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

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.)
50,00,000	1	15%-30%	4,51,292-4,87,436	4,15,499-8,49,228	54,15,499-58,49,228
50,00,000	2	15%-30%	2,42,433-2,79,564	8,18,398-17,09,538	58,18,398-67,09,538
50,00,000	3	15%-30%	1,73,327-2,12,258	12,39,759-26,41,284	62,39,759-76,41,284
50,00,000	4	15%-30%	1,39,154-1,80,030	16,79,380-36,41,439	66,79,380-86,41,439
50,00,000	5	15%-30%	1,18,950-1,61,767	21,36,979-47,06,019	71,36,979-97,06,019
50,00,000	6	15%-30%	1,05,725-1,50,421	26,12,205-58,30,299	76,12,205-1,08,30,299
50,00,000	7	15%-30%	96,484-1,42,965	31,04,637-70,09,051	81,04,637-1,20,09,051
50,00,000	8	15%-30%	89,727-1,37,883	36,13,795-82,36,776	86,13,795-1,32,36,776
50,00,000	9	15%-30%	84,622-1,34,333	41,39,142-95,07,924	91,39,142-1,45,07,924
50,00,000	10	15%-30%	80,667-1,31,809	46,80,097-1,08,17,076	96,80,097-1,58,17,076
50,00,000	11	15%-30%	77,546-1,29,993	52,36,039-1,21,59,089	1,02,36,039-1,71,59,089
50,00,000	12	15%-30%	75,044-1,28,675	58,06,313-1,35,29,200	1,08,06,313-1,85,29,200
50,00,000	13	15%-30%	73,014-1,27,712	63,90,242-1,49,23,091	1,13,90,242-1,99,23,091
50,00,000	14	15%-30%	71,352-1,27,005	69,87,134-1,63,36,916	1,19,87,134-2,13,36,916
50,00,000	15	15%-30%	69,979-1,26,485	75,96,284-1,77,67,310	1,25,96,284-2,27,67,310
50,00,000	16	15%-30%	68,838-1,26,101	82,16,988-1,92,11,367	1,32,16,988-2,42,11,367
50,00,000	17	15%-30%	67,885-1,25,817	88,48,544-2,06,66,610	1,38,48,544-2,56,66,610
50,00,000	18	15%-30%	67,085-1,25,606	94,90,260-2,21,30,951	1,44,90,260-2,71,30,951
50,00,000	19	15%-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	20	15%-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
11	89,195- 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 Individuals	Self – 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 Certificate	Copy 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 month	Copy 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 page	Bank 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.