Shubham Housing Finance Loan Against Property
Last Updated : June 8, 2017, 4:22 p.m.
Shubham Housing Finance loan against property can be taken for construction refinance, self-financed property, debt consolidation, travel, education, marriage or for any other personal needs. The loan is available at low-interest rates and processing fees.
We are living in a world where no matter how much you earn, there are some things that remain out of our reach. But with the facility to take a loan against property (residential or commercial), it becomes possible for us to get everything we desire. The housing finance company-Shubham Housing Finance Ltd is providing loan against residential or commercial to all the customers who feel the need of huge money and want to unleash the power of their property.
Shubham Housing Finance Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | As applicable at the time of signing the loan agreement |
| Loan Amount | Up to Rs. 10 lakhs |
| Tenure | Up to 7 years |
| Processing Fees | Up to 3% of the loan amount |
|
Prepayment Charges
|
NIL |
How to Get Loan Against Property
The process of applying for a loan against property at Shubham Housing Finance Ltd is as follows:
- Fill up the loan application form
- Keep documents (KYCs, Property Documents, Income Proof, etc.) ready
- Submit all the documents along with the application form at the nearest branch
Loan Against Property EMI Calculator
Before applying for any loan, we obviously want to know how much the interest rate and processing fee are we going to pay for the loan amount. Other than this, the EMIs that we are supposed to pay for the loan are also a point of concern. For such details, EMI calculator is used.
The EMI calculator is the tool which tells you the total interest amount, total principal amount, monthly EMIs and the amortization table where you can know the EMI for the last year of your tenure.
For eg., if you are taking a loan of Rs. 10,00,000/- from Shubham Housing Finance, the tenure period offered is 7 years and the interest rate is dependable upon the customer’s profile so let us assume it as 15% per annum. The EMI for the first month of the 7 th year will be Rs. 19,297/-
Similarly, the different EMIs, total interest and the total amount will be as follows:
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 | 15% | 1 | 90,258 | 83,100 | 10,83,100 |
| 10,00,000 | 15% | 2 | 48,487 | 1,63,680 | 11,63,680 |
| 10,00,000 | 15% | 3 | 34,665 | 2,47,952 | 12,47,952 |
| 10,00,000 | 15% | 4 | 27,831 | 3,35,876 | 13,35,876 |
| 10,00,000 | 15% | 5 | 23,790 | 4,27,396 | 14,27,396 |
| 10,00,000 | 15% | 6 | 21,145 | 5,22,441 | 15,22,441 |
| 10,00,000 | 15% | 7 | 19,297 | 6,20,927 | 16,20,927 |
Amortization Table
| Year | Principal (in Rs.) | Interest Outgo (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 87,412 | 1,44,152 | 9,12,588 |
| 2 | 1,01,463 | 1,30,101 | 8,11,125 |
| 3 | 1,17,774 | 1,13,790 | 6,93,351 |
| 4 | 1,36,709 | 94,855 | 5,56,642 |
| 5 | 1,58,684 | 72,880 | 3,97,958 |
| 6 | 1,84,194 | 47,370 | 2,13,764 |
| 7 | 2,14,002 | 17,762 | 0 |
Eligibility Criteria
To get loan against property, you must come under the below-listed criteria:
- Minimum age of the applicant is 21 years
- Maximum age of the applicant is 65 years
Documents Required
The documents that you need to have at the time of applying for the loan are as follows:
- Filled Application Form
- Identity Proof such as PAN Card, Voter ID Card, Passport
- Address Proof such as Electricity Proof, Ration Card, Adhaar Card
- Income Proof
- Bank Passbook or bank statements
- Property Documents
Loan Application Form
The details that are mandatory to be filled in the application form are as follows:
- Name of the applicant/s
- Address proof
- Birth certificate
- Income proof
- Business proof
- Purpose of loan
- Processing fee
- Repayment mode
- Tenure period
Shubham Housing Finance Loan Interest Rates
The interest rates applicable on loan against property or mortgage loan from Shubham Housing Finance Ltd will be the rate as applicable at the time of signing the loan agreement.
Features & Benefits
- Low-interest rates
- Low processing fee
- Longer tenure up to 7 years
- Flexible payment options
- Higher loan amount of up to Rs. 10 lakhs