A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Shriram Housing Finance Reviews

    Shriram Housing Finance, which was established in the year 1974, is a part of the Shriram Group, a financial conglomerate. You can avail home loans at a floating rate of interest, starting at 10.49% p.a., for a maximum loan tenure of 25 years and a maximum loan amount of Rs.10 crore.

    A Shriram Housing Finance loan can be availed for multiple reasons. You can opt for a home loan from this company either for buying a new or existing house/flat or a plot of land for building a house, in order to construct a house on an existing plot of land; to pay off an existing home loan or for renovating /repairing or extending an existing house. It is affordable and you can avail the loan with minimum documentation.

    Features & Benefits of Shriram Housing Finance

    Shriram Housing Finance Reviews

    Shriram Housing Finance has made it simpler and hassle-free for its customers to get easy and fast loans for buying a property or carrying out other construction works. The features that make it a reliable option for people interested in home loans are as follows:

    • The company doesn’t ask for extensive documentation. You can apply for a loan by providing basic documents supporting your identity and income.
    • A borrower can avail a loan for purchasing a property from MHADA, private developers, or any other project that is government authorised.
    • The borrower will be eligible to get tax deduction benefits under Section 24 and Section 80C of the Income Tax Act.
    • Even if the borrower hasn't yet selected the property, he/she will still get the approval for the home loan.
    • The Shriram Finance home loan account can be managed online by the borrower.
    • Under this scheme, even Non-Resident Indians (NRIs) can avail a home loan.
    • The loan will be processed and disbursed to the borrower within a quick time span.
    • There is a funding facility under the housing loan scheme for both ready and under-construction properties.
    • The loan can be applied individually or jointly with another person. Applying with a co-applicant will enable you to get a higher loan amount.
    • If you apply for the loan along with a woman co-applicant, you will be able to get it at a lower interest rate.
    • The co-applicants are not mandated to be the co-owners of the property. You can open an account jointly with someone who is your blood relative.
    • A borrower can avail a loan amount of minimum Rs.1 lakh to maximum Rs.10 crore.
    • It comes with an affordable interest rate. You can opt for both fixed and floating rate of interest.
    • The borrower can opt for a flexible loan instalment plan along with Tranche based EMI facilities for loan repayment.
    • You will get a loan repayment tenure of up to 25 years. However, it will be subject to your retirement age.

    Shriram Housing Finance Home Loan Eligibility

    The following individuals are eligible to get a home loan from Shriram Housing Finance:

    • The applicant must be a resident of India.
    • To avail a home loan from Shriram Finance, the minimum age of the applicant should be 21 years.
    • Both self-employed and salaried individuals can apply for the loan.
    • The eligibility of the applicant will be assessed based on his/her repayment capacity as well as the property value.
    • You can apply for the loan along with a co-applicant.

    Note - In case of self-employed or professional employees the same eligibility criteria will be applicable. However, the age of the borrower at maturity will be considered in case of self- employed individuals.

    KYC documents

    You shall need to submit identity and address proof as KYC documents. A salaried individual can submit any one of the following documents as identity and address proof:

    Identity Proof

    • Driving License
    • Passport
    • PAN card
    • Aadhaar card
    • Voter ID card
    • Official identity card (for government and PSU employees)

    Address Proof

    • Aadhaar Card
    • Driving License
    • Passport
    • Bank account statement
    • Latest Telephone bill
    • Latest Electricity bill
    • Gas bill
    • Copy of Sale deed (if self-owned property)
    • Letter from Employer (for government and PSU employees)
    • Rental agreement

    A Self-Employed individual needs to submit age and signature proof as KYC documents. As proof, any one of the below mentioned documents can be submitted:

    Age Proof

    • Birth certificate
    • School Leaving Certificate
    • Aadhaar card
    • PAN card
    • Passport
    • Driving License

    Signature Proof

    • Signature verification from bank
    • PAN card
    • Passport

    In addition to this, other documents also need to be submitted depending on the type of company or firm:

    In case of Private Limited Company

    • Latest Telephone Bill
    • Resolution from Board of Directors
    • Memorandum and Articles of Association
    • Incorporation certificate

    In case of Partnership Firm

    • Certificate of Registration, if registered
    • Partnership deed
    • Latest telephone bill
    • Power of attorney granted to a partner or employee to transact business on its behalf
  • Property-related Documents:
    • Sale Deed (original copy)
    • Sale Agreement with the builder (original copy)
    • Tax paid receipts for building and property
    • Revenue-authority-approved sketch of the property’s location
    • Possession certificate
    • Letter of allotment provided by the Society/Housing Board/Private builder
    • Receipts of the advance payments made during the flat purchase (original copy)
    • Building plan including key plan/floor plan in case of flat purchase approved by recognised authorities (photocopy)
    • Receipt of land tax paid and possession certificate issued by the revenue authority (original copy)
    • No Objection Certificate (NOC) from the housing society or builder (original copy)
    • The estimated cost of house construction in detail
    • Letter from the society/builder/housing board containing the name of the bankers and the account number used for instalment remittance
  • Tax Benefits

    Shriram Housing Finance offer certain tax benefits with regard to residential plot loans. The benefits and exemptions are provided under Section 24 of the Income Tax Act. As such, the applicant is entitled for a deduction of up to Rs.2,00,000 on the interest paid for availing a loan. Apart from that, deduction of up to Rs.1,50,000 from income on repayment of principal during a financial year can be availed under Section 80C of the Act.

    Dedicated Relationship Manager

    In a bid to offer its customers distinguished service, Shriram Housing Finance provide dedicated relationship managers. To know more about it, you can get in touch with the officials.

    Types of Home Loans Offered by Shriram Housing Finance:

    Under Shriram Housing Finance a borrower can avail the following types of loans:

    • Home Loans - A borrower can avail a home loan from Shriram Housing Finance either to purchase a ready-to-move new bungalow/apartment or an under construction or resale property.
    • Residential Plot Loans - This loan can be availed by the borrower to construct a building on a residential property. The loan amount is offered by the company to buy a piece of land for constructing one’s dream home.
    • Affordable Housing (PMAY) - It is offered to individuals who want to build a pucca home under Pradhan Mantri Awas Yojana. This scheme specifically focuses to help the economically-challenged section of the society as well as the Low-Income Group (LIG), Middle Income Group-I (MIG-I), and Middle-Income Group-II (MIG-II).
    • Home Improvement Loans - This loan is offered to individuals who want to renovate and improve their home. It can be availed by people who want to renovate their home in order to give it a new look.
    • Home Extension Loans - As the name suggests, this loan can be availed by people who are planning to add some extra space to their home. Borrowers who want to extend their home by building extra rooms can apply for this loan scheme offered by Shriram Housing Finance.
    • Balance Transfer Loans - Individuals who already have an existing home loan with some other bank or housing finance organisation can transfer their existing balance to Shriram Finance Housing under this scheme.
    • Top-Up Loans - The Top-Up loan offered by Shriram Housing Finance allows the borrowers to borrow extra money on their home loan to meet their extra housing expenses. This means at any point of time if you need to increase the loan amount you can do that by availing a Top-Up loan on your existing loan.

    Shriram Housing Finance Home Loan Interest Rate 2023

    The best thing about Shriram Finance Housing is that they offer housing loans for various purposes at a reasonable interest rate. The loan is offered at a floating interest rate starting at 10.49% p.a. The interest rate is linked to the Shriram Housing’s Prime Lending rate (SHPLR) which is 15% at present. The interest rate is the same across the various types of home loans offered by the company.

    Shriram Housing Finance Loan EMI Calculator:

    The Shriram Housing Finance EMI calculator is a user-friendly tool which is specially designed to help the borrower assess his/her capability of paying the EMIs on time even before applying for the loan. This tool is extremely helpful for the borrowers as it helps them to find out whether they can afford the loan or not. Since you will get to see the estimated amount that you are required to pay every month in the future you can manage the loan easily. You can plan your monthly budget accordingly so that you don’t land in any kind of financial stress in the long run.

    Steps to Use the Shriram Housing Finance EMI Calculator:

    The Shriram Housing Finance EMI calculator is very easy to use. Even first-time users can use the calculator and calculate their interest outgo. Here is how the tool works:

    Step 1: Visit the official website of Shriram Housing Finance.

    Step 2: Go to the Housing Finance’ section and click on ‘Home Loans’.

    Step 3: You will be redirected to the home loan page. Scroll down and you will get the EMI Calculator.

    Step 4: Enter all details pertaining to your loan such as the loan amount, loan tenure, and interest rate using the scale.

    Step 5: Once you input all the figures the calculator will automatically show the estimated EMI that you will have to pay every month.

    Step 6: If the EMI seems to be affordable, click on the ‘Enquire’ button to get further details about the loan.


    1. Can I apply for a Shriram Housing Finance home loan for an under-construction property?

      Yes, you get a home loan from Shriram Housing finance for any under construction property. You can also avail a loan if you are constructing a house on your own. You are also allowed to apply for the loan even before the project starts.

    2. Who are eligible to become co-borrowers for this loan?

      The co-owners of the property for which you are applying for the loan can be the co-borrowers. However, the co-applicants should be your blood relatives and should be ideally mother-son, father-son, and husband-wife.

    3. Is it possible to get an in-principal approval first before availing the loan?

      Yes, you can get an in-principle approval for the loan based on your income and repayment ability which will make the process of finding your dream home and buying it much flexible and easier.

    4. Do I need to provide any security or collateral to avail this loan?

      The property against which you are opting for the loan will act as the security or collateral for this loan. Hence, you needn't mortgage any other property to avail this loan. However, you need to make sure that the property you are offering against the loan should have a clear marketable title and there shouldn't be any encumbrances or debts associated with it.

    5. Can I avail a home loan from Shriram Housing Finance to repay the home loan from other banks or housing finance companies?

      Yes, you can transfer your existing home loan balance from other bank or financial institution to Shriram Finance. You can get in touch with the executives of the company to know further details.

    6. What is the amount that a borrower can claim as a tax benefit?

      A borrower is eligible to claim up to Rs 1.5 lakh on the interest payment done towards the loan.

    7. Can I avail a home loan from Shriram Housing Finance to extend my pre-owned home?

      Yes, you can avail a Shriram Housing Finance loan for extending your current home. You can also apply for a loan to renovate your home.

    8. Do I need to pay any pre-payment charges on pre-closure of my Shriram Housing Finance home loan?

      No, the company doesn’t charge any pre-payment charges for pre-closing or foreclosing the home loan.

    9. What is the interest subsidy that I can earn under the current PMAY scheme?

      Under the current PMAY scheme, you can earn up to 2.67 lakh interest subsidy.

    10. Where I will get the form to apply for a home loan from Shriram Housing Finance?

      You can either download the form from the official website of the company available under the ‘Download Forms’ section or you can visit the nearest branch office to get the hard copy of the application form.


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    Customer Reviews

    • Shriram Housing
      "Need to improvement customer service"
      0.5 3.0/5 "Satisfactory"
      I have selected loan amount is 12 lakhs, tenure 15 year and Rate of interest 9.5% one time process fee Rs 5000, EMI Rs 9000, While documents through executive he given information so there no delay for disbursal loan amount. Need to be improvement in customer service.
      Was this review helpful? 13
      , ghaziabad
      Reviewed on Jun 24, 2019
    • Shriram Housing
      Shriram Housing
      "Loan Disbursment"
      0.5 0.5/5 "Unacceptable"
      Shriram Housing Finance people didn't even disburse the payment to me and charged the PRE-EMI charges for the past month which is ridiculous, now i can not come out also all the charges have been collected and still they have not disbursed the payment.
      Was this review helpful? 13
      , hyderabad
      Reviewed on Apr 16, 2019
    • Shriram Housing
      "Average Loan"
      0.5 2.0/5 "Expected more"
      The interest rates are high in my housing loan. They have offered me a interest rate of 14% and in 2016, i have purchased this loan. I have to pay the loan amount of 3000 and i have chosen the tenure period of 60 months and i just bought the loan amount of Rs. 4 lakhs. I have got my loan on time.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Nov 12, 2018
    • Shriram Housing
      0.5 2.0/5 "Expected more"
      The rate of interest is very higher from the SHRIRAM HOUSING FINANCE where i am using it from past two years. I have got 10lkahs where the process is very quick and good. There is processing fee also the addition charges applicable. I don't have hard copy, the duration is for 4 years.
      Was this review helpful? 8
      , chennai
      Reviewed on Nov 10, 2018
    • Shriram Housing
      "High rate of interest "
      0.5 3.5/5 "Pretty good"
      SHRI RAM CITY FINANCE provide limit for every thing, tenure period is also for a limited of one year They have charged 1200 per month as processing fee for 15 months which is a draw back and okay based on our need and demand in market .
      Was this review helpful? 10
      , nasik
      Reviewed on Sep 14, 2017
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