FAQ'S

• Loan for home purchase
• Loan for residential plot and self construction
• Loan for home extension / Improvement
• Balance transfer from banks, other Housing Finance companies and NBFCs
• Loan for purchase of commercial property
• Loan Against Property – Term loan against residential or commercial property

Loan can be applied before or after selection of property. You can apply apply for a home loan even before you have finalized the property. The loan amounts are sanctioned in principle to let buyers know what maximum loan amount they can afford as per their repaying capacity. The disbursements are done verification of required documents and completion of specific procedures.

• An Indian Resident
• Minimum age of applicant -21 years (Salaried) and 25 years (Self Employed)
• Maximum age of applicant on loan maturity to be 65 years Salaried or self employed

• Duly signed Application form and Photographs
• Know your customer documents : Identity, age and address proof of all applicants
• Bank Statement
• Income Tax returns / Form 16
• Salary slips
• For Self Employed – Balance sheet and Profit and Loss account
• Property documents

No guarantor is required. One can have one or more co-applicants who can be spouse, parents, son and brother in case of joint business and residing together. A co-applicant is/are the co-oweners of the property which is being offered as collateral/security to the loan. However, all co-applicants need not be co-owners.

About 15 working days subject to proper documentation provided by the applicant

Both fixed and floating interest options are available which are calculated on the basis of monthly rest. The floating (variable) rates are based on prime lending rate (PLR) of SMFG Grihashakti.

SMFG Grihashakti offers home loans upto INR 5 crores and for a maximum tenure of 30 years

EMI, which stands for equated monthly installment, is the monthly amount payments made towards a loan. EMI payments include contributions towards both principal and interest on the loan amount. The interest component constitutes the major portion of the EMI payment in the initial stages. As the loan progresses along the tenure, the portion of interest repayment reduces and contribution towards the principal repayment increases.

Pre-EMI is the interest paid on the loan amount availed in part and before the start of actual EMI. This mainly occurs in self contruction or construction stage linked disbursals. The EMI starts only post full disbursal and hence, interest is charged on partially disbursed loan amount which is called as pre-EMI.

A resident individual can avail tax benefit on both the interest and principal amount of loan repaid during the year. Under the Income Tax Act, the applicable maximum exemption limits are as follows:

• For interest Component – INR 200,000 under section 24(b)
• For principal component – INR 150,000 under section 80C

As per Income Tax rules, only one certificate can be issued for a home loan. Hence, one certificate can be issued in the name of both the applicant and co-applicant.

IT certificate will be issued at the end of a financial year.

You can request for a provisional income tax ceritifcate that can be issued during the course of the year.

One can either apply on a website and we will get back to you or visit any of SMFG Grihashakti branches.