SMFG India Credit Company Home Loan

Features & Benefits of SMFG India Home Loan

Found your perfect home but are low on funds? The Non-Banking Financial Company, SMFG India, aids a home buyer by providing a loan of up to INR 5 crores with a convenient repayment tenure of up to 30 years. The SMFG India home loan is offered under the scheme name ‘SMFG Grihashakti’ at an interest rate of 9.50% onwards, with working women receiving concessional rates.

The features and benefits of the SMFG India housing loan are given below:

• The loan amount is between INR 5 lakhs and INR 5 crores, up to 90% of the property
• The interest rates for home loans start at 9.5% per year.
• Duration of repayment is maximum at 30 years 
• The processing fee is minimal 
• Loans for a variety of purposes, including the purchase of a new or used home or building lot, construction, home remodelling projects, and home additions, are provided
• Both paid employees, and independent contractors can apply for loans.
• Subsidy for PMAY Home Loans for Eligible Clients
• Effortless documentation procedure

SMFG India Home Loan Eligibility Criteria

SMFG India home loan eligibility criteria must be met by borrowers. One can consider the following:

Salaried Individuals

• Must be an employee of an MNC, PSUs or Central or State government 
• Private listed companies, partnerships or proprietorship  

Self-Employed

• Partnership firms
• Private limited companies/ unlisted/ closely held companies
• Self-employed businesspersons or sole proprietors 
• Self-employed professionals 

Factors Affecting SMFG India Home Loan Eligibility

For you, banks and other financial institutions have made it simpler than before. The lender must confirm that you are qualified for a mortgage loan; after all, they entrust you with their money. As a result, scrutiny is appropriate. The factors affecting SMFG India home loan eligibility include the following:

Age

The acceptance of a loan application is highly influenced by age. It is simpler to obtain a loan with a longer term the younger you are. If you are or are getting close to retirement, banks and other financial institutions might be wary.

Income and Occupation

Unusual employment that is dangerous gives little security, or have erratic income streams may make lenders doubt your capacity to repay the loan in a timely manner. Your job’s frequent adjustments will likewise be detrimental. A reliable source of income increases the likelihood of securing a loan quickly.

History of Property

In addition to their customary legal and technical examinations, lenders will assess the likelihood of structural collapse if the property you wish to borrow money against is very old. In such circumstances, the lender may consider other existing properties and assets before approving the loan.

Credit Score

Maintaining a strong credit score is vital because lenders look at the applicant’s credit history before approving a loan. Unfortunately, your application can be turned down if you have a very low credit score or numerous outstanding loans.

Dependents

Before approving the loan, the number of dependents/co-applicants, such as spouses, children, or parents, is also determined. The more dependents you have, the less disposable income you will have, and the less probable it is that you will be able to repay the debt. This may impede your ability to obtain a mortgage.

SMFG India Home Loan Fees and Charges

When you apply for a SMFG India home loan, the following fees and charges are incurred by the bank:

• Processing fee of up to 3% of the home loan amount.
• Documentation fee ranges between INR 1500-3000 and depends upon the amount of loan
• Application fee ranges between INR 2500-6000 and depends upon the amount of loan
• A charge of INR 500 will be incurred on each set of duplicate document
• There are no foreclosure charges on floating rate of interest 
• A percentage of 5% – 7% is charged as foreclosure charges on a fixed rate of interest

Documents Required for SMFG India Home Loan

The documents required for the SMFG India home loan are given below:

Identity Proof

Income Proof

Residence Proof

How does the EMI calculation work for SMFG India Home Loan?

If you figure out your EMIs before even applying for a loan, your task can become easier and less complicated in the long run. Utilise the Urban Money home loan EMI calculator to determine the optimal loan term, interest rate, and loan amount. However, you may figure out the EMIs manually using the formula below:

EMI = (P × r × (1+r)^n)/((1+r)^n-1)

Here,

• “P” stands for the principal amount,
• “r” for the interest rate
• “n” for the length of the loan