India Shelter extends loans amounts upto 50 lacs to urban households for construction, extension, renovation and purchase of new home. Interest rates range from 13% to 20% for housing loans. 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 2%-3% (including GST) is charged.
|Loan Tenure – Home Loan||20 years|
|Loan Amount – Home Loan||Maximum 50 lakhs|
|Rate of Interest||13% to 20%|
(For Fixed Rate loans only)
|A. Housing Loans:
None, if pre-closure happens from borrower's own source of funds.
If, other than own sources, pre-payment charges up to 4.5% (inclusive of GST) of principal outstanding as on date, will be applicable.
|Fees and charges||Home Loans
Rate of Interest: 13% to 20%
Processing Fee: 2%-3%
|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, aadhaar card 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|