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  • AAVAS Financiers Home Loan

    Aavas Financiers home loans offer attractive interest rate with processing fees of 1% of the loan amount plus GST. Repayment tenures go up to 30 years, making it easier to pay off your EMIs.

    We found 1 Aavas Financiers Limited Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.50% Floating
    2.00% One time fee
    1 - 15 Years
    What you'll love
    Think about
    Fees & Charges
    Good to Know

    Aavas Financiers Home Loans come with an array of customer-centric benefits like flexible tenures, attractive interest rate and hassle-free loan application process. Focussed at providing affordable loan options to people from middle and low income segments in rural and semi-urban areas, Aavas Financiers also offers loans for home renovation and improvement.

    Aavas Financiers Home Loan Details

    Interest Rate Contact the bank
    Processing Fees Processing Fees of 1% of Loan Amount + Applicable tax
    Loan Tenure 1 year to 30 years
    Partial pre-payment Charges Nil
    Pre-closure Charges Nil

    Types of Aavas Financiers Home Loan

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

    1. 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.

    2. 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.

    3. Home Renovation Loan

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

    4. 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.

    5. 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 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.

    6. 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 makes it a product in demand at the financial market.

    • High Loan Quantum: Aavas 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 loan subject to market value of the property and subject to valuation of property by Aavas Financiers.
    • Repayment Term: Aavas Financiers home loans comes with a maximum repayment term of up to 15 years. However, this is subject to the retirement age of the applicant.
    • Flexible Repayment Options: Borrowers can repay the loan as affordable Equated Monthly Instalments (EMI) ywhich 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).
    • Security: For 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 Experience: With 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.

    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:

    Technical Fee for property outside geographic limit or for additional property or pre-technical Rs.1100 or Rs.1500 (location specific)
    Late Payment Charges 3% per month compounded for number of days delayed for EMI payment
    Duplicate No-due certificate Rs.500 plus GST
    Personal Visit to customer’s location for collection of dues Rs.250 per visit + GST
    Statement of loan prepayment/full closure Rs.500 + GST
    Foreclosure Charges for Aavas Financiers home loans
    • Foreclosure or part-prepayment of home loans on variable/floating/fixed interest rates - no penalty if the loan is being prepaid through any or own source.
    • If the payment is made by sourcing funds from another bank/NBFC/HFC or other financial institution, 3% +GST if the payment is done in last 12 months in case the loan is closed after an year of first disbursement.
    • If the payment is made by sourcing funds from another bank/NBFC/HFC or other financial institution, 5% + GST on all principal outstanding and all part prepayment will be levied for loans closed within 12 months after first disbursement.
    Cheque bounce/ECS bounce Rs.500 plus GST per instrument/transaction
    Loan cancellation if the customer managed to get own funds or in case the deal is cancelled For requests received within 7 days after disbursement - Rs.1000 + GST (cancellation charges). If request is received after 7 days of disbursement, Rs.1000 + GST and PEMI till cancellation.
    Copy of property papers Rs.500 + GST
    Stamp Duty (as upfront charges) As stated by law of the state
    Search report/ Non Encumbrance Certificate As per actuals
    Duplicate provisional certificate and annual account statement Rs.500 + GST

    FAQs on AAVAS Financiers Home Loan

    1. How is my home loan repayment capacity determined?

      Aavas Financiers bases the maximum loan amount on applicant’s repayment capacity that is calculated based on a several factors including age, income, co-applicants’ age, savings history, assets & liabilities.

    2. How do I use the Home Loan EMI Calculator?

      To find out the monthly EMI for your loan amount, all you have to do is use an online home loan EMI calculator. You have to key-in details like the loan quantum, tenure, interest rate and processing charges. The calculator will tell you the monthly EMI amount and also the repayment history which will help you decide if the loan is affordable.

    3. Do I have to submit any property documents?

      The applicant might be asked to submit certain property documents like the buyer’s agreement, allotment letter and receipts of payment made to the developer.

    4. Will I incur any processing charges?

      Yes, borrower’s will incur a processing charge of 2% of the sanctioned value plus GST which will be collected before disbursement or deducted from first loan disbursement.

    5. How does the normal approval process for Aavas Financiers home loan happen?

      Borrowers will be asked to fill in the application form, collate & submit all necessary documents and submit a cheque for processing fees. After this is done, the assessment, home loan sanction, security assessment and home loan disbursement will happen.


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