A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Shriram Housing Finance:

    Shriram Housing Finance is a part of the financial conglomerate, Shriram Group, which is headquartered in Chennai. The Shriram Group is engaged in providing a range of financial services which includes home loans as well.

    The Shriram Housing Finance Home Loan is an affordable and hassle free answer to your home financing needs. This home loan may be used for any of the following purposes - purchase of a plot of land for the purpose of constructing a house; purchase of a new or existing house/flat; construction of a house on existing plot of land; to take over an existing home loan or renovation / repair / extension of a pre-owned house.

    Features of Shriram Housing Finance Home Loan:

    The Shriram Housing home loan is popular for a variety of reasons, some of which are listed below.

    • No extensive documentation required to apply for this loan. Only some basic identity and income documents are required.
    • Choose from multiple flexible loan schemes which best suit your home financing requirements.
    • No need to pay any pre-payment charges on pre-closure of loan.
    • You can avail this loan for a period of 1 to 20 years.
    • The minimum amount for which you may obtain this loan is Rs 50,000. The maximum amount of obtainable is capped at Rs 75 lakhs.
    • One of the noteworthy features of this loan is that it provides borrowers with tax benefit not only on the principal amount but also the interest payable during the year.

    Shriram Housing Finance Home Loan – Eligibility:

    In order to be eligible for the Shriram Housing home loan, applicants must comply with the following criteria. Please note that an applicant’s loan eligibility is also evaluated on the basis of their repayment ability.

    • Must be resident Indians.
    • Must be at least 21 years old.

    Shriram Housing Finance Home Loan – Documentation:

    In order to apply for this home loan, individuals must furnish the following documents.

    • Duly filled and signed application form
    • Cheque for payment of processing fees.
    • KYC documents: ID proof, signature proof and proof of age.
    • Income documents required:
      • Salaried – Bank statement, Form 16 and salary slip
      • Self-Employed – Income Tax Return with financial statements, bank statements of Current and Saving accounts.

    Shriram Housing Finance Home Loan Interest Rates:

    The interest rate applicable on this home loan is on floating basis and is linked to the current Shriram Housing’s Prime Lending Rate (PLR), which is, 15%.

    Shriram Housing Finance Home Loan EMI Calculator:

    Evaluate the affordability of your home loan and determine the EMI amount you’re comfortable paying with the help of the Shriram Housing Finance home loan EMI calculator. This online tool only required you to provide information pertaining to your chosen home loan like loan amount, rate of interest applicable and term of your loan. Once these details have been filled in, the calculator will instantly display the EMI which you shall be required to pay towards your home loan.

    FAQs about Shriram Housing Finance:

    1. What are the loan processing charges levied on this home loan?

      Loan processing charges levied on this home loan will be stated in the beginning section of the Loan Sanction Letter.

    2. What is the prime lending rate (PLR) for the Shriram Housing finance home loan?

      The PLR for this home loan is currently set at 15%.

    3. Can I claim deduction on interest payable on this home loan?

      Yes, you may claim interest as a deduction under Section 24 of the Income Tax Act.

    4. What is the amount of interest which can be claimed for tax benefit?

      The borrower may claim interest up to Rs 1,50,000 or the amount of actual interest paid (whichever is lower).

    5. Can I claim deduction on the principal paid towards my Shriram Housing home loan?

      Yes, you may claim principal up to a maximum amount of Rs 1,00,000 under Section 80C of the Income Tax Act.

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