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Shubham Housing Finance Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest11.90% - 16.00% onwards
TenureUp to 25 years
Lowest EMI possibleRs. 1,046 Per Lakh
Processing fee0.50% Loan Amount
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

Those who want to build, reconstruct, remodel, renovate their houses and apartments take out home loans from banks and financial institutes. Owning a house is everyone’s dream. The process might be long and intimidating at times. Make a solid financial strategy before you apply for a home loan so that you do not have to face financial troubles during the repayment tenure.

Home loans are granted by banks to eligible customers who want to buy their dream houses in the future. Different banks offer different home loan schemes as per their policies. Shubham housing finance home loan is offered to the eligible applicants by the bank. 

If you want to build your dream home soon, make sure you check out the loan schemes offered by Shubham Housing Finance. It brings you several loan schemes with low-interest rates and long tenures of up to 20 years. This article covers all the necessary details you need to keep in mind before applying for a home loan.

Also Read - Home Loan Tax Benefit

About Shubham Housing Finance Home Loan

Shubham Housing Development Finance Company is one of the first Indian organisations that broke out of the conventional document-based underwriting and started providing home loans to people with informal income.

Shubham Housing Finance loans help people bring their dream of owning a house into reality in the best possible way.

Before you apply for a home loan, make a financial strategy to manage your future expenses during the repayment period to avoid financial troubles in the future. Use the Shubham home loan EMI calculator to calculate your monthly instalments before you apply for the loan.

Also Read - 7 Best Home Loans for Pensioners

Features & Benefits of Shubham Home Loan

Shubham housing finance offers several benefits to their customers when it comes to their home loans. Some of the major features and benefits you can expect from their home loans are listed below:

  • You can repay your loan amount along with the interest rate for up to 20 years at your convenience.
  • Shubham housing finance rate of interest starts from around 11.90%.
  • You can take a home loan of up to 20 lakhs. In some cities, you can also take a home loan of up to 50 lakhs.
  • A minimum processing fee of around 0.50% to 3% is applied when you take a home loan.
  • When you apply for a home loan, you do not need to present a borrower or guarantor beforehand. It makes the process less complicated and makes it feasible for the customers to apply for home loans.
  • Shubham housing finance of hours multipurpose loans to the customers. You can either use these loans to construct your home from scratch or you can also renovate, repair, or remodel your already existing home.
  • Several tax benefits on the Shubham home loan are also offered to the customers as per the Income Tax Act, 1961.

Apart from these, several other financial benefits are offered to those who have a relatively high credit score. Make sure you focus on improving your credit score before applying for a Shubham home loan.

Also Read - 10 Best Banks for Home Loan in India

Shubham Housing Finance Home Loan Interest Rates

Shubham finance home loan interest rate differs from one loan scheme to the other. The major factors that affect your monthly instalments are your loan amount, tenure, and the current interest rate offered at the moment. For a 25 lakh home loan EMI, your monthly payable amount would be around 50,000/- for an interest rate of 11.90%.

For a loan of 50 lakh, your monthly repayable amount would be 76,000/- for a tenure of 10 years.

The usual interest rate offered by Shubham Housing Finance remains around 11.90% to 16.00% based on your details and loan scheme.

  • When you opt for a home loan- a new construction loan for your apartment, the interest rate remains around 11.90% to 16.00%.
  • For renovation, remodelling, and other home improvement loans, the interest rate remains on a slightly higher side. The interest rate for home improvement loans remains around 16.00% depending on your loan amount and tenure.

Also Read - SBI Home Loan Interest Rates

Types of Shubham Housing Finance Home Loans

Shubham Housing Finance offers two kinds of loans. Go through the chart to understand and compare these two types of loan schemes before applying for a loan.

Loan Scheme NamesShubham Finance Home LoansShubham Housing Finance- Home Improvement Loans
PurposeShubham finance new home loans are granted to customers for torches, construction, and extension purposes of a property.Shubham home finance home improvement loans are offered to the customers to repair, renovate commercial remodel, or refurnish their already-existing houses.
Interest-rateThe usual interest rate for these schemes remains around 11.90% to 16%.Shubham home loan interest rate for home improvement loans remains around 16%.
Processing feesa processing fee of 3% is applied.A 3% processing fee of your loan amount is charged. You must be min 21 years in age to apply for this loan. 
Age criteriaYou must be min 21 years in age to apply for this loan. The max age to apply for this loan is 65.You must be min 21 years in age to apply for this loan. The max age to apply for this loan is 65. 
TenureYou can repay this loan for up to 20 years as per their policies.The highest tenure for these loans remains around 10 years.
Loan Amount Customers can take loans of up to 20 lakhs (50 lakhs in a few selected cities) when they apply for this loan.The highest loan amount for these schemes remains around 10 lakh.

The application procedure for both the loan schemes remains the same. Home loan interest rates may vary for several reasons from one customer to the other. Customized loan plans are also offered to those who opt for it. 

Benefits of home loan in India include the fact that you have a lot of options to choose from. All you have to do is do a bit of research beforehand to determine which loan scheme is the right plan for you. It has to fit your budget and affordability so that you do not have to face any financial issues during the repayment period of your loan.

Also Read - Types of Home Loans Offered by SBI

Shubham Housing Finance Eligibility Criteria

Before you apply for the Shubham home loan, make sure you go through their eligibility criteria to determine whether or not you are in a table to apply for a home loan.

  • The applicant must have a valid bank account.
  • You must be at least 20 years old to apply for a home loan.
  • The maximum age to apply for a Shubham home loan is 65. Individuals who have crossed 65 were not eligible to apply for a home loan.
  • You should be located in a city where the office of Shubham Housing Finance is located.
  • Individuals whose income is considered for a home loan and owners of the property being financed must be the co-applicants for the home loan.

Make sure you check CIBIL score for home loan before applying for a loan. Your CIBIL score plays an important role in determining whether or not you are an ideal borrower. On average, a CIBIL score of 650 and above is ideal when it comes to home loans.

Also Check - SBI Home Loan Eligibility Criteria

Documents Required for Shubham Housing Loan

The essential documents that you need to have in order to start your Shubham housing finance loan application are listed below:

  1. A duly filled application form with all the required details.
  2. Valid bank passbook and bank statements.
  3. Property documents
  4. Income proof and reliability details.
  5. Identity proof- Voter card, Aadhaar card, PAN card, passport.
  6. Address proof – ration card, utility bills such as electricity bills, postpaid phone bills, and others.

Also Check - Documents Required for Home Loan

How to Calculate EMI for Shubham Housing Finance

Shubham home loan interest rate turns out to be different for different customers due to several reasons. Make sure you calculate your monthly instalments before you apply for a home loan so that you can manage your expenses well during the repayment period. It will help you make informed financial decisions and have a smooth repayment experience after you take a home loan.

You need to follow a few simple steps to calculate your monthly instalments before you apply for a Shubham housing finance home loan.

  • To calculate your home loan EMI, the first thing that you need to do is to visit the official page of the organisation.
  • First, select the entire loan amount that you are intending to take as a home loan. This is the principal amount that you will be following in the future. It will directly affect your monthly instalments.
  • After that, you will be asked to select your loan duration. The maximum duration of word by Shubham housing finance remains around 20 years. Select a tenure that fits your budget well.
  • Select the current interest rate offered bye in the organisation to see the result.
  • After selecting all these details properly, press the calculate button.

Your entire instalment amount will pop up on the screen after following these steps properly. You can try different combinations with different interest rates, 10 years, and loan amounts to figure out which loan scheme suits your demands and fits your budget the best. You can also compare these rates with other interest rates offered by other leading banks at the moment.

Also Read - 10 Smart Ways for Managing Home Loan EMI

Shubham Housing Finance Processing Fee & Other Charges

You must pay a non-refundable fee of Rs.3600 at the time of application. A processing fee of 3% of the entire loan amount is applied to the customers whose loan applications are approved by Shubham housing finance

No additional charges will be applied unless you make any changes in the policy, interest rates, and your tenure that you choose while applying for a home loan. No pre-payment or pre-closure charges are applied in case you decide to partially or fully repay the loan amount in the middle of your tenure.

Also Read - Home Loan Processing Fees of All Banks/NBFC

Shubham Housing Finance Home Loan - Customer Care

In order to contact no Shubham housing finance customer care, dial 180025 to 2 to 25. You can also reach out to them via WhatsApp- 8076241122.

Send an email to customercare@shubham.co to reach out to their customer care team.

Also Check - SBI Home Loan Customer Care

Apply for Bank of Baroda Home Loan Online @ Rs. 751/Lakh* EMI

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FAQs

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

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Yes. A processing fee of up to 3% of your entire loan amount is charged when your loan application is approved.

✅How can I repay my Shubham Housing Finance Home Loan?

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Discuss your monthly sources of income in detail to come to a conclusion of how much EMI you will be paying on a monthly basis. 

This amount must be paid through the electronic clearing system (ECS) and the National Automated Clearing House (NACH).

✅How will the loan quantum and interest rate be decided?

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Your interest rate will depend on your loan amount and tenure. 

The customer relationship managers will discuss your sources of income in detail beforehand. Based on the details, a suitable quantum will be offered to you. 

Your interest rate will depend on your selected tenure and the entire loan amount.

Your credit score plays a huge role in determining your interest rate and other benefits that are offered during your repayment period.

✅I am a salaried applicant. What do I have to submit as income proof?

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You need to submit your celery sleep, employment certificate and other bank related documents that reflect your salary credits.

✅What is the minimum period for a housing loan?

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You can choose to repay your loan amount within 8-10 years.

✅What is the minimum home loan amount for the self-employed?

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The minimum home loan amount for self-employed individuals remains around 3 lakh.

✅How much home loan can I get on a 20000 salary?

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You can take a home loan of up to 3 lakh to 5 lakh with a monthly salary of 20,000.

✅How much loan can I get on a 60000 salary?

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You can get a home loan of around 50 lakh to 75 lakh with a monthly salary of 60,000.