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Frequently Asked Questions

You need to approach a SRG Housing Finance Limited Company with the latest salary slips and TDS form 16 of the last two financial years of yourself and your co-applicant, if any. The loan officer after going through the details of the documents will informally tell you the loan amount you are eligible for and the terms of the same. You need to submit the application form along with the necessary documents.

What is encumbrance certificate?

An encumbrance certificate acts as an assurance that the property to be purchased or sold, is free from any monetary or legal liability, such as a loan that has not been cleared, or a mortgage on the property. The certificate will contain all the transactions related to the property for the specified time period.

Yes of course, the applicant woman should be having a sound income and collateral base as per to the company’s policy, in case of absence of any co-applicant or guarantor.

Co-Applicants are the Co-Owners of the property in respect of whom the financial assistance has been sought. Usually, joint applications are from husband-wife, father-son or mother-son.

The primary concern of the HFCs in determining the loan eligibility is that you are comfortably able to repay the amount you borrow. Your repayment capacity is determined by taking into consideration factors such as income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history.

The market value of the property shall be assessed with the help of a third party independent valuer.

Home loans are generally provided for in the range of 45% to 75% of the asset value. The amount of loan varies from institution to institution and it may vary from Rs.1 lakh to Rs.2 crores.

Repayment period options range generally from 5 to 15 years. In special cases, SRG HFCs also offer a 20-year repayment period, usually at a higher interest rate. As a non-resident, you can avail of a loan only for a maximum period of 7 years.

Interest amount paid on the part loan amount until the start of actual EMI is called pre EMI Actual EMI starts once the loan gets fully disbursed.

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Yearly Reducing EMI-In this system of calculating EMI the principle is reduced at the end of the year, thus you continue to pay interest on a certain portion of the principle which you have actually paid back to the lender. Thus the EMI for the monthly reducing system is effectively lesser than the Yearly reducing system of calculating the Interest.

Yes, you can pay your loan ahead of schedule. However, it must be noted that SRG housing finance charge a fee for early redemption of loan. This fee can vary between 2%-3 % of the loan amount being prepaid. In Case if it is paid from own sources then there will not be any prepayment charges.

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It takes around five days for processing of ones application if the documented are in order. It takes another week for the company to check out the property papers and make the disbursement. It takes around 2-3 Days for the company to check property papers.

SRG HFCs usually take some additional securities which are called collateral securities. These may be in the form of guarantee from one or two persons. These additional securities are taken with the hope that if a loan is not paid back recourse may be taken to such securities instead of depending upon the mortgage of the property which is the last resort. Guarantors, when alerted, become very effective persons in prevailing upon the borrowers to fulfill their obligations.

Interest rate shall be applicable as per to the company policy as per to the monthly reducing- balance method.

Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds. The title should be clear and marketable.

This shall be determined as per to the company’s policy.

Yes, you can avail re-finance at applicable Home Loan rate within 6 months from the date of property purchase.

In case of cheque return due to ‘Insufficient funds’ or any other reason, a cheque return charges of Rs.177/- including GST will be charged to discourage recurrence in addition to the charges debited by the Bankers on account of the return.

As per to FEMA, Person Residing outside India is the term used for an NRI, being a person who has gone out of India or who stays outside India for the purpose of employment or carrying on business or vocation outside India or any other circumstances which indicate his intention to stay outside India for an uncertain period.

In case of change of status from Non-resident to Resident Indian, SRG HFC shall reassess the loan of the applicant as per to the rates applicable to the Indian Resident. The applicant repayment capacity as Indian Resident shall be determined again and revised rate of interest (applicable as on date) shall be charged on the outstanding balance being converted.

An NRI can purchase the property, either as a single owner, or jointly, with any other NRI. However, a resident Indian or a person, who is otherwise not allowed to invest in a property in India, cannot become a joint holder in such property, irrespective of the second holder’s contribution towards the purchase.

If the Applicant is not present in India while at the time of submission of application or at the time of disbursement of loan, the same can be availed by him/her by appointing a power of attorney as per SRG HFCs format.

You can request for a provisional IT certificate that can be issued any time during the course of the year.

As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.

Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rupees 2,00,000/- for the interest amount paid in the financial year and up to Rupees 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.

Any loan against a residential or commercial property can be used for both personal (like education, marriage, travel etc.) and business purposes. In fact, you can use it for anything other than speculative or non-prohibitive activities.

For calculating the loan amount, your income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration. However the eligibility of loan does not, generally, exceed 60 percent of the market value of the property.

As the name implies you need to mortgage your property for availing this loan. This mortgage is equitable mortgage by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary.

You can include your spouse as a co-applicant and that results in a higher amount being lent. However, if the property is co-owned, all co-owners mandatorily need to be co-applicants.

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You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.

For EWS/LIG - Husband, Wife and unmarried children constitute household/Beneficiary Family For MIG - Husband, wife and unmarried children An adult earning member (irrespective of its marital status be considered as separate household).

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As the applicant does not own a Pucca house, he can apply for subsidy under the scheme subject to additional qualifiers such as annual household income, property in urban/adjacent area etc.

Scheme mentions that “The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India to be eligible to receive central assistance under the mission” Therefore, beneficiary family already owning shop, commercial establishment, plot, factory but not owning a pucca house clears the eligibility parameter of 1st house ownership.

Carpet area of house being constructed or enhanced under this component of the mission should be up to 30 squares meters for EWS category and up to 60 square meters for LIG category. In case of MIG I & II – Area Upto 120 square meters and upto 150 square meters respectively.

The maximum and minimum loan amount would be in line with the extant Home Loan scheme of the Bank. However, subsidy shall be available for loan up to first ` 6 lakh.

The applicants from Urban area belonging to EWS/LIG categories intending for acquisition / construction of residential units are eligible borrowers. The list of eligibility parameters are as under : EWS : Annual household income up to ` 3 lakhs LIG : Annual household income above ` 3 lakhs and up to ` 6 lakhs. The beneficiary family should comprise husband, wife, unmarried sons and /or unmarried daughters. The beneficiary family should not own a pucca house either in his /her name or in the name of any member of his / her family in any part of India to be eligible to receive central assistance under the mission. Preference under the scheme, subject to beneficiaries being from EWS/LIG segments, should be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes / Scheduled Tribes /Other Backward Classes, Minorities, Persons with disabilities and Transgender. The property to be located in one of the 4041 statutory towns as identified for this scheme. meters. for EWS and LIG respectively. This carpet area norm is applicable for all types of residential properties, constructed / acquired / enhanced.

The Interest subsidy to be computed based on Net Present Value(NPV) method to be discounted @9% based on the following parameters : Loan amount up to INR 6 lakhs i.e. actual loan amount or INR 6 lakhs, whichever is lower. Irrespective of rate of interest charged, the subsidy would be computed for interest up to 6.5% p.a.

Customers need not have to submit the claim neither to NHB nor to MoHUPA. SRG HFC on behalf of the customers would submit the claim to NHB for availing the interest subsidy.

There is no loan limit under this scheme. However, interest subsidy would be computed only on the first ` 6 lakhs.

It takes approximately5 daysfor the loan to get approved.

Mon - Sat   10.00 - 18.30