Your Search of Shriram Housing Finance Interest Rates Ends Here

It is no denial that the world of happiness is hidden in the power of money. What do you think, folks? Happiness comes with the fulfillment of the wishes, which differ from one individual to another. You may be dreaming of a Brazilian expedition. On the other hand, your parents would be more inclined towards finding the dream shelter where they can stay forever. The wish demands a huge buck to be spent on. That’s why you may have to fall back on the loans to fulfill your dreams. Where can you get the loans? There are a plenty of lenders ready with their loan offers.

If a dream home is what you wish to have, you would be in search of lenders offering the best deal on a home loan. Of the lenders available, a housing finance company, Shriram Housing Finance, is also there to fulfill your needs. Before applying for a home loan here, you need to be clear of the interest rates charged by the company. The rates determine the quantum of payout with respect to the loans you would avail from the company.

So, whether Shriram Housing Finance Interest rates are affordable to you? Plus what about the EMI and other costs associated with the home loan at Shriram Housing Finance? Why wait, then? Let’s find out all these as we trickle along.

Home Loan-

Shriram Housing Finance provides a home loan for the purposes of purchasing a house, buying a plot for constructing the house on the same, extension, repair and renovation of the housing units.

Eligibility:

• Both salaried and self-employed can apply for a home loan.
• The minimum age at which you are eligible to apply is 21 years.
• Loan eligibility is set based on the borrower’s repayment capacity and the value of the property.

Interest Rate:

Home loan, available at floating rates, is linked to SHPLR, which stands at 15%.

Quantum of Finance:

• Minimum amount of loan- ₹ 1 lakh
• Maximum amount of loan-₹ 75 lakh, subject to 80% of the property value and the repayment capacity of the borrower.

Tenure:

Maximum loan tenure-20 years, subject to the age at which the salaried is about to retire. For self-employed, the age at the proposed maturity of the loan would be considered to determine the tenure of the loan.

Home Loan Interest Rate Calculator-

Simply knowing the rate of interest and not finding the implications of it in terms of money won’t put you in the right state to take a call on whether Shriram Housing Finance is indeed the lender you wanted for your dream home or not. No prizes for guessing, it’s the EMI calculation that is under consideration. How will you calculate the EMI? You are just required to enter the loan amount you are looking to apply for or will do in the future. When these elements are known, the EMI can be calculated with the help of an interest rate calculator, which is also referred to as EMI calculator. EMI, the abbreviation of Equated Monthly Installment, constitutes both principal and interest portions due for payment each month. The calculator also depicts the total interest you are supposed to pay in your repayment journey.

For example-You want to apply for a 20-year home loan of 35 lakhs at Shriram Housing Finance. The interest rate charged by the company is 16% per annum. The EMIs, total interest and total amount are ₹ 48,694, ₹ 81,86,550 and ₹ 1,16,86,550, respectively.

There is one formula by which also you can calculate the EMI. Want to see the formula?

EMI= [P x R x (1+R)^N]/[(1+R)^N-1]

P= Principal Loan Amount

R=Interest Rate

N=Number of Monthly Installments

Home Loan Amortization Calculator-

The amortization calculator will show a schedule of repayments over the course of the loan journey that can be upto 20 years. In addition to the schedule, the outstanding loan balance of each year is also shown to give you an idea of how much are gonna go from your pocket.

So, how are you taking up Shriram Housing Finance Interest Rates? I feel, the interest rates are on the higher side. If you find any lender offering you a better deal in terms of interest rates, do go there and fulfill your home dream. But if that is not the case, you can transact with Shriram Housing Finance for the moment and transfer the loan to a different lender offering the facility at lower rates, later in the course of your loan journey.