Home Purchase Loan

Loan For Home Purchase
  • Our customer can use SMHFC’s Home Purchase Loan to buy a house in an affordable housing of their liking
  • SMHFC’s Home Purchase Loan broadly covers private projects, government projects, under construction properties, resales and a lot more!
  • Maximum loan amount is Rs. 35 lakhs and maximum tenure is 20 years.
  • Loans can be covered under CLSS if the property fits into CLSS eligibility criteria.
  • Eligibity & 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

  • Rate & Charges
    Loan Terms
    Loan Amount Minimum Rs. 1 Lakh & Maximum Rs 35 lakhs Higher amounts can be considered on exception basis.
    Tenor Maximum 20 Years
    Interest Rate 10.9% p.a.onwards
    Processing Fee CLSS Eligible Customers - Processing fees or out of pocket expenses associated with the application will be recovered as part of the loan amount - as per NHB guidelines.
    Non CLSS Customers - Maximum 3%+ GST of the loan amount.
    Prepayment Charges NIL
    Loan to Value Maximum 85%
    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 SMHFC's tie up with HDFC Life. The exact insurance amount will depend on the age, loan amount & loan tenor.
    To read document retrieval and other charges, Click Here
    Swipe Table
  • Calculators
  • Schemes
    • Pradhan Mantri Awas Yojana - Urban (PMAY-U)

      Pradhan Mantri Awas Yojana (Urban) Mission launched on 25th June 2015 which intends to provide housing for all in urban areas by year 2022. The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr. As per PMAY(U) guidelines, the size of a house for the Economically Weaker Section (EWS) could be upto 30 sq. mt. carpet area, however States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.

    • Pradhan Mantri Awas Yojana – Gramin (PMAY-G)

      Pradhan Mantri Awas Yojana – Gramin (PMAYG), earlier known as Indira Awaas Yojana (IAY), is a scheme for rural housing by the Indian Government. This social welfare program was initiated to meet the objectives of the “Housing for All” scheme by the year 2022. It aims to provide a 25-square meter pucca house including basic amenities to beneficiaries of the scheme. The houses provided will have certain special features such as it would be disaster-resilient, low cost, and will be built keeping in mind the socio-cultural and geo-climatic factors.

    • What is CLSS under PMAY?

      CLSS is a Credit Linked Subsidy Scheme that falls under the Pradhan Mantri Awas Yojana. It was introduced by the Central Government to provide affordable ‘Housing for All’ by the 31st of March 2022. Under this first-of-its-kind initiative, affordable housing is provided for Economically Weaker Sections (EWS), Lower-Income Groups and Middle-Income Groups (MIGs) of the society.

    • What is CLSS Subsidy under PMAY?

      CLSS is a Credit Linked Subsidy Scheme introduced by the Central Government. Under this scheme,beneficiaries will be provided with home loan interest subsidy on purchase / construction / extension / improvement of their home. The interest Subsidy is up to 6.50%* p.a. for a max subsidy amount of upto ₹2.67* Lakh.

    • Who all are Eligible for PMAY?

      The scheme is primarily aimed at providing housing for all. Therefore, understandably, all those who already own a home in their nuclear family cannot be beneficiaries of this scheme. As per guidelines, a nuclear family consists of self, spouse and unmarried children. Detailed information can be reviewed by visiting the below mentioned links: EWS & LIG NEW (LOAN SANCTIONED ON OR AFTER 01-01-2017)
      Click here MIG – I (LOAN SANCTIONED ON OR AFTER 01-01-2017)
      Click here MIG – II (LOAN SANCTIONED ON OR AFTER 01-01-2017)
      Click here

    • What is a PMAY Calculator?

      PMAY calculator is a home loan subsidy calculator – a general self-help planning tool for calculating the amount of home loan subsidy that can be availed under the PMAY scheme.
      A tentative Subsidy amount can be calculated by visiting the below mentioned link:Here

    • Steps to Register under PMAY

      By calling our toll free number: 1800 1234 427

  • FAQs

Get In Touch

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Customer Speak

Ravindra Kumar Sen
Arang, Chhattisgarh.

“I have always lived in a joint family setup with 20 family members residing in a very small and congested house. I could never avail a home loan as I stay in the remote town of Arang in Chhattisgarh.

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Shubham Bahetwar
Yavatmal, Maharashtra.

“I always lived in a kuccha house. SMHFC helped me in financing the construction of a pucca house on my own plot of land.Owing to the informal nature of my work,

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Pooja Kumari
Raipur, Chattisgarh.

“I am the only earning member of my family. I always dreamt of my home but never thought it would be possible owing to income constraints and lack of family support.

Read more