Apr 17

Home loans from Aadhar Housing Finance Ltd

Team Antworks

Aadhar Housing Finance Ltd. is a financial organization ‘which was set up to provide housing finance mainly to the middle and low-income groups of society. Established with the objective to promote faster growth of this sector, these home loans have been aimed at a target group which includes individuals who may be salaried, self-employed and earn agriculture-based income. Aadhar Housing Finance Ltd. is promoted by the International Finance Corporation (IFC) along with Dewan Housing Finance Ltd. (DHFL) and currently has operations running in 9 Indian states.

Features and Benefits of Adhaar Housing Finance Loan:

Easy home loans can be availed by railway employees, self-employed individuals, salaried individuals, teachers, defense forces, police, and 3rd and 4th-grade government employees.
The subsidy can be availed under Pradhan Mantri Awas Yojana.

Eligibility Criteria:

Monthly earning must be between Rs.5,000 and Rs.50,000.

Document Required for Aadhar Housing Finance Loan

To apply for any of the Aadhar Housing Finance home loans, applicants must provide the following documents.

KYC Documents:

Photo ID Proof – Passport / Driving License / PAN Card / Aadhar Card / Voter Card.
Proof of Residence – Passport / electricity bill / telephone bill / Ration card / Letter from Employer / Bank Statement / Pass Book with address.

Salaried Applicants:

KYC documents.
Last 3 month’s salary slip.
Most recent Form-16 (if salary above Rs 17,000).
Copy of all bank statements/passbooks for the last 6 months.
Company’s Profile (if employed with a not so well known organization).

Self-employed Applicants – Employed Professionals & Businessmen:

KYC Documents
Income Tax Returns for last 3 years (copy) along with calculation of income, duly attested by a Chartered Accountant.
Balance sheet and P&L A/c for last 3 years, duly attested by a Chartered Accountant.
Last 1 year’s bank statement for Savings & Current A/c.
Partnership Deed (copy, if applicable)
Tax Deduction Certificate / Form-16A (copy, if applicable)
Contract Details (if applicable)
Copy of tax paid/self-assessment tax paid Challan.
Educational qualification certificate (only for self-employed professional applicants)
Professional practice certificate copy (only for self-employed professional applicants)
Certificate of salary (only for self-employed professional applicants who are also doctors with a salaried income).

Types of Home Loans By Aadhar Housing Finance

Home Loan for Salaried Employees

Avail this loan for an amount up to Rs 12 lakh (amount must not exceed 80% of the property cost).
An affordable home loan which can also be availed by individuals with an income of Rs 5,000 per month onwards.
The loan can be taken for a tenure of up to 20 years but must not extend beyond the applicant’s retirement age or for 60 years, whichever occurs earlier.
EMI payable depends on factors like interest rate, the quantum of loan and tenure of loan.
You may apply for this loan either individually or jointly.
This loan may be applied for by salaried employees like teachers, railway employees, police employees, 3rd/4th-grade government / private employees.

Home Loan for Self-Employed:

You can avail this loan for a maximum amount of Rs 12 lakh (amount must not exceed 80% of the property cost).
One of the distinguishing features of this loan is that it involves minimal paperwork.
Quick loan processing means that you get the money just as you need it.
Maximum tenure allowed for this loan is 20 years and shall not extend beyond the applicant’s retirement age or 65 years, whichever occurs earlier.
You can apply for this loan as an individual or jointly with a co-applicant.

Home Extension Loan:

This loan may be used for the purpose of constructing an additional room or floors in an existing house.
This loan can be availed for a maximum tenure of up to 20 years. The tenure shall not extend beyond the applicant’s retirement age or 60 years (65 years for self-employed applicants).
EMI payable shall be dependent on factors like factors like interest rate, the tenure of loan and quantum of loan.
You may apply for this loan as a sole applicant or jointly with a co-applicant.

Home Improvement Loan:

This loan may be used for the purpose of making improvements to the interiors of your home like repainting, flooring, roofing, plastering, plumbing, electrical work, replacing grills, doors, windows, parapet wall, boundary wall, underground/overhead water tank, etc.
You may avail this loan for a maximum amount of up to Rs 12 lakh. However, the loan amount requested must not exceed 80% (for existing Aadhar Housing customers) / 50% (for new Aadhar Housing customers) of the cost estimated for the improvement work you plan to carry out.
This loan is available for a maximum tenure of 10 years. The tenure shall not extend beyond the applicant’s retirement age or 60 years (65 years in case of self-employed individuals).
EMI payable is dependent on factors like tenure of loan, quantum of loan and applicable interest rate.
This loan can be applied for by individuals or jointly with a co-applicant.

Loan for Purchase and/or Construction:

This loan may be used to purchase of non-agricultural land which is situated within the limits of the local/municipal development authority.
This loan is available for a maximum amount of up to Rs 12 lakh. However the requested loan amount must not exceed 75% of the cost of the plot / 80% of the construction cost.
You may avail this loan for a maximum tenure of 20 years. However, the tenure shall not extend beyond the applicant’s retirement age or 60 years (65 years in case of self-employed individuals).

Loan Against Property (LAP):

This loan allows salaried or self-employed individuals procure finance against their property.
This loan can be obtained for a maximum amount of up to Rs 12 lakh. However, the amount
must not exceed 60% of the property cost.
This loan is available for a maximum tenure of up to 15 years. The tenure must not extend the retirement age or 6o years (65 years in case of self-employed individuals).