Benefits of Sundaram Home Finance Limited Home Loans

• Wealth Creation Through Investment
  • SHFL home loans enable customers to invest in real estate, a stable and appreciating asset.
  • Benefits include:
    • Long-term capital appreciation of property value
    • Potential rental income if the property is leased out
    • A tangible investment for future financial security or retirement planning
• Access to Funds for Diverse Needs
  • SHFL provides funds through:
    • Home loans for purchasing or constructing residential properties
    • Loan Against Property (LAP) to unlock liquidity from existing assets for business, education, or personal expenses

How to Apply for Sundaram Home Finance Limited (SHFL)

1. Step 1: Research and Choose the Loan Product
   • Understand Your Need: Decide whether you need a home loan for purchasing a property, construction, home improvement, or a Loan Against Property (LAP).
   • Visit the Website: Go to SHFL’s official website to explore loan options, interest rates, and eligibility criteria.
   • Use Tools: Utilize online EMI calculators or eligibility checkers on the website to estimate loan amounts and monthly payments.
2. Step 2: Check Eligibility
   • Basic Requirements:
     • Age: Typically 18–65 years (varies by loan type and tenure)
     • Income: Salaried individuals, self-employed professionals, or business owners with stable income
     • Credit Score: A good CIBIL score (preferably 650+) enhances approval chances
     • Property: The property must meet SHFL’s legal and technical standards
3. Step 3: Gather Required Documents
   • Identity Proof: Aadhaar card, PAN card, passport, voter ID, etc.
   • Address Proof: Utility bills, Aadhaar, rental agreement, etc.
   • Income Proof:
     • Salaried: Last 3 months’ salary slips, Form 16, bank statements (6 months)
     • Self-Employed: ITR for 2–3 years, profit/loss statements, bank statements
   • Property Documents: Sale agreement, title deed, possession certificate, approved plan, NOC from builder/society (if applicable)
   • Others: Passport-sized photographs, loan application form, processing fee cheque (if required)
4. Step 4: Fill Out the Application Form
   • Online Option:
     • Visit www.sundaramhome.in
     • Look for the “Apply Now” or “Home Loan Application” section
     • Fill in personal details, income, loan amount, and tenure preferences
     • Upload scanned copies of documents if prompted
   • Offline Option:
     • Visit the nearest SHFL branch
     • Request a loan application form from a representative and fill it out manually
5. Step 5: Submit the Application
   • Online: Submit the form digitally and note the application reference number for tracking
   • In-Person: Hand over the completed form and documents to the branch executive
   • Processing Fee: Pay a non-refundable processing fee (typically 0.5%–1% of the loan amount or a fixed amount)
6. Step 6: Verification and Approval Process
   • Document Verification: SHFL reviews your submitted documents for authenticity
   • Credit Assessment: Your income, credit score, and repayment capacity are evaluated
   • Property Evaluation: Legal and technical checks on the property are conducted
   • Time Frame: This process may take 7–15 working days
7. Step 7: Loan Sanction and Offer Letter
   • SHFL issues a sanction letter detailing loan amount, interest rate, tenure, and EMI
   • Review and sign the acceptance copy to proceed

Eligibility Criteria for Sundaram Home Finance Limited (SHFL)

• 1. Applicant Profile:
  • Salaried Individuals: Employed with a reputed organization (public/private sector). Stable income to support EMI payments for the home loan, aligning with investment in property ownership.
  • Self-Employed Professionals: Doctors, lawyers, chartered accountants, etc., with consistent income streams.
  • Self-Employed Business Owners: Running a registered business with verifiable funds and income.
  • SHFL does not typically offer unsecured loans, so eligibility is tied to secured home loans or Loan Against Property (LAP).
• 2. Age Criteria:
  • Minimum Age: 18–21 years at the time of loan application (varies by product).
  • Maximum Age:
    • Salaried: Up to 65 years at loan maturity.
    • Self-Employed: Up to 70 years at loan maturity (subject to SHFL’s discretion).
• 3. Income Requirements:
  • Minimum Income:
    • Salaried: ₹20,000–₹25,000 per month (indicative; varies by location and loan amount).
    • Self-Employed: ₹3–5 lakh annual income (indicative; based on ITR filings).
  • Income Stability:
    • Salaried: At least 2–3 years of employment.
    • Self-Employed: Business/profession operational for 3+ years.
• 4. Creditworthiness:
  • CIBIL Score: A minimum score of 650–700 is preferred (higher scores improve approval chances and interest rates).
  • Applicants with poor credit may face rejection or higher interest rates.
• 5. Property-Related Criteria:
  • Eligible Properties: Residential properties (flats, houses, plots with construction), under-construction properties, or existing properties for LAP.
  • Legal and Technical Clearance: Clear title deed, no legal disputes, and approval by local authorities.
• 6. Loan Amount and Repayment Capacity:
  • Loan-to-Value (LTV) Ratio: Up to 80%–90% of the property value for home loans; up to 50%–60% for LAP.
  • EMI-to-Income Ratio: EMI should not exceed 40%–50% of monthly income.
• 7. Nationality and Residency:
  • Resident Indians: Primary target for SHFL home loans.
  • Non-Resident Indians (NRIs): May be eligible with additional conditions:
    • Valid Indian passport
    • Income proof from abroad (e.g., salary slips, bank statements)
    • Power of Attorney in India for loan processing
• 8. Co-Applicant (Optional):
  • Adding a co-applicant (spouse, parent, or sibling) can increase loan eligibility by combining incomes and sharing repayment responsibility.
  • Co-applicant must also meet age, income, and credit criteria.
• 9. Insurance Consideration:
  • Home Loan Protection Plan: Life insurance to cover the outstanding loan in case of death.
  • Property Insurance: To protect the financed asset.
• 10. No Unsecured Loan Option:
  • SHFL focuses on secured lending (home loans, LAP); eligibility does not extend to unsecured loans.
• 11. Share Banking Efficiency:
  • Eligibility process reflects share banking standards—transparent criteria, quick verification, and accessibility across income groups.