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SRG Housing Finance Ltd

SRG Housing Finance Ltd

Last Updated : April 28, 2017, 2:59 p.m.

About SRG Housing Finance

Housing finance is one of the best investment usually made by customers with their hard earned money during their lifetime. It becomes an immediate concern for any housing company to accommodate their customers need in time. SRG Housing Finance Ltd. is one such company which has been set up in order to provide home loans for helping customers create their very own dream home. SRG Housing Finance offers home loans to various customers for the purpose of construction, additions, alterations, repair & renovation in accordance to the priority sector lending by the Reserve Bank of India.

SRG Housing Finance Eligibility Criteria

Interest RatesBetween 15%-30% p.a.
Loan Amountupto Rs. 210 lakhs
Tenure15 years
Age Limit>21 years and < 60 years (65 years for self employed individuals).
Processing Fees0%-2% of Total Amount sanctioned
Pre-payment or ForeclosureHome Loan on Variable/ Floating Rate of Interest:
Part Payment / Fore Closure through any source: No Prepayment Charges.
Home Loan on Fixed Rate of Interest:
1. Part Payment or Foreclosure through own source : No Prepayment Charges
2. Part Payment or Foreclosure through borrowed funds: Prepayment Charges are 3% on outstanding balance amount subject to NHB Guidelines if the payment is made by borrowing from a Bank/ HFC/ NBFC and/ or a Financial Institution.
Loan to Value80% of the total documented cost of the property
Applicable to :Salaried employee or Self-employed professional.

SRG Housing Finance Eligibility Calculator

Suppose you are an IT professional earning Rs. 70,000 p.m and enjoy a savings of Rs. 38,000 post the monthly expenses. SRG will determine the quantum of loan after assessing the savings amount with respect to the payment of EMIs. Lenders normally make sure the proposed EMIs do not go beyond the level of 50%-60% before disbursing a home loan due to the fear of payment default that can arise otherwise. In general, the calculation of income-savings pattern is done by SRG Housing Finance Eligibility Calculator, by taking into consideration per lac EMI. The expected loan amount calculated is based on the formula stated below:

Amount- Rs. 100,000

Rate of Interest-15%-30% p.a.

Loan Tenure-15 Years

Per Lac EMI-Rs. 1,400 2,530

Loan Amount Eligibility- Rs. 1,00,000 x savings/per lac EMI

– Rs. 100,000 x 20,000/1400= Rs.14.28  lacs(approx.)

– Rs. 100,000 x 20,000/2530=Rs. 7.90 lacs(approx.)

So, the expected home loan amount from SRG Housing Finance Home Loan ranges between Rs. 7.90 lacs-Rs. 14.28 lacs(approx)

SRG Housing Finance EMI Calculator

SRG Housing Finance EMI Calculator helps you to calculate your EMI for a particular loan at lower interest rates. Now conversion of loan amount into simple EMI becomes easy and hassle free.

You need to enter details such as loan amount, the number of months and interest rate applicable on your loan. The final value derived from the calculator will be your actual EMI payable after a specified period of time.

Suppose, you are interested in availing a loan amount of Rs. 50 lakhs repayable after 20 years at varying interest rates being 15%-30% p.a.The following table gives you details on your calculated EMI along with interest and the total amount that costs you against your sanctioned 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.)

Amortization Table

YearPrincipal(in Rs.)Interest(in Rs.)Balance Amount (in Rs.)
1189,195- 190,667599,401-1,414,8133,890,383-4,665,545

Documentation for SRG Housing Finance

Salaried IndividualsSelf – Employed Businessmen / Professionals / Others
  • KYC Documents
    • Photo ID Proof
    • Residence Address Proof(Passport, Driving License, Telephone Bill, Ration Card, Election Card)
    • Signature proof
    • Date of Birth/Age proof(PAN Card, Passport , Any other Certificate from Statutory Authority)
  • Property documents against which loans is to be taken.(Originals with Photocopies )
Salary slip for the last 3 months / Salary CertificateCopy of last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
Latest Form – 16 if salary above Rs.10000/- per monthCopy of last 3 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
Copy of all bank pass books / bank statements for the past 6 months including front pageBank documents and other valid business documents:

  • Bank Statement for the last 1 year for the Savings A/c & Current A/c
  • Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration
  • Copy of the Partnership Deed (if Applicable)
  • Copy of Tax Deduction certificate / Form – 16A (if applicable)
  • Details of Contract (if applicable)
  • Copy of Advance Tax paid / self assessment tax paid Challan
Company profile if it is a lesser known organization. Educational experience and Salary-proof documents:

Copy of Educational Qualification Certificate( applicable for Professionals)

Copy Professional Practice Certificate(applicable for Professionals)

Salary Certificate (in case of doctors having salaried income)

Features and Benefits of SRG Housing Finance

  • Attractive Home Loan Interest Rates.
  • Easy Monthly repayment mode
  • Simple, clear and easy to understand terms and conditions
  • Insurance Option available for your house loan.
  • Speedy Loan Approvals
  • Long-lasting customer relationship
  • Provision of Tax Benefits up to Rs. 3.5 lacs, helping you save up to Rs. 1,05,000/- tax annually as per the following prescribed Indian IT Rules:
    • The current applicable exemption under section-24 of IT Act is  Rs. 2 lacs for the interest amount paid in a financial year
    • Exemption of upto Rs. 1.50 lakhs for the Principal amount repayable in the same year.

SRG Housing Finance Customer Care Contact Number

Are you facing any difficulties regarding clarity in home loan procedures, interest rates or documentation processes? Contact a committed experienced customer care representative of SRG Housing Finance on : 0294-2561882/0294-2412609 and get your queries resolved. You can also put forward your queries or grievances(if any) on the email ID mentioned on the website.

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