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
EMI limited to about 50%
of monthly income
Loan capped @ 80% of property value
EMIs of other loans lower
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
|Loan Tenure||1 year to 30 years|
|Partial pre-payment Charges||Nil|
|Guarantor Requirement||No Guarantor Required|
Following are the features of specific home loans offered by GRUH Finance Limited.
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 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%.
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.
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.
12th October 2015