Suryoday Small Finance Bank Home Loan
Suryoday Small Finance Bank Home Loan aims to make home ownership affordable and convenient for both salaried and self-employed individuals. The loan amounts are often high value and a repayment tenure for up to 20 years. The rate of interest for home loans starts at 10% per annum. It can vary depending on the customer's profile and the market scenario.
What is Suryoday Small Finance Bank Home Loan?
The Home Loan from Suryoday Small Finance Bank is a financial product intended to help individuals buy residential property, build a house, or transfer an existing home loan. They provide a high-value loan on loan against property with repayment tenure, loan term, and competitive rates of interest for individual customers with various housing needs.
Features & Benefits of Suryoday Small Finance Bank Home Loan
The following are the major features and advantages of Suryoday Small Finance Bank Home Loan:
- High Loan Utilisation : You have the option to borrow Rs.10,00,000 which can equip you to invest in the house of your dreams, building a new house, or refinancing an existing house loan.
- Flexible Tenure: You have the flexibility of a loan tenure of up to 20 years, allowing you to plan your EMIs according to your repayment ability. You can opt for a higher tenure lending to a lower EMI and short tenure if you prefer repayment early.
- Top-up and Refinance facility: You can top-up your existing home loan or transfer the balance to Suryoday Small Finance Bank if the interest rate on your current loan is better. This top-up can be used for renovation upgrading, additions, and/or buying additional property.
- Competitive Rates: Home loan interest rate is between 10% and 13% depending upon the tenure (note interest rate may change). Competitive rates lower overall borrowing and allow for manageable EMIs.
- EMI Calculator: The bank has an online EMI calculator which helps you work out what you will be expected to pay each month-based loan amount, interest, and tenure. This is useful for financial planning and a substitute for consumer transparency for your decision to take a loan.
- Simple and Fast Application: The application process is straightforward and rapid, with little documentation required for both salaried and self-employed people.
- Assistance & Support: Dedicated Smile Centres, telephone support, email, and WhatsApp support, will help you on every step of your home loan journey.
- Clarity and Transparency: The bank provides clarity on the interest rate, fees, and what you qualify for, allowing customers to make informed decisions without any hidden costs.
Eligibility and Documents Required
Eligibility
Home Loans are offered to:
- Salaried individuals
- Self-employed professionals
- Self-employed non-professionals
Documents Required
The following documents are needed while applying for a home loan at the Suryoday Small Finance Bank:
- Proof of identity
- Proof of address
Note: These documents are mandatory as per the Bank’s KYC policy in compliance with RBI guidelines.
Suryoday Small Finance Bank Home Loan Fees and Charges
The fees and charges associated with Suryoday Small Finance Bank are as follows:
Fee/Charge Type | Amount / Rate | Notes |
Processing Fee | 1% – 2% of loan amount + GST | Non-refundable, covers loan processing costs |
Administration Fee | Rs.5,000 + GST | Non-refundable, covers administrative costs |
Cheque / NACH / SI Bounce | Rs.500 per instance | Charged when payment is returned |
EMI Collection Charges | Rs.100 per visit | Applicable for physical EMI collection |
Late Payment / Penal Charges | 1% of the amount in default or Rs.250 (whichever is higher) per instance | Charged for delayed EMI payments |
Non-Compliance Charges | Rs.5,000 per instance | For violating loan agreement terms |
Foreclosure – Floating Rate | NIL | For individual borrowers |
Foreclosure – Fixed Rate | 4% of outstanding principal + applicable taxes | Applicable for home loans under fixed rate |
Stamp Duty Charges | Actuals as per state law | Charged per applicable stamp duty regulations |
Copy of Property Documents | Rs.1,000 per instance | For document copies |
Swapping/Replacement of UDCs/Security Cheques/NACH | Rs.1,500 per instance | For replacement requests |
Duplicate Statement Charge | Rs.200 per instance | For duplicate account statements |
Reissuance of PO/DD | Rs.200 per instance | For reissuing payment orders or demand drafts |
Duplicate Certificate / Interest Paid Certificate | Rs.500 per instance | For issuing duplicate certificates |
Copy of Credit Information (CIBIL) | Rs.100 per instance | For CIBIL report copies |
How to Apply for a Suryoday Small Finance Bank Home Loan Online
Applying for a home loan from Suryoday Small Finance Bank is simple and straightforward. Follow the steps given below:
- Step 1: Check for Eligibility: Confirm that you are a salaried employee, a self-employed individual, or a non-professional self-employed person.
- Step 2: Gather Documents: You will need to acquire the required documents, which will include proof of identity, proof of the address as per KYC (Know Your Customer), and documents relating to the property.
- Step 3: Application Submission: Fill out the application form the Home Loan online on the bank’s website or in person at your nearest Smile Centre
- Step 4: Document Verification: The bank will then check the documents you have submitted, verify your information to establish eligibility.
- Step 5: Home Loan Approval: After verifying the documents and if you meet the criteria, the Home Loan is approved by the bank.
- Step 6: Disbursal: After approval and your relevant documents are complete, the loan amount will be disbursed based on agreed terms.
How to Request a Call Back for a Suryoday Small Finance Bank Home Loan
If you want to request a call back to get a Home Loan from Suryoday Small Finance Bank, just follow the steps below:
- Step 1: Go to its Home Loan application page.
- Step 2: Find the section 'Fill the form to get a callback'.
- Step 3: Fill in the form with your Name, Mobile Number, Pincode, and under Select Product select Home Loan.
- Step 4: Check the box giving Suryoday Small Finance Bank and its representatives consent to contact you via call, SMS, email or WhatsApp.
- Step 5: Click on the Apply Now button.
After you have successfully submitted the request form, a representative from the bank will contact you to assess your eligibility, discuss the documents that you would need, assist you with the application, and answer any questions you may have regarding interest rates, tenures, or any fees.
Ways for Immediate Assistance or Follow-Up
You can try the methods listed below if you need to contact the bank immediately:
- Call the Toll-Free Number: If you need immediate assistance, please call 1800 266 7711. The customer care team can help with all questions regarding your Home Loan, including eligibility, documentation, interest rates, and application status.
- Email: Alternatively, you can send an email to smile@suryodaybank.com if you have any questions or want information about your Home Loan application. The bank’s team will respond to you and advise you accordingly.
- Send a WhatsApp: You can also contact the bank via WhatsApp at 8422890082, which is very quick and convenient! Representatives at the bank can respond to your questions, provide updates on your application, and assist you in getting any additional information.
How to Apply for a Suryoday Small Finance Bank Home Loan Offline
Follow the instructions given below for applying for a home loan from Suryoday Small Finance Bank in person:
- Step 1: Identify your local Smile Centre to obtain in-person support for your Home Loan application.
- Step 2: Attend the branch during working hours for direct support from the bank's employees.
- Step 3: The employee will assist you in filling out the Home Loan application form correctly.
- Step 4: The employee will help you in supplying the necessary identity, address, and property documents and ensuring that they meet the submission requirements.
- Step 5: Clarification should be immediate concerning fellow eligibility, interest pricing, repayment tenures, and other Home Loan features.
- Step 6: The employee may help you regarding the next steps, timelines for processing the loan, and any further actions that may be needed by you or the bank.
FAQs on Suryoday Small Finance Bank
- Which property types are eligible for a home loan with Suryoday Small Finance Bank?
Suryoday Small Finance Bank offers home loans for different property types such as ready-to-move-in homes, under construction properties, and self-built houses. The eligibility will depend on property valuation and legal clearances.
- Is there a facility for a top-up loan during the course of a home loan?
Yes, a top-up facility is available on a home loan with Suryoday Small Finance Bank. A top-up can be obtained for renovation or upkeep of the house, or other reasons provided you meet the approval norms.
- Can I transfer my existing home loan from another bank to Suryoday Small Finance Bank?
Yes, Suryoday Small Finance Bank provides a balance transfer option for existing home loans. It is useful in cases where there is a possibility of lower interest rates or improved loan conditions.
- Can I get a home loan from Suryoday Small Finance Bank when I have an existing loan with another bank?
Yes, you can get a home loan with Suryoday Small Finance Bank, even if you have an existing loan with another bank. The bank will lend based on your eligibility, considering your existing loans and the ability to repay.
- What would happen if I missed an EMI payment for Suryoday Small Finance Bank home loan?
If an EMI is missed or delayed, Suryoday Small Finance Bank may charge a late payment fee. Customers should ensure their EMIs are never missed or delayed in order to avoid excessive late payment fees and preserve their credit record.
- Is there a fee if I want to foreclose or prepay my Suryoday Small Finance Bank Home Loan?
The foreclosure or prepayment fees will depend on the type of loan obtained. In the case of floating rates, Suryoday Small Finance Bank may charge no fees, while fixed rates may apply a prepayment fee on behalf of the customer. The terms of the loan will be provided at the time of the loan agreements, and so the terms of the fixed/variable repayment may differ at the discretion of Suryoday Small Finance Bank.
- What is the processing fee for a Home Loan at Suryoday Small Finance Bank?
When a Home Loan is processed, Suryoday Small Finance Bank applies a processing fee, that is used to manage the overall administrative and setup process of ensuring all your loan documents/applications are examined and confirmed. This processing fee is usually charged as a small percentage of the overall loan amount, including applicable taxes.
- What are the stamp duty fees for a Suryoday Small Finance Bank home loan?
The stamp duty fees are charged based on the state's stamp duty laws wherever the property is situated. These charges change depending on the state and will be determined by what the government taxes. This is not a fee for the bank. Suryoday Short Finance Bank has included stamp duty fees as part of the home loan arrangement to comply with local laws.
- Is there a fee to get a copy of my property documents while applying for a home loan from Suryoday Small Finance Bank?
Yes, Suryoday Small Finance Bank may impose a nominal fee to provide you with copies of all the property related documents. They only charge nominal fees for the provision of copies to ensure that you also have your official documentation when required.
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