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About Home Loan

Owning a home is a cherished dream for many, but the path to homeownership can sometimes seem daunting, especially when it comes to arranging the necessary finances. At India Shelter, we understand that every individual's homeownership journey is unique, and we are committed to providing affordable home loan solutions that suit your needs. Here's why you should consider India Shelter Home Loans as your trusted partner in this exciting journey:

ITR not mandatory

Loan amount between INR 5 Lakhs to INR 50 Lakhs

Assistance on phone available at local call rates in Hindi and English

Quick and hassle-free loan processing

Expert guidance

Transparent and customer-centric approach

Features of Home Loan

Advatages of various features of Indian Shelter Home Loan

Quick Loan Approval

Expedited loan approval processes to ensure a swift turnaround time and quick access to funds.

Customer Support

Dedicated customer support to address queries and provide assistance throughout the loan tenure.

Balance Transfer Facility

Provision for balance transfer, allowing borrowers to shift their existing home loan from another financial institution to India Shelter Finance Corporation for better terms.

Low Interest Rates

Indian Shelter adjudged as the ‘Best Home Loan Provider’ at the Outlook Money Awards, 2012

Eligibility Criteria

Anyone can apply for our home loan as they meet the criteria mentioned below
Who can Apply

Property Ownership

Indian Shelter adjudged as the ‘Best Home Loan Provider’ at the Outlook Money Awards, 2012

Property Value

The property's value should meet the lender's specified minimum value requirement for a home loan

Age

The minimum age of the applicant should be 18 years, and the maximum age should not exceed 70 years at the start of loan.

Income

The applicant should have a stable source of income to repay the loan.

Credit Score

The loan amount available depends on the borrower's eligibility and credit score. Higher eligibility and credit scores result in a higher loan amount. Additionally, customers with a credit score of (-1) are also eligible for funding.
Documents Required

Identity proof for Salaried People

PAN Card is mandatory, and any one of these:
  • Passport
  • Voter ID
  • Aadhar Card
  • Driving License

Address Proof for Salaried People

  • Passport
  • Voter ID
  • Aadhar Card
  • Electricity bill/ water bill/ telephone bill
  • Driving License

Proof Of Income for Salaried People

  • Salary Slips/Bank Statement/Form 16
  • Salary Certificate

Other Documents for Salaried People

  • Signed Application Form with Picture
  • Cheque For Processing Fee
  • Bank Statement of Last 6 Months

Property Documents for Salaried People

  • Title Deeds of the Property
  • Proof of No Encumbrances on the property

Identity proof For self-employed people

Identity proof For self-employed people:
  • Passport
  • Voter ID
  • Aadhar Card
  • Driving License

Address Proof For self-employed people

  • Passport
  • Voter ID
  • Aadhar Card
  • Electricity bill/ water bill/ telephone bill
  • Driving License

Proof Of Income For self-employed people

  • IT Returns and/or Financial Statements of last 3 years And/or
  • Informal Income Documents

Other Documents For self-employed people

  • Signed Application Form with Picture
  • Cheque For Processing Fee
  • Proof of business existence

Property Documents For self-employed people

  • Title Deeds of the Property
  • Proof of No Encumbrances on the property

Reviews and Ratings

Authentic experiences through the voices of our valued customers

“

Sanjay Prakash

Zirakpur

Mr. Sanjay Prakash has been living in Banore over the past 11 years where he has bought a piece of land over 5 years ago but due to a shortage of money and increasing day today expenses, he wasn’t able to build his dream home. He came to know about India Shelter from one of his friends. After approaching India Shelter, all his loan requirements were met without any problem.

“

Vaishanvi Nikhil Bangre

Rajendra Nagar, Nagpur

Vaishanvi Nikhil Bangre is a resident of Nagpur who aspires to build the future of students by teaching students via coaching classes. As the no. of students expanded, Vaishanvi faced the space challenge while teaching students. She approached many banks to add some extra length and breadth to her coaching infrastructure but was disheartened due to the tedious loan approval process and documentation. She got to know about India Shelter via Facebook. After seeking hassle free loans, she has successfully revamped her institute. Now, she is happily teaching and transforming the lives of several students with her unflinching and sheer efforts.

“

Nisha Dangre

Vrindavan Nagar, Nagpur

A home of your own makes you feel independent, that’s what Nisha Dangre, a resident of Nagpur, believes in. She always dreamt of owning a home but never thought it would be possible owing to income constraints and excessive paperwork. By opening the door of hope, India Shelter helped her in achieving her dream.

“

Tara Chhetri

Zirakpur

Tara Chhetri, a resident of Zirakpur, who runs her restaurant in Dhakoli with her husband. To expand their business, they approached multiple financial companies for acquiring business loans but none of their offerings fit their requirements. After hearing about India Shelter from her friend, she applied for a LAP with us. Having secured a loan against property (LAP) for her business, Tara has experienced unprecedented growth.

FAQs

Can I switch from a fixed rate to a floating rate during my home loan tenure?

Yes, subject to terms and conditions, you may have the option to switch between fixed and floating interest rates.

How do I improve my chances of getting a home loan?

Maintaining a good credit score, stable income, and providing accurate documentation can enhance your chances of loan approval.

What is the PMAY Scheme, and how can it benefit home loan buyers?

PMAY (Pradhan Mantri Awas Yojana) is a government scheme offering financial assistance for homebuyers. Eligible applicants can benefit from subsidies.

Can I get approval for a home loan while I decide which property to purchase?

Yes, you can get pre-approved for a home loan, which helps in the home-buying process.

Can I get a home loan with fewer Proof of Income documents?

The required Proof of Income documents may vary, but providing comprehensive documentation strengthens your loan application.

What is a home loan provisional certificate, and how can I get one?

A provisional certificate provides details of the home loan, and you can obtain it from the lender for tax-related purposes.

Is taking home loan insurance mandatory?

While not mandatory, it is advisable to have home loan insurance to protect against unforeseen circumstances.

Do I need a home loan guarantor?

In many cases, a guarantor may not be required. However, it depends on the applicant's profile and the lender's policies.

Will the interest rate change during the home loan tenure?

For floating-rate home loans, the interest rate may change based on market conditions.

What is the maximum time period allowed for repayment of your home loan?

The maximum repayment period can vary, but it is typically up to 20 years.

Does having a personal loan affect home loan eligibility?

Yes, having a personal loan may impact your home loan eligibility, as it affects your debt-to-income ratio.

Can I get 100% financing on a home loan?

In some cases, lenders may provide up to 100% financing, depending on the applicant's eligibility.

Can I take 2 home loans at the same time?

Yes, subject to meeting eligibility criteria and the financial institution's policies.

When does my loan repayment period begin?

The loan repayment period usually begins after the loan is fully disbursed.

What types of home loan products does India Shelter offer?

India Shelter offers a variety of home loan products, including Home Loans, Loan Against Property (LAP), Home Improvement Loan, and Purchase + Construction loan etc.

What is MCLR?

MCLR (Marginal Cost of Funds Based Lending Rate) is the minimum interest rate below which a bank cannot lend, and it serves as a benchmark for home loan interest rates.

What is Pre-EMI in Home Loan?

Pre-EMI is the interest paid on the home loan amount disbursed until the full loan amount is sanctioned.

How do joint home loans work?

Joint home loans involve two or more applicants sharing the responsibility of repayment. The income of all co-applicants is considered to determine eligibility.

Who can be a co-applicant in my Home Loan?

Spouse, parents, or children can be co-applicants in your home loan. Their income can also be considered for determining the loan amount.

Can I avail tax deductions on my home loan?

Yes, you can avail tax deductions on both the principal amount and the interest paid on your home loan under applicable sections of the Income Tax Act.

Can I prepay my outstanding home loan amount?

Yes, you can make part-prepayments or foreclose your home loan. However, certain terms and conditions may apply.

What is the difference between a fixed-rate and a floating-rate home loan?

A fixed-rate home loan has a constant interest rate throughout the loan tenure, while a floating-rate home loan interest rate may change based on market conditions.

Which factors determine my home loan eligibility?

Home loan eligibility is determined by factors like income, age, credit score, employment stability, and the property's value.

How long does it take to get a home loan sanctioned?

The time for home loan sanctioning varies, but at India Shelter, we aim for a quick turnaround. Factors such as documentation completeness and property verification can influence the timeline.

How can I apply for a home loan with India Shelter?

You can apply for a home loan with India Shelter by visiting our official website, filling out an online application form, and submitting the required documents. Alternatively, you can visit a branch or contact their customer support for assistance.

What is the interest rate offered by India Shelter for home loan products?

India Shelter offers competitive interest rates between 12% to 20% to suit borrower’s needs.

What documents are required to apply for a home loan with India Shelter?

India Shelter involves minimum documentation process to provide their customer a home loan.

Who is eligible to apply for a home loan with India Shelter?

Eligibility criteria vary based on the specific loan product. Generally, salaried and self-employed individuals meeting income, age, and credit score requirements are eligible to apply for home loans.

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