Disclaimer: SMFG Grihashakti is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to SMFG Grihashakti for home loans. No offers/services from SMFG Grihashakti are being provided by Paisabazaar for home loans. For further information about SMFG Grihashakti for home loans, users are required to reach out directly to SMFG Grihashakti.
| SMFG Grihashakti Home Loan Highlights | |
| Interest rates | 10% p.a. onwards |
| Loan amount | Up to 90% of the property value |
| Repayment tenure | Up to 30 years |
| Processing fee | Up to 3% of the loan amount |
Note: Interest rates as of 12 Dec 2024
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Table of Contents
SMFG Grihashakti Home Loan Interest Rates
| Particulars | Interest Rates (p.a.) |
| Salaried | 10% onwards |
| Self-employed | 11% onwards |
The final home loan interest rates offered to the home loan applicant would depend on the income level and property being offered as the security.
Compare Interest Rates of Housing Loans of Top Banks and HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
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SMFG Grihashakti Home Loan Fees and Charges
Processing fee
SMFG Grihashakti charges a processing fee of up to 3% of the home loan amount plus applicable taxes.
Application fee
| For loan amount less than or equal to Rs 10 Lakh | Rs 2,500 |
| For loan amount more than Rs 10 Lakh and less than or equal to Rs 25 Lakh | Rs 3,500 |
| For loan amount more than Rs 25 Lakh and less than or equal to Rs 50 Lakh | Rs 4,500 |
| For loan amount more than Rs 50 Lakh | Rs 6,500 |
Foreclosure/Prepayment charges
| Individual borrowers on Floating rate
(home should be on individual name and end use of home loan should be for home purchase, construction, plot + construction, extension, improvement or renovation) |
NIL |
| Non-individual borrowers on Floating rate
(home should be on non-individual name) |
NIL |
| Fixed rate (own funds) | 0-12 months: 7% of the amount prepaid
More than 12 months: 5% of the amount prepaid |
Other fees and charges
| Documentation charges (only for disbursed cases) | Up to Rs. 5000 |
| Stamp fees and charges | As per state laws + 5% stamping amount |
| Rate of interest conversion fee | Up to 1% of the outstanding principal amount |
| Cheque/ECS/NACH bounce charges | Rs 500 per instance |
| Swap charges | Rs 600 per swap instance |
| CERSAI Charges | For loans up to Rs 5 Lakh: Rs 110 |
| For loans more than Rs 5 Lakh: Rs 210 | |
| Penal interest | Up to 2% per month of overdue EMI from the relevant due date until the date of actual payment |
| Part disbursal/per tranche fee | Rs 600 per tranche |
| Disbursement cheque cancellation and reissuance charges | Rs 1,000 per instance |
| Collection of cheque/cash (per collection) | Rs 500 |
| Application fees/IMD fees for rural cases | Rs 2,000 |
Types of SMFG Grihashakti Home Loan
Home Construction Loan
Purpose: To arrange funds for the construction of a residential house.
Home Extension Loan
Purpose: To arrange finances to extend the space in your home like adding more floors or new rooms.
Home Renovation Loan
Purpose: To arrange funds to carry out home improvement expenses such as painting, plastering, major repairs and more.
Home Loan Balance Transfer
Purpose: To transfer outstanding home loan balance from one lender to another and avail top-up home loan.
Home Purchase Loan
Purpose: To purchase a bungalow, flat or any type of property from Housing Development Authorities.
Home Loan for Working Women
Purpose: To help working women purchase their dream home. A co-applicant or guarantor is mandatory for availing this loan.
Check your Home Loan Eligibility with Top Lenders Click Here
SMFG Grihashakti Home Loan Eligibility Criteria
For salaried applicants:
- MNCs/Listed Public Limited Companies/Government Organizations
- Private limited organizations/unlisted or closely held companies/partnerships/proprietorship firms
For self-employed applicants:
- Individual Businessmen/Sole Proprietorship
- Professionals- Doctors/Architects/CAs/Consultants, etc.
- Partnership firms
- Private limited organizations/Unlisted or Closely held companies
In addition to the above-mentioned eligibility criteria, SMFG Grihashakti may also consider the credit score, monthly income, etc., of its home loan applicants, as used by many lenders for evaluating the home loan eligibility of their applicants.
You can also contact SMFG Grihashakti home loan customer care for more details
SMFG Grihashakti Home Loan Documents Required
Identity Proof
- PAN Card
- Voter ID
- Driving License
- Employee Card (additional document for salaried)
Residence Proof
- Aadhaar card
- Latest electricity bill/piped gas monthly bill
- Ration card
- Property tax/water bill
Income Proof
- For salaried applicants:
- Last 3 month’s salary slip
- 2 years’ Form 16
- 6 months bank statement with salary credits
- For self-employed applicants:
- Last 2 years ITR with computation
- CA audited financial, wherever applicable
- 6 months primary bank statement
The bank may also ask for additional documents for home loan based on individual profile.
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Individuals planning to apply for home loan with SMFG India Credit can use the Home Loan EMI calculator to know their EMIs and total interest cost. They just need to enter a few basic details, such as interest rate, loan amount and repayment tenure. This calculator can also help them select their loan tenure after factoring in their repayment capacity.
SMFG Grihashakti Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on SMFG Grihashakti Home Loan
1. How can I apply for SMFG India Credit Home Loan online?
Ans. You can apply for SMFG India Credit Home Loan online by first checking your eligibility and the documents required for home loan application. You can then visit the official website of SMFG India Credit and apply on the online application form provided there. Enter the required details and upload the necessary documents. The lender’s representative will get in touch with you for further processing. However, we would recommend you to click here and compare the home loan interest rates offered by some of the top lenders before making home loan application with SMFG India Credit.
2. When does the SMFG India Credit Home Loan EMI begin?
Ans. The home loan EMI begins soon after the loan amount gets disbursed into the loan account of the borrower. In case of under-construction properties, the borrower pays installments comprising of the interest component only.
3. What is the turnaround time for SMFG India Credit Home Loan?
Ans. SMFG India Credit claims to take 72 hours to disburse the loan after the approval of loan application and verification of the documents submitted. The lender claims to take around 15-20 working days to disburse a home loan from the date of loan application.
4. On what factors does the home loan interest rates offered by SMFG India Credit depend?
Ans. SMFG India Credit Home Loan Interest Rates depend on the applicant’s age, income, location, employment type, market conditions, risk policy of the lender, existing debts, nature and value of property and credit score.
5. Do I get tax benefits on SMFG India Credit Home Loan?
Ans. Yes, people availing home loan from SMFG India Credit would be eligible to claim the tax deduction under Section 80C and Section 24b. Section 80C of the Income Tax Act allows tax deduction of up to Rs 1.5 lakh per financial year on home loan principal repayment. Under Section 24b, a borrower can avail tax deduction of up to Rs 2 lakh per financial year on home loan interest if the property is self-occupied or vacant. If the property is rented out, the entire interest repayment amount is allowed as tax deduction without any limit.