Sundaram Finance Home Loan Eligibility Criteria
Before applying, it is important to understand the eligibility criteria set by Sundaram Finance. These criteria ensure that borrowers have stable income and repayment capacity.
|
Parameter
|
Details
|
|
Applicant Type
|
Salaried, Self-Employed, Professionals, Business Owners
|
|
Minimum Age
|
21 years
|
|
Maximum Age at Loan Maturity
|
60–65 years (profile dependent)
|
|
Employment Stability
|
Minimum 2 years (salaried) / 3 years (self-employed)
|
|
Minimum Income
|
As per Sundaram Finance norms
|
|
Credit Score
|
Preferably 700 or above
|
|
Loan Tenure
|
Up to 20–25 years
|
|
Property Type
|
Residential property (ready, under-construction, or resale)
|
Eligibility may vary based on city, property type, and borrower profile.
Sundaram Finance Home Loan Schemes
Sundaram Finance offers a range of home loan products designed to meet different housing needs.
1. Home Purchase Loan: Designed for individuals purchasing a new or resale residential property.
2. Home Construction Loan: Suitable for customers planning to construct a home on their own plot.
3. Home Improvement / Renovation Loan: For renovation, repairs, extensions, or modernization of an existing house.
4. Plot Purchase Loan (with future construction): For customers buying residential plots with long-term construction plans.
5. Home Loan Balance Transfer: Transfer your existing home loan from another lender to Sundaram Finance for better service or competitive rates.
Each scheme is structured with flexible repayment options and transparent terms.
Documents Required for Sundaram Finance Home Loan
Submitting accurate and complete documentation ensures faster loan approval.
Personal Documents
- PAN Card
- Aadhaar Card / Passport / Voter ID
- Passport-size photographs
Income Documents
|
For Salaried Applicants
|
Last 3–6 months salary slips
Form 16 or latest ITR
Bank statements (last 6 months)
|
|
For
Self-Employed Applicants
|
ITR for last 2–3 years
Profit & Loss Account and Balance Sheet
Business proof and bank statements
|
Property Documents
- Sale Agreement / Allotment Letter
- Title Deed and Chain Documents
- Approved Building Plan
- Property Tax Receipts
Tax Benefits on Sundaram Finance Home Loan
Borrowers can enjoy income tax benefits on Sundaram Finance home loans under the Income Tax Act, 1961, subject to prevailing rules.
|
Section
|
Benefit
|
|
Section 80C
|
Up to ₹1.5 lakh deduction on principal repayment
|
|
Section 24(b)
|
Up to ₹2 lakh deduction on interest for self-occupied property
|
|
Section 80EE / 80EEA
|
Additional benefits for eligible first-time home buyers
|
These benefits significantly reduce the overall cost of borrowing.
Tax benefits are subject to government regulations. Always consult a tax advisor.
Sundaram Finance Home Loan Processing Fees & Other Charges
Sundaram Finance follows a transparent pricing structure with clearly disclosed charges.
|
Charges Type
|
Details
|
|
Processing Fee
|
Typically, up to 1% of loan amount (as per policy)
|
|
Legal & Valuation Charges
|
At actuals
|
|
Prepayment Charges
|
Minimal or nil (as per terms)
|
|
Late Payment Charges
|
Applicable as per loan agreement
|
|
Documentation Charges
|
Nominal
|
There are no hidden costs, reinforcing trust and transparency.
Interest Rates on Sundaram Finance Home Loan
Sundaram Finance home loan interest rates are competitive and depend on:
Interest rates may be fixed, floating, or hybrid, offering flexibility based on borrower preference. Use our EMI calculator to plan your monthly payments and check your eligibility before applying.