SHUBHAM Home Loan

Shubham Home Loan

About Shubham

Shubham Housing Development Finance Company was established in 2011 and focuses on providing formal credit to individuals who may be part of the informal economy. It provides individuals from lower income groups access to the formal credit system in India. It is based in Gurgaon, Haryana, and has more than 80 branches across the country.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Shubham Home Loans

Shubham offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Shubham Home Loans are tailor made catering to the needs of various customers.

Advantages of Shubham Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment penalties
• No hidden costs and administrative charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options

Key Highlights

Features of Shubham Home Loan

Objective: Shubham home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount: Up to INR 40 lakhs

Rate of Interest: It ranges between 12% to 15%.

Processing fee: Up to 3% of the loan amount, however, it depends on the loan amount

Tenure: The maximum repayment tenure is up to 20 years.

Easy Balance Transfer: With this facility, you can transfer your existing home loan with other bank to Shubham for a lower interest rate.

Prepayment: No charges are levied on partial prepayment or foreclosure of the home loan.

Insurance Policy: An insurance cover to protect your family against repayment of home loan in the event of unfortunate situations.

Shubham Home Improvement Loans

Objective: Shubham home loan aims to help people to improve their existing house by financing for the repair and extension work.

Loan Amount: Up to INR 40 Lakhs

Rate of Interest: It ranges between 12% to 15%.

Processing fee: Up to 3% of the loan amount, however, it depends on the loan amount

Tenure: The maximum repayment tenure is up to 20 years.

Eligibility Criteria

• Should be a salaried or self-employed professional
• Should be above 21 years of age and below 65 years at the date of loan maturity
• Should have a bank account
• Should reside in the city where Shubham bank is located

Documents Required to Apply for Shubham Home Loans

Important documents to be submitted while applying for home loans with Shubham

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Shubham home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Shubham, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Shubham account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Shubham account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Shubham account at your nearest Shubham Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Shubham Home Loan?

You can either apply online or visit a nearby Shubham branch for the application. You can also download the home loan application form from the Shubham official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Shubham Home Loans

With attractive interest rates and low processing fees, Shubham caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Shubham home loan without any penalty. Shubham home loan is the best option to buy or construct your dream house.

Shubham Home Loan FAQs

1. Is there penalty for prepaying the Shubham Home Loan?

No penalty is levied for prepaying the Shubham Home Loan.

2. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

3. What is the maximum loan repayment period for Shubham home loans?

The repayment period is up to 20 years.

4. How Can I apply for Shubham home loan?

You can either apply online or visit a nearest Shubham branch and take the help of the bank’s representative.

5. What is the maximum loan amount provided by Shubham?

The maximum loan amount is INR 40 Lakhs.

6. Does Shubham facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Shubham.

7. Can I get tax benefits from Shubham Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.