Aavas Financiers Limited Home Loan

Types of Aavas Financiers Home Loan

Aavas Financiers offers three types of loan options to meet the requirements of all customers.

Aavas Financiers Home Loan:

This loan is for purchasing a row house, bungalow or flat from approved developers. This loan can also be utilized to purchase a freehold property and properties in an existing or proposed apartment owner’s association or cooperative housing society.

Home Improvement Loans:

With Aavas Financiers Home Improvement Loans, you can make external and internal repairs, structural improvements and more to improve your quality of living. The loan amount can be utilized for terrace waterproofing, borewell, construction of water tanks, paving of compound wall, roofing, electrical & plumbing tasks, external and internal painting and for grills and aluminium windows.

Home Renovation Loan:

You can renovate your house according to your taste with Aavas Home Renovation Loans.

Rural Housing Loans:

Aavas Financiers offers rural housing loans for purchase of a new home, home extension, renovation & improvement of home and construction of a house on a plot in rural areas.

Rural Housing for Agriculturists:

Specially crafted to meet the home loan requirements of agriculturists in rural areas, Aavas Financiers rural home loans for agriculturists will enable constructions of houses in a residential area of their village. Also, loans are offered for buying a house or a flat in a city of their choice. This loan is offered for dairy farmers, horticulturists, planters, and farmers.

Rural Housing Loans for Self-Employed and Salaried:

Aavas Financiers also offers home loans in rural areas for self-employed professional & businessmen and also for salaried people.

Features and Benefits of Aavas Financiers Home Loan

The following benefits and features offered by Aavas Financiers Home Loans make it a product in demand at the financial market.

• High Loan QuantumAavas Financiers offers up to 75% of the cost of the property, including the land cost. The maximum loan amount is decided by the repayment capacity of the customer. For home loans and home renovation loans, 75% of the estimated cost is offered as the loan subject to the market value of the property and subject to valuation of property by Aavas Financiers
• Repayment TermAavas Financiers home loans come with a maximum repayment term of up to 15 years. However, this is subject to the retirement age of the applicant.
• Flexible Repayment OptionsBorrowers can repay the loan as affordable Equated Monthly Instalments (EMI) which is calculated based on the loan amount, tenure and interest rate. Customers can make the EMI payment through Electronic Clearing System (ECS) or Post Dated Cheques (PDCs).
• SecurityFor Aavas Financiers home loans, the first mortgage of property that is finance by deposit of title deeds or such documents is taken as security. Other collateral security is taken if necessary.
• Hassle-Free Loan ExperienceWith features like easy documentation, friendly customer service experience, transparent processing and wide network of branches, you can be guaranteed of a customer-centric loan experience.

Eligibility for Aavas Financiers Home Loans

• Aavas Financiers Home Loans are offered for salaried customers. self-employed businessman and self-employed professionals.
• The applicant must be an Indian resident.
• The applicant must also have a stable source of income and the financial capacity to repay the loan.
• Home Loans can be availed individually or jointly. Co-applicants need not be co-owners of the home. But, the proposed owners of the property will have to be co-applicants.
• For income criteria and other conditions, enquire with Aavas Financiers.

Aavas Financiers Home Loan Interest rate:

Aavas Financiers offers a floating interest rate that varies between 11.50% to 13% on its home loans. This rate of interest is applicable to all kinds of housing loans offered by the company

Documentation for Aavas Financiers Home Loans

The documents required vary depending on the applicants’ nature of employment and income source. Here are some of the documents required for Aavas Financiers home loans along with duly filled application form & photographs.

Salaried Customers:

• Latest salary slips
• Form 16
• Bank statement for last 6 months
• ID proof
• Residence Proof

Self-Employed Professionals:

• Proof of business existence and educational qualifications
• Residence proof and ID proof
• Last 6 months bank statements
• Last 3 years Profit and Loss sheet and Balance Sheet
• Income Tax returns for self and business

Self-Employed Businessman:

• Business profile
• Last 6 months bank statements for self and business accounts
• Business Profile and related documents
• Proof of business existence
• Certificates for educational qualifications
• Income Tax Return (ITR) statements for self and business maintained by the applicant for income calculation.

Miscellaneous Documents:

• In addition to all the above mentioned documents, all class of applicants must also submit a detailed cost estimate from engineer or architect for property to be renovated in case of home improvement loans and home renovation loans.
• Other related documents might be asked for depending on the home loan type. Do enquire with Aavas Financiers about a comprehensive list of documents required before proceeding with the paperwork.

Schedule of Fees and Charges for Aavas Financiers Home Loan: