SMFG Grihashakti Home Loan Interest Rate
SMFG India Home Finance Co. Ltd. (formerly known as Fullerton India Home Finance Co. Ltd.) offers affordable home loans under the SMFG Grihashakti banner. You can get home loans up to Rs. 5 Crores for under-construction, new, and resale properties at attractive interest rates and flexible tenures of up to 30 years. SMFG Grihashakti home loan interest rates depend on meeting the eligibility stipulated by the lender. At the lowest interest rate of 9.50% p.a., you can avail of the loan with affordable EMIs starting from just Rs. 841 per lakh.
Current SMFG Grihashakti Home Loan Interest Rates
At SMFG Grihashakti, home loan interest rates are reasonably priced, depending on the eligibility and other applicable criteria of the borrower. Currently, SMFG Grihashakti home loan interest rates start from 9.50% p.a. onwards for salaried individuals and 10.50% p.a. onwards for self-employed applicants. The final rate of interest offered by the lender will depend on the income level of the borrower and the property being offered as security
SMFG Grihashakti Home Loan Interest Rate for Salaried
| Borrower Type | Rate of Interest |
|---|---|
| Salaried | 9.50% p.a. onwards |
SMFG Grihashakti Home Loan Interest Rate for Seld-employed
| Borrower Type | Rate of Interest |
|---|---|
| Self-employed | 10.50% p.a. onwards |
SMFG Grihashakti Home Loan Interest Rates for All Schemes in India
SMFG Grihashakti offers different home loan schemes for different needs, such as Home Purchase Loan, Home Construction Loan, Home Extension Loan, Home Improvement Loan, and Home Loan Balance Transfer. The rates of interest for all housing loan schemes vary between 9.50% to 10.50% p.a., depending on the applicant’s eligibility and lender’s policy at the time of loan application. SMFG Grihashakti offers floating rates of interest on home loans linked to the Retail Prime Lending Rate (RPLR).
Compare SMFG Grihashakti Home Loan Interest Rate with Top Banks
Being a long-term credit product, repaying a home loan is a huge financial responsibility. Hence, it is important to compare interest rates offered by other top banks before applying for an SMFG Grihashakti home loan.
| Bank/NBFC | Interest Rate | Processing Fee |
|---|---|---|
| SMFG Grihashakti | 9.50% p.a. onwards | Up to 3% |
| Shubham Housing Finance | 9.90% - 16% p.a. | Rs. 2,000 |
| Karnataka Bank | 8.60% | Up to 0.25%, maximum Rs. 25,000 |
| Bank of Maharashtra Home Loan | 8.35% - 8.90% | Nil |
| HDFC Bank Home Loan | 8.75% - 9.65% | Up to 0.50% or Rs. 3,000 whichever is higher + applicable taxes/ statutory levies |
| SBI Home Loan | 8.50% - 10.05% | 0.35% + GST; 50% waiver from 01.07.2023 to 31.08.2023 |
| ICICI Bank Home Loan | 8.75% | 0.50% - 2% + GST or Rs. 3,000 whichever is higher + applicable taxes & other statutory levies |
| Axis Bank Home Loan | 8.75% - 9.10% | Up to 1% + GST |
| Kotak Home Loan | 8.75% | 0.50% to 1% + GST |
Factors Affecting SMFG Grihashakti Home Loan Interest Rates
The SMFG Grihashaktihome loan rates of interest depend on various factors as mentioned below:
- Type of applicant: The interest rates for SMFG Grihashaktihome loans are cheaper for salaried applicants than that for self-employed applicants.
- Changes in RPLR: SMFG Grihashakti home loan interest rates are floating and are linked to the Retail Prime Lending Rate (RPLR). Any change in RPLR can affect home loan rates at SMFG Grihashakti.
- The loan amount: Usually lower home loan amounts come at lower interest rates than higher loan amounts.
- Repayment tenure: When you opt for a longer tenure, the home loan interest rate is lower. You can use the Home Loan EMI Calculator to select a tenure so that your monthly EMI can fit into your budget.
- Down payment: Maximizing your down payment at the time of availing of the loan can lower your required loan amount. In that case, the lender may consider lowering your home loan interest rate.
- CIBIL score: Borrowers with a lower CIBIL score usually end up getting a higher rate of interest and vice versa. So always check CIBIL Score by PAN Card before applying for a home loan.
How to Calculate SMFG Grihashakti Home Loan Interest and EMI?
You can use the SMFG Grihashakti Home Loan EMI Calculator by entering the following details to know the EMI and interest payable amount.
- Principal loan amount
- Applicable interest rate
- Repayment tenure
FAQs
SMFG Grihashakti home loan interest rates are linked to the Retail Prime Lending Rate (RPLR).
Yes, foreclosure of SMFG Grihashakti home loan is permissible without any prepayment charges for floating interest rate home loans. However, for fixed-interest rate home loans, a foreclosure penalty of 5% to 7% of the amount prepaid will be applicable.
- Processing fee: Up to 3% of the loan amount.
- Documentation fee: Between Rs. 1,500 and Rs. 3,000, depending on the loan amount.
- Application fee: Between Rs. 2,500 and Rs. 6,000, depending on the loan amount.
- Duplicate document (like loan agreement, etc.): Rs. 500 per document set.
- Foreclosure charges: Nil for floating rate of interest loans and 5% to 7% of the amount prepaid for fixed rate of interest loans.
Yes, you can avail of tax benefits on your home loan under the Income Tax Act. Under Section 80C, you can get a deduction of up to Rs. 1.5 Lakhs under certain conditions, and under Section 24, you can get a deduction of up to Rs. 2 Lakhs if you fall under the required criteria.
The down payment for a home loan is the amount you pay upfront to the lender or property builder. In a home loan, you are required to pay a minimum of 10% of your property’s total value and the lender will fund the rest.
The home loan EMI will start from the month after the date that the loan amount has been disbursed by the lender. However, in the case of an under-construction property, you may need to pay a pre-EMI (paying instalments that comprise only the interest component of a home loan). The exact terms will depend on the lender’s policy.