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
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
Application Procedure
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