Frequently Asked Questions

Any individual having a regular source of income, satisfactory repayment capacity, and fulfilling the eligibility criteria prescribed by the Company may apply for a loan. Salaried individuals, self-employed persons, professionals, and business owners may be eligible. Joint loan applications with family members or co-applicants are also permitted subject to the Company’s policies.

The documents required may vary depending on the type of loan and applicant profile. Generally, customers are required to submit:

• Identity proof
• Address proof
• Income proof such as salary slips, bank statements, or income tax returns
• Property-related documents

Additional documents may be requested by the Company for verification and assessment purposes.

A sanction letter is an official communication issued by the Company after approval of the loan application. It contains important details relating to the loan, including:

• Loan amount sanctioned
• Applicable interest rate
• Loan tenure
• EMI amount
• Repayment schedule
• Terms and conditions governing the loan

The sanction letter should be carefully reviewed and accepted by the borrower before disbursement.

The loan amount is disbursed depending on the nature of the loan product:

In case of a Loan Against Property (LAP), the sanctioned amount is generally disbursed in a single tranche.

In case of a Housing Loan, the disbursement may be made in stages based on the progress of construction and the agreed terms.

Disbursement is subject to completion of documentation and compliance with the Company’s requirements.

EMI (Equated Monthly Instalment) is the fixed amount payable by the borrower every month towards repayment of the loan. Each EMI consists of:

• Principal amount (portion of the loan amount);
• Interest amount charged by the Company.

The EMI amount generally remains fixed throughout the tenure unless there is a change in the applicable interest rate or repayment terms.

Yes. Borrowers may prepay or foreclose the loan before completion of the original tenure, subject to the terms of the loan agreement and applicable regulatory guidelines issued by the Reserve Bank of India from time to time.

In case of a Loan Against Property (LAP), a foreclosure charge of 2% (excluding applicable taxes) may be applicable at the time of loan closure, in accordance with the applicable terms and conditions.

If a borrower fails to pay the EMI on the due date, the account may become overdue and the following consequences may arise:

• Levy of overdue interest;
• Adverse impact on the borrower’s credit score and credit history;
• Classification of the account under SMA or NPA categories, if the overdue persists;
• Recovery actions as permitted under applicable laws and loan terms.

Borrowers are advised to ensure timely payment of all dues.

An amount shall be treated as overdue if it is not paid on the due date fixed by the Company under the terms of the loan agreement. Any unpaid instalment, interest, or other amount due after the due date will be considered overdue until fully paid.

The “Date of Overdue” refers to the exact date on which the borrower fails to pay the whole or any part of the instalment, interest, or other dues on the scheduled due date.

The number of overdue days is calculated from the due date of payment until the date on which the overdue amount is actually paid.

For example:

• If an EMI is due on 1st June and remains unpaid at the end of the day, the account becomes overdue on 1st June itself.
• If payment is not made on 2nd June, the account will be treated as overdue by 1 day at the close of business on that date.

SMA (Special Mention Account) classification is an early warning framework used to identify stress in loan accounts before they become Non-Performing Assets (NPAs). It helps in monitoring repayment delays and initiating corrective measures.
The classifications are generally as follows:

Classification	Basis for Classification
SMA-0	Payment overdue up to 30 days
SMA-1	Payment overdue between 31 to 60 days
SMA-2	Payment overdue between 61 to 90 days

A loan account is classified as a Non-Performing Asset (NPA) when the principal instalment and/or interest remains overdue for a period of more than 90 days. Once classified as NPA, the account is treated as a stressed asset in accordance with applicable regulatory norms.

The Company follows a day-end asset classification process in accordance with applicable regulatory guidelines. Under this process, the SMA or NPA status of a loan account is determined based on the overdue position existing at the close of business hours on that particular day.

Accordingly, any payment received during the day is considered while determining the final classification status at the end of that day.

For example:
If an instalment is due on 31st March and remains unpaid at the end of the day, the account shall be treated as overdue from 31st March. If the overdue continues, the account will automatically move to the applicable SMA category and subsequently to NPA status upon completion of the prescribed overdue period.

Loan accounts classified as NPAs may be upgraded to “standard” asset classification upon complete repayment of all overdue amounts, including principal, interest, and other applicable charges, in accordance with regulatory guidelines.

• An NPA account shall be upgraded only when:
• The entire overdue amount is cleared; and
• There is no remaining overdue in the account.

Partial payment or payment of only certain instalments will not result in upgradation of the account.

Yes. The Company carries out SMA and NPA classification strictly in accordance with the prudential norms, circulars, and directions issued by the Reserve Bank of India from time to time.

Customer information is treated as confidential and protected in accordance with applicable laws, regulatory requirements, and the Company’s internal policies. The Company adopts appropriate safeguards to protect customer data from unauthorized access or misuse.

Customers may raise complaints, queries, or seek clarification regarding:

• Overdue status;
• EMI payments;
• SMA/NPA classification;
• Repayment obligations;
• Loan account servicing matters.

Customers may contact the Company through:

• Branch offices;
• Customer care helpline;
• Official email channels;
• The grievance redressal mechanism provided by the Company.

For assistance or complaints:
General Queries: contact@sphm.co.in
Grievance Redressal: grievance@sphm.co.in

Complaints are addressed within a reasonable timeframe in accordance with the Company’s grievance redressal policy.