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Product Details
Bank Name

Shriram Housing Finance Limited

Maximum Loan Tenure

25 years or retirement age whichever is earlier

Maximum Loan Amount

INR 10 Crore

Interest Rate

Starting from 9.5% per annum.

Type

Floating

Home loan
Down Payment

Funding upto 90% of the cost.

Fees and Charges

Prepayment Fee: No charge if prepay from your own sources. 2% fee + GST for other sources like Balance transfer or refinancing.
Processing Fee: up to 2.5% of the loan amount plus GST. non-refundable and has to be paid at the time of application.
Penal Interest Rate On Delayed EMI: 30% per annum on the overdue amount for floating interest rate loans and 36% for fixed interest rate loans.
Legal Fees: At actual.
Stamp Duty And Registration Charges: At Actuals

Minimum CIBIL Score

Not specified.

Down Payment and Fees

Home loan

Special Features

No prepayment penalty in case of prepayment through own funds.

Eligibility Criteria

Shriram Housing Finance Limited (SHFL) offers home loans to individuals with a range of eligibility criteria. Here's a breakdown of the key factors they consider:


Minimum Age:

  • 24 years at the time of loan application

  • Maximum age at loan maturity: 70 years

Income:

  • Minimum monthly income varies depending on the loan amount and location. Generally, it starts from INR 15,000 per month for salaried individuals and INR 25,000 per month for self-employed individuals.

Employment:

  • Salaried individuals employed with reputable organizations.

  • Self-employed individuals with a minimum of 3 years of stable income in their chosen field.

CIBIL Score:

  • While SHFL doesn't specify a minimum CIBIL score, a score of 600 or above is generally preferred for better chances of approval.

Special Concession

No special concession.

Home Saver Option

No.

Features, Eligibility and Concession
Pros
  • Dedicated relationship manager. 

  • Low minimum salary requirement of INR 30,000. 

  • Loan upto 90% of the cost. 

  • Loan upto 25 years.

Cons
  • High processing fee.

  • No home saver option.

  • Interest rate higher than that of PSU banks. 

Pros & Cons
Shriram Housing Finance Limited

Shriram Housing Finance Limited offers a range of home loan products with benefits. However, one of the drawbacks is the processing fee, which can be up to 2.5% of the loan amount. Additionally, it's important to note that Shriram Housing Finance does not provide a home saver option, which could be a limitation for those looking to offset their interest burden with savings.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

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