Aavas Financiers Limited - 10.05% for Home Loan - Home Renovation Loan

Aavas Financiers Limited Home Loan:

Aavas Financiers offer home loans starts at 10.05% p.a. onwards for a loan amount starting from Rs 1 lakh and for tenures of up to 30 years.

It also provides home loans for purchasing properties from different authorities such as Development Authority, Gram Panchayat, Municipal Corporation/Nagar Palika, RERA approved flats, Freehold, etc.

Interest Rate

10.05% p.a. onwards

Processing Fee

Rs. 4000 + GST

Loan Amount

Starting at Rs 1 lakh

Loan Tenure

Up to 30 years

 

Aavas Finance Home Loan Features

1. Attractive home loan options.

2. Balance transfer facility.

3. Simplified documentation.

4. Doorstep service with fastest process.

5. No hidden charges

 

Aavas Finance Interest Depends Upon:

1. Your Salary:

Income helps you in identifying your rate of interest.

Bank's rate varies with your monthly income.

Higher the income, lesser will be the rate

 

2. Type of loan opted for:

Aavas Finance also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Aavas Finance offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

Aavas Finance Home Loan Apply:

Apply for an Aavas Finance HomeLoan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compareAavas Finance Home rates with other banks before choosing the best deal for your home loan needs.

 

Aavas Finance Home Loan Documents:

For Salaried employees:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Types of Aavas Financiers Home Loan

1. Plot Purchase and House Construction Loan

Purpose: To finance the purchase of plot and residential house construction on the same plot

Tenure:

For government/PSU/Private sector salaried- Up to 30 years

For other salaried- Up to 25 years

For self-employed- Up to 20 years

 
2. Home Improvement Loan

Purpose: For home renovation and giving it a new look, such as adding a new room, adding a new balcony, or other improvements in the existing home

Tenure:

For self-employed applicants- Up to 20 years

For government/PSU/Private sector salaried borrowers- Up to 30 years

For other salaried borrowers- Up to 25 years

 
3. Home Loan Balance Transfer

Purpose:  Transfer of existing home loan from some other bank/HFC to Aavas Home Finance to avail the lower interest rate benefits

Tenure:

For other salaried- Up to 25 years

For government/PSU/Private sector salaried- Up to 30 years

For self-employed- Up to 20 years

 

Frequently Asked Questions:

Q. Who can be a co-applicant for my housing loan?

Ans. Any immediate family member – your parents, spouse, earning children, or siblings – is permitted to be a co-applicant for a loan.

Adding a co-applicant will increase your loan eligibility as the income of the co-applicants will also be considered while determining the eligible loan amount.

 

Q. Can the home loan applicants switch/convert to lower interest rates as and when required?

Ans. Yes, the home loan borrowers can convert their interest rates from floating rates to fixed rates and vice versa.

They can also switch from higher interest rates to lower interest rates (fixed to fixed/floating to floating) as and when required.

However, Aavas Housing Finance charges 2% on outstanding principal from home loan borrowers for switch/conversion of interest rates.