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FAQ

Here is a list of some common queries and their solution.
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General

  • How do I apply for a Home Loan from Piramal Capital & Housing Finance Ltd. (Piramal Finance)?
    • You can apply online or contact us on our Toll free number 18002666444.
  • What are the different types of Loans available with Piramal Capital & Housing Finance Ltd. (Piramal Finance)?
    • 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance)?
    • With Piramal Capital & Housing Finance Ltd. (Piramal Finance), 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?
    • Piramal Capital & Housing Finance Ltd. (Piramal Finance) 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance) loan amount is referred as your own contribution, which is to be paid by buyer for purchasing property.
  • 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.
    • All applicants & Co-applicants need to be present along with their original valid identity proof at the time of collection of property documents.
  • What is Credit Counselling?
    • Credit Counselling is a consultation / advise provided to the stressed borrower aiming at exploring the possibility of repaying debts outside bankruptcy and educates the debtor about credit money management, debt management and budgeting.
    • For availing counselling services and to know more, please login with your Piramal account on the website.

Loan Specific

  • For what purpose can I avail a Loan against Property & which property can I mortgage?
    • With Piramal Capital & Housing Finance Ltd. (Piramal Finance), 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance).
    • 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance) 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?

Tax Benefits

  • 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 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?

Insurance Schemes

    • 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance) 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.
  • 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.
  • 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.

EMI & Repayment

  • 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance) 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 https://cdn.piramalfinance.com/pchfweb/Docs/ResourceCenter/MITC.pdf for the details of charges applicable

E-Mandate

  • What is NACH E-mandate?
    • NACH E-Mandate is a standing instruction given by borrower(s) to a “lending institution” to debit borrower’s bank account on a periodic basis for instalments like Equated monthly Instalments (EMIs).
    • There are 2 different ways with which one can set up an NACH E-mandate:
    • Offline Mandate - In this case, a physical NACH mandate form needs to be submitted. This process usually takes around 21 days (including the transit time).
    • E-mandate (Online Mandate) – In this case, the entire NACH registration process takes place digitally with borrower’s net-banking authentication and so it is completely paperless. This is now available in Piramal Capital & Housing Finance Ltd. (Piramal Finance) website, where one can set up a mandate in real time.
    • Benefits of NACH E-mandate:-
    • Borrower can register for E-NACH himself/herself through electronic channel.
    • Registration within few minutes.
    • Secured and assured mandate acceptance by borrower’s banker.
  • Is NACH E-Mandate registration available for all the Banks?
  • How to register NACH E-Mandate through Piramal Capital & Housing Finance Ltd. (Piramal Finance) website?
    • Login to our website www.piramalfinance.com > Customer Services > E-Mandate.
    • Click on e-mandate to view Demo video of steps to be followed to register for NACH E-mandate.
  • Are there any charges for NACH E-mandate registration?
    • No, it is absolutely free. Piramal Capital & Housing Finance Ltd. (Piramal Finance) does not charge anything to borrower for this facility.
  • How will NACH E-mandate registration status be informed?
    • After successful authentication of the NACH E-mandate, the borrower’s bank page will display registration status.
  • What is the minimum & maximum limit amount set for NACH E-Mandate?
    • Minimum amount is Rs.5,000 and Maximum is Rs.10 Lakh for E-Mandate.

Resolution Framework

    • 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 Ltd. (Piramal Finance) 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance) Retail portfolio
    • Once a Borrower approaches Piramal Capital & Housing Finance Ltd. (Piramal Finance) with a request for relief under the resolution framework, Piramal Capital & Housing Finance Ltd. (Piramal Finance) 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance).
  • What type of loans are covered under this framework?
    • This policy is applicable to all loans handled by Retail division of Piramal Capital & Housing Finance Ltd. (Piramal Finance) . 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 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 Piramal Capital & Housing Finance Ltd. (Piramal Finance)
  • 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 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. 1. Bank statements from October 2019 till date for all bank accounts
      2. 2. Income Tax Returns (ITR) of FY 2019 and 2020
      3. 3. Repayment track record of all loans from October 2019 till date
      4. 4. Credit card statements from October 2019 till date (required only if there is no other term loan except)
      5. Piramal Capital & Housing Finance Ltd. (Piramal Finance) loan)
      6. 5. CIBIL Consent form of all applicants
      7. 6. Salary slips of last 6 months along with relieving / retrenchment letters if occurred post March 2020
      8. 7. Any other documents as required by Piramal Finance

    • Documents to be shared by Non Salaried customers

      1. 1. Bank statements from October 2019 till date for all Bank accounts
      2. 2. Income Tax Returns (ITR) of FY 2019 and 2020
      3. 3. GST returns (if applicable) from October 2019 till date
      4. 4. Repayment track record of all loans from October 2019 till date
      5. 5. Credit card statements from October 2019 till date (required only if there is no other term loan except Piramal Finance loan)
      6. 6. CIBIL Consent form of all applicants
      7. 7. Any other documents as required by Piramal Finance
  • 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.
    • To revoke your consent, please send a message (SMS) including the word "STOP " to 7378799999. Your request will be actioned in 24-48 hours from receiving the message.

Procedure to return original moveable/immovable collateral documents to Legal heirs in case of Demise of Borrower(s)

Co-borrower/nominee/relative/legal heir need to follow the below procedure to inform PHFCL about the demise of borrower(s):

  • How to inform PCHFL about demise of the customer?
    • The Co-borrower/Nominee/Relative/Legal Heir can inform PHFCL about the demise of customer either by visiting nearest branch or via email (customercare@piramal.com) or by reaching us through our customer service desk..
  • What are the documents required to notify the demise of customer?
    • a) Deceased customer’s name
    • b) True copy of Death Certificate / Doctor’s Certificate (Mandatory)
    • c) Nominee details – Name, Relation & Contact Number.
    • d) Nominee KYC - Self-attested ID proof of person visiting the branch & contact details (Identity proof, address proof, mobile number & e-mail).
    • e) Insurance availed? Yes or No. If yes, name of the Insurance Company.
  • What if the deceased customer does not have insurance?
    • In such a case, the nominee/ legal heir/ co-borrower must carry following documents as applicable:
    • a) Authorization letter/Registered Legal Will.
    • b) Certificate of life insurance (COI) or Indemnity bond, in case of lost COI.
    • c) Police Records like FIR (First Information Report), PMR (Physical Medicine and Rehabilitation) and FPR (Final Police Report) in case of accidental death.
  • How will be the loan repaid post demise of the borrower(s)?
    • a) In case of active insurance policy, the loan will be settled as per the terms & conditions of the loan and the insurance policy.
    • b) In case of absence of insurance policy/shortfall in the insurance claim, the co-borrower or legal heir will be liable to repay the EMIs as per the terms of the loan agreement.
    • Post full repayment/settlement of loan & successful verification of documents as mentioned in point no. (2) above, the legal heir can claim the documents within 30 days.

Release of Movable/Immovable Collateral Documents

This guide provides important information about the process for releasing collateral documents after full loan repayment, including the timeline, collection options, and procedures for legal heirs in the event of the borrower's demise.

  • How long will it take for PCHFL to release the customers’ collateral documents after fullrepayment of loan?
    • PCHFL will release all the original movable/immovable collateral documents and remove any registered charges within 30 days after the full repayment or settlement of the customers’ loan account.
  • Where can the customer collect original collateral documents once the loan is fully repaid?
    • The customer can choose to collect the original movable/immovable collateral documents either from the branch where the loan account was serviced or from any other PCHFL branch as informed by the customer at the time of payment towards loan closure.
  • Who can collect original collateral documents once the loan is fully repaid?
    • All the borrower(s), co-borrower(s) and the asset owner(s) should visit the PCHFL Branch.
  • Which documents should customer(s) carry while visiting the branch to collect the Original Collateral Documents?
    • In such a case, the nominee/ legal heir/ co-borrower must carry the following documents as applicable:
    • a) Original Identity proof (PAN, Aadhaar, Voter Card, Driving License, Passport, etc.)
    • b) Photocopy of the above Identity proof
    • c) LOA (Letter of Authority), duly signed, along with self-attested Identity proof (applicable only if any of the borrower/co-borrower is not visiting the Branch)
    • d) Original copy of POA (Power of Attorney) and self-attested Identity proof (In case the customer is NRI)
  • Will the timeline and place for returning the original collateral documents be communicated to the customers?
    • Yes, the timeline and place for returning the original collateral documents will be communicated to the customer via SMS and e-mail over the customer’s registered phone number and e-mail address.
  • I am observing an incorrect reporting in CIBIL / CRIF / Equifax / Experian credit report. How do I get this corrected?
    • Please send an email to customercare@piramal.com, with the following details.
    • a. Your loan account number (if you have one with us)
    • b. Your mobile number
    • c. Your email address
    • d. PAN card copy
    • e. Copy of the credit report fetched from credit bureau.

      On submission of the above information / documents, we will look into the details and provide information / status to you. A service request number will be provided to you through SMS / email.
  • In how many days can I expect a resolution on my request?
    • Your request would be addressed within 30 calendar days. The correct information (if the reported information is indeed wrong), will be sent to the Credit. Information Companies (CICs) within 21 calendar days from our end. Further, CICs would update their records in next 9 calendar days. Therefore, you will be informed about the resolution within 30 calendar days from the date of your request to us.
  • What happens if there is no information on the resolution even after 30 days? How will my grievance be addressed?
    • If your request remains un-responded even after 30 calendar days, we will keep you informed on the progress / status.
  • Can I initiate a request for correction without my mobile number or email address?
    • The status of your request will be communicated only through SMS / email. Therefore, both mobile number and email address are mandatory.
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