AU Small Finance Bank Home Loan
AU Small Finance Bank has been operating in India since 2017, intending to make home-building a reality for all rural and urban areas in the country. The bank offers rather attractive interest rates to customers nationwide, encouraging them to avail of home loans and make their dream of buying a house turn into reality. AU Small Finance Bank or SFB interest rate starts at 8% p.a. and goes up to 22% p.a. for loans availed of up to a maximum tenure of 30 years.
AU Small Finance Bank Home Loan EMI Calculator
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AU Small Finance Home Loan Key Highlights
Get the lowest interest rates with AU Small Finance Bank
| Loan Amount | Starting at Rs. 2 lakh |
|---|---|
| Rate of Interest | 8% - 22% p.a. |
| RPLR | |
| Processing Fee |
Up to 2% of the loan amount |
| Maximum Tenure for Repayment | 30 years (bank salaried employees) | 20 years (cash salaried/Self-Employed Professionals/Self-Employed Non-Professionals) |
| Penal Rate of Interest | |
| Rate Packages | |
| Charges for Prepayment/Foreclosure | 3% p.a. of outstanding amount |
AU Small Finance Bank Home Loan Interest Rates in 2024
AU SFB rates of interest start at 8% per annum. These competitive interest rates help attract more bank customers to avail of home loan facilities at the company. The table below provides a fair idea of AU Bank home loan interest rates for its applicants:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| For Salaried Employees Applicants | 8% - 22% p.a. |
| For Self-Employed Applicants | 8% - 22% p.a. |
Interest rates were last updated on 26th September 2023
AU Small Finance Bank Home Loan Eligibility Criteria
You are entitled to avail of a home loan facility with AU SFB if you meet the below-listed eligibility criteria for AU Small Finance home loans:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 to 70 years | 18 to 70 years |
| Nationality | Indian | Indian |
| Minimum Income Earned |
AU Small Finance Bank Home Loan Processing Fee and Charges
The processing fee is the amount levied by a bank on its loan applicants, charging them for the additional expenses that the bank incurs for processing the customers’ loan applications. Tabulated below are the AU Small Finance Bank home loan processing fee and other charges levied by the bank on home loan applications:
| Processing Fee | Up to 2% of the loan amount |
|---|---|
| CERSAI Fees | Nil |
| Legal Handling/Incidental Charges | At Actuals |
| Charges for ECS Return/Cheque Bounce | Rs. 500 |
| Foreclosure Statement Charges | Rs. 500 |
| Administrative Charges | Up to 2% of the loan amount |
| Overdue Interest | 3% every month on the amount outstanding |
| Stamping Charges | Following the State’s Stamp Act |
| Collection Charges | Rs. 600 for every visit |
| Statement of Account | Rs. 500 |
| Repayment Schedule/Duplicate Amortisation | Rs. 500 |
| Loan Document/Duplicate Copy of the Property | Rs. 1,000 |
| Replacement of Asset/Property/Collateral | Rs. 2,500 |
| Property Valuation Charges | Rs. 1,500 for every property |
| Duplicate Issue of No Dues Certificate | Rs. 500 |
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AU Small Finance Bank Home Loan Schemes and Top Plans
AU Small Finance Bank offers a varied choice of home loan schemes to its customers so that they can use the loan amount appropriately for their personalized needs. Some of the top home loan products offered by the bank include the following:
1. Home Construction Loan
- Loan available up to 100% of the estimated cost of the property
- Easy availability of the facility in rural parts of the country
- Tax benefits offered under Sections 80EE, 24, and 80C of the Income Tax Act
- Fast loan approvals to help you construct the home of your dreams faster
2. Home Purchase Loan
- Loan available for buying ready-to-move-in houses, flats, and bungalows from Development Authorities and Builders
- Also available for resale residential properties
- Loans can be availed for the purchase of RERA-approved houses and flats, freehold and leasehold properties, Municipal Corporation/Nagar Palika houses, and Gram Panchayat properties
3. Home Improvement Loan
- Can be used for making upgrades and renovations to existing residential properties
- Loan amount is offered for making all repairs and transformations to the house to make it appear more spacious and comfortable
- Competitive rates of interest offered
4. Home Top-Up Loan
- Add-on loan amount available on existing home loan from AU SFB
- Minimum documentation required for the top-up loans
- Additional funds available to meet personalized home and financial requirements
- Can be availed by both existing and new customers of the bank
5. Home Loan Balance Transfer
- Lower your existing home loan burden with convenient transfers to AU Small Finance Bank
- Reduced EMIs and lower rates of interest on balance transfers of home loans
- Facility can be availed by customers with no income proof
- Can be availed by rural India as well
6. Land Purchase & Construction Loan
- Ideal for buying a land/plot and building a home of your choice
- Competitive rates of interest
- Door-to-door service provided by the bank staff in addition to expert financial counseling services
7. Commercial Property Purchase Loan
- Ideal for buying a commercial office space to help operate your dream business setup
- Competitive interest rates on loan for buying commercial property
- Loan can be conveniently availed of at the bank’s over 400 branches in India
- Seamless and hassle-free loan application process with minimal documentation required
- Commercial property can be freehold, belong to Development Authority, Gram Panchayat, or Municipal Corporation
- Loan repayment tenure ranges between 1 and 15 years
- Minimum amount of loan that can be availed - Rs. 2 lakh
Note: All of the above home loan plans are made available to applicants solely at the discretion of AU Small Finance Bank, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for AU Small Finance Bank Home Loan
AU Small Finance Bank requires its home loan applicants to submit a set of documents along with the application for the loan amount. The exact home loan documents required by AU Small Finance Bank are as follows:
Documents Required for Salaried Applicants
- Salary Certificate (in case of cash salaried employees)
- Bank statement/salary slip/Form 16 (either one) as proof of current or last income drawn
- Cheque for Home Loan Processing Fee
- Bank Statements for Last 6 Months,
- Duly Signed Application Form with Affixed Photograph
- Proof of Business
Documents Required for Self-Employed Applicants
- Informal income documents
- Financial statements from previous 3 years/Latest IT Return
- Cheque for Home Loan Processing Fee
- Bank Statements for Last 6 Months,
- Duly Signed Application Form with Affixed Photograph
- Proof of Business
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Aadhar Card, Valid Passport, Valid Driving License, Voter’s ID, PAN Card |
| Documents Related to Property |
|
Find AU SFB Home Loan Offices Near You
AU Small Finance Bank operates in major Indian cities and can be easily looked up online. In case you wish to initiate applying for a home loan with the bank, you can find a branch office of the bank near you. Alternatively, you can connect with a team member of BASIC Home Loan, who will then help you through the entire home loan application process with ease. Also, please feel free to visit the nearest AU SFB Home Loan office in your city for any queries, complaints, or grievances.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
AU Small Finance Bank offers home loans to customers at a rate of interest starting at 8% per annum.
The maximum home loan amount AU Small Finance Bank offers to loan applicants is Rs. 40,00,000.
Yes, AU Small Finance Bank is accredited by the RBI and has been operating as a Small Finance Bank (SFB) since April 19, 2017.
The minimum stable salary required for availing of an AU Small Finance Bank home loan is Rs. 25,000 per month.
A credit score of 700 or higher is generally acceptable by the bank for approving home loan applications.
Yes, AU Small Finance Bank does offer a home loan facility for self-employed applicants too.
A higher credit score (generally 700 or more) can help home loan applicants improve their chances of availing lower interest rates on the loan amount requested.
The maximum home loan tenure the bank grants is up to 30 years for bank-salaried employees and 20 years for cash-salaried/Self-Employed Professionals (SEP) and Self-Employed Non-Professional (SENP) applicants.