Home Renovation Loan
- Renovate your existing property and convert your existing home into your dream home with SMHFC's Home Renovation Loan.
- Home Renovation Loan can be utilised by a customer to enhance the appearance of their existing house or improve the functionality.
- The loan is utilised for internal and external home renovation such as painting and whitewashing, tiling and flooring, waterproofing, plumbing sanitary work, and more
- Maximum loan amount is Rs. 5 lakhs and maximum tenure is 10 years.
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Eligibility & Documentation
We at SMHFC understand that every customer has varied needs, sources of income and documentation availability. We provide tailor-made solutions based on customer requirements. The final eligibility of a customer is decided on a number of factors including, but not restricted to income stability, repayment capacity, past credit record and positive verification
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Rate & charges
Loan Terms Loan Amount Minimum Rs. 1 lakh & maximum Rs 5 lakh. Tenure Maximum 10 years Interest Rate 12.5% onwards. Processing Fee 2% - 3% (+GST) of the loan amount Prepayment Charges NIL Loan to Value Maximum 80% Security Equitable mortgage (by deposit of title deeds) on the property being financed. A registered mortgage may be insisted upon wherever necessary. Repayment Through customer's electronic standing instruction (NACH) for all Equated Monthly Installments (EMIs) MITC SMHFC will adhere to the Most Important Terms and Conditions ("MITC") on all loans as prescribed by the National Housing Bank. Other Conditions SMHFC will facilitate customers to take a mortgage redemption policy through SMHFCs tie up with HDFC Life. The exact insurance amount will depend on the age, loan amount & loan tenure. Delay Payment Charges A maximum of 24% pa on the defaulted sum. To read document retrieval and other charges, Click Here Swipe Table -
Client Selection & Approach For Gradation Of Risk
The decision to give a loan is assessed on a case-to-case basis, based on multiple parameters such as a borrower profile, borrower's repayment capacity, past repayment record, tenor of loan, occupation and stability of income, borrower's other financial commitments, product type, geography, property type, value of the property etc. Such information is collected based on a borrower’s input and field inspection by the company officials.
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Calculators
Rate / terms could be subject to change at management's discretion
