SRG Housing Finance Ltd

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.

Home Loan

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

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    SRG Housing Finance Eligibility Criteria

    Particulars Description
    Interest Rates Between 15%-30% p.a.
    Loan Amount upto Rs. 210 lakhs
    Tenure 15 years
    Age Limit >21 years and < 60 years (65 years for self employed individuals).
    Processing Fees 0%-2% of Total Amount sanctioned
    Pre-payment or Foreclosure Home 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 Value 80% 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. 1,4002,530

    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.)
    50,00,000 115%-30% 4,51,292-4,87,436 4,15,499-8,49,228 54,15,499-58,49,228
    50,00,000 215%-30% 2,42,433-2,79,564 8,18,398-17,09,538 58,18,398-67,09,538
    50,00,000 315%-30% 1,73,327-2,12,258 12,39,759-26,41,284 62,39,759-76,41,284
    50,00,000 415%-30% 1,39,154-1,80,030 16,79,380-36,41,439 66,79,380-86,41,439
    50,00,000 515%-30% 1,18,950-1,61,767 21,36,979-47,06,019 71,36,979-97,06,019
    50,00,000 615%-30% 1,05,725-1,50,421 26,12,205-58,30,299 76,12,205-1,08,30,299
    50,00,000 715%-30% 96,484-1,42,965 31,04,637-70,09,051 81,04,637-1,20,09,051
    50,00,000 815%-30% 89,727-1,37,883 36,13,795-82,36,776 86,13,795-1,32,36,776
    50,00,000 915%-30% 84,622-1,34,333 41,39,142-95,07,924 91,39,142-1,45,07,924
    50,00,000 1015%-30% 80,667-1,31,809 46,80,097-1,08,17,076 96,80,097-1,58,17,076
    50,00,000 1115%-30% 77,546-1,29,993 52,36,039-1,21,59,089 1,02,36,039-1,71,59,089
    50,00,000 1215%-30% 75,044-1,28,675 58,06,313-1,35,29,200 1,08,06,313-1,85,29,200
    50,00,000 1315%-30% 73,014-1,27,712 63,90,242-1,49,23,091 1,13,90,242-1,99,23,091
    50,00,000 1415%-30% 71,352-1,27,005 69,87,134-1,63,36,916 1,19,87,134-2,13,36,916
    50,00,000 1515%-30% 69,979-1,26,485 75,96,284-1,77,67,310 1,25,96,284-2,27,67,310
    50,00,000 1615%-30% 68,838-1,26,101 82,16,988-1,92,11,367 1,32,16,988-2,42,11,367
    50,00,000 1715%-30% 67,885-1,25,817 88,48,544-2,06,66,610 1,38,48,544-2,56,66,610
    50,00,000 1815%-30% 67,085-1,25,606 94,90,260-2,21,30,951 1,44,90,260-2,71,30,951
    50,00,000 1915%-30% 66,410-1,25,450 1,01,41,457-2,36,02,651 1,51,41,457-2,86,02,651
    50,00,000 2015%-30% 65,839-1,25,334 1,08,01,475-2,50,80,270 1,58,01,475-3,00,80,270

    Amortization Table

    Year Principal(in Rs.) Interest(in Rs.) Balance Amount (in Rs.)
    1 4,608-42,941  747,127-1,499,400  4,957,059-4,995,392
    2 6,196-49,843  740,225-1,497,812  4,907,216-4,989,196
    3 8,334-57,858  732,210-1,495,674  4,849,358-4,980,862
    4 11,209-67,157  722,911-1,492,799  4,782,201-4,969,653
    5 15,075-77,953  712,115-1,488,933  4,704,248-4,954,578
    6 20,274-90,484  699,584-1,483,734  4,613,764-4,934,304
    7 27,264-105,029  685,039-1,476,744  4,508,735-4,907,040
    8 36,665-121,913  668,155-1,467,343  4,386,822-4,870,375
    9 49,313-141,511  648,557-1,454,695  4,245,311-4,821,062
    10 66,322-164,261  625,807-1,437,686  4,081,050-4,754,740
    1189,195- 190,667  599,401-1,414,813  3,890,383-4,665,545
    12 119,957-221,316  568,752-1,384,051  3,669,067-4,545,588
    13 161,329-256,894  533,174-1,342,679  3,412,173-4,384,259
    14  216,971-298,192  491,876-1,287,037  3,113,981-4,167,288
    15 291,802-346,125  443,943-1,212,206  2,767,856-3,875,486
    16 392,440-401,767  388,301-1,111,568  2,366,089-3,483,046
    17 466,353-527,789  323,715-976,219  1,899,736-2,955,257
    18 541,322-709,817  248,746-794,191  1,358,414-2,245,440
    19 628,343-954,625  161,725-549,383  730,071-1,290,815
    20 7,30,893-12,94,041  60,716-220,144 0

    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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