- Loans available to customers for constructing house on aplot of land owned by them
- Activities covered under these loans ranges from house construction, extension and improvement
- Maximum Loan amount is Rs 10 Lacs and maximum tenure is 20 Years
- Loans can be covered under CLSS depending whether the land is in Urban or Rural area. CLSS will be applicable onlyin Urban and Semi Urban areas.
|Loan Amount||Minimum Rs. 1 Lakh & Maximum Rs 10 lakhs Higher amounts can be considered on exception basis.|
|Tenor||Maximum 20 Years|
|Interest Rate||Beneficiary Led Construction Loans - 16% p.a. to 18% p.a. (Floating Rate linked to SMHFC PLR - currently 13%)
Lower or Higher rates would be at the discretion of the management.
|Processing Fee||Maximum 3%+ GST of the loan amount.|
|Cheque Bounce Charges||Rs. 500 + GST per event|
|Statement Charges||Rs. 500 + GST (In case of hard copy is requested)|
|Late Payment Charges||2 % per month on the amount due|
|Document Retrieval Charges||Rs 500 per document or Rs 1000 for all documents + GST|
|List of Documents (LOD) / Foreclosure Letter Charges||LOD - Rs. 500 + GST Foreclosure Letter - Rs. 500 + GST|
|Incidental Charges for recovery of delayed payments||At Actuals|
|Cheque Handling Charges||Rs. 150 + GST per transaction (only for overdue collections)|
|Cash Handling Charges||Rs 300 + GST per transaction (only for overdue collections)|
|Loan to Value||Maximum 85%|
|Security||Equitable Mortgage Or Registered Mortgage on the plot of land alongwith construction thereon.|
|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 SMHFC's tie up with HDFC Life. The exact insurance amount will depend on the age, loan amount & loan tenor.|
What is Beneficiary Led Construction loan?
It is a loan available to customers for constructing their own house on a plot of land owned by them. This can be a construction, extension and improvement of a house. Maximum Loan amount is Rs 10 Lacs and maximum tenure is 20 Years.
How do I view or get my home loan or BLC loan statement?
You may call our toll free number: 1800 1234 427 from your registered mobile number, select the desired language and press 1. By following this process, you will get your home loan or BLC loan statement.
How do I apply for a home loan, BLC loan or any other loan that you provide?
You may simply call us on our toll free number: 1800 1234 427 and show your interest to opt for the desired loan provided by us. You can enjoy our services by sitting at your home as we will do the entire process for you.