Home Loan in Coimbatore
Also known as the ‘Manchester of South India’, Coimbatore is known for its pleasant climate, thriving textile and manufacturing industries, and emerging IT sector. Situated on the banks of the Noyyal River and surrounded by the picturesque Western Ghats, Coimbatore is the perfect blend of natural beauty and modern convenience. With top-notch educational institutions, excellent healthcare facilities, and a thriving economy, it is an ideal place to settle down.
Home loans in Coimbatore can help you put down roots in this vibrant city. Let us explore how SMFG Grihashakti’s affordable solutions for a housing loan in Coimbatore can provide the financial support to realise your dream of homeownership.
Table of Contents
- Features and Benefits of a Home Loan in Coimbatore
- Eligibility Criteria for a Home Loan in Coimbatore
- What Are the Interest Rates for a Home Loan in Coimbatore
- Documents Required for a Home Loan in Coimbatore
- How to Apply for a Home Loan in Coimbatore
- FAQs for a Home Loan in Coimbatore
Features and Benefits of a Home Loan in Coimbatore
SMFG Grihashakti’s Coimbatore home loans come with a host of features including quick loan processing, attractive interest rates, and flexible EMI options.
Hassle-Free Online Application Process: You can apply for a housing loan in Coimbatore quickly and easily with a 100% online application process that calls for minimal documentation.
Speedy Application Processing: Our efficient 72-hour* processing time (subject to eligibility and documentation) means that you can access the funds you desire sooner rather than later.
Competitive Interest Rates: Starting at only 10%* per annum, our Coimbatore housing loan interest rates are designed to make homeownership more affordable. Lower interest rates translate to lower monthly payments and lower cost of borrowing.
Convenient EMI Options: With flexible repayment tenures of up to 30 years*, you can select the repayment period that best suits your financial goals. A longer tenure can reduce the monthly outgo but may lead to higher interest costs. It is important to consider both sides carefully.
User-friendly Loan Calculators: We offer a free online eligibility calculator and EMI calculator that help you plan for your housing loan in Coimbatore. These calculators will give you a realistic estimate of the maximum loan amount you may get and the monthly payments that will follow.
Eligibility Criteria for a Home Loan in Coimbatore
Here are the basic home loan eligibility criteria at SMFG Grihashakti to qualify for a housing loan in Coimbatore:
For Salaried Applicants
You must work for any of the following entities:
- Multinational companies/listed public limited companies/government
- Private limited companies/closely held or unlisted companies/partnerships/proprietorship firms
For Self-Employed Applicants
The following entities are eligible for a housing loan in Coimbatore:
- Self-employed individual businessmen/sole proprietorship
- Self-employed professionals such as doctors, chartered accountants, and architects
- Partnership firms
- Private limited companies or closely held/unlisted companies
Please note that several other factors also play an important role in determining loan eligibility, including your age, income, and credit score.
What Are the Interest Rates for a Home Loan in Coimbatore
SMFG Grihashakti offers competitive interest rates depending on the applicant’s eligibility and profile. Here is a quick overview of our home loan interest rates and charges:
| Interest Rates |
● For the salaried: 10%* p.a. onwards
● For the self-employed: 11%* p.a. onwards
|
| Processing Fees |
Up to 3% of the loan amount
|
| Type of Interest Rate |
Fixed or Floating |
| Rate of Interest Conversion Fee |
An amount not exceeding 1.00% of the outstanding principal amount
|
| Cheque/ECS/NACH Dishonoured Charges |
INR 500 per instance
|
| CERSAI Charges |
● For loans up to INR 5 lakhs - INR 60
● For loans above INR 5 lakhs - INR 110
|
| Prepayment Charges (In Part or Full) |
No foreclosure charges/ pre-payment charges will be applicable on any floating rate term loan sanctioned for purposes other than business to individual borrowers, with or without co-obligant(s). All Semi-Fixed rate (combination of fixed and floating) loans shall attract the pre-closure norms applicable to fixed/ floating rates depending on whether at the time of pre-closure, the loan is on fixed or floating rate.
|
Documents Required for a Home Loan in Coimbatore
You need to submit the following documents when applying for a Coimbatore home loan:
Basic Documents :
- PAN card
- Documents for identity and address verification such as Aadhaar card, voter ID, utility bills
- Form 16 or ITR for the last 2 years
- Property documents such as the sales deed, title deed, etc
Additional Documents for the Salaried
- Pay slips for the last 3 months
- Bank statements
Additional Documents for the Self-Employed
- Proof of business registration such as trade licence, GST registration, etc
- CA audited financial statements along with the balance sheet and profit and loss statement of the last 2 years
More documents may be required depending on your individual profile and our policy at the time of loan application.
How to Apply for a Home Loan in Coimbatore
Follow these easy steps to apply online for an SMFG Grihashakti housing loan in Coimbatore:
1. Check your eligibility and prepare all the required documents to ensure a smooth and fast approval process.
2. Start your application here. Enter all the requested details carefully and upload the documents.
3. You will be contacted by our representative for the next steps.
4. Once all the checks are complete and you have signed the loan agreement, the final loan approval will be granted and the loan amount will be disbursed to your account.
To apply offline, visit your nearest SMFG Grihashakti branch. Our representative will guide you through the application process.