Shriram Finance offers home loans with competitive interest rates starting from 8.90% p.a., providing loan tenures of up to 25 years and financing up to 90% of the property’s value. These home loan solutions cater to individuals looking to purchase, construct, or renovate residential properties. Shriram Finance also offers a home loan balance transfer facility, enabling borrowers to switch from other lenders at better rates, as well as top-up loan options for additional financial needs.
With benefits such as fast processing, easy documentation, and flexible repayment options, Shriram Finance home loans are suitable for both salaried and self-employed individuals, providing tailored solutions to meet diverse financial goals.
| Shriram Finance Home Loan Highlights | |
| Interest Rate* | 9.50% p.a. onwards |
| Loan Amount (LTV Ratio) | Rs. 1 lakh to Rs .10 crore |
| Loan Tenure | Up to 25 years |
| Processing Charges | Up to 2.5% of loan amount |
Types of Home Loans
| Type of Home Loan | Purpose | LTV Ratio | Tenure | Special Features |
| Regular Home Loan | Purchase/Construction/Expansion | Up to 80% | Up to 30 years | Flexible repayment options, Balance Transfer facility |
| Home Loan for NRIs | Purchase/Construction/Refinance | Up to 75% | Up to 20 years | Special rates for NRIs, Online application process |
| Home Loan for Women | Purchase/Construction/Refinance | Up to 85% | Up to 30 years | Reduced interest rates, Special offers for women borrowers |
| Home Loan for Self-Employed | Purchase/Construction/Refinance | Up to 75% | Up to 25 years | Tailored repayment plans, Quick processing |
| Home Loan Balance Transfer | Transfer existing home loan | Up to 80% | Up to 30 years | Lower interest rates, Top-up facility |
| Pradhan Mantri Awas Yojana (PMAY) | Affordable Housing under PMAY scheme | Up to 90% | Up to 20 years | Subsidy on interest rates, Government-backed scheme |
Table of Contents
Why Choose Shriram Finance Home Loan?
Shriram Finance Home Loan Features & Benefits
Loan Amount
- The amount of the loan ranges from Rs. 1 lakh to Rs. 10 crore.
Loan Tenure
- The tenure of the loan can be up to 25 years.
- The tenure is subject to your retirement age.
Rate of Interest
- Interest rates start from 9.5% p.a.
Maximum Loan
- The loan can cover up to 90% of the property cost.
Flexible Repayment
- Repayment terms are highly flexible, up to 25 years.
- Loans for salaried individuals are normally to be repaid before retirement.
- For other borrowers, repayment is allowed up to 70 years of age.
- Salaried employees with assured post-retirement income can also repay up to 70 years.
Easy Documentation
- The simple documentation process makes obtaining a home loan from Shriram Housing Finance Limited easy and quick.
Dedicated Relationship Manager
- A dedicated Relationship Manager is provided to offer distinguished service to our customers.
Tax Benefits
Income tax authorities offer benefits and exemptions for housing loan borrowers.
- Section 24 of the Income Tax Act: Interest paid on capital borrowed for the construction, acquisition, repair, renewal, or reconstruction of property is eligible for a deduction. The maximum amount that is eligible for deduction is Rs. 2,00,000 for self-occupied property; there is no limit for rented property.
- Section 80C of the Income Tax Act: Up to Rs. 1,50,000 deduction from income on repayment of principal during a financial year. Expenses such as stamp duty, registration fees, or other transfer-related costs are also considered.
Insurance Products
- A life insurance cover is offered to housing loan borrowers at affordable premiums against the risk of death during the loan tenure under a group insurance Credit Shield scheme. We have partnerships with Shriram Life Insurance and Kotak Life Insurance for this service. The premium can also be funded.
- Property insurance is available to safeguard the structure against damages or accidents.
Shriram Finance Home Loan Interest Rate
| Customer Type | Effective Rate Of Interest |
| For Salaried | 8.50% to 9.50% per annum |
| For Self-employed | 8.75% to 10.00% per annum |
Eligibility Criteria for Shriram Finance Home Loan
| Requirements | Salaried | Self-Employed |
| Residency | Indian/NRI | Indian/NRI |
| Age | 24 years to 70 years | 24 years to 70 years |
| CIBIL Score | Above 750 | Above 750 |
| Minimum Net Income | Rs.30,000 per month | Rs.20,000 per month |
Shriram Finance Processing Fee and Charges
| Particulars | Charges |
|---|---|
| Pre-payment Fees | NIL |
| Processing Fees | Up to 2.5% of loan amount |
Documents Required for Shriram Finance Home Loan
| Documents | Salaried Individuals | Self-Employed Professionals | SENP/Co./HUF/Partnership Firm/LLP |
|---|---|---|---|
| Passport | ✔ | ✔ | ✔ |
| Driving License | ✔ | ✔ | ✔ |
| Life Insurance Policy | ✔ | ✔ | ✔ |
| Birth Certificate | ✔ | ✔ | ✔ |
| PAN Card | ✔ | ✔ | ✔ |
| School Leaving Certificate | ✔ | ✔ | ✔ |
| Voter ID Card | ✔ | ✔ | ✔ |
| Aadhaar Card | ✔ | ✔ | ✔ |
| Passport-sized Photographs | ✔ | ✔ | ✔ |
| Salary Slips for the last 3 months | ✔ | ✖ | ✔ |
| Income tax returns (last 2-3 years) | ✖ | ✔ | ✔ |
| Bank statements (last 6-12 months) | ✔ | ✔ | ✔ |
| Yearly increment letter | ✔ | ✖ | ✔ |
| Certified true copy of Form 16 | ✔ | ✖ | ✔ |
| Business Profile on letterhead | ✖ | ✔ | ✖ |
| Profit & Loss Projection Statement (2 years) | ✖ | ✔ | ✖ |
| Operative current account statement | ✖ | ✔ | ✖ |
| Bank statements for CC/OD facilities | ✖ | ✔ | ✖ |
| Form 16 or income tax returns (last 2 years) | ✔ | ✖ | ✖ |
| Employment letter or appointment letter | ✔ | ✖ | ✖ |
| Proof of business existence (business registration, licenses, etc.) | ✖ | ✔ | ✔ |
| Financial statements of the firm/company (last 2-3 years) | ✖ | ✖ | ✔ |
Identity Proof-
- Driving License
- Passport
- PAN card
- Ration card
- Bank Passbook
- Employee ID
Address Proof-
- Utility bill- electricity bill, telephone bill, gas bill, water bill )less than 2 months old)
- LIC Policy/receipt
- Voter ID
- Ration card
- Passport
- Letter from a recognized public authority verifying the customer’s residence address
- Bank passbook or bank account statement
Age Proof-
- Birth certificate
- 10th class marksheet
- PAN card
- Bank passbook
- Driving License
- Passport
Income Documents-
For Salaried Individuals-
- IT returns (for 3 years)
- Form 16
- Certified letter from the employer
- Payslip for last 2 months
- Increment letter/Promotion letter
- Passport size photographs
- Investment proofs (like fixed deposits, shares, etc.)
For Self-employed or Businessman-
- IT returns for last 3 years along with income computation and duly attested by a Chartered Accountant
- Balance sheet and P&L account of the firm for last 2 years attested by a CA
- Passport size photographs
- A brief introduction of business/profession
- Investment proofs
- Photocopy of Registration Certificate for deduction of Profession Tax
- Photocopy of Registration Certificate of establishments under Shops and Establishments Act/Factories Act
- Practice Certificate
- Receipt of Advance Tax Payment
Property Documents-
- Sale deed, agreement of sale with the builder
- Land and building tax paid receipts, location sketch of property
- Approved copy of building plan
- Allotment letter offered by Private builder/Society/Housing board
- Letter from the housing board, society or builder with the account number and name of their banker for remittance of instalments
- Original receipt of advanced payment that are made towards the flat purchase
- Original NOC from the builder or housing society
How to Apply for a Home Loan at the Shriram Finance?
You can apply in two ways:
- Through the official Shriram Finance portal by filling out the application form and tracking the application status online.
- Contact Us at +91 636909 5433 or Visit Grow Associates for more convenient option
Shriram Finance Home Loan Interest Rates vs Other Banks & HFCs
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| Shriram Finance | 8.50% to 9.25% per annum | 8.75% to 9.50% per annum | 8.75% to 10.00% per annum |
| RBL Bank | 8.70% per annum | 8.60% per annum | 8.55% per annum |
| SBI Bank | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
| HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% p.a. onwards |
| ICICI Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
| Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
