Shriram Housing Finance

Shriram Housing Finance Home Loan

Apply Shriram Housing Finance Home Loan

About Shriram Housing Finance Home Loan

Shriram Housing Finance Ltd. (SHFL) is an Indian Housing Finance Company (HFC) registered with the National Housing Bank (NHB). It is promoted the housing finance wing of the Chennai headquartered Shriram Group. SHFL started its lending operations in December 2011.

SHFL has a philosophy of "Finding Ways to Funding Homes". The company aims at providing financial assistance to prospective homebuyers and homeowners who remain underserved. Shriram also offers Loan Against Property to fund your business expansion or personal needs, and Product Finance for developers.

Shriram Housing Finance Home Loan

Interest rate

10.99%

Loan tenure

20 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 80% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 1,032 Per Lakh

Why Choose Shriram Housing Finance Home Loan?

Shriram Housing Finance provides Home Loans for the purchase of new ready to occupy/ resale properties, under construction properties, renovation and repair of an existing property, and also for the self-constructed property. These loans are tailor made to suit your repayment capacity and provide easy equated monthly instalment (EMI) options to ensure that you can get affordable funding to get your dream home.

When you choose Shriram Housing Finance Home Loans, you can expect the following benefits:

  • Home Loans for purchasing the property from MHADA, private developers, or any government authorised projects.
  • Variety of schemes with lower EMI to make purchasing your house more affordable
  • Various payment options
  • Transparent process
  • No hidden charges
  • Pan India branch network
  • Doorstep service

Features and Benefits of Shriram Housing Finance Home Loans

  • Interest rates for Home Loans at Shriram Housing Finance start at 10.99% p.a.
  • The loan can be availed for the purchase of your dream home, construction of new property and even repair and renovation expenses.
  • The loan amount that can be availed under this loan may vary from 1 Lakh to 75 Lakhs, depending on the need of the borrower, their repayment capacity, and the value of the property to be purchased.
  • Maximum Loan-to-Value (LTV) ratio is up to 80% of the cost of the project
  • Shriram Housing Finance provides Home Loans even to the informal segment with simple eligibility criteria. For instance, income proof is not required for the self-employed segment and special schemes for the salaried segment that is informal.
  • There are no penalties on pre-closure of loans or part-prepayment of loans for individual borrowers
  • Simple options for the takeover of existing loans from another financial institution along with added finance for personal requirements including higher education, marriage, medical emergencies and more.
  • Property and mortality risk is covered using third party insurance tie-ups that offer generous covers
  • You can enjoy low floating interest rates against all Home Loans
  • Pan India presence with branches in 17 Indian States and 1 Union Territory
  • Long-term repayment tenure up to 20 years depending upon the retirement age in case of salaried individuals and the age of the borrower at maturity if self-employed.
  • Easy repayment options including Electronic Clearing System (ECS), NACH, and Post Dated Cheques (PDCs).
  • Transparent loan procedures and charges
  • Affordable EMI payments to suit your requirement

Shriram Housing Finance Home Loan Interest Rate

Shriram Housing Finance provides Home Loans at interest rates starting at 10.99%. These are floating interest rates that are linked to Shriram Housing's Prime Lending Rate (SHPLR). The current SHPLR is 15% (as on 08.04.2019).

Types of Home Loans offered by Shriram Housing Finance

Shriram Housing Finance offers a range of different housing loan products to help you buy, construct, renovate, and extend properties. These loans are flexible and tailor made to suit your repayment abilities. The types of Home loans offered by Shriram Housing Finance include:

Purchase of Property

Purpose

  • You can get these Home Loans for purchase of resale property, ready to occupy the property or under construction property.
  • The property can be purchased from MHADA or other government-authorised projects and also from private developers.

Loan Amount

Minimum loan amount for purchase of property is 1 Lakh and the maximum loan amount is 75 Lakhs.

Loan to Value (LTV)

This loan is subject to 80% of the property's value, depending on the capacity of repayment of the borrower.

Tenure

Repayment period extends up to 20 years depending upon the age of the borrower at the time of maturity in case of self-employed individuals and the age of retirement in case of salaried individuals.

Plot Purchase Plus Construction

Purpose

 Loan is provided for purchasing of a plot as well as constructing property on it.

Loan Amount

The maximum loan amount available is 50 Lakhs and the minimum loan amount available is 1 Lakh.

Loan to Value (LTV)

This loan is subject to 80% of the cost of the project, which includes the plot value and the construction cost. The loan's value depends on the repayment capacity of the borrower.

Tenure

The loan is available for a term of 20 years depending upon the retirement age in case of salaried individuals and age at maturity in case of self-employed individuals.

Self-Construction

Purpose

You can avail these loans for construction of a house on a plot that you own or on any plot allotted to you by a Development Authority.  

Loan Amount

Minimum loan amount for purchase of property is 1 Lakh and the maximum loan amount is 75 Lakhs.

Loan to Value (LTV)

Loan is subject to 80% of construction's value, depending on the repayment capacity of the borrower.

Tenure

The loan tenure can be a maximum of 20 years depending upon the age at maturity in case of self-employed individuals and the retirement age in case of salaried individuals.

House Extension

Purpose

Loan is available to extend a house or add additional rooms, floors, bathrooms, or toilets.

Loan Amount

Minimum loan amount for house extension is 1 Lakh and the maximum loan amount is 25 Lakhs.

Loan to Value (LTV)

Loan is subject to 70% of the project's cost, depending on the repayment capacity of borrower.

Tenure

You can get maximum repayment tenure of 20 years depending upon the retirement age for salaried individuals and the age at maturity for self-employed individuals.

Balance Transfer with or without Additional Finance

Purpose

You can transfer any existing Home Loan with another bank or financial institution to Shriram Housing Finance.

Loan Amount

Minimum loan amount for house extension is 1 Lakh and the maximum loan amount is 75 Lakhs.

Loan to Value (LTV)

Loan is subject to 75% of the property's value, depending on the repayment capacity of the borrower.

Tenure

You can get maximum repayment tenure of 20 years depending upon the retirement age for salaried individuals and the age at maturity for self-employed individuals.

Renovation/ Repair

Purpose

You can avail loans to enhance your home using tiling or flooring, outdoor and indoor painting or plastering, and so on.

Loan Amount

Minimum loan amount for house extension is 1 Lakh and the maximum loan amount is 25 Lakhs.

Loan to Value (LTV)

Loan is subject to 70% of the project's cost, depending on the repayment capacity of the borrower.

Tenure

You can get maximum repayment tenure of 20 years depending upon the retirement age for salaried individuals and the age at maturity for self-employed individuals.

Affordable Housing - PMAY

Pradhan Mantri Awas Yojana (PMAY) is a Credit-Linked Subsidy Scheme (CLSS) by the Indian government that aims at providing affordable housing to all.

  • The CLSS scheme is available under the Pradhan Mantri Awas Yojana URBAN Housing for all
  • You can avail loan for purchase, construction, extension and improvement of homes.
  • The interest subsidy is credited upfront to your loan account through Primary Lending Institutions, reducing EMI and effective housing loan.
  • The Net Present Value of the interest subsidy as of now will be calculated at a discount rate of 9%
  • Beneficiary family's Aadhaar number(s) are mandatory for MIG category
  • You can avail the interest subsidy for maximum loan tenure of 20 years
  • Eligibility for these loans is under the discretion of the Government of India solely
  • The scheme details are as follows:
CLSS Scheme Eligibility Household Income Interest Subsidy Subsidy Applicable on Maximum Loan of Woman Ownership

EWS and LIG

Up to 6 Lakhs

6.5%

6 Lakhs

Mandatory

MIG 1

6 Lakhs to 12 Lakhs

4%

9 Lakhs

Not Mandatory

MIG 2

12 Lakhs to 18 Lakhs

3%

12 Lakhs

Not Mandatory

Shriram Housing Finance Home Loan Eligibility

You must fulfill the following conditions in order to be eligible for a Home Loan with Shriram Housing Finance:

  • You must be a resident of India
  • When applying for the loan, you should be at least 21 years of age
  • You can be a self-employed or salaried individual
  • Your eligibility for the loan is dependent on your repayment capacity and the value of the property that is being considered.
  • You have the option of applying for the loan individually or jointly. It is not mandatory for the co-applicant to be a co-owner of the property being considered.

Documents Required Shriram Housing Finance Home Loan

You must keep the following documents ready in order to apply for a Shriram Housing Finance Home Loan:

  • A duly filled and signed loan application form
  • KYC documents:
    • Age proof
    • Residence proof
    • Signature proof
    • Identity proof
  • Income documents:
    • For salaried individuals: Salary Slips, bank statements, and Form 16
    • For self-employed individuals: ITR with financial statements, and bank statements
  • Property documents

Other Shriram Housing Finance Products

There are several other funding options available with Shriram Housing Finance including:

Loan Against Property

  • You can avail loan against your property for personal use including medical emergency, education, business requirements, and others.
  • The loans are available on fully constructed residential properties
  • The maximum loan amount is 150 Lakhs and the minimum loan amount available is 1 Lakh under this scheme.
  • The loan is subject to 60% of property value and the repayment ability of the owner
  • The loan tenure can extend up to 12 years depending upon the age of retirement for salaried individuals and the age at maturity of self-employed individuals.
  • The rate of interest is linked to Shriram Housing's Prime Lending Rate, which is currently 15%.

Project finance

  • Long-term and short-term funding is provided for capital requirements of project financing, acquisition financing, inventory financing, bridge financing, and so on.
  • Funding is based on the cash flow of the organization and security

How to Calculate EMI for Shriram Housing Finance Home Loan?

Use the MyMoneyMantra EMI Calculator to know your exact Equated Monthly Instalment (EMI). All you have to do is enter the loan amount that you are applying for, preferred tenure, and the interest rate applicable. The EMI Calculator provides you with the exact amount based on the rate of interest applicable.

How Does CIBIL Score Affect Shriram Housing Finance Home Loan?

CIBIL Score shows your previous repayment records and current financial health to assess your eligibility for a particular loan. In comparison to the Personal Loans and other types of loans, the CIBIL score required for you to be eligible for the Shriram Housing Finance Home Loan is lower. You need a CIBIL score of at least 650 to be eligible for this loan.

Shriram Housing Finance Home Loan Processing Fee and Other Charges

The different charges applicable for Shriram Housing Finance Home Loan are:

Processing Fees As Per Sanction Letter

Pre-payment charges

NIL for individual borrowers

For co-borrowers and other non-individual borrowers - 2% of outstanding during foreclosure or 2% of part- prepayment amount.

Overdue interest rate

2.5% per month of overdue instalment amount

Instrument return charges

750 per instance

CERSAI fees

50 for loans up to 5 Lakhs and 100 for amount above 5 Lakhs, to be collected during loan closure.

Duplicated statement issuance charge

250 per instance

Photocopy of title deeds issuance charges

500 per instance

Cheque or instrument swap charges

500 per instance

Duplicate amortization schedule issuance charges

250 per instance

Duplicate interest certificate issuance charge

250 per instance

Mortgage Creation or release charges

As per the law of the state where the property is located or where the mortgage is being created.

Legal/ Recovery Charges

As per actuals

The fees mentioned above are exclusive of any government charges, cess, levies, etc. They are subject to change as per the discretion of Shriram Housing Finance Limited.

Shriram Housing Finance Customer Care

For any grievance redressal all complaints are received by the corporate office and are resolved with a consultation at the concerned branch.

Shriram Housing Finance Customer Care

Complaints and grievances can be submitted via

Customer Care - 1800-102-4345

Email - contact@shriramhousing.in

Registered Office Address:

No.123

Angappa Naicken Street

Chennai - 600001

Head Office Address:

Shriram Housing Finance Limited,

Ground Floor, Wockhardt Towers,

East Wing Bandra Kurla Complex,

Mumbai - 400051

Shriram Housing Finance Latest News

Shriram Housing Finance Ltd: Housing the under-served

July 31st 2018: Shriram Housing Finance Limited provides specially tailored products and services to fulfill the requirements of low-income homebuyers and has a bouquet of innovative mortgage products. "Though the concept of affordable housing is popular today, we have been present in it since we came into existence in 2011", maintains Sujan Sinha, Managing Director and CEO of Shriram Housing Finance Ltd.

Shriram Housing Finance Limited's Success Saga

March 2018: The CEO magazine lists Shriram Housing Finance Limited under the 25 Most Trusted Banking, Financial and Insurance Services Companies in India for its prowess in Home Loan and other financial services focused completely on the grass root levels of the society.

We serve the Underserved Category

October 2017: In an interview with Outlook Money, Managing Director, and CEO of Shriram Housing Finance Ltd, Sujan Sinha reveals how Shriram Housing Finance Ltd. stands out from the rest in the highly competitive market of housing finance and talks about the various services that are available.

Reality Sector Expectations with Budget

January 28th 2017: Talking to the Times of India, Managing Director and CEO, Sujan Sinha lists the expectations from the 2017-2018 budgets with a highlight on the beneficiaries on PMAY, digitalization of records and clarity on taxes for REITs.

Frequently Asked Questions

When is the best time to apply for a Shriram Housing Finance Home Loan?

The best time to apply for a Home Loan is immediately after deciding to purchase or construct the property. You can make an application even if you have not selected the property you want to purchase or the construction as not begun yet.

What is the rate of interest on Shriram Housing Finance Home Loan?

Floating interest rates are applicable on Shriram Housing Finance Home Loans. The interest rate starts at as low as 10.99% per annum. All interest rates are linked to Shriram Housing's Prime Lending Rate (SHPLR). The current SHPLR is 15%.

Who can sign as a co-applicant for the Shriram Housing Finance Home Loan?

The co-owners of any property for which you are seeking financial assistance can become the co-applicants. Although it is not necessary that the co-applicants are co-owners, it is necessary for them to be blood relatives. Usually the loans are co-applied by husband-wife, father-daughter, and mother-son.

What are the repayment options available with Shriram Housing Finance Home Loan?

You can pay your EMI through easy options like Electronic Clearing Services and post-dated cheques.

What is the maximum repayment tenure on Shriram Housing Finance Home Loans?

You can get repayment tenure of up to 20 years depending upon the age of retirement for salaried individuals and the age at maturity for self-employed individuals.

What documents are required for Shriram Housing Finance Home Loan application?

To apply for a Shriram Housing Finance Home Loan, you require a completed application form, income proof for salaried (salary slips) and self-employed individuals (ITR and bank statements), KYC Documents (age proof, residence proof, signature proof, ID proof), and property documents.

How long will a Shriram Housing Finance Home Loan take to be sanctioned?

The loan processing and sanction take a few days from the time of application, as long as all the necessary documents have been submitted.

Who is eligible for a Shriram Housing Finance Home Loan?

All individuals who are 21 years of age or more and are residents of India are eligible to apply for a loan. The loan amount is calculated as per the repayment capacity and the income of the applicant.

Are there any prepayment penalties for Shriram Housing Finance Loan?

There are no prepayment penalties for individuals. For co-borrowers/ non-individuals, a 2% prepayment penalty is applied on the amount at the time of foreclosure or on the amount that you pay partly.

Can I get a loan for repair or expansion of residential property with Shriram Housing Finance?

Yes. You can avail Home Loans up to 25 Lakhs for house extension and repair and renovation.

Why Apply for Shriram Housing Finance Home Loan on MyMoneyMantra?

Applying for a Home Loan on MyMoneyMantra is an easy, quick, and hassle-free option available. With MyMoneyMantra, you have the option of comparing various Home Loan products offered by different banks and financial institutions and apply online instantly.

  • MyMoneyMantra offers an EMI Calculator tool, which checks your Home Loan eligibility instantly and shows the accurate EMI you are eligible for.
  • You can read all the Home Loan policies of Shriram Housing Finance before applying for the loan.
  • You can get personalised loan solutions based on your eligibility.
  • As soon as an applicant submits their Shriram Housing Finance Home Loan application with us online, the decision is provided instantly.
  • Documentation process with MyMonemantra is extremely streamlined and hassle-free. We offer doorstep documents pick-up service, reducing the overall turnaround time to get your loan faster.
  • Complete privacy and security are assured to all the applicants on MyMoneyMantra. Every loan application is sent electronically to the lender.

How to Apply for Shriram Housing Finance Home Loan on MyMoneyMantra?

Applying for Shriram Housing Finance Home Loan on MyMoneyMantra is extremely easy and straightforward. To begin your loan application, follow these steps:

  • Log on to the official website of MyMoneyMantra
  • Go to Home Loan section given under Loans tab
  • Choose your gender
  • Choose the city where you want to purchase or construct your property or expand an existing property.
  • Provide the approximate value of the property in consideration
  • Enter required details for assessment of your application including your annual income, the employment type, the required Home Loan, and other details.
  • Provide your phone number and email ID
  • Accept all the terms and conditions in order to proceed
  • An OTP is generated and sent to your phone number
  • Just enter this OTP number in the space given to avail the loan of your choice

Once the OTP number is entered, you can move on to apply for the type of loan that you want with Shriram Housing Finance. The final steps to be taken after a successful loan application are as follows:

  • Ensure that all the documents required to complete the application are ready for verification
  • You will be contacted by the assigned team at MyMoneyMantra for any assistance in completing your Shriram Housing Finance Home Loan application. This service is available to you at no cost.
  • The marketing team at Shriram Housing Finance will verify the documents
  • The legal scrutiny and valuation of the property are completed by the panel of evaluators and advocates at Shriram Housing Finance.
  • A personal interview is conducted by officials from Shriram Housing Finance to assess your credit history, income, property, and the available funding source of any margin required for purchase.
  • Once the verification procedure is completed, Shriram Housing Finance will process the loan application.
  • When the loan is approved, a loan offer with the detailed terms and conditions of the loan provided will be sent to the applicant from Shriram Housing Finance.
  • The Home Loan documents are executed
  • The loan is disbursed as per the terms of the loan sanction
You can proceed by creating and registering your EMI

OTP is sent to your mobile number

Enter OTP

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