Aavas Financiers Home Loan
Aavas Financiers Limited, also known as Aavas Housing Finance Ltd., is helping people buy homes with easy home loans in the un-reached and un-served areas of India. It primarily focuses on Tier II, Tier III and rural areas in Rajasthan, Gujarat, Maharashtra, Haryana, Himachal Pradesh, Odisha, Chhattisgarh, and more. Aavas home loans start at 8.5% - 17.00% per annum at a processing fee of up to 1% GST on the loan amount. Aavas Financiers Ltd. offers housing loans for up to a maximum loan repayment tenure of 30 years, provided the borrower meets the pre-determined eligibility criteria. The NBFC offers a diverse range of home loans for aspiring homeowners, and some of its popular offerings are Small Ticket Size Home Loans, Home Purchase Loans, Home Balance Transfer Home Loans, and Cash Salaried Plus Loans.
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Aavas Housing Finance Key Highlights
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| Loan Amount | Starts at Rs. 1 Lakh |
|---|---|
| Rate of Interest | 8.5% - 17.00% per annum |
| RPLR | |
| Processing Fee |
Up to 1% + GST (on the loan amount) |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/Floater |
| Charges for Prepayment/Foreclosure | Floater Rate - No Charges - Fixed Rate - 3% or 5% + GST, depending if the loan is closed within or after 12 months of the 1st disbursement |
Aavas Housing Finance Interest Rates in 2024
Aavas Finance home loan interest rate starts at 8.5% per annum. It goes up to 17.00% per annum depending on the scheme chosen by the borrower and their repayment capacity, and other eligibility criteria. The table below enlists the current Aavas housing finance rate of interest 2023 for your reference:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Fixed/Floater Rate Packages (For Salaried) | Starts at 8.5% and up to 17.00% per annum |
| Fixed/Floater Rate Packages (For Self-Employed) | Starts at 8.5% and up to 17.00% per annum |
Interest rates were last updated on 29th August 2023
Aavas Home Loan Eligibility Criteria
Aavas Financiers Ltd. offers home loans at attractive interest rates, but to get these loans, an applicant must fulfil certain eligibility criteria fixed by the NBFC. These are related to the applicant's age, nationality, CIBIL Score, and minimum annum income. The table below enlists the Aavas housing finance home loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 Years | 21 - 65 Years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 1 lakh per annum | Rs. 1 lakh per annum |
Aavas Housing Loan Processing Fee and Charges
For processing each home loan application, Aavas Housing Finance charges a processing fee, which is a fixed percentage of the loan amount sanctioned by the NBFC. Besides, as an applicant, you must be aware of certain other fees and charges before applying for an Aavas home loan. The table below enlists the Aavas home loan processing fee and charges for your reference:
| Processing Fee | Up to 1% + GST (on the loan amount) |
|---|---|
| Administration Fee | Up to 2% + GST (on the sanctioned loan amount) to be collected before disbursement or deducted from the 1st disbursement |
| Valuation or Technical Fee | Rs. 2500 + GST for each report |
| Cheque/ ECS Bounce Charges | Rs. 500 + GST |
| Document Retrieval Charges | Rs. 500 + GST |
| Rate of Package Swapping | (Floater to Fixed, Vice-Versa, or Fixed to Fixed) Up to 2% + GST on the outstanding amount |
| Penal Interest | 36% per annum for the number of days delayed in EMI/ PEMI payment from the due date |
| Copy of Property Papers | Rs. 500 + GST |
| Completion Certificate | Rs. 500 + GST |
| Foreclosure/ Part Pre-payment Charges |
|
| Charges for Missed Due Date | Rs. 200 + GST |
| Document Custodian Fee | Rs. 500 + GST per Month (Chargeable after 30 days of closure of the loan account) |
| Change for Post Disbursement Document (PDD) | 0.20% of the loan amount + GST |
| Charges for Disbursement Cheque Cancellation or Reissuance | Rs. 1000 + GST and PEMI charges additional |
| CERSAI |
|
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Aavas Home Finance Schemes and Top Plans
Aavas Housing Finance offers a plethora of exciting home loan schemes for those who dream of owning a home of their own. Have a look at the popular housing loan schemes offered by Aavas Financiers Ltd.:
1. Aavas Home Loan
- Perfect for salaried and self-employed borrowers with at least 1 year of work experience
- Maximum loan repayment tenure of up to 30 years
- Minimum loan amount starting at Rs. 1 lakh
2. Home Construction Loan
- Ideal for borrowers in semi-urban and rural areas who want to purchase a plot and construct a house on the plot
- Flexible loan tenure of up to 30 years for salaried borrowers (Government/ Private/ PSU) with net salary > Rs. 35000 per month
- Maximum loan tenure of up to 25 years for other salaried borrowers and 20 years for self-employed borrowers
3. Home Improvement Loan
- Ideal for those keen to renovate or improve an existing home
- Maximum loan tenure of up to 30 years for salaried borrowers (Government/ Private/ PSU)
- Maximum loan tenure of up to 25 years for other salaried borrowers and 20 years for self-employed borrowers
4. Home Loan Balance Transfer
- Flexible balance transfer of existing home loan to Aavas housing finance scheme
- Additional benefit of a top-up plan
- Maximum loan repayment tenure of up to 30 years
5. Loan Against Property
- Ideal to meet financial expenses for medical reasons, marriage, and personal needs
- Maximum loan repayment tenure of up to 15 years
- Option to avail of higher loan amount depending on the value of the property
- Lower interest rates as compared to other unsecured home loans
6. Small Ticket Size (STS) Loan
- Ideal for constructing, purchasing, renovating or extending a home and also for balance transfer of an existing home loan
- Maximum loan repayment tenure of up to 12 years
- Minimum loan amount starting at Rs. 1 Lakh up to Rs. 7.5 lakhs
- Mortgage on self-occupied commercial or residential property can be considered for a loan application
7. Cash Salaried Plus Loan
- Ideal for purchase and construction of a home and balance transfer of an existing home loan
- Maximum loan amount of up to Rs. 15 lakhs
- Mandatory to have a residential property as a collateral
- The proposed property to be bought and the workplace should be within 25 km of the nearest Aavas Branch
Note: All of the above home loan plans are made available to applicants solely at the discretion of Aavas Financiers, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Aavas Home Loan
In order to expedite the process of home loan approval, every bank or NBFC asks for a set of KYC documents. Listed below are the Aavas finance home loan documents that an applicant must arrange before applying for a home loan:
Documents Required for Salaried Applicants
- Salary Slip for the last 2 months
- Bank Passbook or Statements for the last 6 months
- Last Filed Form 16/ ITR
- Duly filled and signed application form
- Passport-size photographs
- Processing fee cheque in favour of Aavas Housing Finance Ltd.
Documents Required for Self-Employed Applicants
- Informal Income Proofs
- Proof of Business Existence
- Profit and Loss Statements
- Bank Passbook or Statements for the last 6 months
- Form 16/ ITR for the last 3 years
- Duly filled and signed application form
- Passport-size photographs
- Processing fee cheque in favour of Aavas Housing Finance Ltd.
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Interest rates were last updated on 15 July 2023
Find Aavas Housing Finance Home Loan Offices Near You
If you are planning to visit one of the offices of Aavas Housing Finance Home Loan near you to understand the Aavas Housing Finance Home Loan Offer in details and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
For the latest Home Loan Interest rates and updates in Eligibility criteria, Home Loan offers, Home Loan application Fee and Charges, Required Documents and other FAQs related to Home Loans, please refer to the Aavas Housing Finance official website.
FAQs
The current interest rate of Aavas home loans 2023 starts at 8.5% and might go up to 17.00% per annum for specific schemes. However, we recommend you to verify the same by visiting the official website of Aavas Housing Finance.
Aavas home loans start at a minimum of Rs. 1 lakh. The maximum loan amount granted to a borrower may reach up to Rs. 10 crores based on some eligibility criteria for specific home loan schemes.
Aavas Financiers Ltd. charges a processing fee for approving your home loan application, which is up to 1% of the loan amount and GST.
To get a housing loan from Aavas Financiers Ltd., an applicant must fill out the application form, submit the required set of documents, and pay the processing fee. Once the application is checked and the documents are verified, the applicant will be granted the loan disbursement amount.
To get easy approvals for an Aavas home loan, an applicant must have a good credit score and credit history. Applicants with a CIBIL score of 750 and above will have a brighter chance of getting home loans approved by this NBFC.
You can foreclose your Aavas housing loan by visiting the nearest branch and giving a Foreclosure Statement Request. After this, you are required to pay the applicable foreclosure charges to the NBFC.
Aavas Housing Finance Ltd. evaluates a borrower’s loan repayment capacity taking into account certain factors like monthly income, bank statements, proof of income, KYC documents, income tax returns and other financial records.
Yes, you can easily transfer your existing home loan to Aavas Home Loan Balance Transfer Scheme. You can also benefit from flexible top-ups with this balance transfer home loan scheme from Aavas Financiers Ltd.