SMFG Grihashakti: Diverse Mortgage Solutions for Every Need

At Grihashakti, we ensure that we offer the best interest rates as per each applicant's profile and eligibility.

Here are some of the basic eligibility criteria for getting a home loan from Grihashakti:

• You must be a resident of India
• You must be at least 21 years at the time of loan application and not more than 65 years by the time of loan maturity
• For Salaried applicants:
  
  
  • Minimum monthly salary of INR 1,20,000 per annum
  • You must have been employed at your current job for at least 1 year
• For Self Employed applicants:
  
  
  • Your annual turnover and yearly profit after tax should meet a minimum amount (which depends on the nature of your business and industry)
  • You must have been managing your current business for at least 3 years
• You must have a CIBIL score of at least 700
• The property you wish to purchase must have all the necessary paperwork and should be certified

Here are some of the required documents for a home loan:

• PAN Card (this is mandatory) of all applicants
• Valid address proof such as Aadhaar card, Voter ID, passport, etc. of all applicants
• Proof of employment - Appointment letter for salaried and proof of business for self employed
• Income proof - past 3 months salary slips for salaried and audited financials for self employed
• Bank statements for the past 6 months
• Documentation related to the property being purchased including OC and ownership deed

Depending on your eligibility and our policy at the time of loan application, additional documents may also be requested.

The PMAY Subsidy is a scheme introduced by the Indian government in an effort empower people from lower income groups by providing a subsidy on the purchase their first home. To avail this subsidy, one's annual household income cannot exceed INR 6 lakhs, the tenure of the home loan cannot exceed 20 years, and the primary applicant should be a woman.

Home loans enable borrowers to avail tax benefits benefits under Section 80EEA upto INR 3.5 lakhs on the interest paid every year. This amount used to be INR 2 lakhs intitally, but the Union government recently increased this amount to INR 3.5 lakhs in 2020. This deducation can be availed even if you have already taken the PMAY subsidy, and is only applicable for homes with a stamped value of INR 45 lakhs or more.