India Shelter Loan Against Property

India Shelter Loan Against Property Highlights 2024
Interest Rate	For LAP (Residential): 13.50% to 24.50% p.a. For LAP (Commercial): 14.50% to 22.50% p.a.
Loan Amount	Rs 5 lakh to Rs 50 lakh
Loan Tenure	Up to 10 years
Processing Fees	Up to 4% of the sanctioned loan amount

Note: Interest rates as on 11th June 2024

Interest Rates for India Shelter Loan Against Property

The loan against property interest rates for India Shelter LAP are as follows:

LAP (Residential)

Type of customer	On fixed rate of interest (p.a.)	On floating rate of interest (p.a.)
Salaried	13.50% to 24.50%	13.50% to 24.50%
Self-Employed Professional	13.50% to 24.50%	13.50% to 24.50%
Self-Employed Non Professional	13.50% to 24.50%	13.50% to 24.50%

LAP (Commercial)

Type of customer	On fixed rate of interest (p.a.)	On floating rate of interest (p.a.)
Salaried	14.50% to 22.50%	14.50% to 22.50%
Self-Employed Professional	14.50% to 22.50%	14.50% to 22.50%
Self-Employed Non Professional	14.50% to 22.50%	14.50% to 22.50%

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	10.00-11.30
Bank of Baroda	10.85-18.60	Apply Now
PNB Housing Finance	9.25-15.00	Apply Now
IDFC First Bank	9.00-16.50	Apply Now
HDFC Bank Limited	9.50-11.00	Apply Now
L&T Housing Finance	9.50 onwards	Apply Now
LIC Housing Finance	9.50-11.55	Apply Now
Godrej Housing Finance	9.75 onwards	Apply Now
ICICI Bank	10.85-12.50	Apply Now
Tata Capital	9.00 onwards	Apply Now
Axis Bank	10.50-10.95	Apply Now
Punjab National Bank	10.40-12.75	Apply Now

Fees and Charges for India Shelter Loan Against Property

The fees and charges for availing loan against property from India Shelter is mentioned below:

Processing fees and administrative charges

Particulars	Rates
Processing fees	Up to 4% of the sanctioned loan amount
Administrative Charges	Rs 1,000 for security creation in Maharashtra

Prepayment/Foreclosure Charges

Particulars	Rates
Floating Interest Rate	For individual borrowers and for non-business use: Nil For business use or when the main borrower is not an individual: Within 24 months of disbursement of last instalment: 6% of loan amount being paid After 24 months of disbursement of last instalment of the Loan: 4.5% of loan amount being paid
Fixed Interest Rate	Within 24 months of disbursement of last instalment: 6% of loan amount being paid After 24 months of disbursement of last instalment: 4.5% of loan amount being paid

Other Charges for India Shelter Loan Against Property

Particulars	Rates
Loan Cancellation Charges	Rs 10,000 (including GST)
Cash Handling charges	Rs 300
Technical Charges (from 2nd disbursement onwards)	Rs 500 for each technical visit (to be deducted from disbursement amount)
Conversion Charges (for switching from floating to fixed interest and vice-versa or Loan Repricing)	Rs 5,000 or 0.5% of loan outstanding (whichever is higher)
Penal / Late Payment charges	36% p.a. charged on overdue EMI / instalment amount

India Shelter Loan Against Property Eligibility Criteria

The loan against property eligibility criteria for India Shelter LAP is mentioned below:

• Both salaried and self-employed individuals are eligible to apply for India Shelter LAP.
• Family members and co-owners of the property can be co-applicants

Documents Required for India Shelter Loan Against Property

The documents required for Loan Against Property offered by India Shelter is mentioned below:

• Identity Proof – Voter ID Card, PAN Card, Driving License, Bank Passbook, etc.
• Age Proof – Voter ID Card, PAN Card, Driving License, Passport, Birth Certificate, 10^th / 12^th Pass Certificate
• Property documents
• Income proof: Salary slips of last 3 months and Income tax returns of last 2 years
• LIC Policy
• Details of savings/investments including fixed deposit and recurring deposit
• Details of any other loan accounts of that the loan applicant is repaying currently
• Application form with passport size color photographs signed by all applicants