Home Loan Offer: Piramal Capital's AdvantAGE plans gives you customised EMIs; Check benefits, features here

Buying a home is everyone's dream. Today, there is an abundance of firms offering home loans to enable you to fulfill your dream of owning a home. However, before availing a home loan, you must compare it with other banks/financial institutions' offers in order to not to be on the losing side. If you have ever compared the EMI and the duration of the loan, you must be aware of the fact that higher the EMI and shorter the duration, you end up saving big on the interest.

Recently, Piramal Capital and Housing Finance Ltd. (PCHFL), a wholly owned subsidiary of Piramal Enterprises Ltd., has launched a new home loan product named ‘AdvantAGE’.

"This product is specially designed for parent-child wherein both can pay a higher EMI in the initial years when their income is higher. In the later years, when total family income is reduced, the customer can avail an option to pay lower EMI in line with the revised family income," it said.

The PCHFL said that the objective of the product was to have a customized loan structure for a family where one or more family members will have lower or no regular income after few years due to retirement, old age etc.

"The unique elements of this product is that it offers higher loan eligibility and EMIs matching the income of borrowers. The product works well even for salaried customers who will have pension income post-retirement," it said.

Key features of the product:
* Loan amount: up to Rs 10 crores
* Loan tenure: up to 30 years (subject to retirement age)
* Eligibility criteria: both salaried and self-employed; one salaried individual should be co-applicant

The rate of interest for the loan is 8.7 per cent.

** The above is subject to market value of the property and repayment capacity of the customer, as assessed by PCHF.

PCHF has its presence in Mumbai, New Delhi, Pune, Bengaluru, Nashik and now, Ahmedabad. Going forward in the next 6-9 months, the company plans to expand its presence in Chennai, Hyderabad, Jaipur, Nagpur, Surat, Vadodara, Navi Mumbai, Rajkot, Indore etc. By 2020, the company plans to have more than 24 branches in Tier 1 & Tier 2 markets in India.