Aadhar housing Finance Home Loan
A home loan is a form of collateral obtained by house seekers of different wages. They obtain the loan amount to purchase or construct their property. Home loans provide high value funding at an affordable interest rate alongside long duration. Borrowers need to pay them via EMIs. Here'ss your guide to learning how to apply for Aadhar Housing Finance home loan. Being a recognizable housing finance company, Aadhar Housing Finance offers property loans for construction or ready to move purchases of houses. The house loans provided by this company help consumers from various income groups to purchase or build their dream homes. The company was established in the year 2010, and it now operates across the country. Aadhar Housing Finance offers a wide range of home loan types to meet individual consumer Aadhar housing Finance home loan requirements.
Features & Benefits of Aadhar Housing Finance Home Loan
The benefits and benefits of the Aadhar Housing Finance home loans are given below:
- Firstly, the borrowers can apply for Aadhar housing Finance home loan jointly or even individually.
- Applicants may avail of the subsidy for the loans under the Pradhan Mantri Awas Yojna (affordable housing)
- Claimants may select the loan tenures to a maximum of 30 years.
- The loan scheme can be applied by private employees, 4th and 3rd-grade government employees, police employees, and teachers, among others.
- One can only apply for the loan successfully if the monthly salary is equal to or extends Rs.5,000
These are the mandatory things that one needs to consider when availing a housing loan from Aadhar Housing Finance. As the company offer different types of home loans, let’s check them out through the given narration:
This particular loan is for salaried employees who earn more than Rs.5,000 every month. The maximum amount is Rs.1 crore(not more than 80you’re your property value). Thirty years is the maximum loan tenure.
Designed for self-employed persons, individuals with irregular income are not eligible for this loan. To avail of the loan, applicants should be below 70 years, and their business life should be a minimum of 3 years. Applicants should pay 20% of the amount.
Loan for construction or plot
It’s for individuals who wish to buy land and/or build their dream home. The maximum amount is Rs.1 crores. It’s not more than 70% of the total property value for plot loans. The only criterion is the house must get constructed within the time period specified by the NHB.
Loan for Home Improvement
Home renovation is an expensive affair. So, the home improvement loan offered by Aadhar Housing Finance covers the expenses. People may claim a loan of Rs.1 crore(not more than 100% of estimated expenses of the renovation offered by the chartered engineer or even 100% of the expenses certified by the technical officer), the one which is lower. The amount is subject to 80% of the property’s market value. The loan may get availed for plumbing, flooring, plastering, electrical work, and more. Twenty years is the maximum tenure for the loan.
Home extension loan
Aadhar Housing Finance offers home extension loans designed for people who wish to build an extra room or flooring within the residential property.
Aadhar Housing Finance Home Loan Overview
A home loan is a form of collateral obtained by house seekers of different wages. They obtain the loan amount to purchase or construct their property. Home loans provide high-value funding at an affordable interest rate alongside long duration. Borrowers need to pay them via EMIs. Here’s your guide to learning how to apply for Aadhar Housing Finance home loan.
Being a recognizable housing finance company, Aadhar Housing Finance offers property loans for construction or ready to move purchases of houses. The house loans provided by this company help consumers from various income groups to purchase or build their dream homes. The company was established in the year 2010, and it now operates across the country. Aadhar Housing Finance offers a wide range of home loan types to meet individual consumer.
Eligibility Criteria and Factors Affecting Aadhar Housing Finance Home Loan Eligibility
So, are you eligible to avail of this loan? If you are unsure, let’s read through the pointers:
- Salaried employees & self-employed applicants may avail
- Salaried employees should be 60 years at the loan repayment period’s end
- Self-employed applicants should be less than 70 years at the end of the loan repayment period
Documents Required for Aadhar Housing Finance Home Loan
Here are the documents required for the Aadhar Housing Finance home loan:
Documents for Salaried Individuals
Here are the documents needed for the salaried individuals:
|The salary slip for 3 months or salary certificate (when variable components such as Over Time & Incentives are reflected, salary slips are required for the past 6 months)||Voters ID|
|The copy of the bank’s passbook or the bank statements of the previous 6 months (even the front page)||Ration card|
|When the employer organization is less, the company profile should be provided||Residence proof (if you have any)|
|Photo ID proof||Electricity bill|
|Aadhar card||Telephone bill|
|Passport||Letter from the employer|
Documents Required for Self-employed Individuals
Here are the documents required for the self-employed people:
|Aadhar card||Income proof|
|Photo identity proof||Previous 3 years IT returns with income computation attested by the CA|
|Driving license||Previous 3 years of balance sheet including loss and profit of the company|
|PAN card||Business profile on firm’s letter head|
|Voters ID||Bank statement of the previous one year|
|Passport||License of shop or establishment or the VAT registration|
|Residence proof||Form 16A or Tax deduction certificate|
|Telephone bill||Self-assessment tax paid or copy of the advance tax paid receipt|
|Electricity bill||A photo copy of the educational qualification certificate|
|Passport||A photo copy of the professional practice certificate|
How does the EMI calculation work for Aadhar Housing Finance Home Loan?
Prior to applying for the loan, understanding whether the EMI will fit in the budget is quite important. Ideally, the EMIs must never exceed 40% of the monthly income. The higher EMI may significantly increase the liabilities, thereby increasing the possibilityof defaulting. Aadhar Housing Finance provides the online EMI calculator on the official website. With the help of the calculator, customers can get their estimatesright before availing of the loan. Here’s how you can access the Aadhar Housing Finance EMI calculator.
- Firstly, log onto the official website of the company
- Visit the menu bar and tap on the section: ‘Ready Reckoner’.
- Choose the ‘EMI Calculator’ from the drop-down menu
- You will be directed to the page of the EMI calculator.
- Enter the details such as loan amount, loan tenure, and interest rate
- Tap on ‘Calculate’ to generate an amount of EMI
- Click on ‘Reset’ &enter the new information.
Factors affecting Aadhar Housing Finance Home Loan interest rates
Aadhar Housing Finance Home Loan can help you buy your dream home. The affordability of the loan depends on the EMI or equated monthly instalments. But there are certain different factors that affect the Aadhar Housing Finance home loan interest rateof the home loan. Let’s learn them one by one:
It’s the marginal cost of funds on the basis of the lending rate. It depends on several factors such as marginal cost of funds, operating cost, CRR or cash reserve ratio, tenor premium, etc.
When your credit score is low, it might be a high risk to take the loan. And when the credit score is less than the prescribed mark, the Aadhar Housing Finance home loan online application might receive the denial. In the case of Aadhar housing finance, you need to have a fixed monthly salary of Rs. 5000.
The loan applicant’s profile
Another deciding factor that influences the home loan interest is the profile of the loan applicant. Parameters such as monthly income & residence place (if any) are also significant that affect the interest rate of the home loan.
From refinancing to reducing your interest, we have the answers right here.
Is a Home Loan A Tax-Saving Deduction?
Yes, the home loan principal is part of Section 80C of the Income Tax Act. Under the section, the individual gets entitled to the tax deductions on an amount paid as the repayment of the principal component on a housing loan.
What is The Minimum Salary For A Home Loan?
To apply for the home loan, the minimum salary an applicant needs to draw is Rs. 5000 each month.
Can I Take Two Home Loans At A Time?
In India, you can get two loans at the same time. There’s no law that bars you from servicing one home loan at one time.
What are the documents required in Aadhar Housing Finance for a home loan?
For approving the home loan, you need to submit these documents:
- Pan card
- Voter ID
- School leaving certificate
- Electricity bill
- Ration card
- Water bill
- Driving license
- For self-employed individuals, you need at least 9 months of bank statement and business ownership proof, etc.
What is the maximum and minimum home loan amount I can get from Aadhar Housing Finance?
The maximum home loan amount that an applicant can get from Aadhar Housing Finance is Rs. 1 crore.
How to check Home Loan Status in Aadhar Housing Finance?
To check the home loan balance, you need to get the house loan certificate through offline or online mode. You need to install the app and access the Aadhar Housing Finance official website to check the status.
Does Aadhar housing Finance Checks for CIBIL Score for Home Loan?
A low CIBIL score will reduce the chances to get ahome loan. Aadhar Housing Finance needs aminimum of 650 scoresto acquire the Aadhar Housing Finance home loan eligibility.
When Do Home Loan EMIs Start?
EMI begins for the home loan if the property gets completed and after the applicant takes the house possession.
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