Home Purchase Loan
- Our customer can use SMHFC’s Home Purchase Loan to buy a house in an affordable housing project of their likings.
- 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 lakh and maximum tenure is 20 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. 35 lakh. Tenure Maximum 20 years Interest Rate 11% onwards Processing Fee 2% - 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 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
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FAQs
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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.
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What is the maximum home loan I can get?
We offer home loans between Rs. 1,00,000 to Rs. 35,00,000. This will totally depend on the agreement value of the property.
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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.
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What is a home loan?
Rate / terms could be subject to change at management's discretion
Get In Touch
Planning to take a loan
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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.
Read moreShubham 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.
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