List of Documents Required For New Home Loan - Salaried Individuals

Buying a home is one of the biggest milestones in a salaried individual’s life. A new residential property can be purchased either for self-use or as an investment. A house offers confidence, stability and peace of mind. Your loved ones and you can create and cherish several lifelong memories. You can furnish and decorate the house as per your wishes.

Home Loan Documentation for Salaried Individuals

Here are the basic documents that you need to submit:

• PAN*
• Identity proof – passport, voter’s card, driving license, PAN card*, Aadhaar card*, employee card
• Address proof – passport, Aadhar card, ration card, property tax, water bill, electricity bill, piped gas bill
• Income proof – salary slip for 3 months and form 16 for the past 1 year (salaried) or financial statements (self employed)
• ITR for the past 2 years
• Bank statements for the past 6 months
• All the required documents pertaining to the property you wish to purchase

Please note that depending on your profile and SMFG Grihashakti’s policy, additional documents may be requested.

Here are Some Benefits of Securing a Home Loan From SMFG Grihashakti:

• Attractive Interest Rates - SMFG Grihashakti offers attractive home loan interest rates that are determined based on the applicant’s eligibility as well as our policy at the time of loan application.
• Easy Online Application - You can opt for a simple online application procedure for your home loan application . You have to just follow the step-by-step process seamlessly.
• Quick Disbursal – Your loans are processed swiftly within 72 hours* of successful document & property verification and final loan approval.
• Calculators – SMFG Grihashakti offers a home loan EMI calculator as well as a home loan eligibility calculator. These calculators can help you get your result in a few seconds. These calculators help you in better financial planning .  
• Flexible Repayment Tenure - You can select a  repayment tenure upto 30 years* to make it more comfortable on your wallet.

Fee and Charges

There is a processing fee of upto 3% of the loan amount sanctioned and an interest rate conversion fee of 1%.

Apart from this, application fees would be charged. Here are the details

• Application fees of INR 2,500 for loan amount up to INR 10 lakhs
• Application fees of INR 3,500 between INR 10 lakhs and 25 lakhs loan
• Application fees of INR 4,500 between INR 25 lakhs to 50 lakhs loan
• Application fees of INR 6,000 above INR 50 lakhs loan

Documentation fees would also be charged. Here are the details -

• INR 1,500 for loan amount up to INR 25 lakhs
• INR 3,000 for more than INR 25 lakhs

The stamping fees would vary as per state laws. You don’t have to incur any prepayment charges for loans availed at a floating rate of interest and taken for non-business purposes.

If you default on an EMI then you have to pay a monthly penalty of 2% of the EMI till it is settled.

Apply for a home loan with SMFG Grihashakti online today to know more.

*Terms and conditions applicable. Loans are sanctioned at the discretion of SMFG Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.

Home Loan Eligibility for Salaried Persons

As a salaried person, you are eligible for taking a loan from SMFG Grihashakti if you are working with either of these: MNC, government organisation, private company, public limited company, listed company, unlisted company, partnership or proprietorship.

Here are some more basic eligibility criteria:

• You must be a resident Indian
• Salaried applicants must have a minimum salary of INR 1,20,000 p.a. Self-employed applicants must meet the required criteria for INR 1,80,000 income p.a.
• Salaried applicants must have a minimum work experience of at least 1 year with at least 6 months in the current organisation.
• You must have a CIBIL score of 700 or higher

Please note that final eligibility (overall) as well as the maximum home loan amount will depend on various other factors, including SMFG Grihashakti’s policy at the time of loan application.