Shubham Housing Finance

Shubham Housing Finance Home Loan

Apply Shubham Housing Finance  Home Loan

About Shubham Housing Finance Home Loan

Shubham Housing Development Finance Company is one of the best companies offering Home Loan solutions primarily to people with informal sources of income. They have transcended from document-based loan processing to offering customised loan solutions to every customer, thereby becoming a major player in the Home Loan segment.

Shubham Housing Finance provides a wide array of housing finance services ranging from housing finance for property purchase, plot purchase and self construction, self construction, refinance, and enhancements.

Designed to cater to the housing finance needs of people with informal incomes, the Shubham Housing Finance Home Loans are highly customised and do not require any proof of income.

The organization offers two types of Home Loans:

  • Shubham Housing Finance Home Loan
  • Shubham Housing Finance Home Improvement Loans

Why Shubham Housing Finance Home Loan?

Shubham Housing Finance Home Loans are available at a relatively low rate of interest as compared to any other lenders catering to the informal income section. The company takes into consideration the overall background of their customers, their needs, professions, their sources of income, and their financial status in terms of savings. Based on these inputs, Shubham Housing Finance works out the best housing finance solution for an individual that suits their requirements in the most suitable manner.

Features & Benefits of Shubham Housing Finance Home Loan

Here are some prominent benefits of Shubham Housing Finance Home Loan that make it an attractive option for many borrowers:

  • Purpose: The loan can be availed for the following purposes:
    • Purchasing a new/old house or flat
    • Purchasing a new plot and constructing a house on it
    • Constructing a house on a plot already owned
    • Home extension or adding a room, build extra space, or add an additional floor to an already existing property.
    • Transfer of an existing Home Loan from another financial institution/bank
  • Repayment tenure: The maximum loan repayment tenure provided is up to 20 years. Repayment can be done by way of equated monthly instalments (EMI) through Electronic Clearing Services (ECS) or National Automated Clearing House (NACH).
  • Loan amount: Maximum loan quantum offered is up to 20 Lakhs ( 50,00,000 for certain cities).

Shubham Housing Finance Home Loan Interest Rates

The rate of interest for Shubham Housing Finance Home Loan ranges from 13.50% to 18% per annum and 17% to 18% for Shubham Housing Finance Home Improvement Loans.

Types of Shubham Housing Finance Home Loans

Shubham Housing Finance offers two types of Home Loans:

Features Home Loans Home Improvement Loans

Purpose

  • Purchase of a new/old house or flat, purchase of a plot and constructing a house on it.
  • Construction a house on a plot already owned.
  • Extension, addition, renovation of an already existing property.
  • Transfer of an existing Home Loan from another financial institution/bank.

To renovate, repair, or repaint your existing home.

Maximum loan amount

  • Up to 20 Lakhs
  • Up to 50 Lakhs for certain cities

Up to 10,00,000

Maximum repayment tenure

Up to 20 years

Up to 10 years

Rate of interest

13.50% to 18%

17% to 18%

Administrative and operational costs

Up to 3%

Up to 3%

Repayment options

Through ECS and NACH

Through ECS and NACH

Shubham Housing Finance Home Loan Eligibility

You need to fulfill the following eligibility criteria to be eligible for Shubham Housing Finance Home Loan:

  • Applicant should be above 21 years of age when applying for the loan, but not more than 65 years at loan maturity.
  • Applicant should have a bank account
  • Applicant should be living in a city where Shubham Housing Finance's office is located
  • No guarantor is required for loan application
  • All the owners of the property who are being financed and all individuals whose income has been considered for loan eligibility should be the co-applicants to the loan.

Documents Required for Shubham Housing Finance Home Loan

Shubham Housing Finance requires the following standard documents to be submitted by all applicants looking for a Home Loan from them:

  • Application form for the housing loan with all required details filled in
  • Proof of identity, such as Passport, PAN Card, Voter's ID Card
  • Proof of address, such as Electricity Bill, Ration Card
  • Proof of income, if available
  • Bank passbook or bank statements
  • Property related documents, in case the property is identified

How to Apply for Shubham Housing Finance Home Loan?

Here are some quick and easy ways to apply for a Home Loan from Shubham Housing Finance:

  • You can make an application to get Home Loan from Shubham Housing Finance and submit it at the nearest branch.
  • You can download the application form from the website, duly fill it, and mail it at the email id - customercare@shubham.co.
  • You can also call the Shubham relationship officer to help you apply for the Home Loan. The number is - 1800 258 2225.
  • Alternatively, you can also apply for a Home Loan from Shubham Housing Finance via com.

Applying for a Home Loan through MyMoneyMantra

To apply for a Home Loan through MyMoneyMantra, follow the steps given below:

  • Visit the website mymoneymantra.com and press the Home Loan tab
  • Fill in all the required fields and click submit
  • Once the MyMoneyMantra team receives your details, they will contact you to understand your specific needs and guide you accordingly. You will be assisted through the documentation, application, as well as, disbursement.

Why Apply for Shubham Housing Finance Home Loan through MyMoneyMantra?

Personally going to the nearest branch or applying for a Home Loan online is a time-consuming task no matter how simplified the procedure. It involves a lot of paperwork and might result in repeated visits to the bank. Most applicants find it difficult to pull out such kind of time from their daily routines and that is why MyMoneyMantra emerges as a great solution.

There are experts on the team who provide exclusive assistance throughout the process of verification, application, right through to the final stage of loan disbursal. Getting expert advice and assistance through the whole process with MyMoneyMantra, makes it a hassle-free experience for you.

Other Products Offered by Shubham Housing Finance

Apart from Home Loans and Home Improvement Loans, Shubham Housing Finance also provides Loan Against Property to fulfill your personal financial needs, like marriage, education, vacation, medical expenses, and so on.

How to Calculate Shubham Housing Finance Home Loan EMI?

To get faster, more accurate and less time-consuming results you can use the MyMoneyMantra's EMI Calculator to figure out the best Shubham Housing Finance Home Loan EMI that will work out for you.

Simply click the EMI Calculator available on MyMoneyMantra, under the Financial Tools section and fill in the variables, like loan amount, loan tenure, and rate of interest. Press Calculate to arrive at the EMI, which you will have to pay. If you want to come to a more favourable EMI, you can tweak the loan amount or the loan tenure to a figure that suits you best.

Points to consider while calculating the EMI

Here are two important things to keep in mind while you are calculating a suitable EMI for your Home Loan:

  • Keep in mind your monthly expenditures, fixed responsibilities both from the short-term, and long-run perspective. The EMI should be such that it does not pinch you much in the short run and in fact becomes easier to pay in the long-run instead of becoming a burden.
  • Your repayment capacity and whether it is likely to increase or decrease in future

It is important to consider these points to avoid delay or failure to repay the monthly installments and end up paying penalties or borrow greater amounts to meet everyday needs.

Shubham Housing Finance Home Loan Processing Fee & Other Charges

Following are the charges associated with Shubham Housing Finance Home Loans:

Charges Rates

Administrative & operational costs

Up to 3%

Administrative & operational

costs at Login

3,600, including GST

Administrative & operational

costs at disbursal

  • For loan amount up to 3 Lakhs: 9,500 + GST
  • For loan amount between 3 Lakhs to 6 Lakhs: 13,500 + GST.
  • For loan amount between 6 Lakhs to 10 Lakhs: 18,000 + GST.
  • For loan amount between 10 Lakhs to 12 Lakhs: 27,000 + GST.
  • For loan amount more than 12 Lakhs: 27,000 + 3% of the loan amount.

Duplicate interest certificate charge

250

Duplicate statement charge

250

Copy of property documents

500

Charges on EMI Payment Instrument Swapping

500

Charges for foreclosure statement

500

Charges for Cheque/ ECS/ NACH/ SI bounce

500

Duplicate No Dues Certificate

250

Custodial fee for property

related documents in closed loans

500 p.m., post 60 days from the date of loan closure

List of documents

250

CERSAI charges

50 + GST for loan amount up to 5 Lakhs and 100 + GST for loan amount above 5 Lakhs.

Charges for property swapping

3,000

Late payment interest

2% on outstanding or overdue EMI/ Pre EMI per month

Valuation fee for Construction

Linked Loan cases

NIL for first visit and 500 subsequent visits

Document retrieval charges on

closure of loan (excluding maturity

closure)

1,000

Valuation fee for property revisit

1,500

Shubham Housing Finance Home Loan - Customer Care

You can call the customer care for any assistance related to Home Loans at the following numbers :

  • Phone: 18002582225
  • WhatsApp Number: 8076241122
  • Customer care email ID: customercare@shubham.co

Shubham Housing Finance Home Loan - FAQs

Does the Shubham Housing Finance Home Loan come with a processing fee?

Yes, the Shubham Housing Finance Home Loans come with processing fee, which is payable in two parts. The first part of the processing fee, i.e., 1,500, is paid while submitting the application form. The second part, the balance of the processing fee, is to be paid by the borrower once the loan is sanctioned. It amounts to 3% of the loan amount.

Is it possible to prepay my Shubham Housing Finance Home Loan? What are the preclosure charges involved?

Yes, you can prepay your Shubham Housing Finance Home Loan. There are no preclosure charges levied on your Shubham Housing Finance Home Loan.

How can I repay my Shubham Housing Finance Home Loan?

You can repay your Shubham Housing Finance Home Loan through EMIs, which are payable either via ECS or NACH. The borrower can opt for whatever is convenient.

Since the Shubham Housing Finance Home Loan caters primarily to people with informal incomes, how is the loan quantum decided?

In order to decide the loan quantum, Shubham Housing Finance officials conduct at length discussions with their customers trying to understand their source of income, the pattern of savings, liabilities, spending patterns, type of employment, and earning. All these talks help them assess the borrower's loan affordability and repayment capability. Accordingly, a suitable loan amount is decided.

What income proof salaried borrowers should submit?

Salaried borrowers must provide income proof in the form of salary slips, bank statements, employment certificates, and IT returns.

Is it necessary to have a co-applicant while applying for a Shubham Housing Finance Home Loan?

Yes, you must have a co-applicant even though no guarantor is required for the loan. There can be maximum two co-applicants for a Home Loan from Shubham Housing Finance.

Is it possible to transfer a Home Loan from availed from any other bank to Shubham Housing Finance?

Yes, you can opt for the Home Loan balance transfer with Shubham Housing Finance to repay your Home Loan with any other bank. It works best when you make a comparison of the interest rates and find those offered by Shubham Housing Finance to be lower than the interest rates levied on your current/ongoing Home Loan.

Is changing my loan tenure and increasing/decreasing my EMI possible at Shubham Housing Finance?

Yes, Shubham Housing Finance allows restructuring of the loan.

When is the disbursement of loan done after submitting all documents and application?

Shubham Housing Finance usually disburses the loan within 90 days after the sanction of the loan. The amount is either disbursed in full or in parts depending upon the terms of loan as discussed. It may also disburse the amount in a construction-linked approach.

Is it possible to change the floating ROI to fixed ROI with Shubham Housing Finance?

No, there is no such provision available with Shubham Housing Finance.

Shubham Housing Finance Home Loan Snippets

How Shubham Housing Development Finance remains unhurt by NBFC crisis

There is so much stress in the non-banking financial space that the Reserve Bank of India acknowledged that the failure of the bigger NBFCs can lead to losses comparable to those caused by the big banks. However, Shubham Housing Development Finance Company has not only averted the liquidity crisis, but also witnessed its loan portfolio growing, thus, resulting in an upgrade in its ratings.

Azim Premji buys 40% stake in Shubham Housing Finance

Premji Invest, the investment arm led by the billionaire Azim Premji, is buying a 40% stake in Shubham Housing Finance. Premji Invest is putting 305 Crores into low-cost housing finance company headquartered in Gurgaon.

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