Shriram Finance Loan Against Property
Shriram Finance against property is a secured loan offering that allows one to borrow funds by mortgaging their residential or commercial property. This type of loan is useful for meeting various personal and business financial needs. The rate of interest for Shriram Finance LAP starts at 12.50% per annum and may vary depending on the borrower’s loan amount, tenure, credit score, and other factors. The maximum loan amount is up to Rs. 10 crores for a maximum tenure of up to 25 years.
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Shriram Finance Loan Against Property Interest Rate
Interest rates for LAP from Shriram Housing Finance generally range from 12.50% per month onwards. Both salaried and self-employed applicants can apply for an LAP plan from Shriram Finance by adhering to its eligibility requirements.
The table below will give you a clue about the Shriram Finance loan against property interest rate 2024:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 12.50% p.a. - 14.00% p.a. |
| Fixed Rate | 12.50% p.a. - 14.00% p.a. |
Shriram Finance Loan Against Property Eligibility Criteria
Shriram Housing Finance Ltd. sets specific eligibility criteria for its loan against property offerings to ensure that the loans are granted to individuals who have the financial capacity to repay them. The Shriram Finance loan against property eligibility
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 24 - 70 years | 24 - 70 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 30,000 per month | Rs. 30,000 per month |
| Credit Score | 650 and above (preferred) | 650 and above (preferred) |
Shriram Finance Loan Against Property Fees and Charges
Shriram Housing Finance performs legal and technical verification of the property to ensure it is free from any disputes. Similarly, it verifies the documents submitted with the application form; all this is done by experts, and to help cover their services, the NBFC charges certain fees. Check out the Shriram Finance loan against property processing fees and other charges through the table displayed below:
| Processing Fee | Up to 2.5% of the loan amount + taxes |
|---|---|
| Prepayment Fee (Indivudla Borrowers) | Nil |
| CERSAI Charges | As per actuals |
| Stamp Duty | As per actuals |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Borrowers should compare LAP interest rates and processing fees with other lenders to ensure they secure the most cost-effective loan options. So, if you are thinking of getting a loan against property from Shriram Housing Finance, this careful comparison given below will help make an informed decision:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Shriram Finance | 12.50% p.a. - 14.00% p.a. | 2.5% of the loan amount + taxes |
| LIC Housing Finance | 9.50% - 11.55% p.a. | 1% of the loan amount |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Cholamandalam Housing Finance | 10.00% - 24.00% p.a. | 1% of the loan amount + GST |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
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Documents Required For Shriram Finance Loan Against Property
Shriram Housing Finance Ltd. asks for detailed documentation to validate the borrower’s identity, financial health, and property details, ensuring a secure and responsible lending process. Mentioned below are the updated list of Shriram Finance against property documents required from salaried and self-employed borrowers:
1. For Salaried Loan Applicants
- Identity Proof: PAN Card, Aadhaar Card, Passport, and so on
- Address Proof: Latest Electricity Bill, Latest Water Bill, Passport
Income/ Salary Proof: Latest ITR/ Form 16, Salary Slips for the last 3 months, Bank Account Statements for the last 3 months - Property Documents: Allotment Letter, Occupancy Certificate, Letter of Allotment, Permission for construction, Payment Receipts to the Builder or Seller, and so on
- Other Documents: Duly-filled Application Form affixed with 3 latest passport size photographs, Appointment Letter, Employer Identity Card
2. For Self-Employed Loan Applicants
- Identity Proof: Aadhaar Card, PAN Card, Passport, and Voter ID Card
- Address Proof: Latest Electricity Bill, Latest Water Bill, Passport
- Income Proof: ITR/ Form 16 for the last 3 years, Profit and Loss Account Statements and Balance Sheets for the last 3 years, Savings Account Statement/ Current Statement of the Business Entity for the last 3 to 6 months, Business Profile, Form 26AS
- Property Documents: Allotment Letter, Occupancy Certificate, Letter of Allotment, Permission for construction, Payment Receipts to the Builder or Seller, and so on
- Other Documents: Duly-filled Application Form affixed with 3 latest passport size photographs, Appointment Letter, Employer Identity Card, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
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Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Yes, self-employed individuals can easily apply for a loan against property with Shriram Housing Finance.
The current interest rates for the Shriram Housing Finance Loan Against Property start from 12.50% per annum onwards.
The maximum loan amount that one can get from Shriram Housing Finance as loan against property is up to Rs. 10 crores.
Yes, you can use Shriram Housing Finance’s Loan Against Property to repay a loan issued by another lender. This is typically done under a balance transfer scheme.
No, there is no tax rebate attached to the Shriram Housing Finance loan against properties under Section 80C of the Income Tax Act.
Shriram Housing Finance accepts residential and commercial properties as security for a loan against property. However, these must be from any disputes or encumbrances.