Gruh Finance Home Loans are available at attractive interest rates starting 8.75% to help customers meet their various home loan requirements. The loans offered by Gruh Finance Limited, a subsidiary of HDFC Limited, include special products meant to fulfill the dreams of women borrowers who wish to own a house.
Features & Benefits of Gruh Finance
Following are the key features and benefits a customer enjoys on availing home loan from Gruh Finance:
- Faster processing and quick disbursal of loans
- Credit Linked Subsidy Scheme helps lower income group avail housing loan
- Ease of repayment with tenure of up to 30 years
- Gruh Finance offers special loan scheme for women living in rural areas
- Attractive interest rates for different sections
- Get home loan tax benefits
Gruh Home Loan Interest Rates
Gruh Finance levies different interest rates for its home loan schemes. The rate, which changes as per company and government policies, plays a significant role in deciding the loan tenure and the final amount to be repaid. The table below shows the interest rates charged by the finance company for different home loan schemes.
|Gruh Home Loan Schemes||Interest Rate|
|GRUH Shubh Lakshmi||Depends on customer’s credit score|
Home Loan EMI Calculator
The home loan that you avail is repaid within the loan tenure in the form of equated monthly instalments (EMI). Before applying for a home loan, you should be aware of your financial condition to know your ability to repay the loan. Gruh home loan EMI calculator is an online tool to estimate the EMI to be paid. The calculation depends on 3 factors – home loan interest rate, loan tenure and the loan amount. The values of these factors can be changed to get the desirable EMI that would be affordable for you.
Gruh Finance Processing Fees & Other Charges
|Particulars||Fees & Charges|
|Processing Charges*||Rs. 3,500 to Rs. 10,000 (depending on the scheme)|
|Processing Fees*||0.25% to 1 % (depending on the scheme)|
|Administrative Fees*||0.25% to 2 % (depending on the scheme)|
|Prepayment Charges*||● For individual borrowers: Nil|
● For others: 2%
|CIBIL Verification Charges*||Rs. 150 per individual|
|Field Investigation Charges*||● Rs. 1,000 per local visit|
● Rs. 1,500 per outstation visit
|Technical Inspection Charges*||● Rs. 1,000 per local visit|
● Rs. 1,500 per outstation visit
|Docket Release Plus Account Closure Charges*||Rs. 250|
|Late Payment Charges||Additional rate of 2% over the agreed interest rate|
|Account Statment Charges*||● Will be provided for free for each financial year|
● Rs. 100 per copy for each request
|Coversion Charges*||0.50% to 1.25% of the outstanding amount|
|Delay in Cheque/Demand Draft/ECS*||Rs. 100|
|Cheque/ECS bounce charges*||Rs. 500|
|Charges for Payment Through Mobile App*||● Handling Charges: Rs. 100|
● Transaction Charges: Rs. 100 for local and Rs. 150 for outstation
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Gruh Finance Home Loan Schemes
Gruh Finance Limited offers 5 types of home loan schemes for the benefit of various segments. These can be availed for different purposes. They are:
- Gruh Suraksha
- Gruh Suvidha
- Gruh Sajavat
- Gruh Samruddhi
- Gruh Shubh Lakshmi
This home loan plan is offered to individuals having formal income proofs, such as salary slips with PF deduction or regularly filed ITR of at least 2 years. The Gruh Suraksha plan can be used for the purchase/construction/extension of the property. The borrower can get loan of up to 90% of the value of the property.
The plan is offered to individuals who cannot furnish any formal income proof. The loan is approved on the basis of cash flow in the borrower’s bank account—identified through detailed field investigation. Gruh Suvidha cover can be used for the purchase/construction/extension of the property. The borrower can get loan of up to 90% of the value of the property.
This plan is offered to individuals for repair or renovation of their existing property. The maximum tenure for Gruh Sajavat loan is 15 years, and the maximum loan amount can go up to 80% of the cost of repair.
This loan is offered to professionals/business owners for purchase or construction of their office. The maximum tenure for Gruh Samruddhi loan is 30 years, with the maximum loan amount going up to 80% of the cost of the property.
Gruh Shubh Lakshmi
The loan scheme is especially designed for women living in rural areas and want to own a property. The house can be owned singly or in the joint name by women. The maximum loan amount offered is Rs. 15 lakh for properties having a value equal to or less than Rs. 25 lakh.
It is important to note that the rate of interest applicable to Gruh Shubh Lakshmi scheme is fixed for the first 3 years. It then shifts to the regular rate which is linked to customer’s credit score.
Gruh Finance Home Loan Eligibility Criteria
Various factors like an applicant’s income, age, liabilities, assets owned are evaluated by the company to determine the eligibility of the customer for availing Gruh home loan. The credit score of the customer also plays a vital role in loan approval.
Home loan eligibility calculated on the basis of various parameters defined by Gruh Finance Limited.
Gruh Finance Home Loan Documents Required
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of past 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of past 6 months||Bank statement of past 6 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of property||Title document of property along with business address proof|
Q1. What is Gruh’s model of credit score?
Gruh Finance follows its own method to calculate the credit score. Under this method, some of the parameters include income, liability, assets, dependents, savings, etc. This credit score is critical in determining the loan eligibility of a customer.
Q2. Is loan conversion allowed?
Yes, customers have the liberty to move from one interest rate plan to another.
Q3. What is the security required for availing the loan?
A customer is required to deposit certain documents as security for availing the loan, which would include title deeds, title clearance certificate and other additional securities accepted by Gruh Finance Ltd.
Q4. How is the loan amount decided?
Gruh Finance Limited approves and offers the loan amount after assessing the customer’s profile and evaluating his/her loan repayment capacity.