Shriram finance Home Loan

 

About Shriram Finance Home Loans

Shriram Finance or Shriram Housing Finance Ltd. (SHFL) is a nonbanking financial company which is a part of the Shriram Group, the financial conglomerate headquartered in Chennai. SHFL is registered with the National Housing Bank (NHB) and is promoted by the Shriram City Union Finance Ltd (of Shriram Group). The Shriram Group is involved in various types of financial services including home loans.

Shriram Finance provides financial assistance to help people (of all borrower segments) realise their home dreams. The company has been operating since December 2011 and works based on its corporate philosophy, ‘Finding ways to funding homes.’

You can avail Shriram Finance Home Loan for various purposes including purchase of a new property, purchase of a plot & construction on it, house extension, self construction, renovation/repair or for transfer of an already existing home loan to Shriram Finance at a reduced interest rate. All these purposes have unique and corresponding home loan products available with Shriram Finance. You can find more details related to Shriram Finance Home Loan eligibility criteria, features and applicable fees & charges below.

Home Loan Eligibility Criteria for Salaried / Employed

In order to be eligible for Shriram Finance Home Loan, you must be first and foremost an Indian resident. Other than that, you must be minimum 21 years in age at the time of applying for the home loan. The loan can be availed by both self-employed as well as salaried individuals. The loan eligibility is determined based on the repayment capacity of the person and the actual value of the concerned property. Shriram Finance Home Loan can be applied for either jointly or individually, without the need of all co-applicants to be co-owners. Below provided are more and updated details on the Shriram Finance Home Loan eligibility criteria.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

6 – 10 yearsk

Overall Employment

6 – 10 years

Tenure Current Employment

750 Points

CIBIL Score (=>)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income
(Doctors/ CA)

5 – 10 Years

Post Qualification experience a
(Doctors / CA)

5 – 10 Years

Post Qualification experience a
(CS / Architect)

750 Points

CIBIL Score (=>)

Shriram Finance Home Loan Features / Details

As detailed above, you can avail Shriram Finance Home Loan for all kinds of housing needs. The company provides a bouquet of schemes to ensure that the home loan stays affordable, with manageable EMIs. The charges and procedures are all kept transparent and the lender has a pan-India branch network through which it offers doorstep service to all the prospective borrowers. The home loan can be availed for a maximum tenure of 20 years depending upon your retirement age (in case of salaried people) and age at the time of maturity (in case of self-employed people). The quantum of loan can be anywhere from ₹ 1 lakh to ₹ 75 lakh (for purchase of a new/resale property) and the company would finance up to 80% of the property cost, depending upon the borrower’s repayment capacity. Repayment can be done via post-dated cheques, NAHS or electronic clearing system. Following are more and exact details related to Shriram Finance Home Loan features.

8.40%

Interest Rate (Min)

5 – 30 Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Shriram Finance Home Loan Fees / Charges

All approved Shriram Finance Home Loans involve a processing fees mentioned in the sanction letter. There are no prepayment charges in case of individual borrowers, whereas the non-individual borrowers must pay 2% of the outstanding balance or 2% of the part prepayment amount. Various other charges such as instrument return charges, fee for photocopy of title deeds, duplicate amortisation schedule issuance charges, cheque/instrument swap charges, title deeds retrieval charges, legal charges etc. might also apply depending upon the circumstances and requirements of the borrower. Details related to all such charges are provided below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees