|Loan amount||Up to 90% of Property Value|
|Rate of interest||11.90% - 16.00% onwards|
|Tenure||Up to 25 years|
|Lowest EMI possible||Rs. 1,046 Per Lakh|
|Processing fee||0.50% Loan Amount|
|Foreclosure Charges||Nil for floating rates|
|Penal Interest Rate||2% 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
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
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:
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 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.
Also Read - SBI Home Loan Interest Rates
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 Names||Shubham Finance Home Loans||Shubham Housing Finance- Home Improvement Loans|
|Purpose||Shubham 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-rate||The 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 fees||a 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 criteria||You 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.|
|Tenure||You 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
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.
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
The essential documents that you need to have in order to start your Shubham housing finance loan application are listed below:
Also Check - Documents Required for Home Loan
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.
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
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
Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 762 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
Yes. A processing fee of up to 3% of your entire loan amount is charged when your loan application is approved.
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).
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.
You need to submit your celery sleep, employment certificate and other bank related documents that reflect your salary credits.
You can choose to repay your loan amount within 8-10 years.
The minimum home loan amount for self-employed individuals remains around 3 lakh.
You can take a home loan of up to 3 lakh to 5 lakh with a monthly salary of 20,000.
You can get a home loan of around 50 lakh to 75 lakh with a monthly salary of 60,000.