In 2023, owning a home is not just a dream but a real possibility, thanks to easy home loan availability. Purchasing your own house is a significant investment in your life, and with competitive interest rates, convenient EMIs, and quick loan processing, more people are realizing this dream than ever before.
However, buying a home involves thorough research and planning, such as choosing your ideal location and selecting the best financial institution. You need one that not only offers a competitive interest rate but also provides customized home loans tailored to your specific requirements.
Aavas Financiers Ltd. is among the top institutions that offer affordable housing loans, with numerous other benefits like speedy approval, a straightforward application process, flexible tenure options, competitive interest rates, easy EMIs, minimal paperwork, and efficient online services.
In this article we will explain the details of Aavas Home Loan including all the details such as Features of Aavas home loan, Aavas home loan interest rate, Aavas home loan document required and Aavas home loan cutomer care.
Features of Aavas Home Loan
Aavas Home Loan is designed to help individuals purchase residential properties, including flats, houses, and bungalows. Here are the key features that make it an excellent choice:
- Home Purchase Loan for Various Property Types: Aavas Home Purchase Loan is versatile and can be used to finance the purchase of residential properties, whether they are from builders or Development Authorities or resale properties. This means borrowers can choose the property that best suits their needs.
- 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.
- 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.
- 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, providing 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.
Aavas Home Loan Benefits
- Home loans can be applied online in a few simple steps.
- Attractive interest rates make financing your dream home more affordable.
- Housing loans are available for purchasing property from different authorities.
- Doorstep guidance from executives.
Eligibility Criteria For Home Loan
Anyone fulfilling the below criteria is eligible for a home loan from Aavas:
- Nationality: Resident of India
- Maximum Loan Tenure: 30 Years
- Employment: Salaried or Self-employed
- Work Experience: 1 Year or more
Home loan eligibility depends on factors like age, income, tenure, and CIBIL score.
Documents Required for Home Loan
For Salaried People
Identity Proof: Your PAN Card is mandatory, and any one of these:
- Passport
- Voter ID
- Aadhar Card
- Driving License
Address Proof: You can provide any one of the following:
- Passport
- Voter ID
- Aadhar 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
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).
For Self Employed People
Identity Proof: Your PAN Card is mandatory, and any one of these:
- Passport
- Voter ID
- Aadhar Card
- Driving License
Address Proof: You can provide any one of the following:
- Passport
- Voter ID
- Aadhar Card
- Electricity bill/ water bill/ telephone bill
- Driving License
Proof of Income:
- IT Returns and/or Financial Statements of the last 3 years
- 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).
Tips to Consider While Applying for Home Loans
A home loan helps you fulfill your dream of owning a residential property while enjoying benefits like asset building, tax benefits, easy-to-pay monthly EMIs, and many more. Here are some tips to keep in mind when applying for a home loan:
- It is essential to check how much your monthly EMI would be. Use an online home loan EMI calculator to estimate your monthly EMI based on the loan amount.
- Before you apply for a home loan, make sure you meet the eligibility requirements. Use the home loan online eligibility calculator to check.
- Check the home loan interest rate before applying. This will help you make a better decision based on your financial planning.
- Collect all the essential documents required for a home loan beforehand. This will save time and avoid unnecessary delays.
Interesting Facts on Home Loan
- As many as 53.24% of total applicants applied for a Home Loan with Aavas in the last 30 days.
- Rajasthan has witnessed a notable increase in the number of people seeking a housing loan.
- Applicants with an average age of 42 years were the most active age group applying for a home loan.
- 20.08% of home loan applicants were women looking to have their first home.
Aavas Home Loan Customer Care
Toll Free – 1800-20-888-20
FAQ
How long does it take to get a home loan approval from Aavas?
The approval process is speedy, and it typically takes a few days to receive a decision.
What is the maximum loan amount I can get with Aavas Home Loan?
Aavas offers a minimum loan amount starting from Rs 1 Lakh, but the maximum amount depends on your financial requirements and the property you choose.
Are there any tax benefits associated with Aavas Home Loan?
Yes, Aavas Home Loan offers tax benefits under various sections of the Income Tax Act. Consult with Aavas for detailed information.
Can I apply for a home loan if I’m self-employed?
Yes, Aavas Home Loan is available to both salaried and self-employed individuals.
Is there any prepayment penalty for Aavas Home Loan?
Aavas offers prepayment options without any penalty. You can pay off your loan early if you wish.
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