The sphere of home loan disbursal in India is chock-a-block with big name players and attractive, customer friendly loan products. A significant part of this ensemble is the India Shelter Finance Corporation Ltd that has been an active home loan provider since the year 1998 (re-launched in March 2010 under new management). Aiming to provide strong credit/home loan options to middle income Indian households, India Shelter has already disbursed over Rs.234 crores in housing loans to benefit 9000+ Indian families.
Feature and Benefits of India Shelter Home Loan:
The following list highlights the advantages of subscribing to the India Shelter Finance Home Loan.
- Loan amounts ranging from Rs.1,00,000 to Rs.15,00,000 lakhs.
- Fixed rate of interest that ensures that monthly EMIs are a steady, predictable number.
- Maximum repayment tenure of upto 15 years.
- Loans are also offered to households that cannot produce any income proof.
- Easy documentation, zero red tape and loan approval within 7 days.
- No pre-payment charges if the borrower closes the account from his/her own source of funds.
- Minimal processing fee of 3.0% inclusive of service tax.
- Robust tele customer support, in both Hindi and English.
- Direct-to-Home service is available and administered in the applicant’s local language.
- Home loan can be availed for the following purposes- a) Purchasing property including plots and/or completed houses, b) Construction of house, c) Extension of house including addition of rooms, floors, etc., d) Internal or external repairs to existing house.
Who Can Apply for India Shelter Finance Home Loans?
The prospective borrower must comply with the following requirements to be eligible for home loans from India Shelter Finance Corporation,
- The applicant must not be younger than 21 years or older than 65 years.
- Monthly income (documented or undocumented) of Rs.12,000 and more.
- Individuals can either apply on their own or add family members and co-owners of the property.
- The applicant must have an impeccable credit history with no red flags.
- The applicant must supply the proper documentation concerning the plot/house to be purchased/constructed/renovated. India Shelter does not fund illegal construction.
India Shelter Finance Corporation Home Loan Interest Rates:
India Shelter aims to provide nothing but the best for its housing loan customers and the same applies for the rate of interest offered on the housing loans. The bank offers both fixed and floating rates of interest on its housing loan options. The current rate of interest offered on the housing loan is 11.75% for both men and women customers.
| Home Loan Amount | Tenure | Rate of Interest | Processing Fee | Rate Type |
|---|---|---|---|---|
| 3 Lakhs to 20 Lakhs | 20 Years | 11.75% to 22% | 2%-3% | Fixed |
Documentation Required:
The applicant must furnish the following documents at the time of loan application,
- Completed application form with proper signatures and photographs.
- Identity Proof- PAN Card, Voter’s ID, DL, Bank Passbook, etc.
- Proof of Age- Any of the documents mentioned above or Birth certificate, 10th or 12th Pass certificate, etc.
- Properly attested property documents.
- Additionally, these documents will help- Salary slips (3 months), IT Returns (2 years), Business Records, LIC Policy, FD/RD and Details about loans that you are currently repaying, other details about savings and/or investment.