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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  • Total Interest

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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 2023

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

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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
  • Up to 3% of the loan amount
Application Fee
  • Loan amount less or equal to Rs. 10 lakh: Rs. 2,500
  • Loan amount more than Rs. 10 lakh and less than or equal to Rs. 25 lakh: Rs. 3,500
  • Loan amount over Rs. 25 lakh and less than or equal to Rs. 50 lakh: Rs. 4,500
  • Loan amoun
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
  • Loan amount less or equal to Rs. 25 lakh: Rs. 1,500
  • Loan amount more than Rs. 25 lakh: Rs. 3,000
CERSAI Charges
  • Loans up to Rs. 5 lakh: Rs. 110
  • Loans more than Rs. 5 lakh: Rs. 210
Foreclosure Charges
  • Fixed (0-12 months): 7% of the amount prepaid
  • Fixed (more than 12 months): 5% of the amount prepaid
  • Floater: Nil
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

Proof of Income
  • Salary Slip of the last 3 months
  • Form 16 of the last 2 years
  • Bank Statements of the last 6 months
Other Required Documents
  • 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

Proof of Income
  • Bank Statements of the last 6 months
  • Income Tax Returns for the last 2 years
  • P&L Account Statements audited by a CA
Other Required Documents
  • 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
  • PAN Card
  • Voter ID
  • Driving License
  • Aadhaar Card
Documents Related to Property
  • Sale Deed
  • Allotment Letter
  • Certificate of Occupancy
  • Payment receipts for payments made to the builder
  • Copy of approved plan

Interest rates were last updated on 15 July 2023

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How to Apply for SMFG India Home Finance?

SMFG India offers quick home loans to applicants who can be salaried or self-employed. SMFG India Home Finance apply loan procedure is simple if done online by following the steps described below: Apply for a Home Loan Through the BASIC Home Loan website

  • Go to the official website of BASIC Home Loan and click on ‘APPLY NOW’ section 
  • Enter your name and other details and then ‘Submit’ the form
  • The BASIChomeloan team will contact you to offer help in applying for an SMFG India home loan

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.

Disclaimer:

You are advised to refer to the official website of SMFG India to learn more about SMFG India home loans, interest rates, eligibility criteria, and other details.

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’
Alternatively, you can contact the BASIChomeloan team to get assistance in applying for an SMFG India home loan. 

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.