Shriram Finance mortgage loan facility is open to members of the public but only qualified applicants who are eligible for it will be able to access it. To make the loan application process a lot easier for applicants, Shriram has put in place a straightforward system that works for everyone. Here is the loan process to follow if you want to apply for a Shriram Housing Finance loan against property.
Check Loan Against Property Interest Rate for the lowest LAP Rates.
Shriram Housing Finance mortgage loan facility is open to members of the public but only qualified applicants who are eligible for it will be able to access it. To make the loan application process a lot easier for applicants, Shriram has put in place a straightforward system that works for everyone. Here is the loan process to follow if you want to apply for a Shriram Housing Finance loan against property.
Online/Offline Application: To kick-start the process, you will first need to apply for the Shriram Finance mortgage loan against property. To do so, Shriram offers two options. You can either apply via their official website where their application form can be found or you visit the nearest SHFL (Shriram Housing Finance) branch to fill the form manually.
Provide your loan requirement: When filling the Shriram Finance lap loan application form, you are expected to provide your loan requirement. This entails providing details about the loan amount you seek and the loan tenure.
Submission of necessary documents: There are stipulated documents you are expected to submit as part of the application process to complete it. If you are using the lender's website you can upload the soft copy of the various documents into the portal. If you are filling the form manually, you can also attach the hard copies (photocopies) of the documents to your loan application form and submit.
Application Assessment: After submitting your application form and documents, SHFL will take time out to assess the documents you've submitted based on the personal information you provided. If some or all of your documents are not valid or they are at variance with the personal details you provided, SHFL can reject your application. You can call the customer care team of the firm to know your SHFL loan status.
Repayment Capacity Evaluation/Property Appraisal: At this point, SHFL's team will carry out a double evaluation of your income and the property you brought forward as collateral if they are satisfied with the validity of the documents. Your income will be evaluated by the team to see if you will be able to repay the loan based on your monthly income. They will also appraise the documents to see if it is eligible as collateral for the loan you've applied for.
Home Loan Approval: This is the stage where SHFL's credit team will make a decision based on their findings. If you qualify for the last stage, the credit team will approve your loan application and will put modalities in place for loan disbursal.
Loan disbursal according to pre-agreed conditions: This is the final stage of the Shriram Finance property loan application process. After the loan has been approved, SHFL will disburse the loan according to pre-agreed terms in the loan contract.
Only eligible applicants will quality to access SHFL's loan against property. The eligibility criteria for loan against property are listed below
Before you apply for this loan, here are some very important details about the interest rate and other concerns you should take note of.
|Name of Lender||Rate of Interest (p.a.)||Processing Fee|
|Shriram Finance||12%||Up to 2.5% + applicable taxes|
|IDFC First Bank||9.00% - 20.00%||Up to 3% + GST|
|HDFC Bank||9.50% - 11.00%||Up to 1% (minimum Rs. 7,500)|
|Axis Bank||10.50% - 10.90%||1% or Rs. 10,000 (whichever is higher)|
|SBI||10% to 11.55%||1% (maximum Rs. 50,000) + service tax|
|Kotak Mahindra Bank||9.15%||1% + GST & statutory dues|
|PNB Housing||9.25% - 12.85%||2% + GST|
|Bajaj Finserv||12.99%||2% + GST|
|HSBC Bank||9.75%||1% or Rs. 10,000, whichever is higher + applicable taxes|
|Federal Bank||10.15%||1% (minimum Rs. 3,000)|
|Bank of India||11.25%||Up to 1% (minimum Rs. 5,000 & maximum Rs. 50,000)|
|Bank of Baroda||10.85% - 16.50%||1% (minimum Rs. 8,500 & maximum Rs. 1,50,000)|
|IDBI Bank||9.50% - 11.45%||1%|
|Central Bank of India||12.15% - 14.25%||Up to 0.75% + GST (maximum Rs. 1 Lakh)|
|ICICI Bank||10.85% - 12.50%||0.50% - 2% or Rs. 3,000, whichever is higher + applicable taxes & other statutory levies|
|Bank of Maharashtra||10.95% - 11.95%||1% + GST|
You can also check Best Loan Against Property Interest Rates in India
Shriram Housing Finance has two types of Loans against property. These schemes are curated to help borrowers access the loan based on the type of properties they have as security.
Loan Against Property- Residential
The loan against property for residential property owners is issued to borrowers who bring forward residential properties as collateral for a loan. The funds issued to you can be used to pursue any economic interest of your choice. The features of this loan scheme are
Loan Against Property - Commercial
The loan against property for Commercial property owners is issued to borrowers who have commercial assets as collateral for the loan. This loan may be taken for business expansion purposes. Commercial assets may be office blocks, shops, warehouses, etc. Find below some of the features of this loan scheme.
Many borrowers have come to trust Shriram Housing Finance' loan against property for the following advantages they confer.
Flexible property requirements: You can avail Shriram mortgage loan by presenting varieties of residential or commercial properties which include newly purchased properties, properties under construction or ready to occupy houses and buildings. You are not limited to the types of properties you bring forward as long as their value more than cover up for the loan.
Tax Benefits: The tax benefits attached to this loan are clear. Under Section 24 and Section 80C of the Income Tax Act of India, you are eligible to enjoy certain tax incentives which will go a long way to reduce your level of indebtedness.
Funds for business/career expansion: The funds SHFL issues to you can be used to pursue any economic interest of your choice. You are not limited to what you can use the loan for.
Quick Loan approvals: Even if the property you brought forward has not been approved yet, SHFL may still go ahead to approve your Shriram Finance loan against property application if your income is adjudged to be acceptable. No need for delays and long processes.
Fast Loan Disbursal: Once your application is approved, you should expect to have your account credited with the funds within a matter of days.
Individual/Joint application: You can apply for this loan with a co-applicant if your income is insufficient to cover for it.
Varying rate structure: SHFL also gives you the option to choose between a fixed or flexible interest rate. The choice is yours.
Here is a checklist of documents required for loan against property you must attach to your completed loan application form and passport-size photographs, for evaluation and approval by SHFL's team:
You can also Check the necessary Documents required for Loan Against Property
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
Anytime you have a need for funds is a good time. If you are not able to come up with the cash on your own, you can apply for a loan against property to help you settle whatever financial obligations you might have. If you are eligible for the loan, SHFL will issue the funds to you in a matter of weeks or days.
SHFL does not limit usage. You can use the funds to settle pressing bills or for investment purposes. The choice is yours.
Yes, your application can be approved. This practice ensures that there are no unnecessary delays especially during periods of emergency. If your income is eligible, SHFL will go ahead to approve the loan pending the time when your property is appraised.
Yes, you can apply jointly for this loan. A fellow co-owner of the property presented may apply jointly with you but under certain conditions. Only blood relatives such as parents and children or married couples can be joint applicants.
No, it is not. If you have the financial muscle to repay the EMI then you don not need a applicant. However, if your income is not large enough a co-applicant's income may come in handy. The joint application also maximizes the potential amount you may receive as a loan. Having a woman as a co-applicant also attracts a lower rate of interest.
You will need to provide documents to prove your
Yes, you can use this loan to settle other financial commitments as you deem fit.
Shriram Housing Finance offers two different types of interest rates that borrowers can avail of. They are the Fixed interest rate and the Floating interest rate.
Yes, there is a tax benefit attached to this loan. Under the Income Tax Act of 1961, you are eligible for tax reduction on the principal and interest amounts.
The Prime security accepted by Shriram is an immovable asset/building owned by the person who is applying for the loan. The Title Deed of the property must indicate that the applicant is the owner. Furthermore, the property should be free of any legal encumbrances.
Shriram Housing Finance offers Rs. 1 Lakh to Rs. 10 Crores as loan against property amount.
Shriram Housing Finance offers loans against residential and commercial properties.
You can get loan against your house for personal and business expenses.
You can use Shriram Finance EMI Calculator to check your EMI.
The interest rate of Shriram Finance site loan or residential plot loan starts from as low as 9.5% p.a.
Your loan details will be mentioned in your loan agreement.