Question 1

Can I switch from a fixed rate to a floating rate during my home loan tenure?

Accepted Answer

'Yes, subject to terms and conditions, you may have the option to switch between fixed and floating interest rates.'

Question 2

How do I improve my chances of getting a home loan?

Accepted Answer

'Maintaining a good credit score, stable income, and providing accurate documentation can enhance your chances of loan approval.'

Question 3

What is the PMAY Scheme, and how can it benefit home loan buyers?

Accepted Answer

'PMAY (Pradhan Mantri Awas Yojana) is a government scheme offering financial assistance for homebuyers. Eligible applicants can benefit from subsidies.'

Question 4

Can I get approval for a home loan while I decide which property to purchase?

Accepted Answer

'Yes, you can get pre-approved for a home loan, which helps in the home-buying process.'

Question 5

Can I get a home loan with fewer Proof of Income documents?

Accepted Answer

'The required Proof of Income documents may vary, but providing comprehensive documentation strengthens your loan application.'

Question 6

What is a home loan provisional certificate, and how can I get one?

Accepted Answer

'A provisional certificate provides details of the home loan, and you can obtain it from the lender for tax-related purposes.'

Question 7

Is taking home loan insurance mandatory?

Accepted Answer

'While not mandatory, it is advisable to have home loan insurance to protect against unforeseen circumstances.'

Question 8

Do I need a home loan guarantor?

Accepted Answer

'In many cases, a guarantor may not be required. However, it depends on the applicant's profile and the lender's policies.'

Question 9

Will the interest rate change during the home loan tenure?

Accepted Answer

'For floating-rate home loans, the interest rate may change based on market conditions.'

Question 10

What is the maximum time period allowed for repayment of your home loan?

Accepted Answer

'The maximum repayment period can vary, but it is typically up to 20 years.'

Question 11

Does having a personal loan affect home loan eligibility?

Accepted Answer

'Yes, having a personal loan may impact your home loan eligibility, as it affects your debt-to-income ratio.'

Question 12

Can I get 100% financing on a home loan?

Accepted Answer

'In some cases, lenders may provide up to 100% financing, depending on the applicant's eligibility.'

Question 13

Can I take 2 home loans at the same time?

Accepted Answer

'Yes, subject to meeting eligibility criteria and the financial institution's policies.'

Question 14

When does my loan repayment period begin?

Accepted Answer

'The loan repayment period usually begins after the loan is fully disbursed.'

Question 15

What types of home loan products does India Shelter offer?

Accepted Answer

'India Shelter offers a variety of home loan products, including Home Loans, Loan Against Property (LAP), Home Improvement Loan, and Purchase + Construction loan etc.'

Question 16

What is MCLR?

Accepted Answer

'MCLR (Marginal Cost of Funds Based Lending Rate) is the minimum interest rate below which a bank cannot lend, and it serves as a benchmark for home loan interest rates.'

Question 17

What is Pre-EMI in Home Loan?

Accepted Answer

'Pre-EMI is the interest paid on the home loan amount disbursed until the full loan amount is sanctioned.'

Question 18

How do joint home loans work?

Accepted Answer

'Joint home loans involve two or more applicants sharing the responsibility of repayment. The income of all co-applicants is considered to determine eligibility.'

Question 19

Who can be a co-applicant in my Home Loan?

Accepted Answer

'Spouse, parents, or children can be co-applicants in your home loan. Their income can also be considered for determining the loan amount.'

Question 20

Can I avail tax deductions on my home loan?

Accepted Answer

'Yes, you can avail tax deductions on both the principal amount and the interest paid on your home loan under applicable sections of the Income Tax Act.'

Question 21

Can I prepay my outstanding home loan amount?

Accepted Answer

'Yes, you can make part-prepayments or foreclose your home loan. However, certain terms and conditions may apply.'

Question 22

What is the difference between a fixed-rate and a floating-rate home loan?

Accepted Answer

'A fixed-rate home loan has a constant interest rate throughout the loan tenure, while a floating-rate home loan interest rate may change based on market conditions.'

Question 23

Which factors determine my home loan eligibility?

Accepted Answer

'Home loan eligibility is determined by factors like income, age, credit score, employment stability, and the property's value.'

Question 24

How long does it take to get a home loan sanctioned?

Accepted Answer

'The time for home loan sanctioning varies, but at India Shelter, we aim for a quick turnaround. Factors such as documentation completeness and property verification can influence the timeline.'

Question 25

How can I apply for a home loan with India Shelter?

Accepted Answer

'You can apply for a home loan with India Shelter by visiting our official website, filling out an online application form, and submitting the required documents. Alternatively, you can visit a branch or contact their customer support for assistance.'

Question 26

What is the interest rate offered by India Shelter for home loan products?

Accepted Answer

'India Shelter offers competitive interest rates between 12% to 20% to suit borrower’s needs.'

Question 27

What documents are required to apply for a home loan with India Shelter?

Accepted Answer

'India Shelter involves minimum documentation process to provide their customer a home loan.'

Question 28

Who is eligible to apply for a home loan with India Shelter?

Accepted Answer

'Eligibility criteria vary based on the specific loan product. Generally, salaried and self-employed individuals meeting income, age, and credit score requirements are eligible to apply for home loans.'

Home Loan

Calculate Home Loan Interest

About Home Loan

Features of Home Loan

Quick Loan Approval

Customer Support

Balance Transfer Facility

Affordable Interest Rates

Eligibility Criteria for Home Loan

Who Can Apply for Home Loan

Property Ownership

Property Value

Age

Income

Credit Score

Documents Required for Home Loan

Identity proof for Salaried People

Address Proof for Salaried People

Proof Of Income for Salaried People

Property Documents for Salaried People

Identity proof For self-employed people

Address Proof For self-employed people

Proof Of Income For self-employed people

Other Documents For self-employed people

Property Documents For self-employed people

Reviews and Ratings

Santra Devi

Sonipat

Anand Sahu

Nagpur

Ashok Nikam