India Shelter Home Loan
India Shelter Home Loans starting at just 12.00% p.a.
India Shelter offers a comprehensive home loan solution tailored to meet the diverse needs of prospective homeowners. Read More...
India Shelter Home Loan Highlights
| Loan Amount | Upto ₹50 Lakh |
|---|---|
| Tenure | Upto 20 years |
| Rate of Interest | 12% onward |
| Processing Fee | Upto 3% of the loan amount |
| Max Tenure | 20 years |
| Foreclosure Charges | Nil |
India Shelter Home Loans Comparison Table
Compare India Shelter Home loan interest rates with other lenders to find the best deal. See how India Shelter competitive rates stack up in our comprehensive comparison table.
| Name of Lender | Amount Up to | Interest Rate | Tenure |
|---|---|---|---|
| Axis Bank | ₹10 cr | 8.75% Onwards | Up to 20 years |
India Shelter Home Loan EMI calculator
Enter the loan amount, interest rate, and loan tenure into the India Shelter home loan EMI calculator below to determine your monthly EMI and the total interest due over the loan period.
EMI: ₹63,337.89
Total interest: ₹26,00,546.8
Total principal: ₹50,00,000
India Shelter Home Loan Interest Rates
India Shelter offers home loans at interest rates ranging between 12% and 22.50% p.a. The lender offers both floating and fixed interest rates to its home loan applicants. The breakup of interest rates offered by the lender are as follows:
For home loans available at floating interest rates
| Type of Customer | Interest rate (p.a.) |
|---|---|
| Salaried | 12.00% – 22.50% |
| Self-Employed Professional | 12.00% – 22.50% |
| Self-Employed Non Professional | 12.00% – 22.50% |
For home loans available at fixed interest rates
| Type of Customer | Interest rate (p.a.) |
|---|---|
| Salaried | 12.00% – 22.50% |
| Self-Employed Professional | 12.00% – 22.50% |
| Self-Employed Non Professional | 12.00% – 22.50% |
Fees and Charges for India Shelter Home Loan
Processing fees and administrative charges
| Particulars | Rates |
|---|---|
| Processing fees | Up to 3% of the sanctioned loan amount plus GST |
| Administrative Charges | Rs 1,000 plus GST for security creation in Maharashtra |
Prepayment/Foreclosure Charges
| Particulars | Rates |
|---|---|
| Floating Interest Rate | For individual borrowers and for non-business use: Nil For business use or when the main borrower is not an individual: Within 24 months of disbursement of last installment: 6% of loan amount being paid After 24 months of disbursement of last installment of the Loan: 4.5% of loan amount being paid |
| Fixed Interest Rate | Within 24 months of disbursement of last installment: 6% of loan amount being paid After 24 months of disbursement of last installment: 4.5% of loan amount being paid |
Other Charges for India Shelter Loan Against Property
| Particulars | Rates |
|---|---|
| Loan Cancellation Charges | Rs 10,000 (including GST) |
| Cash Handling charges | Rs 300 |
| Technical Charges (from 2nd disbursement onwards) | Rs 500 for each technical visit (to be deducted from disbursement amount) |
| Conversion Charges (for switching from floating to fixed interest and vice-versa or Loan Repricing) | Rs 5,000 or 0.5% of loan outstanding (whichever is higher) |
| Penal / Late Payment charges | 36% p.a. charged on overdue EMI / installment amount |
How to Apply for India Shelter Home Loan?
Prospective borrowers interested in an India Shelter home loan have the option to apply online either through the official website, as outlined below:
Apply here
Via the India Shelter Official Website
- Visit the India Shelter Home Loan official website.
- Click on Apply now
- Enter the necessary details to determine the eligible loan amount.
- Complete the required information on right side and tap "Submit".
Documents Required for India Shelter Home Loan
Following is the list of documents required for different categories of customers
India Shelter Home Loan list of documents for Salaried
India Shelter Home Loan list of documents for Self-employed professionals
India Shelter Home Loan list of documents for Self-employed
India Shelter Home Loan list of documents for Farmers
India Shelter Home Loan list of documents for NRIs
India Shelter Home Loan list of documents for Salaried
- Identity and residence proof (KYC), such as an Aadhaar, PAN card, or Voter ID card.
- Income proof, such as the last 3 months salary slip, the latest Form 16, and a six-month bank statement.
- A Cheque for The Processing Fee for The Loan Application.
- Property Documents Such as Sale Deed, NOC From the Builder or Housing Society, Advance Payment Receipt to The Builder, And Approved Construction Plan.
Property Related Documents
For New Home- Allotment letter copy/Buyer agreement
- Payment receipt made to the developer
- Title deeds including previous chain of property documents
- Agreement to sell copy
- Initial payment receipt made to the seller
- Title deed of plot
- Copy of the plan approved by Local Authorities
- No encumbrance proof on the property
- The total estimate of construction by a Civil Engineer/Architect
India Shelter Home Loan FAQ’S
Here are some of the frequently asked questions with regards to India Shelter Home Loan
What is the current interest rate for India Shelter home loans?
India Shelter offers home loans starting from 12% p.a., varying based on the applicant's credit profile.
How do I calculate the interest cost for my India Shelter home loan?
You can determine the interest cost using the India Shelter Home Loan EMI Calculator. Simply input your loan amount, tenure, and interest rate into the calculator to obtain instant results.
What factors contribute to the fluctuation of India Shelter home loan interest rates?
India Shelter adjusts its housing loan rates in accordance with the repo rate. Changes in the repo rate prompt adjustments in the rates for existing India Shelter home loan borrowers. Additionally, India Shelter may modify the spread over benchmark rates during special or festive home loan offers.
Who is eligible to be a co-applicant for an India Shelter Housing Loan?
Co-owners of the property must also be co-applicants for the India Shelter Housing Loan. However, not all co-applicants need to be co-owners; close family members are typically permitted as co-applicants.
Can I make early payments toward my outstanding home loan amount?
Yes, partial or full prepayment of your home loan amount is allowed before the loan tenure ends. India Shelter does not impose prepayment charges on home loans with floating interest rates.
How can I lower my India Shelter Home Loan interest rate?
You can reduce your India Shelter Housing Loan interest rate by transitioning from a higher interest rate to a lower one. India Shelter charges a conversion fee for rate reductions, or alternatively, you can transfer your home loan to another lender offering lower rates.
What are the pre-closure charges for India Shelter home loans?
Kotak Mahindra Bank does not levy prepayment fees on home loans with floating interest rates. For fixed-rate home loans, prepayment incurs a fee on the outstanding loan amount plus applicable taxes, except when using own sources for pre-closure.
What is the disbursement process for India Shelter Home Loans?
After property and document verification and completion of the 'own contribution' or down payment, India Shelter sanctions the home loan. Disbursement can be requested online or offline and is contingent on construction progress.
Is my spouse's income considered in calculating the home loan amount?
Yes, your spouse's income can bolster your home loan eligibility. Your spouse must provide income documents to India Shelter for consideration.
What is the minimum credit score required for India Shelter Home Loan applicants?
While India Shelter doesn't specify a minimum credit score, it offers lower rates to applicants with scores of 750 and above.
Can I secure home loan approval while still deciding on a property?
Yes, you can apply for pre-approved home loan facilities based on your financial status, creditworthiness, and income. Property selection must occur within 6 months of loan sanction.
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