An individual application form is available at our office which the customer needs to fill. The address of our office is available at our website.
Any individual (whether salaried or self-employed) who has a need for housing finance can approach us. However, the quantum of the loan that an individual can get depends on various parameters like age, income, cost of the property etc.
SHFL credit sanction process is very robust and is quick. Once we know your interest,
- We visit your place, explain you our process and get to know you.
- Collect the mandatory documents to process the loan.
- After going through the papers, we again meet up with you and have a personal discussion to understand your exact plan, needs, requirement, and repayment capacity
- Once satisfied we process and sanction the loan
- After the credit sanction, Our legal officers and technical officers offer their expert opinion on the property you are buying is free of encumbrance and any litigation
- When all approvals are in place, you are called in to complete the documentation and avail the loan.
All this is done very quickly, to ensure you don’t have to wait for long to own your dream home.
EMI (Equated Monthly Instalment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
The EMI amount can be paid through Electronic Clearing Services (ECS) or Post Dated Cheques(PDCs) or Automatic Clearing House (ACH).
To qualify for a home loan with SHFL, you must be:
- An Indian resident or NRI
- Above 21 years of age at the commencement of the loan
- Below 65 when the loan matures
- Either salaried or self employed
All co owners of the property to be financed by default become co applicants. In addition to this, applicant’s spouse, parents, other close relatives who attained majority can also join as co applicants.
Interest rate varies according to the market conditions and interest rates are dynamic in nature. Borrowers may call up at the customer care no. to know the ruling interest rate at which loans are given by SHFL.
Fixed rate of interest means the rate of interest remains unchanged for the entire duration of the loan. This means you do not benefit even if home loan interest rates drop in the market during the course of your loan.
In this case, the rate of interest fluctuates based on the market lending rate. This means you stand the risk of paying more than you budgeted for in case the lending rate goes up.
Prior to full and final disbursement and commencement of EMI, you pay pre-emi interest on the portion of the loan disbursed to you. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of the EMI.
SHFL offers loans whose tenure ranges upto 20 years.
The loan offer is open for a period of 90 days from the date of intimation to the borrower of the sanction.
The loan will be secured primarily by equitable/registered mortgage of the property acquired out of the loan sanctioned. In addition to this depending upon the circumstances we may stipulate additional securities such as third party guarantee etc.
Yes. At least, one guarantor is required to avail housing loan.
Common requirement for all applicants:
- Application form duly filled in
- Photo Identify proof such as Pan Card, Aadhar Card, voter’s ID card or passport
- Address proof such as Aadhar Card, ration card, electricity bill, telephone bill etc
- Income proof documents, if available
- Bank pass book or statement for last two years.
- Power of Attorney wherever applicable
- Details of assets owned
- Track record of loan repayment, if any
- Other relevant document/s as required by Supreme Housing Finance Ltd.
The above list is only indicative and depending on the circumstances we may call for other documents during the sanction process.
If you are not in possession of all these documents, still we may be able to find a way out for you. You are always welcome to have a discussion with our representatives.
Loans can be applied for before or after selection of property. The loan amounts are sanctioned in principle to let buyers know what amounts they can avail of. This helps them decide their budgets and purchasing power. Actual disbursements are made after satisfactory verification of all necessary documents and completion of specific procedures.
About 3-15 days, subject to proper documentation provided by the Home loan applicant.
On an average, loans are disbursed within 3-15 days after satisfactory and complete documentation and completion of all relevant procedures.
Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 , the current applicable exemption under section 24(b) is Rs 200,000/- for the interest amount paid in the financial year and up to Rs 150,000/- (under section 80 C) for the principal amount repaid in the same year.