A brand new home loan offering has been unveiled officially by Piramal Capital and Housing Finance which is a subsidiary (wholly-owned) of Piramal Enterprises. This new home loan product is called AdvantAGE and has been tailored exclusively to cater to parents and their children.
Under the AdvantAGE blueprint, both can repay higher EMIs in the initial years of the home loan and when the total family income comes down, they can get the option for repaying lower EMIs in sync with their current family income. This uniquely designed offering aims at offering customized home loan frameworks for families where one or even more members will have lower or no income post retirement after a few years down the line.
One or more family members can in such cases become co-borrowers by opting for a higher home loan. The loan also offers enhanced home loan eligibility and EMIs that are in sync with borrower incomes. As per reports, this home loan product will function smoothly for salaried borrowers who will draw pensions post retirement. The rate of interest on the home loan stands at 8.7% while the loan amount ranges between Rs. 20 lakh and Rs. 10 crore. The tenor of the loan is a maximum of 30 years subject to the age of retirement and the eligibility criteria covers both self-employed and salaried borrowers. One salaried individual is required to be the co-applicant for the home loan.