India Shelter Home Loan: Overview, Features & Application
India Shelter Home Loan offers loans to make home ownership accessible for many at a relatively low interest rate. The loan amounts available range from Rs. 5 lakhs to Rs. 50 lakhs, with competitive interest rates starting at 10.50% and going up to 20% per annum. Borrowers can choose repayment tenures of up to 20 years. The processing fee is capped at 2.5%. The loans can be used for various purposes, including purchasing, constructing, or renovating homes for various financial needs.
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Overview of India Shelter Home Finance
India Shelter Finance Corporation Limited, or ISFCL, focuses on the operation of housing finance for middle and lower-income levels of India. The goal of the company is to make housing accessible to those who may not have income documentation but are still able to repay. Its mission is focused on providing housing for those in need. India Shelter offers loans for:
- Home purchase: Helping you get the property of your desire.
- Renovation and repair: Offering money for making additional improvements, or increasing the quality of homes.
- Self-construction: Self-financed construction, funding constructions on owned land.
This makes the consumer base very large, extending the company’s services in the towns and cities of India.
Unique Features of India Shelter Home Loan
India Shelter Home Loan stands out due to its customer-centric features. Some of which are as follows:
- Loan Range: The loan amounts available range from ₹5 lakhs to ₹50 lakhs, making it suitable for various financial needs.
- Quick Approval Process: Simplified procedures make it easier to have funds approved and made available to customers much faster.
- Flexible Tenure Options: Loan tenures go up to a maximum of 20 Years so that the repayment options are very flexible.
- No Prepayment Penalty: There are no prepayment penalties that allow customers to close their loans before the set date.
- Simplified Documentation: Little or no paperwork is required, and that makes the experience to be very smooth.
- Interest Rates: Competitive interest rates start from 10.5% to 20% per annum, with the possibility of fixed or floating rates, depending on borrower preference.
- Fast Processing: The application process is streamlined, with approvals typically granted within 5 business days. This efficiency helps borrowers access funds quickly.
India Shelter emphasizes a hassle-free experience with minimal documentation requirements, making it easier for applicants to secure loans
Eligibility & Documentation of India Shelter Home Loan
To qualify for an India Shelter Home Loan, customers must meet specific requirements. Below is a detailed table:
| Eligibility Parameter | Details |
| Minimum Age | 21 years |
| Maximum Age | 65 years (at loan maturity) |
| Employment Type | Self-employed or Salaried |
| Minimum Monthly Income | Rs. 10,000 |
| Credit Score | Preferably 650 + |
Requirements of Documentation for Home Loan
To apply for a home loan with ICFCL, the borrowers need to provide the documents which are as given below:
- Identity Proof: Aadhaar, PAN, Passport, or Voter ID.
- Address Proof: Utility bill, rental agreement, or Aadhaar.
- Income Proof: Bank statements or a self-declared income statement.
- Property Documents: Sale deed, property agreement, or land ownership papers.
These requirements ensure that even individuals with limited formal documentation can apply for a loan easily.
Interest Rates of India Shelter Home Loan
India Shelter Home Loan offers competitive interest rates. A comparison of the interest rates of India Shelter Home Loan in comparison with other banks are as given below :
| Home Loan Option | Interest Rate (Per Annum) | Processing Fee |
| India Shelter Home Loan | 11% - 14% | Up to 2% of the loan amount |
| HDFC Home Loans | 8.50% - 9.85% | ₹3,000 - ₹5,000 |
| ICICI Home Loans | 8.75% - 9.50% | Up to 1% of the loan amount |
| SBI Home Loans | 8.40% - 9.25% | ₹10,000 - ₹15,000 |
Application Steps of India Shelter Home Loan
Before applying to India Shelter Home Loan, make sure you meet the eligibility criteria of age, income and have a good credit score. The application steps are as below:
- Gather Required Documents
For Salaried Applicants, the documents that are required are:
- Form-16 for the last two years.
- Salary slips for the last three months.
- Bank statements for the last six months.
- Identity proof (Aadhaar, PAN, Passport, etc.).
For Self-Employed Applicants, the required documents include:
- Income Tax Returns (ITR) for the last three years.
- A balance sheet certified by a chartered accountant.
- Bank statements for the last year.
2. Complete the Application Form
Visit the India Shelter Home Loan portal; fill in the application form. You'll also need to provide personal details such as name, contact information, and income details. Make sure to include the property details you wish to finance and upload the required documents.
3. Submit the Application
After filling out the form, double-check the information for accuracy. Once you're sure everything is correct, click the ‘Submit’ button.
4. Pay the Processing Fee
India Shelter charges a processing fee, depending on the loan amount.
5. Verification Process
Once your application is submitted, the India Shelter team will begin verifying the documents.
6. Loan Approval
Upon successful verification, you will receive a sanction letter. This will detail your approved loan amount, the interest rate (whether fixed or floating), the loan tenure, and the monthly EMI.
7. Submit Property Documentation
Next, you will need to provide original property documents, as required by the lender. Ensure that all property-related paperwork is complete and accurate to avoid any delays.
8. Sign the Loan Agreement
Review the loan agreement carefully before signing it. You’ll also need to submit any post-dated cheques for EMI payments, as per the lender's requirements.
9. Loan Disbursement
Once all the formalities are completed, your loan will be disbursed. The funds will either be directly credited to the seller or builder, depending on the property purchase arrangement.
Benefits of India Shelter Home Loan
India Shelter offers faster loan approvals, generally, within 5 business days. The bank ensures transparency in its charges with no hidden fees. Here’s a quick look at the benefits of opting for an India Shelter Home Loan:
| Feature | Benefit |
| Accessible Financing | Ideal for individuals with limited formal documentation or income verification (e.g., self-employed or salaried workers in informal sectors). Loan amounts range from ₹5 lakhs to ₹50 lakhs. |
| Flexible Repayment | Repayment tenure options from 5 to 20 years provide flexibility in managing monthly EMIs according to individual financial capacity. |
| Minimal Documentation | Simplified documentation requirements make it easier for a larger segment of people to apply and qualify for loans, including identity, address, income, and property documents. |
| Faster Approvals | Streamlined application and approval process—typically completed within 5 business days, allowing borrowers to access funds quickly. |
| No Hidden Charges | Transparent fee structure with no hidden charges. Processing fees are capped at 2.5% of the loan amount, with no prepayment penalties for own-fund pre-closures. |
| Competitive Interest Rates | Interest rates range from 10.5% to 20%, with both fixed and floating rate options, making it competitive in the housing finance market. |
| Prepayment Flexibility | No prepayment penalties if you choose to close the loan early using your own funds. Prepayment or foreclosure charges range between 0% and 6%, depending on loan terms. |
| Quick Loan Disbursement | Once approved, funds are quickly disbursed to the property seller or builder, ensuring smooth transaction processes. |
| Transparent Fees | Processing fee is clearly defined (up to 2.5%), helping borrowers understand the cost breakdown and avoid surprises. |
| Loan Purpose Flexibility | Loans can be used for a variety of purposes, including home purchase, self-construction, renovation, and repair. |
India Shelter offers home loans with flexible repayment tenures ranging from 5 to 20 years. Eligible applicants can avail home loans starting from ₹5 lakhs up to ₹50 lakhs. The interest rate options provided by the bank include both floating and fixed plans. The company charges a processing fee of up to 2.5% of the loan amount, excluding GST.
