Benefits of Taking SMFG Grihashakti Housing Loan:
Interest rates offered by SMFG Grihashakti:
SMFG Grihashakti offers competitive home loan interest rates. The final interest rate offered to you will depend on a number of factors, including your eligibility and our policy at the time of loan application. A low interest rate helps you in bringing down your EMI.
Convenience of online application
You can apply for home loan from the comfort of your home. You have to follow an easy self-explanatory process. Alternatively, you are welcome to visit the closest SMFG Grihashakti branch and our representatives will guide you further.
Home loan calculators
Home loan calculators are an effective way in financial planning. SMFG Grihashakti offers EMI and eligibility calculators that let you plan your loan better in terms of the monthly outgo, best tenure to select, and the maximum amount you may be able to borrow. SMFG Grihashakti’s prepayment calculator also enables you to check the benefits of making part prepayments during the tenure of the loan in terms of reduction in tenure and overall interest payment.
Flexible repayment tenure
You can select a repayment tenure upto 30 years*, thereby reducing the EMI impact on your pocket.
Easy documentation
Documents required for processing your loan application are listed down clearly so that it is easy for you to procure them.
Things to Keep in Mind While Applying for a Home Loan
When it comes to applying for a home loan online with SMFG Grihashakti, the entire process is seamless with only the submission of an application form and a few essential documents. Keep in mind the following points while applying for a home loan:
- Check your Eligibility: While choosing a lender, go through the basic eligibility criteria to ensure that your profile matches the lender’s expectation.
- Always check for the type of interest rate: Do your research well, and choose a lender who is offering the best interest rate as per your eligibility. At SMFG Grihashakti, we offer floating rates of interest starting from 10% (subject to revision in RPLR as per market trends as well as our policy).
- Choose the best loan tenure: Use our free home loan EMI calculator and select a tenure that is comfortable for you for repayment.
- Down Payment: In India, most lenders including SMFG Grihashakti offer upto 90% of the value of the property you wish to purchase as a loan. The final loan amount offered to you will depend on a number of factors, including your eligibility and the lender’s policy. Use our free home loan eligibility calculator to get an estimate. Ensure you have the remaining amount available to give as down payment before applying for the loan.
- Collect all documents: You will need to have all the documents ready – including KYC, income proof, ITR statements, bank statements as well as the documents pertaining to the property you wish to buy. Ensure that all documents have legal, self-authorized information without inconsistencies.
Home Loan Interest Rate
We offer competitive interest rates on home loans as per each applicant’s individual profile and eligibility. The final interest rate offered to an applicant will depend on many factors including credit score
& history, repayment capacity, nature & value of property, income, nature of employment, etc.
Documents required for Home Loan
Once your pre-assessment and eligibility by SMFG Grihashakti have been confirmed, you need to check out the Document Required for Home Loan.
Here is a home loan document list for easy reference.
| Type of Document |
Salaried |
Self-employed |
| Proof Of Identity |
- PAN Card
- Voters ID
- Driving License
- Employee Card
|
- PAN Card
- Voters ID
- Driving License
|
| Proof Of Income |
- Last 3 months’ salary slips
- 2 years’ Form 16
- 6 months’ bank statement with salary credits
|
- Last 2 years’ ITR with computation
- CA audited Financial wherever applicable
- 6 months primary bank statement
|
| Proof of Residence |
- Aadhaar Card*
- Latest Electricity bill/piped gas monthly bill
- Ration Card
- Property Tax/Water Bill
|
- Aadhaar Card*
- Latest Electricity bill/piped gas monthly bill
- Ration Card
- Property Tax/Water Bill
|
Documents pertaining to the property you wish to purchase will also be requested.
*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 Criteria
Before you submit your application to SMFG Grihashakti, make sure that you have done the necessary research to check your eligibility to avail a loan for home. Common housing loan eligibility criteria include:
For salaried
- Multinational cos / listed public ltd cos / govt.
- Organizations private ltd cos / closely held or unlisted companies / partnerships /proprietorship firms
For Self-employed
- Self-employed individual businessmen/ sole proprietorship
- Self-employed professionals - doctors /architect's / CA’s
- Partnership firms
- Private limited companies/ closely held/ unlisted companies
How do I apply for a Home Loan?
Here are the steps below to apply online for housing loan from SMFG Grihashakti:
-
Step 1:
Check your eligibility
-
Step 2:
Check the required documents
-
Step 3:
Click on the “Apply now” button on this page
-
Step 4:
Enter the requested information & upload documents carefully.
-
Step 5:
Our representative will get in touch with you to take the process ahead.
Home Loan Fees and Charges
In addition to interest, here are some of the basic fees and charges applicable while availing a home loan from SMFG Grihashakti.
| Type of Fees |
Charges applicable |
| Processing Fees |
upto 3% of the loan amount |
| Documentation Fees |
Between INR 1500-3000 depending on loan amount |
| Application Fees |
Between INR 2500-6000 depending on loan amount |
| Duplicate document (like Loan agreement, etc.) |
INR 500 per document set |
| Foreclosure charges |
Charges applicable |
| Floating rate of Interest |
No charge |
| Fixed rate of Interest |
5%-7% of the amount prepaid depending on MOB |
For a complete list of additional fees and charges, please visit our page.