Home Loan

Benefits of Taking SMFG Grihashakti Housing Loan:

 

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 house loan in India:

• Check Your Eligibility: While choosing a lender, go through the basic eligibility criteria to ensure that your profile matches the lender’s expectations.
• 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 up to 90% of the value of the property you wish to purchase as a loan. The final loan amount offered to you will depend on several 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 a down payment before applying for the home financing 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-authorised information without inconsistencies.

Home Loan Interest Rate

When applying for a home loan online, the interest rate is one of the most important factors to consider. A competitive rate can help keep your EMIs manageable and lower the overall cost of the loan.

SMFG Grihashakti offers attractive floating interest rates on home loans, linked to the Retail Prime Lending Rate. Our rates start at 10%* per annum for salaried individuals and 11%* per annum for self-employed applicants.

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.

If you would like to learn more about our interest rates on a housing loan in India, feel free to get in touch with us. Our team is always available to assist you.

Documents Required for Home Loan

Once your pre-assessment and eligibility by SMFG Grihashakti have been confirmed, you need to check out the documents required for a home loan.

Here is a home loan document list for easy reference.

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 house loan application to SMFG Grihashakti, make sure that you have done the necessary research to check your eligibility to avail of a loan for a home.

Factors such as your current income, age, employment type, credit score and existing financial obligations will be considered when you apply for a home loan online. Additionally, your eligibility can also be affected by the nature and the value of the property you intend to purchase.

You can use our home loan eligibility calculator to estimate the maximum loan amount you may qualify for, based on factors such as your monthly income and net monthly obligations, and make informed decisions accordingly.

For salaried

• Applicants should be employed with multinational companies, government organisations or listed public firms.
• Employees of private limited firms, unlisted or closely held organisations, partnerships or proprietorship firms are also eligible.
• Applicants must have a stable income and corresponding income proof like payslips.
• Applicants should have a CIBIL score of at least 700.

For Self-employed

• Self-employed sole proprietors or individual business owners are eligible to apply
• Self-employed professionals like doctors, architects, artists, authors, and chartered accountants can apply.
• Other eligible entities include partnership firms, private limited companies/ closely held/ unlisted companies
• Applicants must show proof of steady income and profits to ensure repayment capacity.
• Applicants should have a CIBIL score of at least 700.

*Please note that apart from these, other factors may also be used to determine your final eligibility as per our policy and eligibility criteria at the time of loan application.

How Do I Apply for a Home Loan?

Here are the steps to apply for a housing loan online from SMFG Grihashakti:

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  Step 1:
  Check your eligibility

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  Step 2:
  Check the required documents

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  Step 3:
  Click on the “Apply Now” button on this page

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  Step 4:
  Enter the requested information & upload documents carefully.

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  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 applying for a home loan from SMFG Grihashakti.

For a complete list of additional fees and charges, please visit our page.