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.
Features of Gruh Finance Limited Home Loan:
Following are the features of specific home loans offered by GRUH Finance Limited.
GRUH Suraksha:
- Offered to professionals and salaried persons for purchase / construction of residential units, based on income proof of individual.
- Loan is available for a maximum tenure of 25 years.
- Loan amount available up to 75% / 80% / 85% of the property cost (includes the cost of land, construction, registration and other one-time acquisition costs).
- Choose from amortization options like daily or annual amortization.
- Multiple interest computation options like fixed, semi-fixed and variable.
GRUH Suvidha:
- Offered to self-employed individuals and professionals, based on surrogate income proof.
- Maximum loan tenure offered is up to 15 years.
- May be used for construction or purchase of residential units in cities, villages or towns.
- Loan amount offered under this loan shall be up to a maximum limit of 75% / 80% / 85% of total property cost (includes cost of land, construction, registration and other acquisition costs).
- This loan is available with various interest rate options with monthly amortization.
GRUH Sajavat:
- Offered to self-employed individuals and professionals, based on surrogate income proof.
- Provided for the purpose of repair or renovation of existing residential units in cities, villages or towns.
- Maximum loan tenure offered is up to 15 years.
- Loan amount offered under this loan shall be up to a maximum limit of 75% / 80% / 85% of total property cost (includes cost of land, construction, registration and other acquisition costs).
- This loan is available with various interest rate options with monthly amortization.
GRUH Samruddhi:
- Offered to professionals for purchase office premises for business purposes.
- Maximum quantum of loan offered is up to 75% / 80% / 85% of overall property cost (includes cost of land, construction, registration and other acquisition costs).
- This loan is available with variable interest rate options and monthly amortization.
Other Features:
Specialized Loan Products:
You may choose from three different loan product which are as follows:
- Flexible Installment Plan (FLIP) – Designed to meet the needs of multiple earning members of the family and available only on fixed rate loans.
- Pension FLIP – This plan basically takes into consideration the combined income of the family members which includes salary income and pension. This product is only available with fixed rate loans.
- Step Up Repayment Facility – Offered only on fixed rate loans, this plan amps up your EMI in anticipation of increase of the household income in the future.
Multiple Amortization Options:
Choose from multiple amortization options where the principal component of installments is adjusted on a varying basis.
Multiple Interest Rate Options:
Choose from fixed, semi-fixed or variable computation of interest as it suits your convenience and budget.
Gruh Finance Limited Home loan Interest Rates:
Each particular home loan offered by GRUH Finance Ltd. carries different rates of interest.
The applicable interest rate for GRUH Suraksha is between 9.75% to 12.50%; for GRUH Suvidha is between 10% to 13.50%; for GRUH Sajavat, between 11.00% to 13.75% and for GRUH Samruddhi, the interest rate is set between 12.50% and 15.25%.
FAQs:
- Are there processing charges levied on GRUH Housing Limited home loans?
Yes, processing charges ranging from 0.5% to 1.25% are levied depending on the home loan scheme.
- Is there any security required for obtaining a home loan from GRUH Finance Limited?
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.
- Is the rate of interest dependent on any factors?
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.
- Is it necessary for the property, which is put as security, be insured?
Yes, the property which has been provided as security against the loan must have been completely insured for the entire tenure of the loan.
- Are there loan conversion options available to customers?
Yes, customers may switch from one interest rate plan to another. They may also switch their amortization frequency.
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