Shriram Housing Finance Loan Against Property

Shriram Housing Finance Loan Against Property Highlights 2024
Interest Rates	Depends on the credit profile of the borrower, loan amount, tenure and property features.
Loan Amount	Rs 1 lakh – Rs 10 crore
Tenure	Up to 25 years (subject to the individual’s retirement age)
Processing Fees	Up to 2.5% of loan amount plus applicable taxes

Note: Data as of 5th November 2024

Shriram Housing Finance Loan Against Property Interest Rates

The Shriram Housing Finance Loan Against Property interest rates would primarily depend on their credit profile, loan amount, tenure and various property features such as their type, condition and location.

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

Shriram Housing Finance Loan Against Property Fees and Charges

The fees and charges for Loan Against Property levied by Shriram Housing Finance is mentioned below:

Processing Charges

Particulars	Rates
Processing Fees	Up to 2.5% of loan amount plus applicable taxes

Prepayment Charges

Particulars	Rates
Prepayment Charges	Nil (for individual borrowers)

Types of Shriram Housing Finance Loan Against Property

The different types of Shriram Housing Finance LAP schemes are as follows:

Loan Against Property (Residential)

• Purpose: Individuals can raise loans against their residential property to fulfil personal requirements related to marriage, health, education, etc.
• Loan Amount: Rs 1 Lakh – Rs 10 Crores
• Tenure: Up to 25 years

Loan Against Property (Commercial)

• Purpose: Individuals can raise loans against commercial property to fulfil professional requirements related to purchase of office space.
• Loan Amount: Rs 1 Lakh – Rs 10 Crores
• Tenure: Up to 25 years

Shriram Housing Finance Loan Against Property Eligibility Criteria

The Loan Against Property Eligibility Criteria for availing Shriram Housing Finance LAP are as follows:

• Salaried individuals, self-employed professionals or non-professionals or non-individual entities are eligible for availing Shriram Housing Finance Loan Against Property.
• Age: 24 – 70 years (at the time of your LAP’s completion)
• Work Experience: 2 years (for salaried individuals) and 3 years (for self-employed individuals)
• Remuneration: Minimum Rs 30,000 per month (for salaried individuals)

Documents Required for Shriram Housing Finance Loan Against Property

The Loan Against Property documents required for availing Shriram Housing Finance LAP are mentioned below:

Proof of Identity

• Ration card
• Driving license
• Passport
• Voter’s ID card
• PAN card
• Employee ID
• Bank passbook

Proof of Age

• Birth certificate
• PAN card
• Bank passbook
• 10th class mark sheet
• Passport
• Driving License

Proof of Address

• Voter’s ID
• Bank account or Bank passbook statement
• Passport
• Ration card
• LIC policy/receipt
• Utility bill (electricity, telephone, gas, water) – less than 2 months old
• Letter verifying the customer’s residence address from a recognized public authority

Income Documents (For Salaried – any one of the following)

• Certified letter from the employer
• Form 16
• Promotion letter
• Pay slip of Last 2 months, Promotion or Increment Letter
• IT returns for 3 years
• Investment proofs for shares, fixed deposits, etc.
• Passport size photographs

Income Documents (For Self-Employed or business person – any one of the following)

• Profit & Loss account and Balance Sheet of the firm (of last 2 years – duly attested by Chartered Accountant)
• Income tax returns along with computation of income (of last 3 years – duly attested by Chartered Accountant)
• Passport size photographs
• A brief introduction of business/profession
• Certificate of establishment under Factories Act/Shops and Establishments Act
• Photocopy of Registration
• Photocopy of Registration Certificate for the deduction of Profession Tax
• Advance tax payment receipts (if any)
• Certificate of Practice

Property Documents

• Sale deed and Agreement of Sale with builder (original copy)
• Paid receipts of Land and building tax, possession certificate, location sketch of property certified by revenue authorities
• Letter of allotment given by Housing Board/Private builder/Society
• Original receipts of advance payments made towards purchase of flat
• Approved copy of building plan (floor plan/key plan for purchase of flats)
• Original of the land tax paid receipt and possession certificate as issued by the revenue authority
• Original No objection certificate (NOC) from the builder or housing society
• Detailed estimate of construction cost for the house
• Letter from the society/builder/housing board, stating their bankers’ name and account number for remittance of instalments

KYC documents

• For Salaried: Self-attested copies (any one of the following):
  • Salary slips of latest 2 months
  • Salary credits in bank for last 6 months (cash salaries not allowed)
  • Form 16 of latest 1 year (not mandatory for non-taxable income)
• For Self-employed:
  • ITR of latest 2 years (along with financials)
  • Director/Audit reports in case of companies
  • MOA-AOA/Partnership Deed/Share holding pattern/List of Directors
  • Latest 6 months business banking statement (Current Account/Overdraft/Cash Credit)