Shriram Housing Finance Home Loan Interest Rates
Shriram Housing Finance Limited (SHFL) offers home loans up to Rs. 10 Crores at an affordable interest rate. Shriram Housing Finance home loan interest rates start from as low as 9.5% p.a., depending on the type of loan you choose. The lender offers two types of interest rates, i.e. fixed rate and floating rate. The floating rates are linked to the SHFL Prime Lending Rate.
Shriram Housing Finance Home Loan Highlights
The key highlights of Shriram Housing Finance Home Loan are mentioned in the table below:
| Features | Details |
| Loan amount | Rs. 1 Lakh - Rs. 10 Crores |
| Maximum loan | Up to 90% of the property cost |
| Tenure | Up to 25 years |
| Rate of interest | Starting at 9.5% p.a. |
| Processing fee | Up to 2.5% of the loan amount + applicable taxes |
| Age | 24 - 70 years |
| Minimum salary | Rs. 30,000 per month |
Types of Shriram Housing Finance Home Loans
Shriram Housing Finance Limited offers the following types of housing loans:
Home Loans
- This home loan can be used for house purchases.
- Up to Rs. 10 Crores loan amount.
- Shriram Finance home loan interest rate for this scheme starts from 9.5% p.a.
- Tenure up to 25 years.
Home Extension Loans
- Home extension loans are offered for adding more space to your existing house.
- Up to Rs. 10 Crores loan amount.
- Interest rate starts from 9.5% p.a.
- Tenure up to 25 years.
Home Improvement Loans
- Home improvement loans are provided to help you give your home a new look.
- Up to Rs. 10 Crores loan amount.
- Interest rate starts from 9.5% p.a.
- Tenure up to 25 years.
Residential Plot Loans
- These loans can help you buy a piece of a plot to build your dream home.
- Up to Rs. 10 Crores loan amount.
- Shriram home loan interest rate for this scheme starts from 9.5% p.a.
- Tenure up to 25 years.
Balance Transfer
- If you feel your current loan is high, you can opt for the SHFL home loan balance transfer scheme to avail the best interest rate on your home loan.
- Up to Rs. 10 Crores loan amount.
- The lowest home loan Interest rate for this scheme is 9.5% p.a. onwards.
- Tenure up to 25 years.
Shriram Housing Finance Home Loan Fees and Charges
Apart from the applicable Shriram Housing Finance rate of interest, you will be required to pay the following fees and charges on your home loan:
| Processing fee | Up to 2.5% of the loan amount + applicable taxes |
| Prepayment charges |
|
| Login fee | Rs. 1,000 - Rs. 5,000, depending upon the product type & loan amount |
| Instrument return charges | Rs. 1,000 per instance |
| Charges on account of non-submission/ Registration of PDC/NACH Mandate Form for EMI payment | Rs. 2,000 per transaction |
| Penal charges | 36% p.a. (3% per month) of the overdue/ defaulted instalments/ amount |
| CERSAI fees | Rs. 50 for loans up to Rs. 5 Lakhs & Rs. 100 for loans above Rs. 5 Lakhs |
| Change in loan tenure/EMI (other than due to part payment), addition/deletion of co-borrower(s) post loan disbursement | Rs. 10,000 per instance |
| Duplicate statement issuance charges | Rs. 250 per instance |
| Switch charges |
|
| Conversion fees | Up to 0.25% of the loan outstanding |
| Photocopy of title deeds issuance charges | Rs. 1,000 per instance |
| Retrieval of title deeds | Rs. 500 per instance |
| Cheque/Instrument swap charges | Rs. 500 per instance |
| Amortisation schedule/ Statement/ Duplicate interest certificate (provisional/actual)/ Duplicate NOC issuance charges | Rs. 250 per instance |
| Issuance of LOD | Rs. 500 per instance |
| Issuance of Foreclosure Letter (FCL) | Rs. 500 per instance |
| Holding charges of original documents in closed accounts, beyond 30 days | Rs. 500 per month |
| Visit charges for EMI collection | Rs. 1,000 per visit |
| Mortgage creation/ Release charges | As per the State laws where the property is located/ mortgage is being created |
| Legal/ Recovery/ Incidental charges | As per actual, applicable in the event of default |
| Mortgage guarantee fee | Wherever applicable, is to be borne by the borrower & is non-refundable |
Shriram Housing Finance Home Loan - Factors That Affect the Interest Rate
Shriram Housing Finance Home Loan interest rates start from 10.49%. The factors that determine the individual rate of interest for a borrower depends on various factors, such as:
- The loan amount
- The loan repayment tenure
- The value of the residential property offered as security
- The credit rating of the borrower
Of the four factors, the credit rating is a crucial one. The better the credit score, the lower will be the rate of interest.
Shriram Housing Finance Home Loan Eligibility Criteria
SHFL offers home loans to a variety of individuals as well as non-individuals. Shriram Finance home loan eligibility is determined by income, employment status, tenure and other factors. You can use the SHFL home loan EMI calculator to assess your eligibility:
| Parameter | Details |
| Occupation | Salaried individual, self-employed professional/ self-employed non-professional or non-individual entities |
| Age | Between the ages of 24 to 70 |
| Monthly salary | Minimum Rs. 30,000 |
| Work experience | Minimum 2 years for salaried & at least 3 years of experience in their current field for self-employed individuals or entrepreneurs |
Documents Required for availing of Shriram Housing Finance Home Loan
Documents List for Individuals
- Application: Application form with photographs (duly signed)
- Mandatory document: PAN Card/Form 60
- Officially valid identity/address proof: Passport/ Driving License/ Voter ID Card/ Aadhaar Card/ Identity Card (government & PSU employees)/ Letter from Employer (government & public sector organisations)
- Income proof: Salary account bank statement of the latest 6 months, salary slips of the latest 3 months, and Form 16/ Income Tax Returns
- Other documents: Repayment track report for existing loans for the last 12 months, property documents, and processing fee payment proof
Documents List for Self-employed Professionals
- Application: Application form with photographs (duly signed)
- Mandatory document: PAN Card/Form 60
- Officially valid identity/address proof: Passport/ Driving License/ Voter ID Card/ Aadhaar Card/ Identity Card (government & PSU employees)/ Letter from Employer (government & public sector organisations)
- Income proof: Business account bank statement of the last 12 months, Income Tax Returns, and latest 2 years Computation of Income, Balance Sheet & Profit & Loss Account (with Schedules & Audit Report)
- Other documents: Office address proof, proof of business stability/ existence, business profile, repayment track report for existing loans for the last 12 months, property documents & processing fee payment proof
Documents List for Self-employed Non-professionals
- Application: Application form with photographs (duly signed)
- Mandatory document: PAN Card/Form 60
- Officially valid identity/address proof: Passport/ Driving License/ Voter ID Card/ Aadhaar Card/ Identity Card (government & PSU employees)/ Letter from Employer (government & public sector organisations)
- Income proof: Business account bank statement of the last 12 months, Income Tax Returns, and latest 2 years Computation of Income, Balance Sheet & Profit & Loss Account (with Schedules & Audit Report)
- Other documents: Office address proof, proof of business stability/ existence, business profile, repayment track report for existing loans for the last 12 months, property documents & processing fee payment proof
Documents List for Partnership
- PAN Card
- Partnership Deed
- List of partners with profit-sharing ratios certified by all partners
- KYC as applicable for individuals
- Registration Certificate
- Authorised Signatories & Beneficial Owners KYC as applicable for individuals
- Additional documents where the Company is the owner: MOA or any other document as mandated by legal
Documents List for Limited Liability Partnership
- PAN Card
- LLP Agreement
- Certificate of Incorporation
- LLP Board Resolution
- Address Proof
- Shareholding Pattern
- Authorised Signatories & Beneficial Owners KYC as applicable for individuals
- Additional documents where the Company is the owner: MOA or any other document as mandated by legal
Documents List for Company
- PAN Card
- MOA and AOA
- List of Directors/ Certified by CA/ CS
- Shareholding pattern verified by CA/ CS
- Board Resolution
- Certificate of Incorporation
- Authorised Signatories & Beneficial Owners KYC as applicable for individuals
- Additional documents where the Company is the owner: MOA or any other document as mandated by legal
Shriram Housing Finance Home Loan FAQs
The maximum loan tenure available with Shriram Housing Finance is up to 25 years.
Shriram Finance offers home loans at 9.5% p.a. onwards interest rate for salaried as well as self-employed persons.
City Union Bank Ltd. offers home loans at an 8.25% p.a. onwards interest rate, whereas Bank of India, Bank of Maharashtra, Central Bank of India, UCO Bank and Union Bank of India offer home loans at an 8.35% p.a. onwards interest rate.
The processing fee for a home loan in Shriram Finance is ip to 2.5% of the loan amount + applicable taxes
- Maintain a good credit score of 700 or above.
- Choose a shorter loan tenure.
- Make a larger down payment.
- Opt for a floating-rate home loan.
- Consider a home loan overdraft facility.
- Negotiate with your lender.
- Transfer your home loan to another lender who offers the lowest interest rate.