The entire list of documents required to fulfil the application are mentioned in the ‘Document Checklist’ form that is available in the Downloads section of the home page
The application undergoes a thorough review process which would take about2 weeks of time from the date of submission.
Please go through the Operation Manualfor the eligibility criteria that is available in the Policies and Manual section for detailed information about the entire process.
We would require a minimum of 2 weeks’ time to update the status of your loan file. In case you haven’t heard from us post 2 weeks, we kindly request you to drop an email on our email address. We will get back to you at the earliest.
We help our customers to receive subsidies through introducing them to the institutions that are capable of giving a subsidy. The amount of subsidy that could be received will vary from case to case under review.
To help estimate the EMI amount, we have provided an easy to use EMI Calculator that is available at the bottom of the home page. This calculator helps you to estimate the EMI amount required for different loan amounts and tenure.
Repayment period options range generally from 5 to 15 years. In special case SRG HFCs also offer a 20-year repayment period, usually at a higher interest rate. As a non-resident, you can avail of a loan only for a maximum period of 7 years.
Yes, you can pay your loan ahead of schedule. However, it must be noted that SRG housing finance charge a fee for early redemption of loan. This fee can vary between 2%-3 % of the loan amount being prepaid. In Case if it is paid from own sources then there will not be any prepayment charges.
Interest rate shall be applicable as per to the company policy as per to the monthly reducing- balance method.
In case of cheque return due to ‘Insufficient funds’ or any other reason, a cheque return charges of Rs.590/- including GST will be charged to discourage recurrence in addition to the charges debited by the Bankers on account of the return.
You can request for a provisional IT certificate that can be issued any time during the year.
As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.
Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rupees 2,00,000/- for the interest amount paid in the financial year and up to Rupees 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
For calculating the loan amount, your income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration. However the eligibility of loan does not, generally, exceed 60 percent of the market value of the property.
For EWS/LIG - Husband, Wife and unmarried children constitute household/Beneficiary Family For MIG - Husband, wife and unmarried children An adult earning member (irrespective of its marital status be considered as separate household).
As the applicant does not own a Pucca house, he can apply for subsidy under the scheme subject to additional qualifiers such as annual household income, property in urban/adjacent area etc.
Scheme mentions that “The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India to be eligible to receive central assistance under the mission” Therefore, beneficiary family already owning shop, commercial establishment, plot, factory but not owning a pucca house clears the eligibility parameter of 1st house ownership.
As the applicant does not own a Pucca house, he can apply for subsidy unde
Carpet area of house being constructed or enhanced under this component of the mission should be up to 30 squares meters for EWS category and up to 60 square meters for LIG category. In case of MIG I & II – Area Upto 120 square meters and upto 150 square meters respectively.
The maximum and minimum loan amount would be in line with the extant Home Loan scheme of the Bank. However, subsidy shall be available for loan up to first 6 lakh.
The applicants from Urban area belonging to EWS/LIG categories intending for acquisition / construction of residential units are eligible borrowers. The list of eligibility parameters are as under : EWS : Annual household income up to ` 3 lakhs LIG : Annual household income above ` 3 lakhs and up to ` 6 lakhs. The beneficiary family should comprise husband, wife, unmarried sons and /or unmarried daughters. The beneficiary family should not own a pucca house either in his /her name or in the name of any member of his / her family in any part of India to be eligible to receive central assistance under the mission. Preference under the scheme, subject to beneficiaries being from EWS/LIG segments, should be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes / Scheduled Tribes /Other Backward Classes, Minorities, Persons with disabilities and Transgender. The property to be located in one of the 4041 statutory towns as identified for this scheme. meters. for EWS and LIG respectively. This carpet area norm is applicable for all types of residential properties, constructed / acquired / enhanced.
The Interest subsidy to be computed based on Net Present Value(NPV) method to be discounted @9% based on the following parameters : Loan amount up to INR 6 lakhs i.e. actual loan amount or INR 6 lakhs, whichever is lower. Irrespective of rate of interest charged, the subsidy would be computed for interest up to 6.5% p.a.
To grow the Company to its full potential by becoming a niche player in the Housing Finance segment, and a household name for the masses.
To be a friendly Housing Finance company for the ones in need, and to empower large masses to have a shelter of their own.