In-Depth Manual On India Shelter Home Loans
India Shelter Home Loans
India Shelter Home Loans provides an array of flexible and competitive loan products tailored to meet the diverse needs of homebuyers across India. Whether you are looking to purchase a new home, build one from scratch, or renovate an existing property, India Shelter offers home loan solutions that fit your budget and requirements.
In this guide, we delve deep into the home loan offerings by India Shelter Finance, interest rates, eligibility criteria, and documentation requirements, along with an overview of how the loan process works.
India Shelter Home Loan Interest Rates
India Shelter offers competitive interest rates that cater to different loan types, ensuring that borrowers have options suited to their financial profiles. The lender provides both floating and fixed interest rates, giving borrowers the flexibility to choose according to market conditions and personal preferences.
Here are the India Shelter home loan rates of interest ranging across various loan products:
- Home Loan for Purchase of Property: 12% to 20% p.a.
- Home Loan for Plot Purchase: 12.50% to 20% p.a.
- Home Loan for Home Construction: 13.50% to 20% p.a.
- Home Loan for Home Renovation and Extension: 14.50% to 20% p.a.
The India Shelter Finance Corporation Ltd home loan interest rates are competitive but vary according to the borrower’s credit profile, loan amount, and the loan type selected. With such a range, India Shelter provides a tailored approach to helping customers get the best financing deal possible.
India Shelter Home Loan Details
India Shelter Home Loans come with a host of attractive features that make it easier for borrowers to navigate the home-buying or home renovation process. Here is a comprehensive overview of the key details regarding home loans by India Shelter Finance:
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Interest Rate
Interest rates for India Shelter Home Loans start from as low as 12% p.a. and can go up to 20% p.a., depending on factors such as the loan amount, borrower’s profile, property type, and creditworthiness.
For example, applicants with a higher credit score or who apply under specific schemes like PMAY can enjoy lower interest rates. This flexibility helps individuals choose a loan that meets their financial capabilities.
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Loan Amount
The maximum loan amount offered by India Shelter is ₹50 lakhs, making it an ideal solution for individuals looking for mid-range housing loans. However, the amount you are eligible for depends on several factors, such as your income level, debt-to-income ratio, property value, and repayment capacity.
At India Shelter Home Loans, you can get up to ₹50 lakhs, ensuring you can afford a wide range of properties—from apartments to standalone houses.
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Processing Fees
India Shelter charges a processing fee ranging between 2% to 3% of the loan amount, excluding GST. This fee is a standard part of home loan applications and covers administrative costs incurred by the lender. Make sure to account for this fee when applying for a loan to avoid any surprises during the loan approval process.
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Prepayment and Foreclosure Charges
One of the most significant benefits of an India Shelter home loan is that there are no prepayment or foreclosure charges. This means borrowers can pay off their loans early without incurring any penalties. Whether you wish to prepay a portion of your loan or foreclose it entirely, you can do so without extra cost, which adds considerable financial flexibility.
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Loan Tenure
The maximum tenure available for India Shelter Home Loans is 20 years. However, the actual tenure you qualify for will depend on your age and the loan amount. This long tenure period allows borrowers to spread their repayments over time, thus making the EMI payments more affordable.
India Shelter Home Loan Eligibility Criteria
India Shelter makes it easy for both salaried and self-employed individuals to apply for home loans. Below are the primary eligibility criteria:
- Salaried and Self-Employed: Both types of individuals can apply. Whether you earn a fixed salary or run your own business, you can avail of this loan.
- Age: Loan applicants should be between 18 and 70 years of age.
- Stable Income: A steady income source is necessary to repay the loan. Your income will determine how much of a loan you qualify for.
- Credit Score: A good credit score increases the likelihood of getting a higher loan amount at a lower interest rate. However, even individuals with a credit score of (-1) can be eligible under certain conditions, which is especially helpful for borrowers with poor credit scores.
- Co-Applicants: Family members can be co-applicants, and their income may be considered when determining the loan eligibility and amount. This can increase the total loan amount you qualify for.
Documents Required for Home Loan from India Shelter
Applying for a home loan requires submitting various documents to verify identity, income, and property ownership. Here are all the documents you will need:
- Identity Proof: Voter ID card, PAN card, Passport, Driving License, or Aadhaar Card.
- Address Proof: Voter ID card, Aadhaar Card, Driving License, Passport, or utility bills like electricity, water, or telephone bills.
- Property Documents: This includes the Title Deeds and proof of no encumbrances on the property. These documents establish ownership and ensure the property can be used as collateral.
Income Proof
- For Salaried Individuals: Salary slips, bank statements, Form 16, or a salary certificate.
- For self-employed Individuals: IT returns and financial statements from the last three years.
- Processing Fee: A check for the processing fee is required.
- Bank Statements: Last six months of bank statements to assess your financial health and repayment capacity.
- Proof of Business Existence: For self-employed individuals, proof of business continuity is needed.
How to Apply for India Shelter Bank Home Loan?
Initiating an application for an India Shelter Home Loan is a straightforward procedure, especially with the convenience of online application options. Presented below is a detailed, step-by-step manual to aid you in the process of applying for an India Shelter Home Loan:
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Research:
Understand the various home loan schemes and choose the one that suits your needs.
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Check Eligibility:
Use India Shelter’s online eligibility calculator to determine your loan eligibility.
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Gather Documents:
Collect all the necessary documents as per the loan scheme and applicant type.
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Online Application:
Visit the India Shelter’s official website or use reliable platforms like NoBroker to apply online. You can also check your home loan status online via the official website.
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Fill Application Form:
Provide accurate details and upload the required documents.
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Application Review:
India Shelter will review your application and may request additional documents if necessary. Then, you have to wait for the home loan status.
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Loan Approval and Disbursement:
Once the application is approved, the loan amount will be disbursed to your bank account. By following these steps, you can complete the India Shelter Home Loan application process conveniently and efficiently.
By following these steps, you can complete the India Shelter Home Loan application process conveniently and efficiently.
What Can I Use India Shelter Home Loan For?
India Shelter offers flexibility when it comes to how you can use your home loan. Borrowers can use the loan for various purposes related to home ownership and improvement, such as:
- Purchase of New or Used Residential Properties: Whether you are buying a new apartment or an older home, the loan covers the purchase.
- Investment in a Residential Plot: If you are looking to invest in land for future construction, you can use the loan to buy a residential plot.
- Home Construction: For those who prefer building their dream home from the ground up, India Shelter provides home construction loans.
- Renovation or Upgrades: Whether it is adding an extra room, upgrading your kitchen, or remodelling, you can finance home improvements.
- Repairs and Maintenance: Use the loan to undertake essential repairs and maintenance work, ensuring your home remains in excellent condition.
- Extensions: Planning to add a floor or expand your living space? India Shelter home loans allow you to finance extensions to your existing property.
Key Takeaways
India Shelter Home Loans provides a comprehensive solution for individuals looking to purchase, build, or renovate a home. With competitive interest rates, flexible loan packages, and straightforward eligibility criteria, India Shelter ensures that borrowers have all the resources they need to finance their dream home purchase.
If you are looking on your own for a reliable home loan provider that offers flexibility, attractive rates, and long tenures, you have to do a lot of research. NoBroker has simplified the search for home loans by providing quick access to the best loans. Apply today and take the first step toward making your dream home a reality.
