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Owning a home is a dream and in 2023 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.
2. Loan Amount Flexibility : Aavas offers a minimum loan amount starting from Rs 1 Lakh, allowing borrowers to tailor their loans to their specific property and financial requirements.
3. Attractive Interest Rates : The interest rate on a home loan is a critical factor for borrowers. Aavas Home Loan provides competitive and attractive interest rates, helping borrowers reduce the cost of financing their dream home.
4. Flexible Tenure Options: Borrowers can choose a suitable loan tenure based on their employment status:
• Salaried Customers (from government/PSU/Private sector): Enjoy a maximum loan tenure of up to 30 years, which provides the convenience of lower equated monthly installments (EMIs).
• Other Salaried Customers: Have the option of a 25-year tenure.
• Self-Employed Customers: Can avail of a maximum tenure of 20 years, allowing flexibility in loan repayment.
5. Wide Range of Eligible Properties: Aavas Home Loan can be used to finance properties from various sources, including:
• Development Authority: Properties developed by government or private development authorities.
• RERA Approved Flats: Properties that comply with the Real Estate (Regulation and Development) Act, ensuring transparency and protection for homebuyers.
• Municipal Corporation/Nagar Palika: Properties located in municipalities or urban areas.
• Freehold: Properties with full ownership rights and no legal encumbrances.
• Gram Panchayat: Rural properties in gram panchayat areas.
6. Integrated Branch Network: Aavas has an extensive branch network that facilitates loan servicing. Borrowers can conveniently visit a nearby branch for inquiries, loan repayments, or any other assistance related to their home loan.
Additional Information:
• Home Loan Interest Rate: The specific interest rate for Aavas Home Loan may vary depending on factors such as the loan amount, loan tenure, and the borrower's creditworthiness. Applicants should inquire about the current interest rates when applying for the loan.
• EMI Calculator: To help borrowers plan their finances, Aavas provides an online free home loan EMI calculator tool. This calculator allows borrowers to estimate their monthly EMIs based on the loan amount, interest rate, and tenure.
Aavas Home Loan offers a range of features to make homeownership more accessible and affordable. With flexible loan amounts, competitive interest rates, and varied tenure options, it provides borrowers with the financial support they need to purchase their dream home, whether it is a new property from a builder or a resale property.
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 age, Income, Tenure and CIBIL score. Check your loan eligibility with the help of our easy to use Home loan eligibility calculator.
Your PAN Card is mandatory, and any one of these:
Your PAN Card is mandatory, and any one of these:
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)
Click to get more details about the Documents Required for Home Loan
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:
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An individual can get a home loan after following 4 easy steps-
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:
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.
