Shriram Housing Finance Reviews

Features & Benefits of Shriram Housing Finance

Shriram Housing Finance has made it simpler and hassle-free for its customers to get easy and fast loans for buying a property or carrying out other construction work. The features that make it a reliable option for people interested in home loans are as follows: 

Loan Amount 

1. The amount of the loan ranges from Rs. 1 lakh to Rs. 10 crore. 

Loan Tenure 

1. The tenure of the loan can be up to 25 years. 
2. The tenure is subject to your retirement age. 

Rate of Interest 

1. Interest rates start from 9.5% p.a. 

Maximum Loan 

1. The loan can cover up to 90% of the property cost. 

Flexible Repayment 

1. Repayment terms are highly flexible, up to 25 years. 
2. Loans for salaried individuals are normally to be repaid before retirement. 
3. For other borrowers, repayment is allowed up to 70 years of age. 
4. Salaried employees with assured post-retirement income can also repay up to 70 years. 

Easy Documentation 

1. The simple documentation process makes obtaining a home loan from Shriram Housing Finance Limited easy and quick. 

Dedicated Relationship Manager 

1. A dedicated Relationship Manager is provided to offer distinguished service to our customers. 

Tax Benefits 

Income tax authorities offer benefits and exemptions for housing loan borrowers. 

1. Section 24 of the Income Tax Act: Interest paid on capital borrowed for the construction, acquisition, repair, renewal, or reconstruction of property is eligible for a deduction. The maximum amount that is eligible for deduction is Rs. 2,00,000 for self-occupied property; there is no limit for rented property. 
2. Section 80C of the Income Tax Act: Up to Rs. 1,50,000 deduction from income on repayment of principal during a financial year. Expenses such as stamp duty, registration fees, or other transfer-related costs are also considered. 

Insurance Products 

1. A life insurance cover is offered to housing loan borrowers at affordable premiums against the risk of death during the loan tenure under a group insurance Credit Shield scheme. We have partnerships with Shriram Life Insurance and Kotak Life Insurance for this service. The premium can also be funded. 
2. Property insurance is available to safeguard the structure against damages or accidents. 

Shriram Housing Finance Home Loan Fees and Charges 

Shriram Housing Finance Home Loan Eligibility 

Shriram Housing Finance Limited offers loans to a variety of individuals and non-individual entities. Home loan eligibility is determined by various components such as employment status, income, and tenure. Shriram Housing Finance Limited's aim is to offer affordable housing loans to as many families and individuals as possible. 

Age Requirement 

1. Applicants should be between 24 years to 70 years old at the time of loan completion. 

Eligible Applicants 

1. Salaried individuals 
2. Self-employed professionals or non-professionals 
3. Non-individual entities 

For Salaried Individuals 

1. The monthly salary of a salaried individual must be a minimum of Rs. 30,000. 
2. A salaried individual requires a work experience of a minimum of two years. 

For Self-employed Individuals or Entrepreneurs 

1. Must have at least three years of experience in their current field. 

KYC documents

You shall need to submit proof of identity and proof of address proof as KYC documents. A salaried individual can submit any one of the following documents as identity and address proof:

Identity Proof

1. Driving License
2. Passport
3. PAN card
4. Aadhaar card
5. Voter ID card
6. Official identity card (for government and PSU employees)

Address Proof

1. Aadhaar Card
2. Driving License
3. Passport
4. Bank account statement
5. Latest Telephone bill
6. Latest Electricity bill
7. Gas bill
8. Copy of Sale deed (if self-owned property)
9. Letter from Employer (for government and PSU employees)
10. Rental agreement

A Self-Employed individual needs to submit age and signature proof as KYC documents. As proof, any one of the below-mentioned documents can be submitted:

Age Proof

1. Birth certificate
2. School Leaving Certificate
3. Aadhaar card
4. PAN card
5. Passport
6. Driving License

Signature Proof

1. Signature verification from bank
2. PAN card
3. Passport

In addition to this, other documents also need to be submitted depending on the type of company or firm:

In the case of a Private Limited Company 

1. Latest Telephone Bill
2. Resolution from Board of Directors
3. Memorandum and Articles of Association
4. Incorporation certificate

In the case of a Partnership Firm 

1. Certificate of Registration, if registered
2. Partnership deed
3. Latest telephone bill
4. Power of attorney granted to a partner or employee to transact business on its behalf

Property-related Documents:

1. Sale Deed (original copy)
2. Sale Agreement with the builder (original copy)
3. Tax paid receipts for building and property
4. Revenue-authority-approved sketch of the property's location
5. Possession certificate
6. Letter of allotment provided by the Society/Housing Board/Private builder
7. Receipts of the advance payments made during the flat purchase (original copy)
8. Building plan including key plan/floor plan in case of flat purchase approved by recognised authorities (photocopy)
9. Receipt of land tax paid and possession certificate issued by the revenue authority (original copy)
10. No Objection Certificate (NOC) from the housing society or builder (original copy)
11. The estimated cost of house construction in detail
12. Letter from the society/builder/housing board containing the name of the bankers and the account number used for instalment remittance

Tax Benefits

Shriram Housing Finance offer certain tax benefits with regard to residential plot loans. The benefits and exemptions are provided under Section 24 of the Income Tax Act. As such, the applicant is entitled for a deduction of up to Rs.2,00,000 on the interest paid for availing a loan. Apart from that, deduction of up to Rs.1,50,000 from income on repayment of principal during a financial year can be availed under Section 80C of the Act.

Dedicated Relationship Manager

In a bid to offer its customers distinguished service, Shriram Housing Finance provide dedicated relationship managers. To know more about it, you can get in touch with the officials.

Types of Home Loans Offered by Shriram Housing Finance:

Under Shriram Housing Finance a borrower can avail the following types of loans:

1. Home Loans - A borrower can avail a home loan from Shriram Housing Finance either to purchase a ready-to-move new bungalow/apartment or an under construction or resale property.
2. Residential Plot Loans - This loan can be availed by the borrower to construct a building on a residential property. The loan amount is offered by the company to buy a piece of land for constructing one's dream home.
3. Affordable Housing (PMAY) - It is offered to individuals who want to build a pucca home under Pradhan Mantri Awas Yojana. This scheme specifically focuses to help the economically-challenged section of the society as well as the Low-Income Group (LIG), Middle Income Group-I (MIG-I), and Middle-Income Group-II (MIG-II).
4. Home Improvement Loans - This loan is offered to individuals who want to renovate and improve their home. It can be availed by people who want to renovate their home in order to give it a new look.
5. Home Extension Loans - As the name suggests, this loan can be availed by people who are planning to add some extra space to their home. Borrowers who want to extend their home by building extra rooms can apply for this loan scheme offered by Shriram Housing Finance.
6. Balance Transfer Loans - Individuals who already have an existing home loan with some other bank or housing finance organisation can transfer their existing balance to Shriram Finance Housing under this scheme.
7. Top-Up Loans - The Top-Up loan offered by Shriram Housing Finance allows the borrowers to borrow extra money on their home loan to meet their extra housing expenses. This means at any point of time if you need to increase the loan amount you can do that by availing a Top-Up loan on your existing loan.

Shriram Housing Finance Limited Home Extension Loan

1. Purpose: Financing the addition of extra space to an existing property 
2. Loan Amount: Rs. 1 lakh to Rs. 10 crore 
3. Tenure: Up to 25 years 

Shriram Housing Finance Limited Home Improvement Loan 

1. Purpose: Raising funds for redesigning an existing property 
2. Loan Amount: Rs. 1 lakh to Rs. 10 crore 
3. Tenure: Up to 25 years 

Shriram Housing Finance Limited Residential Plot Loans 

1. Purpose: Financing the purchase of plots for constructing residential properties 
2. Loan Amount: Rs. 1 lakh - Rs. 10 crore 
3. Tenure: Up to 25 years 

Shriram Housing Finance Limited Balance Transfer 

1. Purpose: Allowing existing home loan borrowers from other banks and Housing Finance Companies to transfer their loans to Shriram Housing Finance at lower interest rates 
2. Loan Amount: Rs. 1 lakh to Rs. 10 crore 
3. Tenure: Up to 25 years 

Shriram Housing Finance Limited Top-up Loans 

1. Purpose: Providing additional funds to existing home loan borrowers to meet personal requirements 
2. Loan Amount: Rs. 1 lakh to Rs. 10 crore 
3. Tenure: Up to 25 years 

Shriram Housing Finance Loan EMI Calculator:

The Shriram Housing Finance EMI calculator is a user-friendly tool which is specially designed to help the borrower assess his/her capability of paying the EMIs on time even before applying for the loan. This tool is extremely helpful for the borrowers as it helps them to find out whether they can afford the loan or not. Since you will get to see the estimated amount that you are required to pay every month in the future you can manage the loan easily. You can plan your monthly budget accordingly so that you don't land in any kind of financial stress in the long run.

Steps to Use the Shriram Housing Finance EMI Calculator:

The Shriram Housing Finance EMI calculator is very easy to use. Even first-time users can use the calculator and calculate their interest outgo. Here is how the tool works:

Step 1: Visit the official website of Shriram Housing Finance.

Step 2: Go to the Housing Finance' section and click on 'Home Loans'.

Step 3: You will be redirected to the home loan page. Scroll down and you will get the EMI Calculator.

Step 4: Enter all details pertaining to your loan such as the loan amount, loan tenure, and interest rate using the scale.

Step 5: Once you input all the figures the calculator will automatically show the estimated EMI that you will have to pay every month.

Step 6: If the EMI seems to be affordable, click on the 'Enquire' button to get further details about the loan.

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