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Delve into India Shelter Home Loan, a reputable financial organization known for its dependable services. Whether you're a salaried worker, self-employed, or an NRI, they offer a wide range of home loan choices tailored to your needs.
Within this segment, you'll gain a comprehensive understanding of the specifics regarding India Shelter home loans, including interest rates, eligibility prerequisites, the application process, and extra attributes. Obtain the essential knowledge to confidently navigate your journey with an India Shelter home loan.
India Shelter Home Loan Details
India Shelter home loans stand out for their attractive features and flexible options, making the process of acquiring a home seamless and cost-effective. Now, let's explore the crucial details about India Shelter Home Loans:
- Interest Rate Interest rates start from 10.5% p.a. and go up to 20% p.a. The interest rate applicable will depend on the loan amount, the borrower's profile, and the type of property being financed.
- Loan Amount The maximum loan amount available is Rs. 50 lakhs. However, the actual loan amount you will be eligible for will depend on your income, debt-to-income ratio, and the property's value.
- Eligibility · Be a citizen of India.
- · Have a minimum age of 21 years.
- · Have a minimum annual income of Rs. 3 lakhs.
- · Have a good credit score.
- · Provide collateral of property.
- Processing Fees The processing fee for an India Shelter Home Loan is 2% to 3% of the loan amount (excluding GST).
- Prepayment/Foreclosure Charges There are no prepayment or foreclosure charges on India Shelter Home Loans.
- Maximum Tenure The maximum tenure for an India Shelter Home Loan is 20 years. However, the actual tenure that you will be eligible for will depend on your age and the loan amount.
- Rate Packages Available: India Shelter offers three rate packages for its home loans:
- Fixed Rate Package: This package offers a fixed interest rate for the entire loan tenure.
- Floating Rate Package: This package offers an interest rate that floats with the market.
- Mixed Rate Package: This package offers a combination of fixed and floating interest rates.
India Shelter Home Loan Interest Rates
| Scheme | Interest Rate Range |
| Home Loan for Purchase of Property | 10.50% p.a. to 20% p.a. |
| Home Loan for Plot Purchase | 12.50% p.a. to 20% p.a. |
| Home Loan for Home Construction | 13.50% p.a. to 20% p.a. |
| Home Loan for Home Renovation and Extension | 14.50% p.a. to 20% p.a. |
| Pradhan Mantri Awas Yojana (PMAY) Home Loan | 6.5% p.a. to 13.5% p.a. |
India Shelter Home Loan EMI Calculator
The EMI calculator operates by computing the monthly sum required for your India Shelter home loan, encompassing both the principal and interest. This calculation considers the interest rate and repayment duration to determine your monthly payment.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
• P = Loan amount
• R = Interest rate
• N = Repayment period in months
India Shelter Home Loan Schemes
The bank provides competitive interest rates across its array of home loan schemes at India Shelter. These rates may differ depending on the chosen loan scheme and repayment period. Below is an overview of the various home loan schemes offered by IndusInd Bank:
Home Loan for Purchase of Property:
This scheme is for borrowers who want to purchase a new home.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 15,000 - INR 25,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 50 Lakhs
Interest Rate:
- 10.50% Onwards
Processing Fees:
- 4.0% of the loan amount + GST
Home Loan for Plot Purchase:
This scheme is for borrowers who want to buy a plot of land to build their own homes.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 15,000 - INR 25,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 50 Lakhs
Interest Rate:
- 12.50% Onwards
Processing Fees:
- 4.0% of the loan amount + GST
Home Loan for Home Construction:
This scheme is for borrowers who want to construct their own homes on a plot of land they already own.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 15,000 - INR 25,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 50 Lakhs
Interest Rate:
- 13.50% Onwards
Processing Fees:
- 4.0% of the loan amount + GST
Home Loan for Home Renovation and Extension:
This scheme is for borrowers who want to renovate or extend their existing homes.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 60 years
- Monthly income: INR 15,000 - INR 25,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- Up to 50 Lakhs
Interest Rate:
- 14.50% Onwards
Processing Fees:
- 4.0% of the loan amount + GST
Pradhan Mantri Awas Yojana (PMAY) Home Loan:
ISFC offers PMAY home loans to borrowers who are eligible for the scheme.
Applicant Type:
- Indian Citizen borrowers
Eligibility:
- Age: 21 years - 60 years
- Income: Annual income must not exceed Rs. 18 lakhs.
- Living Condition: Must not own a pucca house in the country.
Loan Tenure:
- Up to 20 years
Maximum Loan Amount:
- For Economically Weaker Sections (EWS): Up to Rs. 6 lakhs
- For Low-Income Groups (LIG): Up to Rs. 9 lakhs
- For Middle-Income Groups (MIG-I): Up to Rs. 12 lakhs
- For Middle-Income Groups (MIG-II): Up to Rs. 18 lakhs
Interest Rate:
- For EWS and LIG: 6.5%
- For MIG-I: 7.5%
- For MIG-II: 8.5%
Processing Fees:
- 1.0% of the loan amount + GST
Moreover, an additional choice is provided through the India Shelter home loan top-up facility. This feature allows existing India Shelter home loan holders to access extra funds for purposes such as home improvement, education, or personal financial needs. By understanding the interest rates associated with different India Shelter home loan schemes and the option for an India Shelter home loan top-up, borrowers can make informed decisions effectively. By learning the interest rates connected to different home loan plans at India Shelter and the potential for top-up loans, borrowers can make informed decisions. This enables them to choose the best-suited solution that aligns with their financial goals and repayment capacity.
India Shelter Home Loan Eligibility
In order to be eligible for an India Shelter Home Loan, specific conditions need to be met. The eligibility requirements may vary based on the loan scheme and applicant category. Here are the key factors assessed by India Shelter to determine eligibility for a home loan:
- Age
- The minimum age for applying for a home loan from India Shelter is 21 years.
- The maximum age is 65 years.
- Income
- The minimum monthly income requirement for a home loan from India Shelter is Rs. 10,000.
- The loan amount will be determined based on your income, debt-to-income ratio, and credit score.
- Employment Type
- India Shelter accepts home loan applications from salaried employees, self-employed individuals, and businessmen.
- You must have been in your current employment for at least 2 years.
- Credit Score
- India Shelter requires a minimum credit score of 750 for a home loan.
- A credit score is a number that lenders use to assess your creditworthiness.
- You can check your credit score for free on websites like CIBIL.
- Property Documents
- Title deed of the property
- Sale agreement
- Property tax receipt
- Encumbrance certificate
- Survey plan
Meeting these eligibility criteria increases the likelihood of getting your India Shelter Home Loan approved.
Documents Required for India Shelter Home Loan Application
When applying for an India Shelter Home Loan, it's crucial to provide certain documents. The document requirements may vary based on the applicant category and loan scheme. Below is a list of common documents required by India Shelter for the home loan application procedure:
Documents Based on Loan Purpose
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale agreement
- Property title deed
- Approved building plan
- Property tax receipts
5. Other Documents
- Passport-size photographs
- Bank statements
- Employment proof
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:
1. Research:
Understand the various India Shelter Home Loan schemes and choose the one that suits your needs.
2. Check Eligibility:
Use India Shelter’s online eligibility calculator to determine your loan eligibility.
3. Gather Documents:
Collect all the necessary documents as per the loan scheme and applicant type.
4. Online Application:
Visit the India Shelter’s official website or use reliable platforms like NoBroker to apply online. You can also check your India Shelter home loan status online via the official website.
5. Fill Application Form:
Provide accurate details and upload the required documents.
6. Application Review:
India Shelter will review your application and may request additional documents if necessary. Then you have to wait for the India Shelter home loan status.
7. 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.
India Shelter Home Loan Customer Care
If you have questions or need help regarding an India Shelter Home Loan, don't hesitate to contact their customer support team. Below are the contact particulars for India Shelter Home Loan Customer Care:
| Toll-Free Number | 1800-572-8888 |
| General Contact | 0124-4131890 |
| customer.care@indiashelter.in | |
| Address | India Shelter Finance Corporation Limited, 6th Floor, Plot No 15, Institutional Area, Sector 44, Gurugram – 122002 Contact: 0124-4131890 |
Conclusion
India Shelter Home Loans provide a remarkable opportunity for individuals to realise their aspiration of owning a home. With competitive interest rates, flexible loan options, and a wide range of schemes, India Shelter effectively caters to diverse borrowers' needs. By reading this article, you've gained a thorough grasp of India Shelter home loan details, interest rates, eligibility criteria, the application process, and customer support options. Utilize the knowledge shared here as you embark on your journey to homeownership with India Shelter Home Loans.
