SRG Housing Finance Ltd
Last Updated : Sept. 7, 2018, 12:40 p.m.
About SRG Housing Finance
Housing finance is one of the best investment usually made by customers with their hard earned money during their lifetime. It becomes an immediate concern for any housing company to accommodate their customers need in time. SRG Housing Finance Ltd. is one such company which has been set up in order to provide home loans for helping customers create their very own dream home. SRG Housing Finance offers home loans to various customers for the purpose of construction, additions, alterations, repair & renovation in accordance to the priority sector lending by the Reserve Bank of India.
SRG Housing Finance Eligibility Criteria
| Particulars | Description |
|---|---|
| Interest Rates | Between 15%-30% p.a. |
| Loan Amount | upto Rs. 210 lakhs |
| Tenure | 15 years |
| Age Limit | >21 years and < 60 years (65 years for self employed individuals). |
| Processing Fees | 0%-2% of Total Amount sanctioned |
| Pre-payment or Foreclosure | Home Loan on Variable/ Floating Rate of Interest: Part Payment / Fore Closure through any source: No Prepayment Charges. Home Loan on Fixed Rate of Interest: 1. Part Payment or Foreclosure through own source : No Prepayment Charges 2. Part Payment or Foreclosure through borrowed funds: Prepayment Charges are 3% on outstanding balance amount subject to NHB Guidelines if the payment is made by borrowing from a Bank/ HFC/ NBFC and/ or a Financial Institution. |
| Loan to Value | 80% of the total documented cost of the property |
| Applicable to : | Salaried employee or Self-employed professional. |
SRG Housing Finance Eligibility Calculator
Suppose you are an IT professional earning Rs. 70,000 p.m and enjoy a savings of Rs. 38,000 post the monthly expenses. SRG will determine the quantum of loan after assessing the savings amount with respect to the payment of EMIs. Lenders normally make sure the proposed EMIs do not go beyond the level of 50%-60% before disbursing a home loan due to the fear of payment default that can arise otherwise. In general, the calculation of income-savings pattern is done by SRG Housing Finance Eligibility Calculator, by taking into consideration per lac EMI. The expected loan amount calculated is based on the formula stated below:
Amount- Rs. 100,000
Rate of Interest-15%-30% p.a.
Loan Tenure-15 Years
Per Lac EMI-Rs. 1,400 – 2,530
Loan Amount Eligibility- Rs. 1,00,000 x savings/per lac EMI
– Rs. 100,000 x 20,000/1400= Rs.14.28 lacs(approx.)
– Rs. 100,000 x 20,000/2530=Rs. 7.90 lacs(approx.)
So, the expected home loan amount from SRG Housing Finance Home Loan ranges between Rs. 7.90 lacs-Rs. 14.28 lacs(approx)
SRG Housing Finance EMI Calculator
SRG Housing Finance EMI Calculator helps you to calculate your EMI for a particular loan at lower interest rates. Now conversion of loan amount into simple EMI becomes easy and hassle free.
You need to enter details such as loan amount, the number of months and interest rate applicable on your loan. The final value derived from the calculator will be your actual EMI payable after a specified period of time.
Suppose, you are interested in availing a loan amount of Rs. 50 lakhs repayable after 20 years at varying interest rates being 15%-30% p.a.The following table gives you details on your calculated EMI along with interest and the total amount that costs you against your sanctioned home loan.
Table showing EMI, interest outgo and total amount payable on your home loan
| Loan Amount( in Rs.) | Loan Tenure(in years) | Interest Rate(% p.a.) | EMI(in Rs.) | Total Interest Outgo (in Rs.) | Total Amount(EMI+Interest) (in Rs.) |
|---|---|---|---|---|---|
| 50,00,000 | 1 | 15%-30% | 4,51,292-4,87,436 | 4,15,499-8,49,228 | 54,15,499-58,49,228 |
| 50,00,000 | 2 | 15%-30% | 2,42,433-2,79,564 | 8,18,398-17,09,538 | 58,18,398-67,09,538 |
| 50,00,000 | 3 | 15%-30% | 1,73,327-2,12,258 | 12,39,759-26,41,284 | 62,39,759-76,41,284 |
| 50,00,000 | 4 | 15%-30% | 1,39,154-1,80,030 | 16,79,380-36,41,439 | 66,79,380-86,41,439 |
| 50,00,000 | 5 | 15%-30% | 1,18,950-1,61,767 | 21,36,979-47,06,019 | 71,36,979-97,06,019 |
| 50,00,000 | 6 | 15%-30% | 1,05,725-1,50,421 | 26,12,205-58,30,299 | 76,12,205-1,08,30,299 |
| 50,00,000 | 7 | 15%-30% | 96,484-1,42,965 | 31,04,637-70,09,051 | 81,04,637-1,20,09,051 |
| 50,00,000 | 8 | 15%-30% | 89,727-1,37,883 | 36,13,795-82,36,776 | 86,13,795-1,32,36,776 |
| 50,00,000 | 9 | 15%-30% | 84,622-1,34,333 | 41,39,142-95,07,924 | 91,39,142-1,45,07,924 |
| 50,00,000 | 10 | 15%-30% | 80,667-1,31,809 | 46,80,097-1,08,17,076 | 96,80,097-1,58,17,076 |
| 50,00,000 | 11 | 15%-30% | 77,546-1,29,993 | 52,36,039-1,21,59,089 | 1,02,36,039-1,71,59,089 |
| 50,00,000 | 12 | 15%-30% | 75,044-1,28,675 | 58,06,313-1,35,29,200 | 1,08,06,313-1,85,29,200 |
| 50,00,000 | 13 | 15%-30% | 73,014-1,27,712 | 63,90,242-1,49,23,091 | 1,13,90,242-1,99,23,091 |
| 50,00,000 | 14 | 15%-30% | 71,352-1,27,005 | 69,87,134-1,63,36,916 | 1,19,87,134-2,13,36,916 |
| 50,00,000 | 15 | 15%-30% | 69,979-1,26,485 | 75,96,284-1,77,67,310 | 1,25,96,284-2,27,67,310 |
| 50,00,000 | 16 | 15%-30% | 68,838-1,26,101 | 82,16,988-1,92,11,367 | 1,32,16,988-2,42,11,367 |
| 50,00,000 | 17 | 15%-30% | 67,885-1,25,817 | 88,48,544-2,06,66,610 | 1,38,48,544-2,56,66,610 |
| 50,00,000 | 18 | 15%-30% | 67,085-1,25,606 | 94,90,260-2,21,30,951 | 1,44,90,260-2,71,30,951 |
| 50,00,000 | 19 | 15%-30% | 66,410-1,25,450 | 1,01,41,457-2,36,02,651 | 1,51,41,457-2,86,02,651 |
| 50,00,000 | 20 | 15%-30% | 65,839-1,25,334 | 1,08,01,475-2,50,80,270 | 1,58,01,475-3,00,80,270 |
Amortization Table
| Year | Principal(in Rs.) | Interest(in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 4,608-42,941 | 747,127-1,499,400 | 4,957,059-4,995,392 |
| 2 | 6,196-49,843 | 740,225-1,497,812 | 4,907,216-4,989,196 |
| 3 | 8,334-57,858 | 732,210-1,495,674 | 4,849,358-4,980,862 |
| 4 | 11,209-67,157 | 722,911-1,492,799 | 4,782,201-4,969,653 |
| 5 | 15,075-77,953 | 712,115-1,488,933 | 4,704,248-4,954,578 |
| 6 | 20,274-90,484 | 699,584-1,483,734 | 4,613,764-4,934,304 |
| 7 | 27,264-105,029 | 685,039-1,476,744 | 4,508,735-4,907,040 |
| 8 | 36,665-121,913 | 668,155-1,467,343 | 4,386,822-4,870,375 |
| 9 | 49,313-141,511 | 648,557-1,454,695 | 4,245,311-4,821,062 |
| 10 | 66,322-164,261 | 625,807-1,437,686 | 4,081,050-4,754,740 |
| 11 | 89,195- 190,667 | 599,401-1,414,813 | 3,890,383-4,665,545 |
| 12 | 119,957-221,316 | 568,752-1,384,051 | 3,669,067-4,545,588 |
| 13 | 161,329-256,894 | 533,174-1,342,679 | 3,412,173-4,384,259 |
| 14 | 216,971-298,192 | 491,876-1,287,037 | 3,113,981-4,167,288 |
| 15 | 291,802-346,125 | 443,943-1,212,206 | 2,767,856-3,875,486 |
| 16 | 392,440-401,767 | 388,301-1,111,568 | 2,366,089-3,483,046 |
| 17 | 466,353-527,789 | 323,715-976,219 | 1,899,736-2,955,257 |
| 18 | 541,322-709,817 | 248,746-794,191 | 1,358,414-2,245,440 |
| 19 | 628,343-954,625 | 161,725-549,383 | 730,071-1,290,815 |
| 20 | 7,30,893-12,94,041 | 60,716-220,144 | 0 |
Documentation for SRG Housing Finance
| Salaried Individuals | Self – Employed Businessmen / Professionals / Others |
| |
| Salary slip for the last 3 months / Salary Certificate | Copy of last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant |
| Latest Form – 16 if salary above Rs.10000/- per month | Copy of last 3 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant |
| Copy of all bank pass books / bank statements for the past 6 months including front page | Bank documents and other valid business documents: |
- Bank Statement for the last 1 year for the Savings A/c & Current A/c
- Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration
- Copy of the Partnership Deed (if Applicable)
- Copy of Tax Deduction certificate / Form – 16A (if applicable)
- Details of Contract (if applicable)
- Copy of Advance Tax paid / self assessment tax paid Challan
Copy of Educational Qualification Certificate( applicable for Professionals)
Copy Professional Practice Certificate(applicable for Professionals)
Salary Certificate (in case of doctors having salaried income)
Features and Benefits of SRG Housing Finance
- Attractive Home Loan Interest Rates.
- Easy Monthly repayment mode
- Simple, clear and easy to understand terms and conditions
- Insurance Option available for your house loan.
- Speedy Loan Approvals
- Long-lasting customer relationship
- Provision of Tax Benefits up to Rs. 3.5 lacs, helping you save up to Rs. 1,05,000/- tax annually as per the following prescribed Indian IT Rules:
- The current applicable exemption under section-24 of IT Act is Rs. 2 lacs for the interest amount paid in a financial year
- Exemption of upto Rs. 1.50 lakhs for the Principal amount repayable in the same year.
SRG Housing Finance Customer Care Contact Number
Are you facing any difficulties regarding clarity in home loan procedures, interest rates or documentation processes? Contact a committed experienced customer care representative of SRG Housing Finance on : 0294-2561882/0294-2412609 and get your queries resolved. You can also put forward your queries or grievances(if any) on the email ID mentioned on the website.
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