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    We found 1 Aavas Financiers Limited Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10% - 19% Floating
    2% + applicable tax One time fee
    -
    1-15 Years
    Response Time : Within 30 minutes
    What you'll love
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    Perks
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    Fees & Charges
    Good To Know
    Aavas Financiers Limited Home Loan is Rated as "Just OK" by 13 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Aavas Financiers Limited Home Loan

    Aavas Financiers Home Loans come with an array of customer-centric benefits like flexible tenures, attractive interest rates 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.


     

    You’re probably eligible for an Aavas Financiers Home Loan if you are

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    Aavas Financiers Home Loan Minimum Age

    At least 18 years old

     Aavas Financiers Home Loan Maximum Age

    Less than 65 years old

    Aavas Financiers Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Aavas Financiers Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Aavas Financiers Home Loan amount eligibility is based on these factors

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    Aavas Financiers Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    Aavas Financiers Home Loan Maximum Loan to property value

    Loan capped @ 75% of property value

    Aavas Financiers Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Aavas Financiers Home Loan amount by these steps

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    Aavas Financiers Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Aavas Financiers Home Loan Maximum Tenure

    Choose longer tenure loan up to 15 years

    Aavas Financiers Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Aavas Financiers Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee cheque
    • 4. Last 6 months bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 months salary-slips
      • Form 16 along with recent salary certificate
    • 6. Documentation for self-employed applicants:
      • Last 2 years Income Tax Returns
      • Last 2 years computation of income

     

    Aavas Financiers Home Loan Interest RatesUpdated on 15 Nov 2018

    Aavas Financiers Home Loan Details
    Interest Rate 10.00% to 19.00%
    Processing Fees Processing Fees of 2% of Loan Amount + Applicable tax
    Loan Tenure 1 year to 15 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.

    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 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 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) 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).

    • 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.

    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:

    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

    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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    Aavas Financiers Limited Home Loan Reviews

    • Aavas Financiers Limited Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken the loan amount almost one and a half year back for a purchase of property. The rate of interest which they are charging which has been high, it is 12.5%. The process has been very difficult and the documentation had took much time than normal. If they are making it simple that would be great. The customer service of them was okay, not up to the mark.
      Was this review helpful? 5
      , mumbai
      Reviewed on May 17, 2018
    • Aavas Financiers Limited Home Loan
      "Okay"
      0.5 2.0/5 "Expected more"
      I have home loan with the Aavas finance limited and the interest rate is around 11.25%, also the customer service is not really up to the mark. Processing charges were not really much aware but it was huge.They are really not tech savvy.
      Was this review helpful? 5
      , bangalore
      Reviewed on Feb 27, 2018
    • Aavas Financiers Limited Home Loan
      "AVAS FINANCIERS LIMITED HOME LOAN"
      0.5 0.5/5 "Unacceptable"
      I Applied for a home Loan with Avas finc. Ltd. almost 42 days back, there is no transparency in processing , we are really disappointing from the service they provide to us. no positive response from Branch head also. They really need to improve the same.
      Was this review helpful? 3
      , navi mumbai
      Reviewed on Jan 17, 2018
    • Aavas Financiers Limited Home Loan
      "Absolutely no response"
      0.5 1.0/5 "Really Bad"
      I applied for a Housing Loan with this AAVAS FINANCIERS LTD almost 15 days back and have absolutely received no response at all. The communication from them has been a complete zero. They really need to improve upon their communication and be open towards their prospect customers.
      Was this review helpful? 5
      , new delhi
      Reviewed on Oct 28, 2017
    • Aavas Financiers Limited Home Loan
      "Slow and no response"
      0.5 1.0/5 "Really Bad"
      The interest shown by this people was lackluster. They didn't give us any call at all. We were actually expecting a far more activness by them but they ended being a slow financiers. They would need to improve their customer services department a lot.
      Was this review helpful? 2
      , new delhi
      Reviewed on Oct 28, 2017
    • Aavas Financiers Limited Home Loan
      "Disappointed"
      0.5 2.0/5 "Expected more"
      I have taken a Home loan with Aavas Financiers Limited and i would like to say that it has been a very disappointing experience with them. They do not have a proper set procedure that is followed and documentation process. There was no issue of cheque on the disbursement of my loan and was given only after agreement which was not informed to me before. the cheque was given after a month but they had charged interest for that month before the issue of the cheque to me.
      Was this review helpful? 4
      , bhopal
      Reviewed on Oct 24, 2017
    • Aavas Financiers Limited Home Loan
      "I am happy with the services"
      0.5 3.0/5 "Satisfactory"
      I am happy with the services they have provided, but only point of grey was their lack of responsiveness. I had to call them multiple times, most of them went unanswered, to get the home loan. Anyways I got the Home loan and as of now am happy with them.
      Was this review helpful? 5
      , new delhi
      Reviewed on Oct 16, 2017
    • Aavas Financiers Limited Home Loan
      "Looking for the better service"
      0.5 3.0/5 "Satisfactory"
      When I applied for the home loan, no body contacted from Aavas finance, Initially I got a call from them, but it was busy with some other work because I am in a marketing field, Hence I asked them to call back later, finally I didn't any response, they should work on it.
      Was this review helpful? 0
      , kolhapur
      Reviewed on Oct 10, 2017
    • Aavas Financiers Limited Home Loan
      "Not good"
      0.5 1.0/5 "Really Bad"
      I was not at all happy with the experience, that I had with AAVAS FINANCIERS LIMITED.There wasa real minimal contact from the AAVAS financiers side and very less information was delivered to me . After i submitted my all the required documents for the loan process and after post 15 days. I was getting a call from the AAVAS side stating me that there are few more documents required for the loan process. In that case any customer would get wild.
      Was this review helpful? 3
      , surat
      Reviewed on Sep 19, 2017
    • Aavas Financiers Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I never faced any challenges with Au housing finance ltd during the home loan process. They had done with the process in a good manner. But the interest rate is 14% which is on higher side so I have decided to do balance transfer. In all the service is good.
      Was this review helpful? 2
      , navi mumbai
      Reviewed on Jun 21, 2017
    • Aavas Financiers Limited Home Loan
      "High on ROI"
      0.5 3.0/5 "Satisfactory"
      AU housing finance limited contacted me initially for the home loan and I could not proceed ahead due to my personal reasons. More over the rate of interest was also high, it was around 17%. It would be better if they are flexible in the charges.
      Was this review helpful? 2
      , nasik
      Reviewed on Jun 14, 2017
    • Aavas Financiers Limited Home Loan
      "Awesome service"
      0.5 5.0/5 "Blown Away!"
      I am happy to avail loan from AU housing finance. They had explained me about the product very well & convinced me . I would like to suggest them to provide more options like (Prathana Manthri yojana) and also it would be great if they stick to the promised rate of interest. Overall I had good experience with AU hosing finance .
      Was this review helpful? 6
      , gurgaon
      Reviewed on Mar 10, 2017
    • Aavas Financiers Limited Home Loan
      "Interest rate has to be Reduce"
      0.5 1.0/5 "Really Bad"
      I felt rate of interest was very high in Au Housing Finance, They offered me around 16% but in other banks they provides the interest rates of 9 or 9.5%. Even I requested Au Housing to reduce the interest rate of 10% but they said offer for 14% it was not made me satisfied. So I did not proceed further with them.
      Was this review helpful? 11
      , mumbai
      Reviewed on Dec 10, 2016
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