SEWA Housing Finance - Eligibility, Rates Dec 2023, EMI Calculator, Apply

SEWA Housing Finance

About SEWA Housing Finance 

SEWA Grih Rin Limited has emerged itself for the sake of extending the support to social-welfare groups, aiming to bridge the gap in availing housing loans among the poor. SEWA Housing Finance focuses towards fulfilling the housing need of low-income families by offering suitable loan products, keeping in view the various housing financial needs of the poor women and their families involved in the informal sector.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    Rural masses opt for SEWA Housing Finance loans for the following purposes:

    • For Purchasing a new house
    • For Constructing a new house on an acquired plot
    • For doing expansion (incremental upgrade) in their existing house
    • For making improvement & Renovation of their existing house.

    SEWA Housing Finance Eligibility Criteria

    Interest Rates18% p.a.
    Loan Amount Rs. 50,000-8,00,000
    Tenure15 years
    Age Limit>18 years for obtaining loan and < 60 years at the time of loan maturity
    Processing FeesNil
    Pre-payment or ForeclosureNil
    Loan to ValueCollaterals accepted as a security on the basis of informal tenure, formal tenure or progressive tenure on land rights
    Applicable to Salaried employees and self-employed professionals

    SEWA Housing Finance Eligibility Calculator

    Assess your eligibility online by using the eligibility calculator. The eligibility calculator reveals your worthiness for availing home loans which depends on the specified criteria. The underlying criteria as discussed below :

    • Your monthly income
    • Tenure
    • Expected interest rate
    • Existing Liabilities

    Suppose you are working in a reputed export house company and earning a monthly salary of Rs. 50,000. Out of which, you have decided to save Rs. 10,000 for repaying it towards your EMI. Ideally, EMIs fall in the range of 50%-60% of your net salary for disseminating the higher amount of loan.

    Get to know your EMIs by submitting the specified criteria details listed above. In this manner, ascertained EMI every month will help you repaying your loan amount that you are eligible for.

    Amount- Rs. 1,00,000

    Rate of Interest-18% p.a.

    Loan Tenure-20 Years

    Per Lac EMI- Rs.1,543

    Loan Amount Eligibility- Rs. 100,000 x savings/per lac EMI

    – Rs. 100,000 x 10,000/1543= Rs.6.48 lacs(approx.)

    So, the expected home loan amount from SEWA Home Loan amounts to Rs. 6.48 lacs (approx.)

    SEWA Housing Finance EMI Calculator

    Home loan decisions are very critical. They are usually based on estimated Equated Monthly Installments(EMI’s) payable on your home loan each year. In order to know the best approximation for this financial decision, use a Home loan calculator.

    With Home loan EMI calculator, you will be able to know about approximate figures for the total payments due along with a break-up of the Home Loan repayment process. The calculations made is based on the loan tenure as well as the interest rates that are applicable on the same.

    Moreover, you can also derive an accurate result about the ratio of the principal amount to the interest due, subject to the effect of the Home Loan tenure and interest rates.

    You can also analyze an amortization table with the help of EMI Calculator to plan your repayment schedule carefully.

    For example : You are an IIT Professor based out in Delhi, earning Rs. 1,00,000 p.m. You have applied for a home loan of Rs. 8 lakhs to be payable at an interest rate 18% after 20 years. The following table describes your monthly EMI along with interest and the total amount going each year as your settlement done against your home loan.

    Table showing EMI, interest outgo and total amount payable on your home loan

    Loan Amount (in Rs.)Loan Tenure (in years) Interest Rate (% p.a.)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount (EMI+Interest) (in Rs.)
    8000001       18%7334480128880128

    Amortization Table

    YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
    1 4,513 143,639 795,487
    2 5,395 142,757 790,092
    3 6,452 141,700 783,640
    4 7,711 140,441 775,929
    5 9,220 138,932 766,709
    6 11,024 137,128 755,685
    7 13,183 134,969 742,502
    8 15,760 132,392 726,742
    9 18,846 129,306 707,896
    10 22,529 125,623 685,367
    11 26,935 121,217 658,432
    12 32,206 115,946 626,226
    13 38,507 109,645 587,719
    14 46,037 102,115 541,682
    15 55,044 93,108 486,638
    16 65,811 82,341 420,827
    17 78,685 69,467 342,142
    18 94,077 54,075 248,065
    19 112,481 35,671 135,584
    20 135,783 13,668 0

    Documentation for SEWA Housing Finance

    Salaried IndividualsSelf-employed
    Application form duly filled-up with photograph affixed on the space provided for the purpose.
    Identity Proof (Aadhaar Card, PAN Card or Election Identity Card), age proof, residence proof.
    Copies of the Bank Account Statements for the last six months of all the Bank Accounts including loan accounts/OD Accounts, if any.
    Salary slips for the latest three months along with CTC letter.Copies of the Income-tax Returns for the last 3 years along with financial statements, such as P&L Account and the Balance Sheet for the last three years with tax audit compliance report (wherever applicable) duly certified by the Chartered Accountants.
    Form No 16 along with IT returns and computation for total income for the last three years.Business Profile.

    Features and Benefits of SEWA Housing Finance

    • Attractive Interest Rates
    • Credit assessment to be done on the basis of documented as well as non-documented incomes.
    • Borrowers have the provision of including guarantors.
    • Quick Approval
    • No hidden costs

    SEWA Housing Finance Customer Care Contact Number

    Facing a lack of clarity in knowing about the availability of home loans? Just speak to an experienced customer care representative on : 1800-11-3909(Toll-free number)/011-45793909/011-25714572 and clear all your doubts and queries. Moreover, you can also bring your queries in immediate action by writing an email at the email address mentioned on the website.

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