Home Renovation Loan at Shree Krishna Finance Raipur
Shree Krishna Finance offers Home Renovation Loan in Raipur with several benefits that cater to the needs of borrowers. Here are the advantages of applying for a Home Renovation Loan from Shree Krishna Finance:
No Collateral Required: Shree Krishna Finance provides unsecured loans, eliminating the need for collateral or guarantors. This simplifies the loan application process.
Digital Documentation: The entire loan application process is paperless, saving you time and effort. You can complete the application online, making it convenient and hassle-free.
Low Credit Score Loans: Shree Krishna Finance considers applicants with a minimum CIBIL score of 600, making Home Renovation Loans accessible to a wider range of individuals.
Flexible Tenure Options: You have the flexibility to choose a loan tenure ranging from 12 months to 60 months, based on your eligibility and repayment capacity.
Affordable Interest Rates: Shree Krishna Finance offers competitive interest rates, starting from as low as 1.33% per month. This ensures that your loan is more affordable and manageable.
Flexible Loan Amount: Depending on your eligibility, you can borrow a loan amount ranging from Rs. 5,000 to Rs. 5 lakh, allowing you to meet your specific financial requirements.
Quick Eligibility Check: Shree Krishna Finance provides a quick eligibility check on their website, allowing you to determine your eligibility for a Home Renovation Loan within just 2 minutes.
24-Hour Disbursal: Once the loan agreement is signed, and auto-debit is activated, you can expect to receive your loan amount within 24 hours in most cases, ensuring swift access to funds.
By offering these benefits, Shree Krishna Finance aims to provide a seamless and efficient Home Renovation Loan experience to the residents of Raipur.
House Renovation Loan Eligibility
Loan eligibility is primarily dependent on income and repaying capacity. Other important factors include the customer’s profile, age at loan maturity, age of property at loan maturity, investment and savings history etc.
| Important Factor | Criteria |
|---|---|
| Age | 18-70 years |
| Profession | Salaried / Self Employed |
| Nationality | Resident Indian |
| Tenure | Up to 15 years |
Classification Of Self Employed
| SELF-EMPLOYED PROFESSIONAL | SELF EMPLOYED NON-PROFESSIONAL (SENP) |
|---|---|
| Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Engineer, Company Secretary etc. | Trader, Commission Agent, Contractor etc. |
How does adding a co-applicant benefit? *
*All co-applicants need not be co-owners. But all co-owners need to be co-applicants to the loans. Generally, co-applicants are close family members.
Maximum Funding**
| Existing Customer | |
|---|---|
Loans up to and including ₹30 lacs | 100% of the renovation estimate (subject to loan / total exposure not exceeding 90% of the market value of the property as assessed by HDFC Bank) |
Loans from ₹30.01 lacs to ₹75 lacs | 100% of the renovation estimate (subject to loan / total exposure not exceeding 80% of the market value of the property as assessed by HDFC Bank) |
Loans above ₹75 lacs | 100% of the renovation estimate (subject to loan / total exposure not exceeding 75% of the market value of the property as assessed by HDFC Bank) |
| New Customer | |
|---|---|
Loans up to and including ₹30 lacs | 90% of the renovation Estimate |
Loans from ₹30.01 lacs to ₹75 lacs | 80% of the renovation Estimate |
Loans above ₹75 lacs | 75% of the renovation Estimate |
Documents
For loan approval, you need to submit the following documents for applicant / all co-applicants along with the completed and signed home loan application form.
IDENTITY AND RESIDENCE (KYC)
INCOME DOCUMENTS
PROPERTY RELATED DOCUMENTS
OTHER REQUIREMENTS
| A | Sr.No. | Mandatory Documents | ||
|---|---|---|---|---|
| 1 | PAN Card or Form 60 (If the customer does not have a PAN Card) | |||
| B | Sr.No. | Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name & current address of Individuals*[Any one of the following documents can be submitted] | Identity Proof | Address Proof |
| 1 | Passport, the validity of which has not expired. | |||
| 2 | Driving license which has not expired. | |||
| 3 | Election /Voters identification card | |||
| 4 | Job card issued by NREGA duly signed by the officer of the State Government | |||
| 5 | Letter issued by the National Population Register containing details of name, address. | |||
| 6 | Proof of possession of Aadhaar Number (to be obtained voluntarily) |
INCOME DOCUMENTS
| Document | Salaried | Self Employed Professional | Self Employed Non Professional |
|---|---|---|---|
| Last 3 months' Salary Slips | |||
| Last 6 months' Bank Statements, showing salary credits | |||
| Latest Form-16 and IT returns | |||
Income Tax Returns along with computation of income for at least the last 2 Assessment Years (of both the individual and the business entity and attested by a CA) | |||
At least the last 2 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules (of both the individual and the business entity and attested by a CA) | |||
Last 12 months' Current A/c Statements of the business entity and Savings Account Statements of the individual |
PROPERTY RELATED DOCUMENTS
DocumentSalariedSelf Employed ProfessionalSelf Employed Non Professional
All original Title Deeds of the property
Proof of no encumbrances on the property
An estimate of the proposed work from an Architect / Civil Engineer
OTHER REQUIREMENTS
| Document | Salaried | Self Employed Professional | Self Employed Non Professional |
|---|---|---|---|
Own Contribution Proof | |||
Employment Contract / Appointment Letter in case current employment is less than year old | |||
Last 6 months' Bank Statements showing repayment of any ongoing loans | |||
Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across. | |||
| Cheque for processing fee favouring HDFC Bank | |||
Business Profile | |||
Latest Form 26 AS | |||
List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company | |||
Memorandum and Articles of Association of the Company | |||
Partnership deed in case of the business entity being a partnership firm | |||
Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc. |
Fees and Charges for Home Renovation Loan from Shree Krishna Finance
When you think about applying for a Home Renovation Loan, the most important thing is the interest rates and the other fees involved. Check out this table to know more-
Interest Rates
All rates are benchmarked to Policy Repo Rate. Current applicable Repo Rate = 6.50%
| Standard Rates for Professionals & Non-Professionals | |
|---|---|
| Loan Slab | Home Loan Interest Rates (% p.a.) |
| For All Loans* | Policy Repo Rate + 1.90% to 2.50% = 8.40% to 9.00% |
How to Apply for a Home Renovation Loan
Applying for a Home Renovation Loan from Shree Krishna Finance in Raipur is a straightforward process. Here are the steps involved:
Step 1: Check Eligibility:
Visit the Shree Krishna Finance website and provide the necessary details to check your eligibility for the loan. This process usually takes just 2 minutes.
Step 2: Select Loan Tenure:
Once you are eligible, choose the desired loan amount and select a repayment tenure that suits your needs from the options provided.
Step 3: Upload Documents:
Upload the required documents as specified by Shree Krishna Finance.
Step 4: Amount Disbursed:
After your documents are verified and the loan agreement is signed, Shree Krishna Finance will disburse the loan amount into your bank account. In most cases, you can expect the funds to be credited within 24 hours.
Equerry Form
Please Fill out the Form Below
For More Details Contact With Us
For more details and further inquiries, please don’t hesitate to contact us. Our dedicated team at Shree Krishna Finance is here to assist you and provide the necessary information you need.
Frequently Asked Questions.
- The applicant’s age should be between 21 and 57 years.
- Income should be credited directly to their bank account.
- Minimum monthly income requirement is Rs. 13,500 for salaried individuals and Rs. 15,000 for self-employed individuals.
- CIBIL score should be above 600 or Experian score should be above 650.
You can check your eligibility within 2 minutes by visiting the Shree Krishna Finance website and providing the required details.
No, Shree Krishna Finance provides unsecured loans, so no collateral or guarantor is required.
- The loan amount ranges from Rs. 5,000 to Rs. 5 lakh, depending on your eligibility.
- You can choose a loan tenure from 12 months to 60 months, based on your eligibility and repayment capacity.
Once your documents are verified and you have signed the loan agreement, the loan amount is typically disbursed within 24 hours.