SMFG Grihashakti: Diverse Mortgage Solutions for Every Need

At SMFG Grihashakti, we ensure that we offer the best interest rates as per each applicant's profile and eligibility.

Here are some of the basic eligibility criteria for getting a home loan from SMFG Grihashakti:

• You must be a resident of India
• You must be at least 21 years old at the time of loan application and not more than 65 years old by the time of loan maturity
• For salaried applicants:
  
  
  • A minimum monthly salary of INR 1,20,000 per annum is required
  • You must have been employed at your current job for at least 1 year
• For self employed applicants:
  
  
  • Your annual turnover and yearly profit after tax should meet a minimum amount (which depends on the nature of your business and industry)
  • You must have been managing your current business for at least 3 years
• You must have a CIBIL score of at least 700.
• The property you wish to purchase must have all the necessary paperwork and should be certified.

Here are some of the required documents for a home loan:

• PAN card (this is mandatory) of all applicants
• Valid address proof such an Aadhaar card, voter ID, passport, etc. of all applicants
• Proof of employment - Appointment letter for salaried applicants and proof of business for self-employed applicants.
• Proof of Income - Past 3 months salary slips for salaried applicants and audited financials for self-employed applicants
• Bank statements for the past 6 months.
• Documentation related to the property being purchased including OC and ownership deed.

Depending on your eligibility and our policy at the time of loan application, additional documents may also be requested.

The PMAY subsidy is a scheme introduced by the Indian government in an effort to empower people from lower-income groups by providing a subsidy on the purchase of their first home. To avail of this subsidy, one's annual household income cannot exceed INR 6 lakhs, the tenure of the home loan cannot exceed 20 years, and the primary applicant should be a woman.

Home loan borrowers in India can avail of tax benefits under Section 80C (up to INR 1.5 lakh on principal repayment) and Section 24(b) (up to INR 2 lakh on interest paid). Additional deductions apply for first-time buyers under Section 80EEA, provided specific conditions are met.