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.
At least 18 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
Loan capped @70% of the cost of property
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan 5 year to 20 years
Alternatively add your parents
- Last 3 months salary-slips
- Form 16 or Income Tax Returns
- Last 2 years Income Tax Returns
- Last 2 years CA Certified Profit & Loss Account
|Interest Rate||11.75% to 22%|
|Processing Fees||2% to 3% of Loan amount|
|Loan Tenure||20 Years|
|Partial pre-payment Charges||Nil|
Setup to counter the usual lender policy of targeting high income customer bases, India Shelter was granted its registration certificate on 26th October 1998 when the company was known as Satyaprakash Housing Finance India Limited (SHFIL). In line with its credo, the company targets middle income households that are intent on purchasing a new house or repairing/renovating their existing abode. Prominent investors, Sequoia Capital and Nexus Venture Partners, are party to the India Shelter home loans dream. An example of India Shelter Finance Corporation’s innovative and socially conscious approach is the offer of a maximum of Rs.15 lakhs to low and middle income urban customers, for a relaxed tenure of 15 years. This, is a sure difference maker.
The following list highlights the advantages of subscribing to the India Shelter Finance Home Loan.
The prospective borrower must comply with the following requirements to be eligible for home loans from India Shelter Finance Corporation,
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|
The applicant must furnish the following documents at the time of loan application,
Aside from the basic qualification and requirements, the following attributes of a potential borrower are carefully scrutinised by India Shelter before qualifying him/her for a home loan-
As security, title deeds and associated documents will serve as the equitable mortgage of the property.
|Loan Amount.||Loan Type.||APR.|
|Rs.2,50,000- Rs.3,49,999||Home Loan||18.68%|
|Rs.3,50,000- Rs.5,00,000||Home Loan||17.18%|
|Rs.5,00,001- Rs.6,99,999||Home Loan||17.15%|
|Rs.7,00,000- Rs.15,00,000||Home Loan||16.15%|
|Rs.2,50,000- Rs.10,00,000||Loan Against Property||20.23%|
For home loans, no pre-closure charges apply if the borrower clears off the pending loan amount from his/her own source of funds. Otherwise, 4.5% (service tax included) of the outstanding principal amount will be marked as penalty for pre-payment.
The application form can be sourced from India Shelter Finance Corporation’s official website. However, a far more quicker and interactive loan application experience can be had on BankBazaar.com. The details for the same are listed in a section above.
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