General FAQ's

When can I apply for loan?
You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.
Can I get an in-principle approval and actually avail of the loan later?
What we do is, before you choose the house you want to buy, we give you an in-principle approval based on your income and capacity to repay. This makes the entire process of identifying and buying a house easier and more flexible. You won't be under pressure to identify a house as you know how much funds will be offered to you. This will help you plan your other expenses involved during setting up your dream home.
Who can Be Co-Applicant?
The Co-owners of the property for which financial assistance has been sought can be co-applicants. The co-applicants must be blood relatives. Usually joint applications are from husband-wife, father-son or mother-son.
Which is the Best option to pay EMI? ECS or PDC?
The choice is completely yours. However, most of our customers today prefer Direct Debit instructions such as Electronic Clearing Services from convenient point of view. This nullifies your chances of missing the date of payment and also saves your time.
What is EMI?
EMI stands for ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the full loan amount is repaid. EMI comprises of principal and interest amount of your loan. You can use the EMI calculator available on our website to calculate your loan or you can call us for assistance.
What is the Pre-EMI interest?
If you have availed only a part of the loan, then the amount that you pay us as the interest on the amount disbursed till the full loan is availed is called pre-EMI interest (PEMI). It is payable monthly till the final disbursement is made, following which the emis would commence.
How long does it take to get my loan sanctioned?
Your loan can get sanctioned in a matter of days provided you have all the documents in place.
Can I prepay the loan? Are there any penalties?
Yes, you can prepay the loan at any stage. There is no pre-closure/ prepayment penalty.
Tax benefit on applying loan?
Under the Indian Income Tax Act of 1961, resident Indians are eligible for certain tax benefits on principal and interest components of a loan. Under Section 24(1), interest repayment of 1,50,000/- per annum qualifies for tax saving. An added benefit under Section 80(c) on repayment of principal amount to the extent of 1,00,000/- is also available on the same loan subject to compliance with conditions stipulated in the IT Act.


What is IMGC?
India’s first Mortgage Guarantee Company, India Mortgage Guarantee Corporation (IMGC) is a joint venture of National Housing Bank (NHB), Genworth Financial, International Finance Corporation (IFC) & Asian Development Bank (ADB). IMGC is an expert in understanding & managing the risk for a home loan.
What is Mortgage Guarantee?
Mortgage Guarantee is a financial guarantee in which the Mortgage Guarantee Company assumes a portion of the risk in a mortgage loan.
How do borrowers benefit from Mortgage Guarantee?
Mortgage Guarantee makes it possible for families to buy homes with lower down payment, helping them become homeowners sooner than otherwise possible. For Home buyers, Mortgage Guarantee helps clear the biggest hurdle to homeownership coming up with a lower down payment.
Who will pay the Mortgage Guarantee fee?
Primarily the customer has to bear the charges towards Mortgage Guarantee. For the time being, Mortgage Guarantee charges are paid by SHFL & amortized over the residual tenure of the loan. Customer has to bear the residual charges, if the loan is closed prior to agreed tenure or by any default led termination.
When does Mortgage Guarantee fee is recoverable from the customer?
Mortgage Guarantee fee is recoverable from the customer in event of pre mature closure of the home loan account voluntarily or by any default led termination.
How much does Mortgage Guarantee cost?
The fee for Mortgage Guarantee may vary, and is based on the size of the down payment, the borrowers' credit score, type of mortgage and amount of guarantee coverage.
What will be the documentary proof or evidence of payment of Mortgage Guarantee fee?
Mortgage Guarantee fee payment will reflect in Closure Statement.
Who finalizes the Mortgage Guarantee requirement?
Mortgage Guarantee is one of the best global practices to help promote and advance home ownership & the requirement decision is at sole discretion of SHFL.

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