We are SMFG India Home Finance Co. Ltd.
A home loan for construction provides funds to build a house on your own plot. The amount is released in stages as construction progresses, and you repay it through monthly instalments over a chosen tenure.
SMFG Grihashakti offers financing of up to 90%* of the project budget. The final eligible housing construction loan amount depends on factors such as your income, repayment capacity, credit profile, and estimated construction costs.
Along with identity, address, income, and bank statements, lenders may request approved building plans, cost estimates, land ownership records, and other construction loan documents relevant to the proposed project.
A loan for home construction is released in phases as the building progresses, whereas a regular home loan for property purchase is usually disbursed in full. Construction loans also typically require project-specific approvals and estimates.
Funds are released in instalments linked to predefined construction milestones, such as foundation, roofing, or finishing stages. Each disbursal is generally subject to site inspections and progress assessments by the lender.
Yes, you can generally access a loan for house construction if you own the plot and meet the required eligibility criteria. You may need to submit land ownership documents, approved plans, and estimated construction costs.
Minimum income requirements vary by lender and depend on factors such as employment type. Eligibility is also influenced by factors like age, stable income, and credit score.
EMI is calculated based on the loan amount, applicable interest rate, and repayment tenure. During the initial stages of home construction financing, interest may be charged only on the disbursed amount, subject to the policies at the time of application.
Tax benefits may be available on both principal and interest repayments, subject to applicable tax laws and conditions.
Yes, self-employed individuals can apply for a loan for house construction if they meet the eligibility requirements. Stable business income, clear financial records, and a satisfactory credit profile are typically important considerations.
The maximum repayment tenure at SMFG Grihashakti goes up to 30 years*. Factors such as age, income, loan amount, and other construction loan approval terms can influence the final tenure.
A CIBIL score of 700 or above is generally considered favourable. A stronger credit profile can improve eligibility for a house loan for construction and may support better loan terms.
Yes, partial or full prepayment of a home construction loan is possible, subject to the applicable terms and charges. The exact conditions may vary depending on whether you have opted for a fixed interest rate or a floating interest rate. Using a home loan prepayment calculator can help you estimate the potential savings and revised repayment timeline before making a decision.
Yes, borrowers may opt for a balance transfer if another lender offers more suitable terms, such as lower interest rates, improved service, or top-up options. Before proceeding, compare the overall costs, including processing fees and other applicable charges. A home loan balance transfer calculator can help you assess potential savings and determine whether transferring your loan is financially beneficial.
Didn’t find your question? Contact us now.
Happy Homes
All rights reserved © 2026 - SMFG Grihashakti
Follow us 
Login
