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India Shelters Home Loan Eligibility Calculator

India Shelters Home Loan Eligibility in India 2021

Last Updated 22nd Jun 2021

Eligibility CriteriaIndia Shelters Home Loan
Eligible Age of Borrower21 - 60 years
Minimum Eligible Income ₹ 10,000 and above
  • India Shelters home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • India Shelters calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from India Shelters by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

India Shelters Home Loan Eligibility

India Shelters offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. India Shelters housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

India Shelters Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum age limit to get India Shelters home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. India Shelters offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

India Shelters Home Loan Eligibility based on Salary

  • Net income: Your net monthly income determines how much India Shelters home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.70% offered by India Shelters, the loan amount that you will be eligible for would be ₹ 22,65,267 to ₹ 29,51,631 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 45,30,534 to ₹ 59,03,262 for the same property at the same rate depending on your age at the time of loan application. However, India Shelters asks for a net monthly income of ₹ 10,000 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years29.52 Lakh44.27 Lakh59.03 Lakh
30 years29.52 Lakh44.27 Lakh59.03 Lakh
35 years29.52 Lakh44.27 Lakh59.03 Lakh
40 years29.52 Lakh44.27 Lakh59.03 Lakh
45 years27.08 Lakh40.62 Lakh54.16 Lakh
50 years22.65 Lakh33.98 Lakh45.31 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your India Shelters home loan eligibility.

  • Nature of employment: India Shelters will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. India Shelters requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility India Shelters based on Value of Property

  • Value of property: India Shelters does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the India Shelters's legal team.

The housing loan eligibility calculator of India Shelters can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for India Shelters Home Loan

  • CIBIL Score: India Shelters considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from India Shelters However, low CIBIL score reduces your chances to get a home loan. India Shelters requires a minimum credit score of 650 to be eligible for a home loan.

India Shelters Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by India Shelters to determine your home loan eligibility. India Shelters considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for India Shelters home loan is 0.65. Calculate your eligibility with India Shelters home loan calculator and apply for eligible loan amount hassle free.

India Shelters Home Loan for Women Eligibility

India Shelters offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my India Shelters Home Loan Eligibility ?

To check India Shelters home loan eligibility perform the following steps:-

  • Go to the India Shelters website
  • Now navigate to the option India Shelters home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number .

Other Loan Calculators

FAQs

What is the criteria to get India Shelters home loan?

The basic criteria to get a home loan from India Shelters are as following:

Age21 - 60 years
Income ₹ 10,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from India Shelters?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from India Shelters?

The minimum salary required to avail home loan from India Shelters is ₹ 10,000.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in India Shelters.

Is India Shelters good for home loan?

The lowest interest rate provided by India Shelters is 12.00% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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