Self-Construction Loan

Loan For Home Purchase
  • With SMHFC’s Self-Construction Loan offering, a customer can build a customised house of their wish on any owned plot of land.
  • SMHFC's Self Construction Loan ensures that customers do not compromise on the construction of their dream home owing to lack of liquidity!
  • 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 10.5% p.a.onwards
    (SMHFC's PLR is 13%)
    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 except for BT cases (2% on Principal Outstanding Amount).
    Loan to Value Maximum 85%. (100% in case of extension cost)
    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
    • How to Apply for a Self-Construction Home Loan from SMHFC?

      Applying for a loan with SMHFC is a hassle-free process. To begin their loan application, customers can:-

      1. Call us on our toll free number: 1800-1234-427
      2. Inquire directly on our website via this link - Loan Enquiry | Online Form | SvatantraMHFC

    • Why Choose SMHFC for Self-Construction Home Loan?

      SMHFC’s self-construction loan gives customers the flexibility to construct their dream home as per their own requirements and aspiration!

      Apart from the flexibility to build your dream home, these loans also offer low rates of interest, no hidden charges, door-to-door services, and a lot more! 

    • What are the qualifications for a self-construction loan?

      All customers applying for a loan with SMHFC should be at least 18 years old.
      Mandatory Documents:-

      1. KYC (Aadhaar / PAN / Voter ID / Driving License / PAN / Bank Passbook etc)
      2. Clear title to prove land ownership.
      **Additional documents might be requested on a case-by-case basis.

      At SMHFC, we understand that every customer might not have the same type of documentation, and therefore, we provide customized solutions to ensure that maximum customers can enjoy our hassle-free services.

      To know more about whether you qualify for a Self-Construction Loan, feel free to call our toll free number - 1800-1234-427 or directly inquire on our website - Loan Enquiry | Online Form | SvatantraMHFC

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