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Home Loan: Apply for Housing Loan Online

Owning a home is a dream and in 2024 an easy home loan availability can make this dream a reality. In fact, purchasing own house is also one of the best investments in life. And competitive-interest rates, easy EMIs and quick loan processes have been encouraging more people to buy a house than ever before.

Nonetheless, purchasing a home needs a lot of research and planning like your preferred location and the selection of the best financial institutions that not only give you a best-interest home loan but also provides customised home loans as per your requirement. Aavas Financiers Ltd. is one of those best home loan financial institutions that provide an affordable housing loan. Besides that, it also offers a number of other benefits like speedy approval, easy process, flexible long tenure, competitive interest rates, easy EMI along with minimum paperwork, and fast online services.

Features of Aavas Home Purchase Loan

Aavas Home Purchase Loan is a financial product designed to help individuals purchase residential properties, including flats, houses, and bungalows.Here's a detailed explanation of its key features:

1.Home Purchase Loan for Various Property Types : Aavas Home Purchase Loan is versatile and can be used to finance the purchase of residential properties. This includes properties from builders or Development Authorities, as well as resale properties. Borrowers can choose the property that best suits their needs.

Benefits of Home Loan-

A home loan provides numerous benefits to those who wish to enjoy the homeownership. Following are a few significant benefits of home loans:

1. Homeownership: The primary and significant advantage of a home loan is that it supports individuals in fulfilling their dreams of becoming homeowners. Because of the absence of a substantial amount of money, many individuals fall behind in affording a home. To spread this cost into an extended period, there are available home loans.

Home Loan Application Process-

The home loan application process has various steps that individuals need to follow while they apply for a home loan. The steps of a home loan application process include the following –

· Budget Considerations-

Before you apply for a home loan, it is necessary to analyze your budget and how much monthly EMI you can afford in consideration of the fixed monthly expenses, income, and other financial obligations.

Eligibility Criteria For Home Loan

Anyone fulfilling the below criteria is eligible for a home loan from Aavas.

Home loan eligibility defines the criteria used by financial institutions to evaluate whether a home loan applicant is eligible for a home loan and, if so, how much they can borrow from the lender. The Home loan eligibility eligibility criteria can vary for each financial institution. However, the home loan eligibility criteria are typically based on certain aspects including credit score, current financial obligations, monthly income, and the borrower's age. It is necessary to have an in-depth understanding of these criteria as they hold significant importance when apply for a home loan, as they can directly impact the terms and approval of the home loan.

Nationality Resident of India
Maximum Loan Tenure 30 Yrs
Employment Salaried or Self-employed
Work Experience 1 Years or more

Home loan eligibility depends on factors like age, Income, Tenure and CIBIL score. Check your loan eligibility with the help of our easy to use Home loan eligibility calculator.

Documents Required for Home Loan

The documents required for a home loan play a significant role in the home loan application process. The documents are considered the key evidence for validating the financial stability and identity of the borrower, as well as the legal standing of the property. The key ingredients included in the documents required for a home loan comprise property documents, identity proof, proof of income, address proof, and other documents. The financial institutions need these documents for assessing the borrower’s eligibility and reducing the overall risks. The accuracy and completeness of the documents are crucial for a seamless home loan application process and approval.

Identity Proof

Your PAN Card is mandatory, and any one of these:

  • Passport
  • Voter ID
  • Aadhaar Card
  • Driving License
Address Proof
  • Passport
  • Voter ID
  • Aadhaar Card
  • Electricity bill/ water bill/ telephone bill
  • Driving License
Proof of Income
  • Salary Slips/Bank Statement/Form 16
  • Salary Certificate
Other Documents
  • Signed Application Form with Picture
  • Cheque For Processing Fee
  • Bank Statement of Last 6 Months
Property Documents
  • Title Deeds of the Property
  • Proof of No Encumbrances on the property
Identity Proof

Your PAN Card is mandatory, and any one of these:

  • Passport
  • Voter ID
  • Aadhaar Card
  • Driving License
Address Proof
  • Passport
  • Voter ID
  • Aadhaar Card
  • Electricity bill/ water bill/ telephone bill
  • Driving License
Proof of Income
  • IT Returns and/or Financial Statements of last 3 years And/or
  • Informal Income Documents
Other Documents
  • Signed Application Form with Picture
  • Cheque For Processing Fee
  • Proof of business existence
  • Bank Statement of Last 6 Months
Property Documents
  • Title Deeds of the Property
  • Proof of No Encumbrances on the property

Note 1: For a full list of KYC documents, visit your nearest Aavas Financiers’ Branch.
Note 2: Make sure all your documents are valid (not past expiry date in case of Driving License and Passport)


Identity Proof

Identity proof is one of the most important documents required for home loan as it helps establish a person’s identity. Certain documents can be submitted as identity proof at the time of the home loan application process such as an Aadhaar Card, Voter ID card, Passport, and Driving License. It is necessary to present this identity proof to the financial institution when you apply for a home loan.


Address Proof

The address proof is the next significant document in the key documents required for home loan after identity proof. This address proof helps the financial institution to verify the residential address of the loan applicant. There are certain documents that can be submitted as address proof such as an Aadhaar Card, Voter ID card, Passport, and utility bills like telephone bills, water bills, or electricity bills. To make the application process faster and seamless, proofs such as identity proof and address proof must be correctly submitted.


Income Proof / Proof of Income

For any sort of financial transaction, one of the key documents that is required is income proof. To avail a home loan, it is necessary for a loan applicant to provide proof of income. Certain documents that can be submitted and are considered valid for proof of income include salary certificates, salary slips, FORM 16, and bank statements. Not limited to one, the loan applicant is required to submit a variety of income proofs to expedite the loan process. This document holds significant importance as the financial institution needs to check and verify the creditworthiness of the applicant. Thus, these documents are mandatory in the home loan application process.


Property Documents

For a home loan, one of the most crucial documents is the property papers. It comprises the No-encumbrances proof and the title deed. These documents are essential for accelerating your home loan application process and for confirming a clear legal status for the property.


Other Documents

In the documents required for home loan, certain additional documents may be needed depending upon individual to individual. These other documents comprise an application form with attached photograph, bank statements, cheque, etc.

Click to get more details about the Documents Required for Home Loan

Tips to consider while applying for home loans

A home loan helps you fulfill your dream of owning a residential property and at the same time, you enjoy benefits like asset building, tax benefits, easy-to-pay monthly EMIs, and many more. Let’s discuss some tips that can help you while applying for a home loan:

Some Interesting Facts on Home Loan

  • As many as 53.24 % of total applicants were for a Home Loan with Aavas in the last 30 days.
  • Rajasthan has witnessed a notable hike in the number of people looking for a housing loan.
  • Applicants with the avg. age of 42 years was the most active age group to apply for a home loan.
  • 20.08% of home loan applicants were women, who want to have their first home.
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Frequently Asked Questions (FAQs) for Home Loan

A home loan is an amount borrowed from any organization for the purpose of purchasing a home.

An individual can get a home loan after following 4 easy steps-

  • Fill up the application form
  • Submit the required documents such as land documents, age and residence proof and income details.
  • On successful submission of the application, deposit the processing fee
  • After loan approval, you will get the required home loan.

Please refer to our Home loan EMI calculator, which helps you to calculate EMI online.

It depends on your earnings and credit history. The more is your yearly earning the more home loan you can get and if you have a good credit history; it will be easy to get the required loan from a bank.

Applicant with a housing loan can get benefits and exemptions in income tax under Section 24 or Section 80C of the Income Tax Act. You can get Rs. 2, 00,000/ under section 24 for interest amount paid and up-to Rs. 1, 50,000/ for principal amount paid in one financial year.

Home loan repayment starts after the construction of home has been started or within one month of loan amount disbursal.

No lender is permitted to offer 100% home financing as per the RBI guidelines. You need to bear some proportion as a down payment as well.

Home loans available in India are:

  • Home loan
  • Home construction loan
  • Loan for plot/land purchase plus construction loan
  • Loan against property
  • Home loan balance transfer
  • Home repair & renovation loan

Aavas Financiers Ltd. is one of those best home loan financial institutions that provide an affordable housing loan. Besides that, it also offers many other benefits such as speedy approval, easy process, flexible long tenure, competitive interest rates, easy EMI along with minimum paperwork, and fast online services.

Call us on Toll free number - 1800-20-888-20 or apply for home loan online on website.

Once the disbursement cheque is created and you receive the loan amount, your home loan EMI will start.

All co-owners of the property are also the co-applicants to the house loan. Usually, co-applicants are close family members.

The tenure of a home loan generally varies from 3 to 30 years.

Ratings and Reviews

Ashok Gupta
5/5

नमस्कार! मैंने आवास से होम लोन लिया है ।  मेरा लोन आवेदन महज 5 दिन में स्वीकृत हो गया। इसमें  मेरी आवास कि टीम के ब्रांच मैनेजर, ब्रांच हेड और क्रेडिट मैनेजर ने मेरी मदद करी और मैं उनका आभार व्यक्त करता हूं।  मैंने अपना होम लोन का आवेदन अन्य बैंकों में भी दिया था, लेकिन मुझे बहुत निराशा हुई। मगर आवास के साथ मेरा अनुभव बहुत ही अच्छा रहा। आवास होम लोन के साथ जुड़ने के लिए मैं बहुत आभारी हूं। मुझे काफी सपोर्ट मिला और मैं धन्यवाद व्यक्त करता हूँ।  धन्यवाद। 

Yogendra Singh Gour
5/5

Best home loan company in India, Disbursement process is very fast ...
Thanks to Aavas

Divesh Sharma
5/5

Great company with a smooth loan process. Customer service is up to the mark.

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