Loan For Home Purchase
- 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 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.
|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.|
What is a home loan?
Home loan is a loan taken to purchase a residential property, it could be an under construction property or a ready possession property from a developer or a third party seller.
What is the maximum home loan I can get?
We offer home loans between Rs. 1,00,000 to Rs. 25,00,000. This will totally depend on the agreement value of the property.
What is the maximum term for which I can avail a Home loan?
You can avail a Home Loan for a maximum term of 20 years or till your age of retirement, whichever is lower.