A "low interest" loan shouldn't mean you have very little interest in paying it back!
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.
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 following individuals are eligible to get a home loan from Shriram Housing Finance:
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.
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
Address Proof
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
Signature Proof
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
In case of Partnership Firm
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.
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.
Under Shriram Housing Finance a borrower can avail the following types of loans:
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.
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.
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.
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.
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.
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.
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.
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.
A borrower is eligible to claim up to Rs 1.5 lakh on the interest payment done towards the loan.
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.
No, the company doesn’t charge any pre-payment charges for pre-closing or foreclosing the home loan.
Under the current PMAY scheme, you can earn up to 2.67 lakh interest subsidy.
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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