India Shelter Finance Loan Against Property
Last Updated : Nov. 22, 2016, 6:39 a.m.
When we fall short of money even after having a regular source of income, meeting unforeseen expenses becomes tougher than usual. In today’s time when getting instant money is not at easy, India Shelter Finance loan against property one of the best loan schemes with loan approval within 7 days.
The housing finance company gives loan against property for the loan amount up to Rs. 10 lakhs at 20% per annum rate of interest and the tenure up to 12 years . In addition to this, the processing fee charged on this loan is 4% .
In this article, you will know all the important information like interest rates, tenure, processing fees, prepayment charges, etc. regarding the LAP scheme.
India Shelter Finance Corporation Ltd. LAP Details
| Particulars | Details |
|---|---|
| Interest Rate | 20% per annum |
| Loan Amount | Up to Rs. 10 lakhs |
| Tenure | 10 to 12 years |
| Processing Fees | 4% of the loan amount |
| Prepayment Charges | 4.5% (inclusive of all charges) of the principal outstanding |
How to Apply
The process to apply for the loan against property at India Shelter Finance Corporation Ltd is hassle-free and time-saving is you will follow the below steps:
1. Fill up the loan application form with the mandatory details like the name of the applicant, Date of birth, address, monthly/annual income, profession, purpose of taking the loan, etc.
2. Attach all the KYC documents, property documents and other required documents along with the application form
3. Submit all the above papers to the nearest bank branch
India Shelter Finance Loan EMI Calculator
The tool that is used to calculate the monthly installments for the loan is known as the EMI calculator. In this calculator, you have to mention the loan amount, tenure and the rate of interest as per the offer that you have been given or as per your choice to get an idea.
For eg. Let us calculate the EMIs for the loan amount Rs. 10,00,000 with the interest rate 20% per annum and the tenure of 12 years.
Table for EMI per month, Total Interest Outgo and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 10,00,000 | 20% | 1 | 92635 | 1,11,614 | 11,11,614 |
| 10,00,000 | 20% | 2 | 50896 | 2,21,499 | 12,21,499 |
| 10,00,000 | 20% | 3 | 37164 | 3,37,889 | 13,37,889 |
| 10,00,000 | 20% | 4 | 30430 | 4,60,657 | 14,60,657 |
| 10,00,000 | 20% | 5 | 26494 | 5,89,633 | 15,89,633 |
| 10,00,000 | 20% | 6 | 23953 | 7,24,603 | 17,24,603 |
| 10,00,000 | 20% | 7 | 22206 | 8,65,321 | 18,65,321 |
| 10,00,000 | 20% | 8 | 20953 | 10,11,507 | 20,11,507 |
| 10,00,000 | 20% | 9 | 20027 | 11,62,862 | 21,62,862 |
| 10,00,000 | 20% | 10 | 19326 | 13,19,068 | 23,19,068 |
| 10,00,000 | 20% | 11 | 18786 | 14,79,797 | 24,79,797 |
| 10,00,000 | 20% | 12 | 18366 | 16,44,716 | 26,44,716 |
Amortization Table
| Year | Principal (in Rs.) | Interest Outgo (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 22369 | 1,98,023 | 9,77,631 |
| 2 | 27277 | 1,93,115 | 9,50,354 |
| 3 | 33261 | 1,87,131 | 9,17,093 |
| 4 | 40558 | 1,79,834 | 8,76,535 |
| 5 | 49456 | 1,70,936 | 8,27,079 |
| 6 | 60305 | 1,60,087 | 7,66,774 |
| 7 | 73536 | 1,46,856 | 6,93,238 |
| 8 | 89670 | 1,30,722 | 6,03,568 |
| 9 | 1,09,344 | 1,11,048 | 4,94,224 |
| 10 | 1,33,332 | 87060 | 3,60,892 |
| 11 | 1,62,582 | 57810 | 1,98,310 |
| 12 | 1,98,612 | 22140 | 0 |
Eligibility Criteria for India Shelter Finance Loan Against Property
Below is the list of who all can apply for the LAP scheme of India Shelter Finance Corporation Ltd:
- Salaried individuals
- Pensioners
- Professionals
- Self-employed
- Family members and co-owners of the property
Documents Required
The documents that a person has to have to take LAP are:
- Application form with photograph duly signed by all applicants
- Identity proof – Voter ID, PAN, Driving License, Bank Passbook, etc.
- Age proof – Voter Id, PAN, Driving Licence, Passport, Birth certificate, pass certificate of 10th or 12 th
- Property documents
- Colored passport size photograph
Additional documents that you need to submit at the time of loan are:
- Last 3 months salary slips
- Income Tax Returns of the last 2 years or Business Records
- LIC Policy
- Fixed Deposit or Recurring Deposit
- Details of any other loan account that you are replaying currently
- Any other savings or investment details
Loan Application Form
The details that you need to mention in the loan application form are as follows:
- Applicant/s name
- Birth Details
- Maximum Loan Amount
- Monthly/Annual Income Proof
- Permanent Residence Address
- Office Address (for self-employed)
- Purpose of the loan
- Payment mode
Loan Against Property Interest Rates
India Shelter Finance Corporation Ltd offers the mortgage loan with fixed interest rates. The company offers the rate of interest offered on the loan against property is 20% per annum.
Loan Processing Fees
For LAP, the housing finance company charges a processing fee of 4% of the loan amount.
Prepayment Charges
The prepayment charges charged on LAP are 4.50% of the principal outstanding.
Features & Benefits of LAP
Some of the main features of the loan against property scheme of India Shelter Finance company are as follows:
- Loan amount of Rs. 10 lakhs
- Longer tenure of up to 12 years
- Processing fee of 4%
- Interest rate of 20% per annum
- Equitable Mortgage of the property being financed by deposit of title deeds
- Quick loan approval
- Easy repayment options