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Fullerton India Home Finance Co. Ltd. is now SMFG India Home Finance Co. Ltd.

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Home Loan EMI Calculator
Home Loan Eligibility

Home Loan Eligibility

Becoming a homeowner is a dream for many Indians but with rising real estate prices, it simply remains an aspiration. But not anymore. SMFG Grihashakti offers affordable home loans that help you purchase a home within your budget. Continue reading to know more about our home loan eligibility criteria.

SMFG Grihashakti Home Loan Eligibility

Before you make your home loan application, it is advised to ensure that you fulfil SMFG Grihashakti’s basic home loan eligibility criteria. This includes:

  • You should be an Indian resident
  • You should be a minimum of 21 years and at the time of loan application and maximum of 65 years at the time of loan maturity
  • You should be salaried or self-employed
  • You must have a minimum CIBIL score of 700 with a good credit history

Salaried Individuals Eligible for Home Loan

If you are a salaried individual, ensure that you meet the following home loan eligibility parameters:

  • Be permanently employed in a multinational company, listed public limited company or government service
  • Be employed in organizations private limited company, closely held or unlisted companies, partnerships or proprietorship firms
  • Salaried applicants must earn a minimum salary of INR 1,20,000 and have a minimum work experience of atleast 1 year

Self-employed Individuals Eligible for Home Loan

If you are self-employed, the following home loan eligibility parameters are applicable:

  • Self-employed individual businessmen or sole proprietorship
  • Self-employed professionals such as doctors, architect's, CA’s, etc.
  • Partnership firms
  • Private limited companies or closely held/ unlisted companies
  • Self employed applicants must earn a minimum yearly profit after taxes

How to Check Eligibility for Home Loan

You can utilise the home loan eligibility calculator available on our website to help determine your eligibility for a home loan. It also helps to gain an estimate of how much loan amount you may be eligible for.

Simply insert your monthly income, net monthly obligations, the market value of the property that you wish to purchase or construct, rate of interest and loan repayment tenure.

Remember that the home loan eligibility calculator offers an estimate only. The actual home loan eligibility will be determined by taking into consideration multiple factors such as the applicant’s age, type of employment, income, credit report and score, existing financial commitments, LTV and property valuation.


What is the maximum home loan that I can obtain from Grihashakti?

Generally, you can obtain up to 90% of the property valuation in the form of your home loan. We will sanction the amount depending on your eligibility, pre-tax income, existing debt repayments as well as our policy at the time of loan application.

How do I apply for a home loan?

You may apply for a home loan by clicking on the “Apply now” button on this page and entering your details. Then, simply attach the soft copies of your documents and submit your form. We will get in touch with you to discuss your requirements and take the process ahead. Next, wait for the verification process by SMFG Grihashakti to be completed. If your loan gets approved, you should get the sanction letter in your email.

What are the types of rates of home loan interest offered by Grihashakti?

SMFG Grihashakti offers floating home loan interest rates. The final rate of interest will be determined based on the applicant’s profile, eligibility, and SMFG Grihashakti’s policy. If you select a floating interest rate, it is subject to revision in RPLR which depends on market trends, internal & lenders policies.

How can I repay my home loan quickly?

To repay your home loan quickly you can opt for a shorter repayment tenure. Repayment periods at SMFG Grihashakti start from 12 months and can be extended up to 240 months. However, do note that shorter repayment periods will mean higher EMIs. Use our Home loan calculator to determine the best possible tenure.

Here are a few tips that can help you repay your home loan quickly:

  • Use extra income such as bonus earned at work towards part-prepayment of your loan.
  • Repaying even 1 extra EMI per year could help you repay your loan significantly faster.
  • Ensure your EMIs are paid on time without any delay and in full. This will help you avoid incurring extra charges.
  • If your income increases at work, speak to your lender and increase your EMI.
What are the payment methods for loan monthly instalment payments?

You can select to pay your monthly instalment on your home loan in the following ways:

  • A monthly ECS / auto debit from your bank account that is triggered on a specific date every month
  • “Pay EMI” button available on the SMFG Grihashakti website which allows you to repay your monthly EMI via  Netbanking, debit cards, wallets, UPI and more
  • Through Post Dated Cheques that can be deposited at your nearest SMFG Grihashakti branch office

Disclaimer: *Please note that loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms and disbursal process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972

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