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 |
|---|---|
| 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.
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.
22-Jul-2021 |Home Loan Interest Rate
The home loan, as we all know, holds a pretty long tenure while it is paid back. Among the imperative elements of this loan is the rate of interest associated herewith. Now we will consider the two types of interest rates viz. Fixed and Floating Interest Rate:
Fixed Interest Rate Loan
In the Fixed Interest Rate Home Loan, the interest rate is affirmed prior to the time you go in for the loan. The equated monthly installments i.e. EMIs are fixed for the complete loan tenure if one chooses this interest rate. In case, even if there is a change in the Repo Rate or the market interest rate, this rate of interest would not change. Thus, you can easily calculate the amount of interest that is payable in the form of EMI in advance and accordingly plan the budget.
Floating Interest Rate
As far as floating rate loan is concerned, the change in Repo Rate changes the rate of interest here. It is the Reserve Bank of India that ultimately announces the policy rates, which affirms the Repo Rate. It may also be added that if the Repo Rate shoots up, then the home loan rate also follows suit and moves up. While, in case, the Repo Rate dips down, the home loan rate also comes down.
It may be mentioned that a change will be observed in the floating rate and this only depends on the conditions observed by the bank. The term used in this pretext is ‘reset’ and the bank informs the borrower about the frequency associated with the reset in loan application. As and when a change is observed in the rate of interest then either the EMI or the loan tenure shows a change.
What is Repo Rate?
Repo rate indicates the rate at which financial institutions borrow money by liquidating their securities to the Reserve Bank of India (RBI), in the event of funds shortage or other statutory measures. It’s an important tool for RBI to keep inflation rate under control.
How Do Floating and Fixed Interest Rate Loans Differ?
If at the time of applying for a loan, an individual thinks that the interest rates are low, he may go in for a fixed interest rate loan. This helps him to enjoy lower rate of interest and that too, valid for the entire loan tenure. On the other hand, if one thinks that the rate of interest may go down in the future, one can choose the loan with floating interest rate. Here, one can enjoy the benefits associated with this type of interest rate.
In the current pandemic situation, if you are planning to opt for a home loan then this is the best time to avail it, as the RBI repo rate has plunged to its lowest. You can opt for the fixed home loan interest rate.
27-Mar-2021 |Home Loan EMI Calculator
Here are the five benefits of the EMI calculator that would make things easier in making you pay your monthly payments towards your loan
Loans have become an important part of our lives. From buying a house, a car to managing children’s overseas education, we can’t do without loans. And, when we talk about loans, the word EMI (Equated Monthly Instalment) immediately comes to mind. EMI implies monthly amount payments we make towards a loan we opted for. An EMI calculator like a home loan EMI calculator is an online tool, easy to access, and enables you to calculate the amount you need to repay each month towards your loan. The EMI calculator factors three important aspects: the loan amount, number of months, and interest rate. An EMI is an amount that is payable by you every month to the lender in order to satisfy the principal and the accumulated interest.
Calculation much easier
The calculation makes the world go round. It is extremely important to calculate your EMI amount before completing all the formalities of the loan. Because everything hinges on calculation. So, if you are one of those customers who have applied for a loan, enter the loan amount, rate of interest, loan tenure and processing fee. The home loan calculator will do the necessary calculation and give you the EMI amount. The loan amount calculator will tell you how much you can borrow.
Access the calculator at home
The best thing about a calculator is that it can be accessed anytime and anywhere. You can use the calculator umpteenth number of times depending on your convenience. That is much better than paying a visit to the bank and figuring out complex mathematical calculations that might drive you crazy. If it’s not too much to ask, just access the internet at home and use the EMI calculator.
Less time consuming
If you are planning to rely on your manual calculations to work out the details of your loan amount and interest rates, better avoid this tedious route. Moreover, manual calculation is generally lengthy and time-consuming. It would test your patience at every step. Better go for a home loan calculator for EMI as it works smoothly and quite fast, displaying the results in the blink of an eye. Home loan planning involves proper calculations and so you can’t go wrong with the numbers. A home loan EMI calculator gives you the correct result, every single time.
Comparing loan offers of banks
When you go for a loan, the important thing that needs to be kept in mind is to compare the loan offers from different banks. Here, your EMI loan calculator would come in handy. You can find out the total cost of the loan along with the respective EMIs. As a result, you can easily choose the best loan option available that suits your requirement. Loan interest rates vary from lender to lender. Even a mere 0.04% difference in home loan interest rates can significantly impact the EMI amount.
Go for a Loan-specific EMI calculator
Using a loan-specific EMI calculator is much easier and makes your job that much smoother. In other words, one can use a different calculator for every type of loan be it one for education, home or car. The parameters for every loan may be basically the same, but there can be instances where you will need to use loan-specific EMI calculators. The suitability of the EMI calculator can be measured in terms of a particular loan and to be used for only the specific one.
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