SMFG India Home Finance
SMFG India Home Finance Company or SMFG Grihashakti, formerly known as Fullerton India Home Finance Company Limited, has emerged as a popular Non-Banking Financial Company (NBFC) in India offering home loan disbursements within 72 hours of loan approval. The NBFC offers home loans at a rate of interest starting from 9.50% per annum. SMFG India charges a processing fee of up to 3% of the loan amount. SMFG India offers home loans up to Rs. 5 crore for a maximum repayment period of up to 30 years. Applicants are free to choose between floater and fixed rate of basis as per their preference.
SMFG India Home Finance Home Loan EMI Calculator
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SMFG India Housing Finance Home Loan Highlights
Get the lowest interest rates with SMFG India Housing Finance
| Loan Amount | Up to Rs. 5 crore |
|---|---|
| Rate of Interest | 9.50% per annum onwards |
| RPLR | |
| Processing Fee |
Up to 3% of the loan amount |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Fixed (0-12 months): 7% of the amount prepaid | Fixed (more than 12 months): 5% of the amount prepaid | Floater: Nil |
SMFG India Home Finance Interest Rates in 2024
SMFG India offers quick housing loan schemes to those interested in buying, constructing, or renovating a home or transferring the outstanding balance of an existing home loan from another bank or NBFC to SMFG India. SMFG India home finance interest rate starts at 9.50% per annum for salaried applicants and at 10.50% per annum for self-employed applicants.
The table below enlists SMFG India Housing Finance Housing Loan interest rates 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Home Purchase Loan | Salaried: 9.50% p.a. onwards | Self-employed: 10.50% p.a. onwards |
| Home Construction Loan | Salaried: 9.50% p.a. onwards | Self-employed: 10.50% p.a. onwards |
| Home Renovation Loan | Salaried: 9.50% p.a. onwards | Self-employed: 10.50% p.a. onwards |
| Home Extension Loan | Salaried: 9.50% p.a. onwards | Self-employed: 10.50% p.a. onwards |
| Home Loan for Working Women | Salaried: 9.50% p.a. onwards | Self-employed: 10.50% p.a. onwards |
| Balance Transfer Home Loan | Salaried: 9.50% p.a. onwards | Self-employed: 10.50% p.a. onwards |
Interest rates were last updated on 4th December 2023
SMFG India Home Finance Eligibility Criteria
It is mandatory to fulfill the eligibility criteria set by banks and NBFCs to avail of home loans from them. SMFG India too follows the same pattern and has some set of eligibility criteria based on factors like the applicant's age, income, credit score, nationality, and employment status.
The table below aims to clarify the SMFG India home finance eligibility criteria for you before you apply for a home loan:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 | 21 - 65 |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Nothing Specific | Nothing Specific |
SMFG India Home Finance Processing Fee and Charges
SMFG India charges up to 3% of the loan amount as the processing fee to process all home loan applications. It helps the NBFC to recover the expenses incurred to process the loan applications. Besides the processing fee, SMFG also charges some other fees for other home loan operational costs.
The table below showcases the updated SMFG India Home Finance processing fees and charges for 2023:
| Processing Fee |
|
|---|---|
| Application Fee |
|
| Stamp Fee | As per state laws + 5% stamping amount |
| Penal Interest | Up to 2% per month of the overdue EMI from the due date |
| Cheque Bounce Charges | Rs. 500 per instance |
| Swapping Charges | Rs. 600 per instance |
| Application Fee for Rural Cases | Rs. 2,000 |
| Part Disbursal/ Per Tranche Fee | Rs. 600 Per Tranche |
| Documentation Charges |
|
| CERSAI Charges |
|
| Foreclosure Charges |
|
| Rate of interest conversion fee | Up to 1% of the outstanding loan amount |
| Collection of cash/ cheque | Rs. 500 |
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SMFG India Home Finance Schemes and Top Plans
Options are galore when it comes to choosing a home loan scheme from SMFG India Housing Finance Ltd. All kinds of home loan schemes are open for eligible applicants at SMFG India NBFC, from home purchasing, constructing, extending, and renovating to balance transfer. Listed below are the details of these home loan schemes:
Home Purchase Loan
- An ideal home loan scheme to buy a new or resale residential property
- Maximum loan amount is up to Rs. 5 crores or up to 90% of the cost of construction
- Maximum loan repayment period is up to 30 years
Home Construction Loan
- Perfect home loan to construct a home on an already bought plot
- Maximum loan amount is up to Rs. 5 crores or up to 90% of the cost of construction
- Maximum loan repayment period is up to 30 years
Home Renovation Loan
- Best home loan scheme to renovate an already bought home by services like painting, flooring, carpentry, and plumbing
- Maximum loan amount is up to Rs. 5 crores or up to 90% of the cost of construction
- Maximum loan repayment period is up to 30 years
Home Extension Loan
- Ideal housing loan scheme to extend an already bought home by adding new rooms, balcony, or floors
- Maximum loan amount is up to Rs. 5 crores or up to 90% of the cost of construction
- Maximum loan repayment period is up to 30 years
Home Loan for Working Women
- Special concessional interest rate for women borrowers
- Faster disbursal of home loans within 72 hours after home loan application approval
- Easy repayment schedule through Electronic Clearing Service (ECS) or Post Dated Cheques (PDC)
Balance Transfer Home Loan
- Flexible way of shifting outstanding loan amount from other bank or NBFC to SMFG India
- Lower interest rates
- Maximum loan repayment period is up to 30 years
Note: All of the above home loan plans are made available to applicants solely at the discretion of SMFG India Housing Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For SMFG India Home Finance
SMFG India Home Finance documents required list is shared below so that you don’t miss out on submitting any crucial document while applying for a home loan. There might be some variation in documents required from salaried and self-employed applicants.
Documents Required for Salaried Applicants
- Salary Slip of the last 3 months
- Form 16 of the last 2 years
- Bank Statements of the last 6 months
- Home loan application form filled with all details
- Latest passport-size photographs
- Cheque for processing fee in favor of SMFG India Housing Finance
Documents Required for Self-Employed Applicants
- Bank Statements of the last 6 months
- Income Tax Returns for the last 2 years
- P&L Account Statements audited by a CA
- Home loan application form filled with all details
- Latest passport-size photographs
- Cheque for processing fee in favor of SMFG India Housing Finance
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof |
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| Documents Related to Property |
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Find SMFG India Housing Finance Home Loan Offices Near You
SMFG India Housing Finance offices operate PAN-India, so you will not find difficulty locating an SMFG office near you to understand its latest interest rate and other updates. Alternatively, you can fill in the Free Consultation Form, and the BASIC Home Loan team will contact you to assist you in applying for a home loan.
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 turnaround time for an SMFG India home loan disbursement after the approval of the home loan application is 72 hours. However, the NBFC may take up to 15 days to disburse the loan from the date of the submission of the home loan application.
The SMFG Grihashakti home loan EMI begins as soon as the borrower gets the loan amount in the account.
Factors such as the applicant's age, location, income, employment status, repayment capacity, credit history, and existing debts are taken into consideration to decide the SMFG Grihashakti home loan interest rate.
Follow these steps to apply for an SMFG India home loan online:
- Visit the official website of SMFG India
- Click on the ‘Apply Now’ button
- Fill in your details
- Upload the required documents
- Click on ‘Submit’
Yes, you can easily foreclose your SMFG India home loan, but the NBFC will charge a foreclosing fee if they are on a fixed rate basis.
Yes, SMFG India home loan borrowers can enjoy tax benefits under Section 80C and 24B of the Income Tax Act. According to 80C, the borrowers get a tax deduction of up to Rs. 1.5 lakh per financial year on the principal loan repayment amount. According to 24B, borrowers can get a tax exemption of up to Rs. 2 lakhs per financial year on home loan interest if the property in question is vacant or self-occupied.
Yes, SMFG India Home Finance was formerly known as Fullerton India Home Finance. SMFG stands for Sumitomo Mitsui Financial Group.