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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 Resolution Framework for Covid-19 related stress?

    The ongoing Covid-19 pandemic has led to significant financial stress for borrowers across the board. The resultant stress can potentially impact the long-term viability of many firms, otherwise having a good track record under the existing promoters, due to their debt burden becoming disproportionate relative to their cash flow generation abilities. Such widespread impact could impair the entire recovery process, posing significant financial stability risks.

    In consonance with the announcement made by RBI (vide its circular on “Resolution Framework for COVID-19-related Stress” DOR.No.BP.BC/3/21.04.048/2020-21 dated August 06, 2020), Piramal Capital & Housing Finance (PCHFL) has framed a Policy approved by the Board to facilitate the customers who request for relief under this framework. Below are few Frequently Asked Questions (FAQs) to answer customers queries towards this purpose:

  • Who are eligible for resolution under this framework?

    Borrowers shall need to meet all the below criteria as mentioned below,

    • Borrower should be an individual borrower

    • Borrower having stress on account of COVID-19

    • Borrower accounts classified as standard, but not in default for more than 30 days as on March 1, 2020.

    • Existing borrowers in PCHFL Retail portfolio

    Once a Borrower approaches PCHFL with a request for relief under the resolution framework, PCHFL as per Policy will evaluate such request and if satisfied with the merits of the case, relief under the resolution framework will be considered at the sole discretion of PCHFL.

  • What type of loans are covered under this framework?

    This policy is applicable to all loans handled by Retail division of PCHFL . The Policy is applicable to following types of loans: (a) Housing Loans, (b) Loan Against Property (Personal loans including loan for construction or purchase of immovable assets)

  • How to apply for resolution under this framework?

    Borrowers who wish to apply may write an email to housing.customercare@piramal.com. Our representative will contact you upon receipt of the email for further processing of your request

  • What are the resolution options available under this framework?

    Based on income stream of the borrowers the resolution plans may include:

    • Rescheduling of payments

    • Conversion of any interest accrued into another credit facility

    • Granting of moratorium

    • Tenure extension (upto maximum of 24 months)

    The aforesaid options will be provided at discretion of PCHFL

  • Does the moratorium cover both Principal and Interest?

    Yes. If Moratorium option is offered, it will cover both Principal and Interest. The interest accrued during this period will get capitalized

  • Can the Borrower pay during the Moratorium period?

    The Borrower can very well approach any of our Branch offices, toll free number: 1800 266 6444 and or write to our Customer Care email id housing.customercare@piramal.com in case they wish to make regular EMI payment or part payments during this period

  • Does the Borrower need to submit fresh Auto Debit or NACH debit mandates?

    The Borrower may be required to submit fresh NACH mandates, if the tenor of loan extends the existing mandate validity or if there is any change in the EMI amount post loan restructuring

  • What documents do I need to submit while applying?

    Documents to be shared by Salaried customers
    1. Bank statements from October 2019 till date for all bank accounts
    2. Income Tax Returns (ITR) of FY 2019 and 2020
    3. Repayment track record of all loans from October 2019 till date
    4. Credit card statements from October 2019 till date (required only if there is no other term loan except PCHFL loan)
    5. CIBIL Consent form of all applicants
    6. Salary slips of last 6 months along with relieving / retrenchment letters if occurred post March 2020
    7. Any other documents as required by PCHFL

    Documents to be shared by Non Salaried customers
    1. Bank statements from October 2019 till date for all Bank accounts
    2. Income Tax Returns (ITR) of FY 2019 and 2020
    3. GST returns (if applicable) from October 2019 till date
    4. Repayment track record of all loans from October 2019 till date
    5. Credit card statements from October 2019 till date (required only if there is no other term loan except PCHFL loan)
    6. CIBIL Consent form of all applicants
    7. Any other documents as required by PCHFL

  • What is the last date for applying?

    Eligible borrowers should apply on or before 15th December 2020

  • Are there any processing fees or charges involved while availing relief under this framework?

    There will be no processing fees or charges levied for restructured loans

  • Will opting for the relief under this framework have an impact on by CIBIL or other Bureau reports?

    All restructured loans will be reported to the Credit Information Companies as “Restructured” and the credit history of the borrowers shall consequently be governed by the respective policies of the credit information companies as applicable to accounts that are restructured under this framework

  • Will there be any change in pricing of my loan?

    There will be no impact on pricing of the loan

  • Borrowers who did not avail the moratorium benefits, will they be eligible for relief under this framework?

    The scheme and relief announced by RBI is available to all eligible Borrowers.

  • Will all co-borrowers of the original loan agreement be required to sign the revised restructuring agreement?

    As per regulatory and legal requirements, all borrowers/co-borrowers of the original loan need to sign on any changes in the loan structure including the restructuring agreement.

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