Shriram Housing Finance Limited

Buying a home has a significant financial impact; thus, to ease the immediate financial burden Shriram Housing Finance Limited comes into the picture, offering affordable home loans to purchase, construct, improve, or extend a home. Shriram Housing Finance Limited, or SHFL, is a part of the prestigious Shriram Group and has been helping people buy their dream homes for over five decades. Shriram Finance home loans start at an interest rate of 9.50% per annum with a processing fee of up to 2.50% of the loan amount and additional taxes. An eligible applicant can grab a home loan of up to Rs. 10 crores from Shriram Housing Finance for a maximum tenure of up to 25 years. Shriram Home Finance also offers interesting mortgage products to aspiring homeowners.

Shriram Home Loan EMI Calculator

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Shriram Finance Home Loan Key Highlights

Get the lowest interest rates with Shriram Housing Finance

Loan Amount Up to 10 crores
Rate of Interest Starts at 11.0% per annum
RPLR 15%
Processing Fee

Up to 2.5%

Maximum Tenure for Repayment 30 years
Penal Rate of Interest
Rate Packages Fixed/Floater
Charges for Prepayment/Foreclosure Nil for individual borrowers | 2% of the outstanding loan amount for non-individual borrowers

Shriram Housing Finance Interest Rates in 2024

SHFL offers housing loans to applicants with different needs at affordable interest rates. Shriram finance home loan interest rate starts at 11.0% per annum and might go up for different home loan schemes and the loan repayment capacity and monthly income of the borrower. The table below enlists the current Shriram Housing Finance ROI 2024:

 

Loan Slab Interest Rate for Home Loan
Fixed Plans Starts at 9.50% per annum  
Floater Plans Starts at 9.50% per annum  

Interest rates were last updated on 3rd May 2024

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Shriram Home Loan Eligibility Criteria

Before you fill out a Shriram home loan application, it is essential that you first check the eligibility criteria for the same. The NBFC approved home loans to salaried and self-employed applicants with co-applicants or on a joint basis with minimum eligibility parameters. The table below enlists Shriram finance home loan eligibility criteria for your reference:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 21 years - 60 years/ or up to retirement age 21 years - 60 years
Nationality Indian Resident/ NRIs Indian Resident/ NRIs
Minimum Income Earned Rs. 30,000 per month Rs. 25,000 per month

Shriram Housing Loan Processing Fee and Charges

The Shriram home loan processing fee is up to 2.50% of the loan amount with applicable taxes. Besides the processing fee, there are other charges levied by the NBFC for home loans. The table below enlists the updated Shriram home loan processing fee and charges:

Processing Fee

Up to 2.50% of the loan amount + Taxes

Interest Rate on the Overdue

2.5% per month of the overdue amount 

Change in Loan Tenure/ EMI/ Addition or Deletion of Co-Borrower Post Loan Disbursement

Rs. 10,000 per instance

Duplicate Interest Certificate Issuance Charges

Rs. 250 per instance

Duplicate Statement Issuance Charges

Rs. 250 per instance

Legal and Recovery Charges

As per actuals

Cheque or Instrument Swapping Charges

Rs. 500 per instance

Conversion Fee
  • Fixed to Variable - Up to 4% of the outstanding loan
  • Variable to Fixed - Up to 2% of the outstanding loan
Charges for Instrument Return

Rs. 750 per instance

Charges for Supplying Copy of Documents

Rs. 500 per set

CERSAI
  • Rs. 50 for loans up to Rs. 5 lakhs
  • Rs. 100 for loans > Rs. 5 lakhs
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Shriram Home Finance Schemes and Top Plans

SHFL offers a plethora of interesting home loan schemes for those who wish to own, renovate, improve, or construct a home. There are also  flexible schemes for balance transfer and top-ups for borrowers like:

1. Home Loans

  • Perfect for those who want financial aid to purchase a new home
  • Tax benefits under Section 24 of the Income Tax Act
  • The minimum loan amount starts at Rs. 1 lakh and goes up to Rs. 10 crores
  • Maximum loan repayment tenure of up to 25 years

2. Home Extension Loans

  • Ideal for those keen to add a floor or room to an existing home
  • Tax benefits under Section 24 of the Income Tax Act
  • Maximum loan amount of up to 90% of the property cost
  • Maximum loan repayment tenure of up to 25 years

3. Home Improvement Loans

  • Best home loan for those keen to give their home a new look through painting, renovation, adding tiles, and so on
  • Tax benefits under Section 24 of the Income Tax Act
  • Maximum loan amount of up to 90% of the property cost
  • Maximum loan repayment tenure of up to 25 years

4. Residential Plot Loans

  • Best home loan for those keen to purchase a plot where they want to build a home
  • Maximum loan amount of up to 90% of the property cost
  • Maximum loan repayment tenure of up to 25 years

5. Easy Balance Transfer Home Loans

  • Flexible scheme for new customers who wish to port their home loan amount from another NBFC or bank to SHFL
  • Additional Top-Up Loan available
  • Maximum loan repayment tenure of up to 25 years

6. Top-Ups on Home Loans

  • Beneficial scheme for existing home loan borrowers to meet their personal financial needs
  • Maximum loan amount of up to Rs. 10 crores
  • Maximum loan repayment tenure of up to 25 years

7. Shriram PMAY Scheme

  • Affordable housing loans for informal sections of society (EWS, LIG, MIG-1, MIG-2)
  • Lucrative subsidies of up to Rs. 2.67  lakhs for home loans for weaker sections under the PMAY scheme
  • Maximum loan repayment tenure of up to 25 years

Note: All of the above home loan plans are made available to applicants solely at the discretion of Shriram Housing Finance, taking into consideration the earning and repayment capacity of the applicant.

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Documents Required For Shriram Home Loan

Below is the complete list of required Shriram finance home loan documents for your reference. We suggest you arrange for the same before applying for a Shriram home loan.

Documents Required for Salaried Applicants

Proof of Income
  • Salary slips for the last 2 months
  • Certified Letter from the employer
  • ITR for the last 3 years
  • Proof of investments (Fixed Deposits, Mutual Funds, etc.)
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Shriram Housing Finance Ltd. 

Documents Required for Self-Employed Applicants

Proof of Income
  • A brief introduction to the business or profession
  • Profit and Loss Account Statements for the last 2 years
  • Balance sheet for the past 2 years
  • ITR for the last 3 years
  • Photocopy of Registration Certificate for deduction of professional tax
  • Proof of investments (Fixed Deposits, Mutual Funds, etc.)
  • Certificate of Practice (Doctors, Lawyers, etc.)
  • Photocopy of Registration of Shop or Business Establishment under Shops and Establishment Act
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Shriram Housing Finance Ltd. 

Common Documents Required from Both Salaried and Self-Employed Applicants

Type of Document Documents Required
Identity & Address Proof

Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card

Documents Related to Property
  • Sale Deed, Allotment Letter
  • Certificate of Occupancy
  • Payment receipts for payments made to the builder
  • Permission to construct
  • Copy of approved plan
  • Registered Development Agreement of the builder
  • NOC (No Object Certificate from the builder or the housing society)
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How to Apply for a Shriram Finance Home Loan?

The Shriram home loan application procedure can be followed online in the way mentioned below:

  • Proceed to the APPLY NOW section on the website - BASIC Home Loan
  • Fill in the form by entering your Name and contact details and submit the form
  • The team from BASIC Home Loan will reach out to you to initiate a hassle-free Home Loan application process

Find Shriram Housing Finance Home Loan Offices Near You

If you are planning to visit one of the offices of Shriram Finance Home Loan near you to understand the Shriram Finance Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.

Disclaimer:

Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.

FAQs

The current interest rate in 2023 for Shriram Finance home loans starts at 9.50% per annum. However, it is subject to change at the discretion of the NBFC, so we suggest you verify it from the official website.

A borrower can pay a Shriram home loan EMI through post-dated cheques or Electronic Clearing Services.

The minimum age limit to apply for a Shriram home loan is 21 years, and the maximum age limit for the same is 60 years (self-employed) or up to the age of retirement (salaried).

We suggest you go through the terms and conditions of the loan agreement to find out about the EMI bounce charges for Shriram Housing Finance home loans.

Yes, you can apply for a Shriram Housing Loan for an under-construction property. The same can be availed under Construction Finance for developing and constructing residential and commercial properties.

Yes, getting an in-principle approval before availing of the loan is possible based on an applicant's repayment capacity and monthly income.

Yes, you can opt for a Home Extension or Improvement home loan from Shriram Housing Finance to extend a pre-owned home.

Shriram Finance doesn’t charge any pre-closure charges from individual borrowers. However, it does charge 2% of the outstanding loan amount as foreclosure charges from non-individual borrowers.