India Shelter extends loans amounts upto 10 lacs to urban households with monthly incomes (documented or undocumented) and more. Interest rates are higher for home equity loans (or Loan against Property), where the end-use is not for housing. A file processing fee of 4.0% (including service tax) is charged.
|Loan Tenure – Loan Against Property||10 years or 120 months|
|Loan Amount – Loan Against Property||Maximum Rs. 10 lakhs|
|Rate of Interest||Interest charged by India Shelter is FIXED for Loan against Property. Please refer the Tariff Schedule for amount wise rate of Interest.
Loan against property
Rate of Interest:20%
Processing Fee: 4.0%
The Annual Percentage Rate (APR) for the loans given by India Shelter is as follows
In the quarter Jan – Mar’15, India Shelter has disbursed loans at rate of interest mentioned below. The mean interest rate for the loans disbursed in quarter Jan-Mar’15 is 18.30%.
|Prepayment charges||A. Non-housing Loans:
Prepayment charges up to 4.5% (inclusive of service tax) of principal outstanding as on date will be applicable.
|Fees and charges||Loan against property
Rate of Interest: 20%
Processing Fee: 4%
|Applicant(s)||Family members and co-owners of the property|
|Documents Required||1. Application form with photograph duly signed by all applicants
2. Identity proof – Voter ID, PAN, Driving License, Bank Passbook, etc.
3. Age proof – Voter Id, PAN, Driving Licence, Passport, Birth certificate, pass certificate of 10th or 12th
4. Property documents
5. Colored passport size photograph
|Additional documents that will help us process the loan easily||1. Last 3 months salary slips
2. Income Tax Returns of the last 2 years or Business Records
3. LIC Policy
4. FD or RD
5. Details of any other loan account that you are replaying currently
6. Any other savings or investment details
|Security||Equitable Mortgage of the property being financed by deposit of title deeds|