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 but also provides customised as per your requirement. Aavas Financiers Ltd. is one of those best home loan financial institutions that provide an . 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
● We offer purchase loan for flat, house or bungalow from builders or Development Authorities as well as resale properties
● Loan amounts starting Rs 1 Lakh
● Attractive interest rates
● Tenure of up to
o 30 years for salaried customers (from government/ PSU/ Private sector) with more than ₹ 35,000/Month
o 25 years for other salaried customers
o 20 years for self-employed customers.
● We are a perfect partner for your preferred property, which may be:
o Development Authority
o RERA Approved Flats
o Municipal Corporation/Nagar Palika
o Freehold
o Gram Panchayat
o Housing loans for purchasing property from different authorities
o Home loans for construction on a plot allotted
o Doorstep guidance from our executives
o Home loans can be availed in 11 states.
● Integrated branch network that facilitates loan servicing at a branch convenient to you.
Anyone fulfilling the below criteria is eligible for a home loan from Aavas.
| Nationality | Resident of India |
|---|---|
| Age | 21-65 Yrs |
| Maximum Loan Tenure | 30 Yrs |
| Employment | Salaried or Self-employed |
| Work Experience | 1 Years or more |
Home loan eligibility depends on factors like one's nationality, CIBIL Score, employment and such. Check your loan eligibility with the help of our easy to use Home loan eligibility calculator.
| Application form | Duly filled by the applicant along with 2 passport size photos |
|---|---|
| Proof of identification | Driving license, Voter id card, PAN card, Aadhar card, Passport |
| Age proof | Driving license, Voter id card, PAN card, Aadhar card, Passport, Class 10th marksheet, Birth certificate |
| Residence proof | Driving license, Voter id card, PAN card, Aadhar card, Passport, Bank passbook, utility bills |
| Income statement | Bank passbook, IT returns of last 3 years, Payslip of last 2 months, Certified letter from the employer, Form 16 |
| Property papers | Original documents against which the loan is to be taken |
To get more details about the Documents Required for Home Loan Click Here
Before Aavas empowered us to purchase a good home, we used to live in a one-room house at the community which wasn't conducive to the overall growth of the kids. In fact, even our friends and relatives very reluctant to come and stay with us. Now I have a 2 BHK home, where my kids can study without disturbance, they have ample place to play in the neighbourhood. And now even friends visit us more often. Thanks Aavas for giving us the home loan.
Rahul from GujaratWhat is home loan?
A home loan is an amount borrowed from any organization for the purpose of purchasing a home.
How do I apply for a Home Loan?
An individual can get a home loan after following 7 steps-
How much home loan can I get?
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.
How is EMI of Home Loan calculated?
EMI of home loan is calculated on the basis of the Home loan amount which includes the interest charged by the financial institution divided by the tenure for which the loan is taken. Our Home loan EMI calculator helps you to calculate EMI online.
Is there any tax benefit available on Home Loans?
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.
Which factors affect your home loan eligibility?
The following factors affect the home loan eligibility-
When does the loan repayment period start?
Home loan repayment starts after the construction of home has been started or within one month of loan amount disbursal.
What do you understand by floating/fixed rate of interest in Home Loan?
Housing loan interest are of two types- fixed and floating. The interest that fluctuates according to the market situation is called floating interest rate. When the EMI is fixed throughout loan tenure, is known as the fixed interest rate.
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