A subsidiary of HDFC Ltd., GRUH Finance Limited is a housing finance company (HFC) which offers loans to take of your home financing needs. The company offers housing loans for various purposes like construction, purchase, renovation, repair of residential units. This loan may also be availed by professionals who wish to purchase office premises. GRUH home loans may can be applied for by individuals who are self-employed and do not have any formal proof of income.
GRUH Finance Limited offers multiple home loan products, each designed to address specific requirements. The loan products offered by GRUH finance include GRUH Suraksha, GRUH Suvidha, GRUH Sajavat and GRUH Samruddhi.
At least 18 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
income required
EMI limited to about 50%
of monthly income
Loan capped @ 80% of property value
EMIs of other loans lower
your eligibility
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
| Interest Rate | 10.67% |
| Loan Tenure | 1 year to 30 years |
| Partial pre-payment Charges | Nil |
| Pre-closure Charges | Nil |
| Guarantor Requirement | No Guarantor Required |
You may choose from three different loan product which are as follows:
Choose from multiple amortization options where the principal component of installments is adjusted on a varying basis.
Choose from fixed, semi-fixed or variable computation of interest as it suits your convenience and budget.
Each particular home loan offered by GRUH Finance Ltd. carries different rates of interest. The applicable interest rates effective from May 20,2017 are given below.
| Home loan Scheme | Interest Rate |
|---|---|
| GRUH Suraksha | 8.35% to 14.50% |
| GRUH Suvidha | 8.85% to 15.30% |
| GRUH Sajavat | 9.50% to 13.00% |
| GRUH Samruddhi | 11.50% and 15.00% |
Yes, processing charges ranging from 0.5% to 1.25% are levied depending on the home loan scheme.
Yes, applicants would be required to submit documents like life insurance policies, postdated cheques, guarantee and/or any other form of security, as is mentioned in the loan sanction document.
Yes, the rate of interest applicable on GRUH home loans is dependent on factors like the applicant’s credit score. The credit score shall be determined based on various factors like age, saving habits, stability of income etc.
Yes, the property which has been provided as security against the loan must have been completely insured for the entire tenure of the loan.
Yes, customers may switch from one interest rate plan to another. They may also switch their amortization frequency.
GST Rate of 18% Applicable for All Financial Services Effective July 1, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Gruh Finance Limited recorded a profit of 20% (Rs.72 crore) for the quarter that ended in June, 2017. During the same quarter last year, Gruh Finance Limited recorded profits of Rs.60 crore. This year’s result clearly showed the year on year basis growth of 20%. The net interest margins of the company went upto 151 crore, improving by 33%. For the same quarter last year, the growth stood at Rs. 114 crore.
The company mentioned that the non-performing assets at present stands at Rs.87.25 crore and the NPAs stand at Rs.21.51 crore.
26 July 2017
According to Sudin Choksey, the Managing Director of Gruh Finance, now the market conditions are ideal to buy property. The interest rates have come down for home loans, therefore, customers may be induced to purchase property. As the Government of India is focused on providing affordable housing for all, the market's focus is also on housing companies. As the supply for affordable housing will take almost 2 years, the home loan growth will also pick up slowly.
Post-budget revelations, the market condition for private housing developers is looking positive. Gruh Finance focuses on pure housing loans, however, there has been a decline in the last few years. In FY17, the loan asset growth has reduced to 19%. Sudin Choksey believes that in the next 2 to 3 years, there will be a rise in loan asset growth. According to him, the Real Estate Regulatory Authority (RERA) won't cause any pressure on the quality of credit loans. Gruh Finance has restrained the loan against property at 11% compared to the 20-25% for major players. The pure home loan business is at 80-85%.
30 May 2017
Ever since the landmark announcement of 50 percent reduction in the repo rate by RBI, housing loans offered by various banks have predictable become cheaper. But more than a dip in the home loan rates, which can only cause a surge in affordability to a certain extent, it is the central bank’s bid to bring down potential risk weights that have lighted spark of hope in current EMI payers. Companies like Gruh Finance are ideally placed to deflect rivalry from banks and other financiers.
Gruh Finance, a branch of Housing Development Finance Corporation (HDFC), is one of the innovators in the rural housing finance sector, offering house loans to financially backward and those with lesser income in rural and semi-urban. This step of RBI will provide a boost to the central government’s emphasis on the reasonably priced real estate arena through its ‘Housing for all by 2022’ policy. The firm has already announced a yearly net growth of 29 percent in the last ten years and 20 percent in the previous quarter alone.
12 October 2015
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
