Shinhan Bank India | Personal

Home loan

Shinhan Bank India Home Loans

Shinhan Bank India offers a customized home-buying experience with a lucrative interest rate. We provide you with the finance and hand-holding required to see you through the entire home-ownership process.

Enjoy easy & hassle-free loans for new or resale properties, balance transfer of existing housing loans, and repair or renovation of new or existing homes.

Benefits of availing a Home Loan from Shinhan Bank India

Doorstep service
Lucrative Rate of Interest
Home Loan Insurance
Personalized Banking Solutions
Simple Documentation

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Eligibility Criteria

Income Eligibility: CIBIL score should be a minimum of 700. The maximum EMI/NMI ratio is 75% (NMI*- Net Monthly Income). For calculating the EMI/NMI ratio, the EMI on all the existing loans availed by the borrower from Banks/Financial Institutions should be included. The eligible loan amount will be based on the rate of interest & tenor of the loan
*NMI- Net Monthly Income can be calculated as follows:
Salaried Employees - Simple average of last 3/6/9/12 months (whichever is higher) net salary (i.e., subtracting all deductions like Income Tax, Provident Fund, and Professional Tax from Gross Salary)
Self-Employed/ Professionals - Last two years' average Net monthly income as per Income tax return
Other case: If the Loan approval authority is satisfied with the source of income.

How to boost your Home Loan eligibility?

Adding an earning family member as a co-applicant
Ensuring a steady income flow, regular savings and investments
Maintaining month-end balances in your regular banking accounts
Furnishing details of your regular additional income sources and investments
Being well aware of the variable components of your salary
Timely repayments of existing obligations

*Turn Around Time for Home Loans shall be within 7 working days subject to submission of requisite documents and fulfillment of terms & conditions as per Bank's policy.

a) General Documents:

a) General Documents:
i. Duly filled Application form
ii. 1 passport size photos of applicant & co-applicants
iii. Proof of ID - Voter ID card/ Passport/ Driving License/ PAN Card/ Aadhar Card
iv. Proof of Residence
- Property tax receipts
- Utility Bills (Power Bill/Telephone Bill, etc.)
- Credit Card statement
- Income or Wealth Tax Assessment order
- Ration Card/ Valid Leave & License Agreement/ Lease Agreement
- Letter from employer

Statement of Bank Account/ Passbook for the 6 months (the statement should not be older than 1 month). If the applicant has existing loans, the latest 6 months' bank statement for such loan account is required.

b) Additional documents for Salaried Persons

Last 3 months salary slip
Employment continuity proof (Latest form no. 16/ Appointment letter/Income Tax return/Work experience certificate)- Any one of these
Copy of Income Tax return for last two financial years duly acknowledged by IT Department
Employment certificate / Confirmation letter – Any one of these

c) Additional documents for Professionals /Self-Employed

Proof of Business address
Copies of Income tax returns or assessment orders for last two years duly acknowledged by Income Tax Department
Financial Statements for the last two years duly certified by a Chartered Accountant

d) Property Documents

Registered original Agreement for Sale/ Purchase deed, original share certificate issued by the Housing society
Copy of approved plan & occupancy certificate
Original No Objection Certificate from the Housing society
Property Tax receipts
Possession certificate/letter from the seller
Original receipt of advance payment towards the purchase of flat/house

The above list is illustrative only, and applicants are required to submit all the additional documents as and when required by the Bank

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Loan Tenure

The housing loan tenor should be from 12 months to 360 months, subject to the age of the customer and the residual age of the property as per the assigned valuation agency

Interest Rate & Fees:

Interest rate, Base Interest rate, and Spread will be as per Operating Interest rate guidelines issued from time to time.

Interest Rate starts from 8.25%*
Processing fees Upto 1% plus Applicable GST
Penal Charges as mentioned in the Sanction Letter

*Terms & conditions apply

Valuation:

Loan To Value (LTV) ratio applicable under this Housing Loan Facility

Loan amount	LTV ratio
Upto 30 lakhs	90%
Above 30 lakhs to Rs 75 Lakhs	80%
Above 75 lakhs	75%

Note: LTV ratio is as per RBI Master circular guidelines on Housing Loans

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