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Calculate Shubham Housing Finance Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 11.9%
  • ₹0
  • 30
Updated:

Shubham Housing Finance Home Loan Details

Shubham Housing Development Finance Company is a private mortgage lender providing Home Loans to individuals with informal income. The first Indian organisation to outdo the conventional document-based underwriting, the company with its customised credit program initiated the process of issuing Home Loans to individuals without any income proof. Today the company enjoys a strong pan India presence. It operates in 73 cities located in 9 Indian states and has a total number of 84 branches.

Housing Loan is the core business of Shubham Housing Finance. With more than  2,500 crore disbursed as Shubham Housing Finance Home Loans, the company has helped over 35,000 Indian households who are outside the formal tabulated income circle. The company provides a wide array of financing solutions for purchase, construction, and extension of the property. The Home Loans offered by the company range between 11.90% to 16% p.a.

Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.

Shubham Housing Finance Home Loan Schemes

Shubham Housing Finance issues Home Loans under two heads. The applicants can apply for the most appropriate Home Loan scheme depending upon their personal requirements:

Product NameShubham Housing Finance - Home LoansShubham Housing Finance - Home Improvement Loans
PurposePurchase, construction, and extension of the property.Renovate, refurnish, and repair the existing property.
Loan amountUp to 20 Lakhs ( 50 Lakhs for some cities)Up to 10,00,000
Interest rate11.90% and 13.80% p.a17% and 18% p.a
Tenure20 years10 years
Processing chargesUp to 3% of the loan amountUp to 3% of the loan amount
Age criteriaIndividual must be at least 21 years of age when applying for the loan, but should not be more than 65 years of age at the time of maturity of the loan.Individual must be at least 21 years of age when applying for the loan, but should not be more than 65 years of age at the time of maturity of the loan.

Additional Info: Also check DDA Housing Scheme

What is EMI?

EMI is the Equated Monthly Instalment that the borrower is required to pay in order to repay a Home Loan. The EMI amount is paid every month for the entire term of the Home Loan. EMI consists of two components - principal and interest. The EMI is paid on a pre-determined fixed date.

Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.

Shubham Housing Finance Home Loan EMI Table

The borrower is required to pay back a fixed amount every month. This monthly payment is the EMI, which is ascertained through a mathematical calculation using three parameters - principal amount, loan tenure, and rate of interest. The EMI schedule makes the Home Loan applicant aware of the amount of outflow that will be incurred every month to repay the loan.

The below table depicts the EMI schedule of Shubham Housing Finance Home Loan. The table shows the EMI amount for different Home Loan quantum and durations. The rate of interest remains static at 11.90% p.a.

Loan Amount Loan Tenure 10 years 15 years 20 years  20,00,000 Rs. 28,579 Rs. 23,875 Rs. 21,882  50,00,000 Rs. 71,447 Rs. 59,687 Rs. 54,706

The above table highlights the importance of tenure of Home Loan. As seen, the EMI amount is significantly high in shorter durations and keeps on reducing as the Home Loan term increases for the same loan amounts.

However, opting for a low EMI is only one side of the coin. The EMI constitutes of two components - principal and interest. The break-up of the EMI value actually depicts the cost of the loan. As the loan tenure increases, the Interest Rate on Home Loan increases significantly, making the Home Loan expensive.

Shown below is the EMI break-up table of Shubham Housing Finance. The table is prepared for a Home Loan amount of 1 Lakh at the rate of interest of 11.90% p.a.

 10 years15 years20 years
EMI per Lakh Rs. 1,429Rs. 1,194Rs. 1,094
Total amount repayable to bank (P+I) Rs. 1,71,472Rs. 2,14,874Rs. 2,62,589
Total interest paid over the loan tenureRs. 71,472Rs. 1,14,874Rs. 1,62,589
Principal to Interest Break-Up54.7 : 45.342.8 : 57.234.5 : 65.5

The above table shows the division of principal and interest for a Re. 1 Lakh Home Loan. As the loan term increases, the interest chunk on the Home Loan increases considerably, making the Home Loan expensive. So it is very important to balance between loan term and EMI payable.

For example, the EMI per Lakh for a 10 year Home Loan is 1,429, which drops considerably to 1,194 per Lakh for a 20 year Home Loan. However, with an interest of 11.90% p.a. on the Home Loan, the amount of interest paid over 10 years is 71,472 as against 1,62,589 over 20 years. As the interest part is only an expense, longer loan duration makes the Home Loan expensive.

Additional Info: Also check HDFC Home Loan EMI Calculator

What is EMI Calculator?

EMI Calculator is a tool that uses the mathematical formula to clearly ascertain the EMI amount that is required to be paid by the borrower for a stated principal amount, loan tenure, and rate of interest.

The mathematical formula used to calculate a Home Loan EMI is:

[P x R x (1+R)^N] / [(1+R)^N-1]

Where;

P = Principal loan amount

R = Rate of interest

N = Loan tenure in months

For Shubham Housing Finance Home Loan, the values for each are:

P = Maximum up to 50 Lakhs

R = 13.5% to 18%

N = the maximum loan tenure is 20 years, i.e., 240 months

Additional Info: Apply SBI MaxGain Home Loan @6.70%

Benefits of Using MyMoneyMantra's EMI Calculator

MyMoneyMantra is a reckoned financial marketplace for the Indian market. It deals in a wide array of financial products. The information and data available on our website not only provides a complete insight into the product but also allows customers to compare, choose, and apply for the best product in a hassle-free and easy manner. The EMI result generated through our EMI Calculator is transparent and 100% authentic and accurate.

The Shubham Housing Finance Home Loan EMI Calculator on MyMoneyMantra is helpful and beneficial in numerous ways. These include:

  • Anytime access: The Home Loan EMI Calculator is available online on MyMoneyMantra. Thus, it can be used anytime, as per convenience. The borrower is not required to schedule appointments with bank managers or sales representatives to get the best deal.
  • Easy to operate: The EMI Calculator on MyMoneyMantra is based on mathematical calculations. Just like a calculator, the online EMI Calculator simply requires the user to enter the values of required parameters. The results are generated without performing any complex calculations.
  • Quick results: The process of generating Shubham Housing Finance Home Loan EMI through the Home Loan EMI Calculator on MyMoneyMantra processes results in seconds. The user may, if required, make changes in the parameters to reach the perfect EMI value in a few minutes.
  • Reliable results: The results generated through the MyMoneyMantra EMI Calculator are 100% accurate, reliable, and sans any human error.
  • Multipurpose: The Home Loan EMI Calculator can be used for ascertaining the EMI amounts payable for any kind of loan.
  • Supports financial planning: By ascertaining the amount of EMI payable every month, the borrower can carefully plan their future expenses. The calculation made before applying for the Home Loan also gives an insight into the current financial standing and systematically balances the income and the expenses.

Additional Info: Also Check LRD Loan

Factors Affecting Shubham Housing Finance Home Loan EMI

The Home Loan EMI is a result of three variables - principal amount, Home Loan tenure, and rate of interest charged by the lending institution. Any change in the three will cause a change in the EMI. However, there also exist additional factors that have a direct impact on these variables.

The most common factors have been listed below:

  • Loan amount: The principal amount of the Home Loan is crucial for EMI valuation. Higher the amount of Home Loan applied for, higher will be the EMI. The maximum amount of Home Loan allowed by Shubham Housing Finance is 50 Lakhs.
  • Interest rate: The interest rate charged by the lending institution has a direct bearing on the EMI amount. A higher interest rate will result in a higher EMI. Shubham Housing Finance offers Home Loan ranging between 11.90% to 16%. The rate charged for the Home Loan will depend upon the applicant's profile.
  • Loan term: The duration of the Home Loan has an inverse relation with the EMI. As the number of years over which the loan will be repaid increases, the EMI amount dips for the same amount of principal amount. Shubham Housing Finance has a maximum loan repayment term of 20 years for purchase and construction and property and 10 years for loans availed for repair and renovation of an existing property.
  • Applicant's profile: Shubham Housing Finance sanctions Home Loans to individuals who do not have a formal income record. As the Home Loan is given without any income proof, the bank will closely scrutinize the applicant's work profile before sanctioning the loan, and thus the rate of interest will vary accordingly.
  • Purpose of Home Loan: Shubham Housing Finance offers Home Loan under two categories - Home Loan and Home Improvement Loan. The rate of interest, loan tenure, and principal amount allowed for each scheme is different. Thus, a direct impact is seen on the EMI value.
  • Credit score: Although the applicant wanting to apply for a Shubham Housing Finance Home Loan is not required to furnish income details and supportive documents, the applicant must certainly have an active bank account. A good banking record and credit score will help the applicant get a high loan value at the minimum rate of interest.

Additional Info: Also check ICICI Home Loan EMI Calculator

Tips to Decide the Right Amount of EMI

EMI is to be paid every month, over a long period of time. So, it is important that the additional burden can be comfortably accommodated with no financial stress.

However, it is also important that the EMI should not be too low as it will increase the loan duration, making it expensive. Here are guidelines that will help you reach the ideal amount of EMI:

  • Evaluate the Home Loan: The principal amount will attract interest. So higher the principal, higher will be the interest and resultant EMI. An estimation of the principal value is important before applying for the loan. This is possible only when you make a careful selection of the property. Check your loan eligibility and apply accordingly.
  • Consider current liabilities: Before taking on a new liability, it is important that you clearly assess and evaluate your current liabilities. Your Home Loan EMI payout should fit your budget without harming routine expenditure and without depleting your emergency reserves.
  • Opt for the right term: The Home Loan tenure plays a crucial role. Loans with shorter terms are considerably less expensive but have a higher EMI and vice-versa. The interest outflow is highest for long terms, making the loan very expensive. So carefully assess the principal-interest ratio and EMI value before deciding the Home Loan term.
  • Check eligibility: Amount of Home Loan depends upon applicant's profile. So use the loan eligibility checker to gauge the amount of Home Loan one is entitled for. Applicants can increase the eligible limit by adding co-applicants.
  • Know your FIOR ratio: FOIR or the Fixed Obligations to Income Ratio enables the lending institution to gauge the repayment capacity of the applicant. It is ascertaining using current income and current expenditure. Ideally, EMIs payable on all loans, including the current one, should not be more than 50% of the income.

Additional Info: Also check Pradhan Mantri Awas Yojana

Change in EMI with a Change in Interest Rate

The Home Loan EMI does not change unless requested for. Home Loans issued on floating rates of interest can adjust the increase or decrease in the total payable value against the loan tenure without making changes to the EMI. However, in cases where the borrower will attain the maximum age before the loan is liquidated, the tenure is kept unchanged, and the EMI amount is recalculated.

Additional Info: Also check SBI Home Loan EMI Calculator

Change in EMI on Prepayment

Shubham Housing Finance allows its Home Loan borrowers to prepay Home Loans. Upon every lump sum prepayment of the principal amount, the outstanding principal amount is reduced. The borrower then has an option to continue with the same EMI, but a reduced loan term or pay the remaining Home Loan with a recalculated EMI over the original loan tenure.

Additional Info: Also check Rs. 80 Lakh Home Loan EMI

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Shubham Housing Finance Home Loan EMI Calculator FAQs

✅ What are the eligibility criteria for Shubham Housing Finance Home Loan?

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Applicants applying for Shubham Housing Finance Home Loan must fulfill the following conditions:

  • Applicant must be 21 years old during the loan application
  • Loan should mature before the applicant turns 65
  • Applicant must have a bank account.
  • Applicant should be residing in the city where Shubham Housing Finance office is located
  • All the owners of the property being financed must be co-applicants of the loan

✅ For what purpose does Shubham Housing Finance approve Home Loans?

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The applicant can apply for a Shubham Housing Finance Home Loan to:

  • Purchase a new built-up house or flat
  • Purchase a new property site and construct thereon.
  • Construct home on a pre-owned site
  • Home extension pertaining to building extra space or adding another floor to the existing property
    Loan transfer

✅ What is the Home Loan interest rate for Shubham Housing Finance Home Loan?

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Shubham Housing Finance Home Loan is available at a rate of interest, starting from 11.90% p.a. whereas the interest rate for the Home Improvement Loan starts at 17%.