Please call our toll free customer helpline 1800 102 1003 if you have any queries or face any issue on our website. We regret any inconvenience caused.


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

Thank you!
Our representative will contact you shortly
Error occurred while submitting data. Please try again after some time.
Fill in the details below

We will call you back as soon as possible

What is the Maximum Amount Can I Borrow As a Home Loan?

Updated: Apr 05, 2022

Most Indians cannot buy real estate property outright. Therefore, a home loan has now become one of the most common and popular methods of financing the purchase of your dream property. But does that mean that you can get 100% financing of your property value from your home loan. The answer is ‘no’, you cannot.

HThis begs the question – what is the maximum amount for home loan that you can avail from a bank or an NBFC in India?

Let’s find out.

Maximum Home Loan Amount That You Can Apply For

Even if the borrower is looking to avail 100% of the price of the property as a home loan from the lender, no lender will be able to grant the request.

According to the Reserve Bank of India guidelines, a lending partner can only sanction a defined percentage of the current market value of the property in the form of a home loan. The actual percentage differs from lender to lender. For example, lenders like SMFG Grihashakti offer eligible borrowers upto 90% of the market value of the home an applicant wishes to purchase. This is the maximum housing loan limit in India.

Eligibility Requirements for a Home Loan

Now that you are aware of the maximum loan amount for home loan that you qualify for, it is important to also know about the minimum eligibility criteria that you must meet in order to apply for one. Even though the actual parameters may be variable, the general requirements include:

  • Be an Indian resident
  • Be at least 21 years at the time of applying for the loan and not more than 60 years at the time of loan completion if salaried and 65 years if self-employed
  • Be self-employed or salaried
  • Minimum CIBIL score of 700

Salaried Individuals Eligible for Home Loan:

Be sure to check if you meet the home loan eligibility criteria if you are a salaried individual:

  • Be permanently employed in a multinational company, public listed company or government service
  • Be employed in organizations private limited company, closely held or unlisted companies, partnerships or proprietorship organisations
  • Minimum salary of INR 1,20,000 per annum
  • Minimum work experience of 1 year, with at least 6 months in the current organisations

Self-employed Individuals Eligible for Home Loan:

You will have to fulfil the following home loan eligibility parameters if you are self-employed. Be a

  • Self-employed individual businessmen or own a sole proprietorship
  • Self-employed professional, example -doctor, architect, CA, etc.
  • Own a partnership firm

To confirm your qualification, you can use the home loan eligibility calculator, a free tool available on our website to get a near accurate assessment of you being able to get a home loan approved. Moreover, the tool is designed to get you an estimate on the housing loan maximum amount that you could be eligible for. Please note that this calculator only provides an estimate, and actual eligibility will be determined based on several factors, including our policy at the time of loan application.

List of Paperwork Needed For a Home Loan Application

You can explore a bouquet of home loan options with SMFG Grihashakti that are designed to meet the demands of every Indian home buyer. All you need to do is to fill up the pre-assessment form, run your eligibility check and forward the application online.

General KYC Documents:

To support your home loan application, you will need to submit the following KYC paperwork.

  • Submit Proof of Identity – Any one - PAN Card, Voter’s Card, Driving Licence, Employee Card
  • Submit Proof of Residence – Any one - Aadhar Card, Latest Electricity Bill/Piped Gas Bill, Ration Card, Property Tax/Water Bill

Income Paperwork for Salaried Individuals:

  • Submit 6 Months Bank Statements with Salary Credit
  • Submit Last 3 months Pay Slips
  • Submit Last two years - Form 16

Income Paperwork for Self-Employed Individuals or Business Owners:

  • IT returns of the past 2 years
  • Audited financial statements (as applicable)
  • Past 6 months bank statements
  • Proof of business existence

Property-related Documentation:

  • Estimate of construction cost (if the property is under construction)
  • Payment details via bank account statements or receipts for any and all payments made to the property developer
  • NOC from the property developer or housing society
  • Stamped agreement of sale, allotment letter or sales deed
  • Applicable land tax receipts and possession certificate
  • Occupancy certificate (for ready to move homes)

Interest Rates on Home Loans

SMFG Grihashakti by Fullerton India offers up to Rs. 5 crores o as the home loan maximum limit.  Our home loan interest rates are affordable, and are offered based on the applicant’s eligibility as well as our policies applicable at the time of loan application.

The nature & value of the property, net income, nature of employment, existing obligations, credit score & history, location, and so on are some of the key factors that SMFG Grihashakti by Fullerton India considers when determining the applicable interest rate for a borrower.

Up to a 3% processing fee may be levied on the home loan amount sanctioned by your chosen lender.

In Conclusion

Availing of a home loan to purchase your dream home is one of major financial decisions that you will take in your life. You need to ensure that you are committed to sail through this long term financial obligation.

To help support this purchase, explore home loan options by SMFG Grihashakti as your lending partner. Feel free to contact us if you would like to know more. To apply, click on the “Apply now” button on this page.

Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.

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

All rights reserved © - SMFG Grihashakti

Follow us LinkedIn facebook Instagram instagram Youtube