Aavas Home Loan Interest Rate
Are you concerned about how to arrange finances to buy a home or renovate an existing one? Then, you can rely on India's leading non-banking financial company, Aavas Financiers Ltd. For those of you who are curious about the Aavas home loan interest rate, let us tell you that it is quite affordable for salaried and self-employed applicants. The Aavas Finance home loan interest rate starts at 10.50% per annum and may reach as high as 17% per annum. The maximum loan repayment period allowed on an Aavas home loan is up to 25 years, and the NBFC charges a nominal processing fee up to 2% of the loan amount and GST to process each home loan application.
Aavas Home Loan EMI Calculator
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Aavas Bank Home Loan Key Highlights
| Amount of Loan | Up to 90% of the property value |
|---|---|
| Rate of Interest | 10.50% p.a. onwards |
| Processing Fees |
Upto 2% |
| Max Tenure for Loan Repayment | 25 years |
Aavas Home Loan Interest Rates in 2024
Aavas Financiers has emerged as one of the preferred choices for potential home loan borrowers due to minimum documentation and reasonable interest rates. The lowest Aavas Bank home loan interest rate begins at 10.50% per annum and might go as high as 17% per annum. Check out the tables below to understand the Aavas home loan interest rate 2024:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 8.50% - 17% per annum |
| Self-Employed Applicants | 8.50% - 17% per annum |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.50% - 17% per annum |
Aavas Home Construction Loan Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.50% - 17% per annum |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers | 8.50% - 17% per annum |
Interest rates were last updated on 20th January 2024
Aavas Home Loan Interest Rates for All Schemes in India
Aavas Financiers offers easy home loans to those interested in buying or constructing a home or renovating or improving an existing home. Then, there are flexible top-ups and balance transfer housing loan schemes too. To understand the types of home loan schemes available at Aavas Financiers, we suggest you go through the table below:
| Aavas Bank Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Aavas Home Loan | 8.50% - 17% per annum |
| Aavas Home Construction Loan | 8.50% - 17% per annum |
| Aavas Home Improvement Loan | 8.50% - 17% per annum |
| Aavas Home Loan Balance Transfer | 8.50% - 17% per annum |
| Aavas Small Ticket Size (STS) Loan | 8.50% - 17% per annum |
| Aavas Cash Salaried Plus Loan | 8.50% - 17% per annum |
Aavas Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
Aavas Financiers Ltd. offers three interesting and convenient facilities to help customers make the most of their home loans. Continue reading to learn about all these three schemes:
Aavas Bank Home Loan Balance Transfer
If you think you got a home loan from a lender at a higher interest rate, worry not; here is your chance to mend the mistake. In other words, you can opt for the flexible Aavas Balance Transfer Home Loan and transfer your existing home loan amount to Aavas at cheaper rates. The interest rate for the Aavas balance transfer home loan starts at 8.50% per annum.
Aavas Bank Home Loan Top-Up
The second most popular scheme offered by Aavas Financiers Ltd. is the top-up plan. As the name suggests, it allows you to get cash on top of your loan amount without much hassle. The Aavas Bank home loan top-up interest rate starts at 8.50% per annum.
Aavas Bank Home Loan Overdraft Option
The Aavas overdraft facility on home loans comes as a big relief to those keen to get extra funds for personal or professional financial needs. With the Aavas OD facility, an existing home loan borrower can get extra money without applying for a new loan. The Aavas Bank overdraft facility is available at an interest rate of 8.50% per annum.
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Compare Aavas Home Loan Interest Rate with Top Banks
Do not apply for Aavas home loan just because we are recommending you. Compare the rate of interest and processing fee of Aavas with other prominent banks and financial institutions before making an informed decision. So, to help you in this regard, we are now highlighting the details of the interest rate and processing fees of the top contenders:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Aavas Home Loan | 8.50% p.a. onwards | Up to 1% of the loan amount + GST |
| Indian Overseas Bank | 8.40% p.a. onwards | 0.57% of the loan amount (up to max INR 15,000) |
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| Union Bank of India | 8.70% p.a. onwards | 0.50% of the loan amount (Rs. 15,000 max) |
| Standard Chartered | 8.75% p.a. onwards | 0.5% - 1% of the approved loan amount |
| PNB Housing | 8.75% - 11.45% p.a. | Up to 0.50% (Rs. 10,000 max) |
Aavas Home Loan Balance Transfer Interest Rates
Aavas Financiers is one of the most popular lenders offering eligible applicants easy and quick home loans. One of the most popular schemes offered by this NBFC is the Aavas Bank Home Loan Balance Transfer. This plan aims to help customers transfer their outstanding home loan amount balance to Aavas's lower-rate-of-interest home loan schemes.
Aavas home loan balance transfer interest rates range between 8.50% and 17.00% per annum for all loans. Whether you are salaried or self-employed, you can easily apply for the Aavas Bank balance transfer home loan scheme. The easiest way to apply for the Aavas Balance Transfer home loan is mentioned below:
- Visit the official BASIC Home Loan website and its Repay Right section - Repay Right
- Now, enter the information in the provided form with details like your existing EMI paid on the loan amount, current outstanding loan amount, existing loan repayment tenure, existing rate of interest per annum, and new rate of interest per annum
- Proceed ahead by clicking on ‘Next’ after filling in the details in the form
- You will then be directed to the next page, where you can see your total savings with the Aavas Bank Home Loan Balance Transfer Scheme
- The other easy way of learning in detail about the Aavas Financier Balance Transfer home loan is through the BASIC Home Loan team. Contact them for assistance in applying for this home loan from Aavas
Get Home Loan Starting at 8.5%*
How to Calculate Aavas Home Loan Interest Rates?
Home loan EMI amount can be deduced by calculating the interest rate, and this can be quickly calculated using online EMI calculators like the one available here: EMI. Feel free to check the detailed estimate of the EMI payable for an Aavas home loan using this easy-to-use online EMI calculator.
Aavas Bank Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.5% p.a. | Rs. 12,399 | Rs. 8,678 | Rs. 7,689 |
| Rs. 20 lakh | 8.5% p.a. | Rs. 24,797 | Rs. 17,356 | Rs. 15,378 |
| Rs. 30 lakh | 8.5% p.a. | Rs. 37,196 | Rs. 26,035 | Rs. 23,067 |
| Rs. 40 lakh | 8.5% p.a. | Rs. 49,594 | Rs. 34,713 | Rs. 30,757 |
| Rs. 50 lakh | 8.5% p.a. | Rs. 61,993 | Rs. 43,391 | Rs. 38,446 |
| Rs. 60 lakh | 8.5% p.a. | Rs. 74,391 | Rs. 52,069 | Rs. 46,135 |
| Rs. 70 lakh | 8.5% p.a. | Rs. 86,790 | Rs. 60,748 | Rs. 53,824 |
| Rs. 80 lakh | 8.5% p.a. | Rs. 99,189 | Rs. 69,426 | Rs. 61,513 |
| Rs. 90 lakh | 8.5% p.a. | Rs. 1,11,587 | Rs. 78,104 | Rs. 69,202 |
| Rs. 1 crore | 8.5% p.a. | Rs. 1,23,986 | Rs. 86,782 | Rs. 76,891 |
You just went through the estimated EMI payable at an 8.50% p.a. interest rate offered by the Aavas Bank. The figures mentioned in the above table are subject to change for different lenders, their tenures, and interest rates.
FAQ's
The latest interest rate for Aavas Finance housing loan starts at 8.50% per annum.
Yes, there is always a flexible option open for Aavas home loan applicants to switch to a lower interest rate during the loan tenure. However, the bank may charge a switch or conversation fee for this.
Yes, there are tax benefits available on Aavas home loan interest rate under section 24 (B) and section 80EEA of the Income Tax Act.
Aavas Financiers was founded as Au Housing Finance Private Limited in the year 2011. Later, it got the name Aavas Financiers Ltd. in 2017.
The interest rate of a 10 lakh home loan at Aavas Financiers is 8.50% per annum.