Shriram Housing Finance Home Loan Details

Here are highlights of Shriram Housing Finance Home Loan:

Loan amountUp to 90% of the property cost; (Max: 10 crore)
Rate of interest8.90 onwards
TenureUp to 25 years
Lowest EMI possibleRs. Per 803 Lakh
Processing feeUp to 0.50% of the loan amount or Rs 5,000 whichever is higher

Shriram Housing Finance Home Loan Benefits

•Competitive floating interest rates across product range.
•Easy to meet eligibility criteria, eg. Income proof is not required for self-employed & special schemes for salaried individuals in informal sector.*
•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 lenders.
•Top up available for personal requirements such as higher education, marriage, medical emergencies and more.
•Affordable EMI options as per customer’s budget.
•Extended tenure up to 70 years for salaried employees, subject to proof for post retirement income.
•Easy documentation
•Generous protection under third party insurance for property and mortality risk.
•Pan India presence with branches in 17 Indian States and 1 Union Territory.
•Dedicated relationship manager
•Standard tax benefits as per IT Act.

Shriram Housing Finance Home Loan Documents Required

You must keep following documents handy before applying for Shriram Housing Finance Home Loan:

  • A duly filled and signed home 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

Shriram Housing Finance Home Loan – Fees & Charges

Processing FeesAs 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 rate2.5% 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 chargesAs per the law of the state where the property is located or where the mortgage is being created.
Legal/ Recovery ChargesAs per actual

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 Home Loan Schemes

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 AmountMinimum 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.
TenureRepayment period extends up to 25 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 AmountThe 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.
TenureThe loan is available for a term of 25 years depending upon the retirement age in case of salaried individuals and age at maturity in case of self-employed individuals.

Self-Construction

PurposeYou 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 AmountMinimum 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.
TenureThe loan tenure can be a maximum of 25 years depending upon the age at maturity in case of self-employed individuals and the retirement age in case of salaried individuals.

House Extension

PurposeLoan is available to extend a house or add additional rooms, floors, bathrooms, or toilets.
Loan AmountMinimum 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.
TenureYou can get maximum repayment tenure of 25 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

PurposeYou can transfer any existing Home Loan with another bank or financial institution to Shriram Housing Finance.
Loan AmountMinimum 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.
TenureYou can get maximum repayment tenure of 25 years depending upon the retirement age for salaried individuals and the age at maturity for self-employed individuals.

Renovation/ Repair

PurposeYou can avail loans to enhance your home using tiling or flooring, outdoor and indoor painting or plastering, and so on.
Loan AmountMinimum 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.
TenureYou can get maximum repayment tenure of 25 years depending upon the retirement age for salaried individuals and the age at maturity for self-employed individuals.

How Much Home Loan Can I Get on My Property (LTV) from Shriram Housing Finance?

Shriram Housing Finance provides home loans in the range of 75% to 85% of the property value. The margin depends on the Home Loan product chosen. The margins are higher in case of a loan against property.

SHRIRAM HOUSING FINANCE Home Loan - 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 Home Loan Features

Following are the features of Shriram Housing Finance Home Loan:

  • Loan amount: Up to 90% of the property, max up to Rs 10 crore. 
    Applicable for both salaried as well as self employed borrowers.
  • Shriram Housing Finance Home Loan Interest Rates start from 8.90 % per annum
  • Repayment tenure: Up to 25 years
  • Shriram Housing Finance Home Loan Processing Fees is flat Rs 5000 or up to 0.5% of the loan amount, whichever is higher.  
  • Lowest EMI possible: Rs. 803 per lakh
  • Diversified portfolio of loans available. You can borrow for purchasing a ready to move house, flat, or property under construction, or to buy second-hand home or apartment or to fund construction of a residential plot. Loan for home improvement is also available. 

Shriram Housing Finance Home Loan Eligibility Criteria

Primarily factors such as income, employment status, and tenure determine the home loan eligibility. To get approved for Shriram Housing Finance Home Loan, fulfil following:

•You must be a resident of India.
•The age should be between 21 to 70 years.
•You should have a stable source of income. Both self-employed & salaried individuals can apply.
•Your eligibility for the loan is dependent on repayment capacity and the value of the property.
•You can apply individually or jointly. It is not mandatory for the co-applicant to be a co-owner of the property.
•SHFL offers loans to a variety of individuals & non-individuals.

Shriram Housing Finance Home Loan Interest Rates

Shriram Housing Finance Home Loans start from 8.90% p.a across the product range.

Housing Finance ProductRate of Interest
Home LoansStarting from 8.90 % per annum
Residential Plot LoansStarting from 8.90 % per annum
Affordable Housing (PMAY)Starting from 8.90 % per annum, Interest subsidy available as per Government guidelines
Home Improvement LoansStarting from 8.90 % per annum
Home Extension LoansStarting from 8.90 % per annum
Top Up LoansStarting from 8.90 % per annum
Balance TransferStarting from 8.90 % per annum

Documents Required for Shriram Housing Finance Home Loan

Following is the documents list for Shriram Housing Finance Home Loan:

Type of documentSalariedSelf-Employed
Proof of AddressVoter's ID, Passport, Aadhar Card, Pan Card, a letter from an authorised public authority confirming the residential address, ration card, gas bill, any utility bills, latest LIC premium paid receipt.
Photo ID ProofAadhar Card, Voter's ID, Driving Licence, Passport
Age ProofBirth Certificate, PAN Card, Driving Licence, 10th Standard Marksheet, Passbook, Voter's ID, Aadhar Card.
Income Proof3 months latest salary slip, Form 16 and IT Returns for the last 2 years, a letter from employer, a letter of increment or promotion from the employer, investment proof like fixed deposit receipts, share certificates.Financial statements like audited balance sheet, Profit and Loss Account for the last 3 years along with ITR with income computation for the last 3 years, brief write-up about the Company/profession, copy of certificate of registration of the firm under Shop Act, Copy of Registration Certificate for deduction of profession tax, Receipts of advance tax paid if any, investment proof.
Business Vintage proofNot applicableCertificate of incorporation or GST Certificate
Bank StatementStatement of Bank Account for the last 6 monthsStatement of Bank Account for the last 12 months
Property documentsSale deed, Agreement of Sale with the builder, Latest Tax paid receipts, location sketch pertaining to the property attested by revenue authorities, possession certificate, allotment letter given  by Housing Society/Board/Private Builder, Receipts pertaining to advance payment made towards the flat, approved plan, No objection certificate issued by the Society or the builder, letter from the society/builder giving the details of their banker and account number for remittance of the loan proceeds in stages directly to them.
PhotographTwo passport size photographs
Application formPrescribed form for a Home Loan

Shriram Housing Finance Home Loan Comparison with Other Lenders

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
Shriram Housing Finance Home LoanUp to 85% of property25 years8.90 onwardsUp to 0.5% of the loan amount + GST and other applicable statutory levies
ICICI Bank Home LoanUp to 90% of property 30 years

6.70%-8.05%

 

0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
SBI Home LoanUp to 90% of property cost30 years

6.75% - 8.20%

 

Up to 0.50% + applicable GST
Axis Bank Home LoanRs. 5 Crores30 years

6.90%-8.40%

 

Up to 1%, minimum Rs.10,000
HDFC Home LoanUp to 90% of property cost30 years

6.70%-7.20%

 

Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes

How to Calculate Shriram Housing Finance Home Loan EMI?

Use 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 interest rate applicable. The EMI Calculator provides you with the exact amount based on the rate of interest applicable.

Shriram Housing Finance Pradhan Mantri Awas Yojana Subsidy 2021

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 25 years
  • Eligibility for these loans is under the discretion of the Government of India solely
  • The scheme details are as follows:

EWS and LIG

Eligibility Household IncomeInterest SubsidySubsidy Applicable on Maximum Loan ofWoman Ownership
Up to  6 Lakhs6.5% 6 LakhsMandatory

MIG 1

Eligibility Household IncomeInterest SubsidySubsidy Applicable on Maximum Loan ofWoman Ownership
 6 Lakhs to  12 Lakhs4% 9 LakhsNot Mandatory

MIG 2

Eligibility Household IncomeInterest SubsidySubsidy Applicable on Maximum Loan ofWoman Ownership
 12 Lakhs to  18 Lakhs3% 12 LakhsNot Mandatory

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Shriram Housing Finance Home Loan FAQs

✅ 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 to purchase or the construction has 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 8.90% per annum. 

✅ 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 25 years depending upon the age of retirement for salaried individuals and the age at maturity for self-employed individuals.