Loans against Residential Property:
The Shriram housing finance limited provides loans against residential property which a can be used by an individual for the expansion of the business or for any personal use like a medical emergency, marriage expenses or for education purposes.
The Eligibility criteria for the loan are:
- The applicant for the loan should be an Indian resident with a minimum age of 21 years at the time of making an application.
- The applicant can be from any category i.e. he might be salaried or can be a self-employed individual.
- The eligibility for sanctioning the loan is derived from the repayment capacity of an individual and the value of the property in question.
The tenure of the loan:
The minimum tenure for the loan against residential property is 12 years which is based on the following conditions:
- The retiring age of a salaried individual or
- The age of maturity of a self – employed individual.
- The minimum loan amount offered is Rs. 1 lakh.
- The maximum loan amount offered is Rs.50 lakhs.
- The loan amount is actually based on the 60% of the value of the property along with the repayment capacity of an individual.
Loan against Commercial Property:
The bank provides loan facility against an existing fully completed commercial property for the business expansion for any personal uses like a medical emergency, marriage expenses, and education purpose etc.
Eligibility for the loan:
- The applicant has to be 21 years of age and should be the Indian resident at the time of applying for the loan.
- The applicant for this loan can be a salaried or self-employed individual.
- The eligibility for the sanctioning of the loan is actually assessed on the basis of repayment capacity and the value of the property which is under question.
The loan tenure:
The maximum tenure for the loan is 12 years subject to the following conditions;
- The retirement age of the salaried individual or
- The maturity age of the self-employed applicants.
The Loan amount:
- The minimum loan offered is Rs.1 lakh.
- The maximum loan amount is Rs.150 lakhs.
- The loan amount totally depends on the 50% of the property value of the customer and his repaying capacity.
Rate of interest:
The Shriram housing finance offers floating rate of interest which is directly linked to the Shriram Housing Prime Lending rate (SHPLR). Presently the lending rate of SHPLR is 15%.
The Benefits Offered To The Borrowers:
- The flexible schemes are given to the informal segment of the individuals to calculate the loan eligibility. No income proof is required for the self –employed section and special schemes are offered to the informal segment of the borrowers.
- No penalty charges, part payment or pre-closure charges are taken from the individual borrowers.
- Take over facility is available for the existing loans, and additional finances are provided for the purpose of marriage, higher education, medical emergency or any other specified purpose by the bank.
- No hidden charges are taken from the borrowers. All the fees and charges taken are crystal clear with the individuals.
- The Shriram Housing finance has its holding in 17 states and 1 Union territory.
- The Shriram Housing Finance provides the third party tie up for covering the property risk and mortality risk through insurance.