A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Aspire Home Finance Corporation Limited (AHFCL)

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14% Floating
    2% One time fee
    2 - 25L
    5-25years
    Response Time Within 30 minutes

    Aspire Home Finance Corporation Limited (AHFCL)

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Aspire Home Finance Corporation Limited offers home loans with great features and benefits like: attractive housing finance rates, balance transfer facility, doorstep service, nil prepayment charges and quick and transparent processing. You can find your eligibility for an Aspire Home Finance Corporation Limited home loan by filling in a short form. Aspire Home Finance Corporation Limited also offers eligible customers instant e-approval on home loan applications on BankBazaar.com. View details below.


    You’re probably eligible for an Aspire Home Finance Corporation Limited Home Loan if you are

    01
    02
    03
    04
    Aspire Home Finance Corporation Limited Home Loan Minimum Age

    At least 21 years old

     Aspire Home Finance Corporation Limited Home Loan Maximum Age

    Less than 58 years old

    Aspire Home Finance Corporation Limited Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Aspire Home Finance Corporation Limited Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Aspire Home Finance Corporation Limited Home Loan amount eligibility is based on these factors

    01
    02
    03
    Aspire Home Finance Corporation Limited Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    Aspire Home Finance Corporation Limited Home Loan Maximum Loan to property value

    Loan capped @ 75% of property value

    Aspire Home Finance Corporation Limited Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Aspire Home Finance Corporation Limited Home Loan amount by these steps

    01
    02
    03
    Aspire Home Finance Corporation Limited Home Loan Add Spouse as Co-applicant

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

    Aspire Home Finance Corporation Limited Home Loan Maximum Tenure

    Choose longer tenure loan from 5 years to 25 years

    Aspire Home Finance Corporation Limited Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an Aspire Home Finance Corporation Limited 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

    Aspire Home Finance Corporation Limited Home Loan Interest RatesUpdated on 08 Dec 2016

    Aspire Home Finance Corporation Limited Home Loan Details
    Interest Rate 14%(Floating)
    Processing Fees 2% of Loan amount
    Loan Tenure 5 years to 25 years
    Partial pre-payment Charges Nil
    Pre-closure Charges Nil
    Guarantor Requirement No Guarantor Required

    Overview of Aspire Home Finance:

    Are you planning to buy a residential property? Are you a first time purchaser or quite a veteran in the field? Whatever it is, there is no doubt that a home buyer needs a considerable amount of savings. Property prices are rocketing by the day, and even though deposit percentages are coming down, making it easier to take the mortgage-way forward, one still needs to convince the financier that he/ she is capable of settling the loan in stipulated time. Offering affordable loans at non-subsidized rates to customers has always been a challenge. Aspire Home Finance has risen to this magnificently by offering seamless and tailor-made housing loan options that suit everybody’s needs.

    Based on the customer’s needs, AHFL offers a variety of home finance as listed below.

    Types of Home Loans Provided by Aspire Home Finance:

    1. Home Loans (Purchase/ Resale):
    2. You can apply for an AHFL Home Loan of this category if you want to buy or new property or property put up for sale. Under this category of Aspire Home Finance, you can avail a minimum of 2 lakhs as loan and a maximum of 25 lakhs.

    3. Plot Loans:
    4. This product is designed for those looking for financial aid to buy land with the intention of building a home in it. AHFL offers plot loans up to 75 percent of the market value of the land including stamp duty and registration charges and verified by an AHFCL valuer.

    5. Constructions Loans:
    6. As the name suggests, this loan is specially created for those seeking finance to construct a home on a plot they already own. You can apply for a loan amount up to 85 percent of the total construction expenditures, checked and approved by a qualified architect and engineer.

    7. Composite Loans from AHFL:
    8. AHFCL provides composite loans towards buying of land (non-agricultural & only for the purpose of constructing a home). You can start the construction also with the same. Composite loans grant you a whopping figure of 75 percent of the prevalent market price of the plot which includes stamp duty as well as registration fee. You can also add the construction costs that covers 85 percent of the construction-related expenditures. These logistics should be validated by a competent architect and engineer.

    9. Home Improvement Loans:
    10. This loan is given for the purpose of home improvement such as repainting, rewiring, or getting new furniture. Enabling you to do all kinds of external and internal reparations in structure or otherwise in your current house, it basically covers flooring, tiling, roofing, repainting, electricals, change in plumbing (if required), fixing grills and so on.

    11. Home Extension Loans:
    12. You can apply for this loan if you want to extend your house. You might feel like adding one or more rooms or the kitchen is not big enough. If you have enough space and not enough money to go through the plan, AHFL’s Home Extension Loan is the way forward.

    13. MALA (Mahila Awaas Loan from Aspire):
    14. Customized for working class women, this is quite an affordable for them. You can avail a minimum amount of 2 lakhs and a maximum amount up to 12 lakhs under this scheme.

    Features & Benefits of AHFL Loans:

    • AHFL has a range of home finance options on its platter, targeting customers from all backdrops.
    • You can avail up to 80 percent of the property value as loan.
    • The interest rates are well within affordability range.

    AHFL Interest Rates:

    Aspire Home Finance Corporation Limited offers a floating rate of interest on its home loan. The current interest rate offered as on 3rd May 2016 is 14%. The rate of interest is applicable to all kinds of housing finance offered by the company. It is important to note that the rate of interest might change overtime.

    SL No

    Housing Finance Type

    Rate of Interest (AHFCL RPLR: 18.20 Percent)

    Applicant Type

    Interest Rate

    RPLR Minus Spread

    1

    Home Loans (Purchase/ Resale)

    Salaried Employees

    12 to 15 percent

    6.20 to 3.20 percent

    Self-employed (Professional/ Freelancer)

    12.50 to 15 percent

    5.70 to 3.20 percent

    Self-employed (Non-professional i.e. entrepreneurial

    12.50 to 16 percent

    5.70 to 2.20 percent

    2

    Plot Loans

    Salaried Employees

    12 to 15 percent

    6.20 to 3.20 percent

    Self-employed (Professional/ Freelancer)

    12.50 to 15 percent

    5.70 to 3.20 percent

    Self-employed (Non-professional i.e. entrepreneurial

    12.50 to 16 percent

    5.70 to 2.20 percent

    3

    Construction Loans

    Salaried Employees

    12 to 15 percent

    6.20 to 3.20 percent

    Self-employed (Professional/ Freelancer)

    12.50 to 15 percent

    5.70 to 3.20 percent

    Self-employed (Non-professional i.e. entrepreneurial

    12.50 to 16 percent

    5.70 to 2.20 percent

    4

    Composite Loans

    Salaried Employees

    12 to 15 percent

    6.20 to 3.20 percent

    Self-employed (Professional/ Freelancer)

    12.50 to 15 percent

    5.70 to 3.20 percent

    Self-employed (Non-professional i.e. entrepreneurial

    12.50 to 16 percent

    5.70 to 2.20 percent

    5

    Home Improvement Loans

    Salaried Employees

    12 to 15 percent

    6.20 to 3.20 percent

    Self-employed (Professional/ Freelancer)

    12.50 to 15 percent

    5.70 to 3.20 percent

    Self-employed (Non-professional i.e. entrepreneurial

    12.50 to 16 percent

    5.70 to 2.20 percent

    6

    Home Extension Loans

    Salaried Employees

    12 to 15 percent

    6.20 to 3.20 percent

    Self-employed (Professional/ Freelancer)

    12.50 to 15 percent

    5.70 to 3.20 percent

    Self-employed (Non-professional i.e. entrepreneurial

    12.50 to 16 percent

    5.70 to 2.20 percent

    7

    MALA (Mahila Awaas Loan from Aspire)

    Salaried & Self Employed

    10 to 13 percent

    8.20 to 5.20 percent

    Who can apply for AHFL Loans (Eligibility Criteria)

    • The applicant (as well as the co-applicant) should be an Indian citizen and has to be of age 21 and above.
    • The applicant(s) should have a steady source of income.
    • The applicant should have a credit history satisfactory to the financier.
    • Salaried people has 25 years to settle the loan though the tenure must not go beyond age 60. But for entrepreneurs the age limit is 70.

    Required Documents for AHFL Loans (Documentation Procedure)

    Income Papers for Salaried Applicants:

    • Copy of one or more national identity card (Id proof and resident proof)
    • Salary slips of the last 3 months
    • Most recent Form 16
    • Last 6 months’ bank statements that reflects salary
    • Cheque for processing fees from your salary account

    Income Papers for Self-employed Applicants:

    • Copy of one or more national identity card (Id proof and resident proof)
    • Copy of your company registration paper if applicable
    • Latest income statement, balance sheet and ITR verified by a CA
    • Bank statements for the past one year

    How to apply for AHFL Loans from BankBazaar?

    Go to the official website of BankBazaar and click on the home loan page. You will be asked to fill in a range of info such as your age, gender, basic and gross salary, other income, property details and so on. Suggested EMIs, tenures along with the current interest rate will be displayed on screen. You will also be requested to enter your contact details and in less than a day a BankBazaar staff will get in touch with you informing of the most recent rates and suitable quotes. Please keep checking the site for exciting and lucrative offers.

    How to calculate your AHFL Loan EMIs?

    Go to the official website of BankBazaar and click on the EMI Calculator option. You can enter the loan amount you are going to take, tenure and current interest rate in the given columns to get your EMI amount and schedule.

    Aspire Home Loan Procedure:

    • Submission of a duly filled and signed application form online or in person.
    • Submission of the aforementioned income documents, KYC papers and initial processing fees.
    • You will have personalized assistance from an AHF official whenever you need.
    • Post submission, an AHF appraisal officer will discuss your options with you, after which an authorization letter with all the loan details will be handed to you.
    • After accepting the loan, you need to pay the remaining processing fees and all the papers related to your property for verification.
    • Loan amount will be disbursed as agreed between you after a final scrutiny.

    Fees & Charges:

    Types

    Amount

    Penalty for dishonored cheque

    INR 250 + Applicable Charges

    To retrieve documents

    INR 500 + taxes and/ or other statutory levies

    Fine for late EMI

    24% annually for the number of days after the due date

    Fee for Repayment schedule / Account Statement

    INR 250 + taxes

    Charges levied for Advance Payment Statement

    INR 250 + taxes

    Charges for Copy of No Objection Certificate or No due Certificate

    INR 500 + taxes

    Charges levied for List of Document

    INR 500 + taxes.

    CERSAI Charges

    INR 500 + taxes

    Frequently Asked Questions (FAQs)

    1. How is my home loan eligibility calculated by AHFCL?
    2. The estimation method of Aspire Home Finance takes several factors associated to the applicant and co-applicant such as age, academic qualification, annual earnings, nature and type of occupation.

    3. Can I apply for AHF home loan on my own?
    4. It is compulsory to have a joint-applicant in your housing loan application. The co-owner of the house or property must be the co-applicant.

    5. How does Credit Appraisal work?
    6. Credit appraisal procedure assesses the credit-merit of the applicant. This is evaluated on the basis of applicant’s age, salary, expenses, investments, nature of occupation, prevailing loan obligations, number of dependent relatives etc.

    7. What is Legal Appraisal mentioned in the loan procedure?
    8. Legal appraisal process means doing a thorough background check of the applicant, the property in question and their credit history. The bank’s legal advisor has to give a clean chit before further processing of loan.

    9. What is Technical Appraisal?
    10. Technical appraisal is a customary diligence about the property in question. The stability and market value of the property is scrutinized by unannounced site visits and document verification.

    Aspire Home Finance Corporation Limited (AHFCL) Reviews

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