referred to as the Benchmark Prime Lending Rate (BPLR). It is the benchmark rate based on which the floating rate of interest for loan is decided.
  • How is the Interest rate calculated?

    PCHFL calculates interest on “daily reducing balance” and is charged with monthly rest.

  • What is the difference between fixed and variable interest rate?

    A fixed interest rate loan is one where your interest rate is locked in (i.e. fixed) for a certain period.

    A variable interest rate loan is one where interest rate changes with change in the RPLR/BPLR whenever reviewed by the financial institution.

  • What is EMI?

    EMI stands for equated monthly instalment paid towards a loan. EMI includes contributions towards both principal and interest on the loan amount.

  • What is Pre-EMI Interest?

    Pre-EMI interest is paid on the loan amount availed in part and before the start of actual EMI. This mainly occurs in self-construction or construction stage linked disbursals.

    The EMI starts post full disbursal of loan. Hence, Pre Emi interest is charged on partially disbursed loan amount until full disbursal of loan.

  • What does “Own Contribution” means?

    Generally, financial institution lends up to 90% of the cost of property bought. The difference amount between cost of Property and PCHFL loan amount is referred as your own contribution, which is to be paid by buyer for purchasing property.

  • How can I change/update my mobile number and email id for my PCHFL Loan account?

    You can visit our website www.pchf.in > Existing customer > Email / Mobile update section for update of mobile number and email id.

  • When & How will I get the Property Documents after the Loan is closed?

    After full repayment of loan, our branch officials will contact you to fix the appointment once documents are ready for collection from the respective branch office.

    Note: All applicants & Co-applicants need to be present along with their original valid identity proof at the time of collection of property documents.

  • For what purpose can I avail a Loan against Property & which property can I mortgage?

    With PCHFL, you can avail Loan Against Property for any of your personal or business needs. Existing Loan Against Property (LAP) from other banks or financial institutions can be transferred to PCHFL.

    You can mortgage your residential/commercial property, which is fully constructed, self-owned & free from any charge.

  • Can I get an In-principal approval before finalising the Property?

    Yes, you can apply for a pre-approved Home Loan, which is an in-principal approval for a loan given based on your income & capacity to repay. The in-principal sanction is valid for 90 days from the date of sanction letter.

  • What documents are required in Balance Transfer Loan?

    You can find the required documents checklist for a Balance Transfer Loan clicking HERE

  • Does PCHFL give Top up loan & who can avail the same?

    Yes, all customers with an existing Home Loan, Home Improvement Loan or a Home Extension Loan can apply for a Top up Loan after 12 months of the final disbursement of your existing Home Loan and upon possession/completion of the existing financed property.

  • How can I get my Statement of loan account or repayment schedule?

    You can download the Statement of loan account / repayment schedule of your Loan by visiting our website www.pchf.in > Existing customer > Loan statement.

    The statement can be availed using Loan account number.

  • Do I get Tax Benefits on the Home Loan?

    Yes. You are eligible for tax benefits on both the Interest & Principal components of your repayments during a financial year under the Income Tax Act, 1961.

  • How can I claim TDS refund?

    Borrower who is required to deduct tax at source from monthly instalment towards a loan can take the TDS refund by sending the digitally signed Form 16A from his/her registered email id to housing.customercare@piramal.com.

    The refund will be processed on receipt of the Form 16A and the TDS amount reflection on “TRACES” website. The TDS refund will be credited to borrower’s bank account from where monthly instalment is paid towards the loan.

  • How do I get my Provisional/Final IT statement for availing Income tax benefits?

    You may download the Provisional/Final income tax statement by visiting on our website www.pchf.in > Existing customer > Loan statement.

    The statement can be availed using Loan account number.

  • Is Insurance policy recommended with HL/LAP?

    Having Insurance coverage helps de-risk the customer and the family members in case of any unseen/unfortunate adversities and limit the liabilities. Hence, we guide the customers to avail insurance and they may evaluate the best product & insurance partner that suit their requirement.

  • What are the types of Insurance available with PCHF Home Loan?

    • Life Insurance – Term plan offering financial coverage against outstanding loan to the Borrower and/or Co-borrowers for a specific period. Additional riders are also available to cover other risks.

    • Property Insurance – This insurance coverage is against damage to the property which is financed under the loan.

  • Can PCHFL fund for the Insurance premium on my behalf?

    • Insurance premium can be funded by PCHFL, the premium amount is added to the Loan and EMI is calculated on the total loan amount including premium.

  • What happens with the Insurance policy when Loan is pre closed?

    You have the option to continue or surrender the insurance policy to the insurance company post closure of the loan.

  • How can I change my EMI repayment bank account & are there any charges for the same?

    You can change your EMI repayment bank account by visiting our nearest PCHFL branch and submit the following documents from your new repayment account:

    • 1 Cancelled cheque

    • 9 undated cheques

    • NACH Mandate form in 3 originals

    • 1 cheque/DD for the repayment swap charges

    Please refer to MITC for the details of charges applicable.

  • How can I pay my EMI, which is bounced/returned? What are the charges for EMI return?

    In case your EMI is returned/bounced, the same is represented to your repayment bank account within next 3 working days.

    Please refer to MITC for the details of charges applicable

  • What is the ex gratia payment to the borrower under the scheme announced by Ministry of Finance, Government of India?

    PCHFL will provide ex gratia credit to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 01.03.2020 to 31.08.2020 (6 months / 184 days).
    Note: Ex-gratia credits are subject to review and audit by SBI and will be withdrawn if such claims are rejected.

  • What are the main features of the ex gratia to borrowers scheme?

    The main features / highlights of the scheme are as under:

    • Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the banks / lending institutions) as on 29.02.2020.
    • Loan accounts should be standard in the books of the lending institutions as on 29.02.2020.
    • The relief shall cover the following segments of PCHFL loan – Housing Loans.
    • The period reckoned for refund shall be from 01.03.2020 to 31.08.2020, i.e. 6 months period / 184 days.

  • Does the borrower have to apply for the relief?

    No, the ex gratia relief will be credited to the account of all eligible borrowers by PCHFL without any requirement to apply.

  • Who will finalise the list of eligible accounts?

    PCHFL will finalise the list of eligible borrower for the relief based on the Govt of India guidelines.

  • How will PCHFL assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system?

    PCHFL will assess this on the basis of information available with them as well as information accessible from credit bureaus.

  • Will the Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore?

    No, non-fund based limits will not be included for arriving at the eligibility.

  • Are NPA accounts eligible for the relief package?

    No, the loan should not be a “Non Performing Asset (NPA) as on 29.02.2020 to be eligible for this refund.

  • Whether borrowers who have opted for deferment of Interest and Instalment under the RBI COVID-19 relief package earlier are eligible to avail the benefit under the above relief?

    Yes. The package will be available for all eligible borrowers irrespective of whether they have availed or partially availed or not availed the moratorium on repayment announced by RBI vide DOR. No. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020.

  • Whether “partly disbursed loans” are covered under the relief package?

    Yes, partly disbursed loans can be eligible under this relief package, provided that the sanctioned and outstanding amounts do not exceed Rs. 2 Crores and are not classified as Non Performing Asset as on 29.02.2020. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount.

  • Can a borrower who has closed the loan account/s between 01.03.2020 and 31.08.2020 avail the benefit of the scheme?

    Yes. Such borrowers are eligible for refund of differential interest from 01.03.2020 upto the date of closure of account (not later than 31.08.2020).

  • Whether eligible accounts pre-closed during the period of 01.03.2020 to 31.08.2020 are covered under the scheme?

    Yes. Eligible accounts pre-closed during the period of 01.03.2020 to 31.08.2020 are covered under the scheme

  • In which of my accounts will the differential amount be credited?

    The differential amount will be credited to the respective loan account(s).

  • If a borrower has already closed his/her loan account after 01.03.2020, how will the differential amount be paid to the borrower?

    The amount will be credited to the borrower’s savings/ current account (loan repayment account) by PCHFL.

  • Which Rate of Interest (%) shall be considered for calculating the package, i.e. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020?

    For all eligible housing loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate of interest as specified in the loan agreement(s)/ documentation applicable as on 29.02.2020.

  • What will be the treatment of penal interest/ penalties while arriving at the rate of interest?

    The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the loan account.

  • What will be the treatment for the repayments / credits made in loan accounts during the period from 01.03.2020 to 31.08.2020?

    The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation.

  • How will the borrower know about the ex gratia payment status for it’s loan account?

    PCHFL will send e-mail intimation to all eligible borrowers on their registered e-mail ID post ex gratia payment process is complete and the details of the same can be viewed by customers in the repayment statement and statement of accounts from “Loan statement” (https://www.pchf.in/Loan-Statement)

  • How can the borrower flag his/her grievances related to the relief package?

    All the PCHFL borrowers can register his/her grievance through Toll free number 1800 266 6444 or send an e-mail to us at housing.customercare@piramal.com from the registered email id to submit his / her grievance.

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