Product designed for parent-child where both together pay higher EMI in the initial years and then in the later years, post retirement of parent, the child pays lower EMI.
Piramal Capital and Housing Finance Ltd. (PCHFL), a wholly owned subsidiary of Piramal Enterprises Ltd., today announced the launch of their new home loan product – ‘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, customer can avail an option to pay lower EMI in line with the revised family income.
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. In this case, one or more family members can become a co-borrower by taking a higher home loan.
Besides the above mentioned featured, 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.
Key features of the product:
• Rate of interest: 8.7%
• Loan amount: Rs 20 lakh to Rs 10 crores
• Loan tenure: upto 30 years (subject to retirement age)
• Eligibility criteria: both salaried and self-employed; one salaried individual should be co-applicant
Commenting on the launch, Khushru Jijina, Managing Director, Piramal Capital & Housing Finance Limited said, “At PCHFL, we have always focused on innovation to solve the problems of the industry and cater to the needs of our customers. Again, with the launch of this new product – AdvantAGE – we are enabling our customers to purchase their dream home with a customised loan structure. Our product offerings are linked to our strategy to emerge as a diversified home loan provide to cater to the wide variety of our customer needs. It also goes back to our company philosophy of ‘Bada Socho’ which enables our customers to pursue their goals and transform their dreams into reality by embracing a new way of life – Think Big. Going forward, you will see many more such innovative product launches catering to the need of the industry.”
In addition to this product, its existing popular product – SUPERLOANS – factors in future income potential whilst assessing the credit parameters for a retail loan to enable customer to purchase their ideal home. SUPERLOANS is designed to enable customers to buy their first home at a much younger age (28 years as opposed to the earlier average of 35 years as the first time home buyers).
PCHF has a unique business model – B2B2C – (business to developer to customer) which is a key differentiator; existing robust relationships with developer partners combined with innovative offerings; and a single window that provides end-to-end financing solutions.
It has 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.
About Piramal Capital & Housing Finance Limited:
Piramal Capital & Housing Finance Limited (PCHFL), wholly owned subsidiary of Piramal Enterprises Limited (the flagship company of Piramal Group), is registered as a housing finance company with National Housing Bank (NHB) and engaged in various financial services businesses. It provides both wholesale and retail funding opportunities across sectors. In real estate, the platform provides housing finance and other financing solutions across the entire capital stack such as structured debt, construction finance, flexi lease rental discounting etc. The wholesale business in non-real estate sector includes separate verticals- Corporate Finance (CFG) and Emerging Corporate Lending (ECL). CFG provides customized funding solutions to companies across sectors such as infrastructure, renewable energy, roads, industrials, auto components etc. while ECL focuses on lending towards, Small and Medium Enterprises (SMEs).