Loan For Home Purchase

Home Purchase Loan for Low income Families
  • Avail loans for purchasing house in SMHFC approved private or government projects in India.
  • Loans also available for purchasing an under construction / new / existing residential property of your choice in India where SMHFC has a presence.
  • Maximum loan amount is Rs. 25 lakhs and maximum tenure is 20 years
  • Loans can be covered under CLSS if the property fits into CLSS eligibility criteria
Loan Terms
Loan Amount Minimum Rs. 1 Lakh & Maximum Rs 25 lakhs Higher amounts can be considered on exception basis.
Tenor Maximum 20 Years
Interest Rate Home Purchase Loans - 10.5% p.a. to 14% p.a. (Floating Rate linked to SMHFC PLR - currently 13%). Lower or Higher rates would be at the discretion of the management.
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.
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 (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.