About SMFG India Home Loan – SMFG India Grihashakti
Having a home is still a dream for many with elevated real estate prices. But with proper financing options, a dream home can be a reality for you. All you need is the right lending partner who can finance your home purchase in a hassle-free manner. In that respect, you can count on SMFG India Credit Home Finance Company Private Limited (Grihashakti) that help you either purchase a new home, build your dream home or give a refreshing look to your home by offering you with suitable home loan well supported by flexible repayment options.
Subsequent to gaining the housing finance license from National Housing Bank, an apex bank, in Dec 2015, the Mumbai-headquartered firm has opened 20 branches across 7 states-Rajasthan, Maharashtra, Karnataka, Gujarat, West Bengal and Tamil Nadu in such a short span of time. To tell you more about the home loan offers of Grihashakti, read the information below.
SMFG Home Loan Interest Rate
| Home Loan Particulars | Details |
|---|---|
| Interest Rate | 9.50% - 10.50% |
| Maximum Loan Amount | INR 5 Crores |
| Maximum Loan Tenure | 30 Years |
| Application Processing | 15 days before the submission of documents |
| Tax Benefits | Applicable on both interest and principal component at a limit of INR 2,00,000 under section 24(b) and INR 1,50,000 under section 80C of the Income Tax Act. |
| Interest Rate Options | Both fixed & floating |
| Processing Fee | Upto 3% of the loan amount |
| Application Fee | INR 2,500 - INR 6,000 |
| Prepayment Fee | NIL for individuals on floating rate loan. For non-individual borrowers, a charge of 5%-7% of the prepayment amount. However, there are charges in case of fixed rate of loan. |
| Documentation Fee | INR 1,500 - INR 3,000 |
Types of Home Loans
At Grihashakti, you can get a loan to purchase a new home or a resale one, improve your existing home, buy a residential plot for construction of a home, and enhance the size of your home. So, let’s discuss each of them below.
Purchase of a New or Resale Home
If you have picked a new property or want to buy a resale unit, SMFG India Credit Home Loan is set to fulfill your purpose. So, fly high when you have this type of home loan option with you. However, the loan amount is subject to 80% of the property value.
Give a Refreshing Look to Your Home Via Loan
Your home may require modifications and makeovers depending upon the wear and tear that digs its beauty as the time goes on. And then you would look at your pocket to see whether you can finance that requirement. As one needs to stay in line with the trend of painted walls, exquisite electrification, installation of grills at the balcony and construction of a compound wall around your beloved house.
Avail Loan to Construct Your Home
Have a plot and willing to construct your home? Get your wish fulfilled with Grihashakti’s home loan that helps you construct a home on the owned plot.
Extend Your Home on Loan
Looking to create additional space in your existing house to accommodate the spacious needs of your family? Your search lies in SMFG India Home Loan that will finance you to add a bedroom, a study room or a reading room.
Eligibility Criteria
| Parameters | Salaried | Self-employed |
|---|---|---|
| Age | 21-65 Years | 25-65 Years |
| Workplace/Category | Multinational Companies/Listed Public Limited Companies, Private Limited Companies, Partnership Firms | Self-employed Individual Businessman/Sole Proprietor, Self-employed Doctor, Architect, CA, etc |
Now after discussing the eligibility criteria, let us keep our eyes on the factors that can affect your eligibility for a home loan at SMFG India Home Loan. These factors can play a decisive role in your loan approval process. So, let’s just figure out the factors below.
Factors that Affect Home Loan Eligibility
Applicant’s Age- The age of an applicant is a critical factor that SMFG will take into consideration before deciding the home loan amount that you are eligible for. Since a home loan is mostly taken for longer periods, it is necessary you get into the position early to pounce on the opportunity. I mean to say, start your home search as early as at the age of 28-30 years instead of waiting till 40. The reason being, the tenure of a home loan is subject to the retirement age. And if you apply late in your lifecycle with not much higher income at disposal, chances are that you will get a lower amount of loan compared to someone applying early at 30 years with reasonable income on hand.
Income- Even though there is no specific income criteria set by SMFG India, but you must have a reasonably good source of income to get your home loan application approved by the lender.
Property Value- SMFG India offers a home loan up to 70%-80% of the property value. So, if you intend to buy a property worth ₹20 lacs, the company will finance you ₹14-16 lacs for 20-30 years, based on your repayment capacity. Judging from the loan amount, it is vital you ready with a sum of 3-4 lacs at your own end to fulfill your home dream.
Property Location- Based on where the property is located, SMFG India will take a call on financing you to buy a home. Make sure you choose a property falling in the positive list of lenders for a hassle-free loan approval by the housing finance company.
Authority’s Nod to Property– While finalizing the deal with the property developer for a home, make sure to check the attestation of the proposed home. In case it does not have any authorization of the property development authority, refrain from buying that property and look for a one that has the authorization so that you can easily get a loan.
Job Status- SMFG has not placed any specific conditions for the tenure of work for salaried professionals with regards to home loan approval. But with the documentation process requiring you to submit Form 16 for last 2 years, you must have a work experience of 2-3 years for a smooth sail in loan approval. Form 16 is given by your employer after the completion of a financial year.
Business Continuity- Self-employed and people belonging to other business classes must remain in the business for at least 2-3 years so that the loan passes the approval test easily. It is important to have such business continuity as the documentation requires self-employed individuals and professionals to submit ITR for the last two years.
SMFG India Credit Home Loan Eligibility Calculator
It is curious on anyone’s part to know what actually they are eligible to receive based on their income and repayment capacity, isn’t it. Well, this is decided by the eligibility calculator for a home loan that SMFG will take into account. The calculator, based on your income and savings, will come up with a loan amount offered. Let us go through an example below to understand the intricacy of the calculator.
Example- If you work in a private limited company at a salary of say ₹32,000, then what will be your eligibility for a home loan? Assume you save around 40% of your income i.e. ₹12,800. Then, the savings will be ₹19,200. However, the first thing SMFG does is to calculate per lac EMI, which will be done by taking into account the loan tenure of 30 years and interest rate of 11% per annum (assumed).
Amount- ₹1 Lac
Interest Rate- 11% p.a.
Tenure-30 Years
Per Lac EMI- ₹952
Loan amount eligibility- ₹1,00,000 x savings/per lac EMI
₹1,00,000 x 12,800/952= ₹13.44 Lacs
SMFG India Home Loan EMI Calculator
What is the amount of EMI payable from your pocket on a home loan? Have you ever thought about it? Well, we tell you to take the help of EMI calculator, which will compute the EMI based on the tenure and rate of interest. Wanna check the same in different loan tenures? Read out the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 20,00,000 8.50% 1 ₹ 1,74,440 ₹ 93,275 ₹ 20,93,275 ₹ 20,00,000 8.50% 2 ₹ 90,911 ₹ 1,81,872 ₹ 21,81,872 ₹ 20,00,000 8.50% 3 ₹ 63,135 ₹ 2,72,863 ₹ 22,72,863 ₹ 20,00,000 8.50% 4 ₹ 49,297 ₹ 3,66,237 ₹ 23,66,237 ₹ 20,00,000 8.50% 5 ₹ 41,033 ₹ 4,61,984 ₹ 24,61,984 ₹ 20,00,000 8.50% 6 ₹ 35,557 ₹ 5,60,087 ₹ 25,60,087 ₹ 20,00,000 8.50% 7 ₹ 31,673 ₹ 6,60,530 ₹ 26,60,530 ₹ 20,00,000 8.50% 8 ₹ 28,784 ₹ 7,63,289 ₹ 27,63,289 ₹ 20,00,000 8.50% 9 ₹ 26,559 ₹ 8,68,340 ₹ 28,68,340 ₹ 20,00,000 8.50% 10 ₹ 24,797 ₹ 9,75,657 ₹ 29,75,657 ₹ 20,00,000 8.50% 11 ₹ 23,373 ₹ 10,85,207 ₹ 30,85,207 ₹ 20,00,000 8.50% 12 ₹ 22,201 ₹ 11,96,960 ₹ 31,96,960 ₹ 20,00,000 8.50% 13 ₹ 21,224 ₹ 13,10,879 ₹ 33,10,879 ₹ 20,00,000 8.50% 14 ₹ 20,398 ₹ 14,26,926 ₹ 34,26,926 ₹ 20,00,000 8.50% 15 ₹ 19,695 ₹ 15,45,062 ₹ 35,45,062 ₹ 20,00,000 8.50% 16 ₹ 19,090 ₹ 16,65,245 ₹ 36,65,245 ₹ 20,00,000 8.50% 17 ₹ 18,566 ₹ 17,87,432 ₹ 37,87,432 ₹ 20,00,000 8.50% 18 ₹ 18,109 ₹ 19,11,576 ₹ 39,11,576 ₹ 20,00,000 8.50% 19 ₹ 17,709 ₹ 20,37,632 ₹ 40,37,632 ₹ 20,00,000 8.50% 20 ₹ 17,356 ₹ 21,65,552 ₹ 41,65,552 ₹ 20,00,000 8.50% 21 ₹ 17,045 ₹ 22,95,286 ₹ 42,95,286 ₹ 20,00,000 8.50% 22 ₹ 16,768 ₹ 24,26,784 ₹ 44,26,784 ₹ 20,00,000 8.50% 23 ₹ 16,522 ₹ 25,59,998 ₹ 45,59,998 ₹ 20,00,000 8.50% 24 ₹ 16,302 ₹ 26,94,874 ₹ 46,94,874 ₹ 20,00,000 8.50% 25 ₹ 16,105 ₹ 28,31,363 ₹ 48,31,363
Year Principal Interest Balance Amount 1 ₹ 24,182 ₹ 1,69,072 ₹ 19,75,817 2 ₹ 26,319 ₹ 1,66,935 ₹ 19,49,498 3 ₹ 28,646 ₹ 1,64,608 ₹ 19,20,852 4 ₹ 31,178 ₹ 1,62,076 ₹ 18,89,673 5 ₹ 33,934 ₹ 1,59,320 ₹ 18,55,739 6 ₹ 36,933 ₹ 1,56,321 ₹ 18,18,806 7 ₹ 40,198 ₹ 1,53,056 ₹ 17,78,608 8 ₹ 43,751 ₹ 1,49,503 ₹ 17,34,857 9 ₹ 47,618 ₹ 1,45,636 ₹ 16,87,238 10 ₹ 51,827 ₹ 1,41,427 ₹ 16,35,411 11 ₹ 56,408 ₹ 1,36,846 ₹ 15,79,002 12 ₹ 61,394 ₹ 1,31,860 ₹ 15,17,608 13 ₹ 66,821 ₹ 1,26,433 ₹ 14,50,786 14 ₹ 72,727 ₹ 1,20,527 ₹ 13,78,059 15 ₹ 79,156 ₹ 1,14,098 ₹ 12,98,903 16 ₹ 86,152 ₹ 1,07,102 ₹ 12,12,750 17 ₹ 93,767 ₹ 99,487 ₹ 11,18,982 18 ₹ 1,02,056 ₹ 91,198 ₹ 10,16,926 19 ₹ 1,11,076 ₹ 82,178 ₹ 9,05,849 20 ₹ 1,20,895 ₹ 72,359 ₹ 7,84,954 21 ₹ 1,31,581 ₹ 61,673 ₹ 6,53,373 22 ₹ 1,43,211 ₹ 50,043 ₹ 5,10,161 23 ₹ 1,55,870 ₹ 37,384 ₹ 3,54,290 24 ₹ 1,69,647 ₹ 23,607 ₹ 1,84,643 25 ₹ 1,84,756 ₹ 8611 ₹ 0
Documentation
| Proofs | Salaried | Self-employed |
|---|---|---|
| Duly Signed Application Form & Photographs | Applicable | Applicable |
| Identity Proof | PAN Card, Voter ID, Driving License, Employee ID | PAN Card, Voter ID, Driving License |
| Address Proof | Aadhar Card, Latest Electricity Bill or Piped Gas Monthly Bill, Property Tax/Waiter Bill, Ration Card | Aadhar Card, Latest Electricity Bill or Piped Gas Monthly Bill, Property Tax/Waiter Bill, Ration Card |
| Income Proof | Salary Slip for Last 3 Months, Form 16 of Last 2 Years, Bank Statement of Last 6 Months Showing the Credit of Salary | ITR for Last Two Years with Computation, Primary Bank Statement of Last 6 Months, Balance Sheet and Profit & Loss Account Audited by CA |
| Property Documents | Applicable | Applicable |
| Co-applicant or Guarantor | Applicable | Applicable |
How to apply
If you opt for the online process, you can do it at Wishfin. It is an online portal where you get the lowest interest rate on a home loan based on your eligibility for a home loan. If you match the required criteria for SMFG Grihashakti loan, you will get instant approval. Otherwise, if you want to apply for the loan offline, you can visit the nearest branch of SMFG India.
SMFG Home Loan Application Form
You can download the loan application form from the official website. However, if you apply through Wishfin, you will not have to download it yourself as the executives will provide the form. All you need is to fill in the details and click ‘Submit’ to send your application to the company’s home loan desk.
SMFG Home Loan Status
You can check the status of your home loan application by visiting the branch of SMFG India Home Finance Company Private Limited. The company officials will update you about the stage of your loan application, be it the approval or disbursal stage. If the loan is not approved, you can ask them to quote the reasons for the same. If you can eliminate the deficiencies in your application, then realizing a home dream via SMFG is an outright possibility.
SMFG Home Loan Payment
You can pay off the home loan EMIs by making payment through cheque, ECS or via Internet Banking. So, choose a convenient option and enjoy the payment towards your dream home to the fullest.
SMFG Home Loan Statement
Want to access your home statement at SMFG? Visit the nearest branch of the company and request for the issuance of the home loan statement there. The home loan statement will display payment amount, payment date, as well as show any late payment charges if you default on payment. You can get a sight of the payout that goes out of your pocket monthly, and thus help you make a right plan without disturbing your financial lifecycle.
SMFG Home Loan Customer Care Number
Dial the toll-free number-1800 102 1003 of SMFG Home Loan Desk and get all your queries and complaints resolved at the earliest. Any query, be it the processing of home loan application, charges or the loan disbursal time will be resolved by the customer care executives of the company.