Shriram Housing Finance Home Loan
Apply for Shriram Housing Finance Home Loans up to Rs. 10 crore at LTV of up to 90 % of property value. The rates of interest are competitive and start at 8.50% for all categories of home loans. The processing fee is nominal and you can also choose repayment flexibility.
Apply for Shriram Housing Finance Home Loan @ 8.50% Interest Rates
Shriram Housing Finance Home Loan Details
Here are highlights of Shriram Housing Finance Home Loan:
| Loan amount | Up to 90% of the property cost; (Max: 10 crore) |
| Rate of interest | 8.50% onwards |
| Tenure | Up to 25 years |
| Lowest EMI possible | Rs. 769 Lakh |
| Processing fee | Up to 0.50% of the loan amount or Rs 5,000 whichever is higher |
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 8.50% per annum
- Repayment tenure: Up to 25 years
- Shriram Housing Finance Home Loan Processing Fees is flat Rs 5000 or up to 0.50% 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 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 Interest Rates
Shriram Housing Finance Home Loans start from 8.50% p.a across the product range.
| Housing Finance Product | Rate of Interest |
|---|---|
| Home Loans | Starting from 8.50% per annum |
| Residential Plot Loans | Starting from 8.50% per annum |
| Affordable Housing (PMAY) | Starting from 8.50% per annum, Interest subsidy available as per Government guidelines |
| Home Improvement Loans | Starting from 8.50% per annum |
| Home Extension Loans | Starting from 8.50% per annum |
| Top Up Loans | Starting from 8.50% per annum |
| Balance Transfer | Starting from 8.50% per annum |
Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.
Shriram Housing Finance Home Loan Comparison with Other Lenders
| Lender | Maximum Loan Amount | Maximum Tenure | Interest Rate | Processing Fee |
|---|---|---|---|---|
| Shriram Housing Finance Home Loan | Up to 85% of property | 25 years | 8.50% onwards | Up to 0.50% of the loan amount + GST and other applicable statutory levies |
| ICICI Bank Home Loan | Up to 90% of property | 30 years | 7.70% | 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| SBI Home Loan | Up to 90% of property cost | 30 years | 7.50% - 8.45% | Up to 0.35% + applicable GST |
| HDFC Home Loan | Up to 90% of property cost | 30 years | 7.90% - 9.00% | Up to 0.50% or Rs. 4,500 (whichever is higher) + applicable taxes |
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 the 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.
- You must have a good credit score to avail loan at lowest interest rate.
- SHFL offers loans to a variety of individuals & non-individuals.
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 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 | Rs. 750 per instance |
| CERSAI fees | Rs. 50 for loans up to Rs. 5 Lakhs and Rs. 100 for amount above Rs. 5 Lakhs, to be collected during loan closure. |
| Duplicated statement issuance charge | Rs. 250 per instance |
| Photocopy of title deeds issuance charges | Rs. 500 per instance |
| Cheque or instrument swap charges | Rs. 500 per instance |
| Duplicate amortization schedule issuance charges | Rs. 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 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 |
|
| 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 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 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 25 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 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
| 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 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
| 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 25 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 25 years depending upon the retirement age for salaried individuals and the age at maturity for self-employed individuals. |
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 Shriram Housing Finance EMI Calculator provides you with the exact amount based on the rate of interest applicable.
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 FAQs
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.
Floating interest rates are applicable on Shriram Housing Finance Home Loans. The interest rate starts at as low as 8.50% per annum.
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.
You can pay your EMI through easy options like Electronic Clearing Services and post-dated cheques.
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.