Aadhar Housing Finance Ltd Home Loan
Aadhaar Housing Finance offers home loans for different socio-economic backgrounds at attractive interest rates.
Aadhaar Housing Finance offers home loans for different socio-economic backgrounds at attractive interest rates. The loan procedure is transparent and fast, and the repayment tenure may be up to 30 years.
Aadhar Housing Finance is one of the leading housing finance companies. The home loans offered by this company help consumers from different income groups to buy or build a house of their own.
Established in 2010, the company is operational across the country. Aadhar Housing Finance provides numerous types of home loans that meet the different requirements of the consumers.
Features and Benefits of the Loan:
The features and benefits of Aadhar Housing Finance home loans are mentioned below:
- The loan can be applied for individually or jointly.
- Applicants can avail subsidy for home loans under Pradhan Mantri Awas Yojna.
- Customers can choose loan tenures up to 30 years.
- The loans can be availed by private employees, 3rd and 4th grade government employees, teachers, and police employees among other.
- Monthly salary of at least Rs.5,000 is mandatory to avail home loans from Aadhar Housing Finance.
Who is Eligible for Aadhar Housing Finance Home Loans?
The eligibility criteria for Aadhar Housing Finance home loans are mentioned below:
- Salaried employees as well as self-employed applicants can avail this loan.
- Salaried employees must be 60 years of age or else at the end of the loan repayment period.
- Self-employed applicants must be 70 years or less at the end of the loan repayment period.
Documents Required for Aadhar Housing Finance Home Loans:
Documents Required for Salaried Individuals:
The documents required for salaried individuals are mentioned below:
Proof of income |
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Photo ID proof (any one) |
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Residence proof (any one) |
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Documents Required for Self-employed Individuals:
The documents required for self-employed individuals are mentioned below:
Photo ID proof |
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Residence proof (any one) |
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Income proof for self-employed professionals and self-employed businessmen |
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Types of Home Loans offered by Aadhar Housing Finance:
Aadhar Housing Finance offers various types of home loans that cater to the different needs of the customers. Mentioned below are the homes loans they offer:
- Home Loan for Salaried Employees - This loan is aimed at salaried employees earning more than Rs.10,000 per month. The maximum loan amount that can be availed is Rs.1 crore but not more than 80% of the property value. The maximum loan tenure is 30 years.
- Home Loan for Self-Employed - This plan is specifically designed for self-employed individuals who otherwise may not be eligible for home loans due to the irregularity in income.
To avail this loan, the applicant must be less than 70 years of age and in the same life of business for at least 3 years. The individual must also be able to pay at least 20% of the sum required.
- Loan for Plot Purchase and/or Construction - This loan is made for individuals who want to purchase a land, build a home or do both. A loan of up to Rs.1 crore can be availed but the amount should not be more than 80% of the property value for plot loans and less than 80% of the property value for plot + construction loan. Additionally, the home should be constructed within the time period stipulated by NHB.
- Home Improvement Loan - Home improvement or renovation can be a costly affair, Aadhar Housing Finance's home improvement loan covers these expenses. Individuals can claim a loan of up to Rs.1 crore but not more than 100% of the estimated expenses of renovation certified by chartered engineer or 100% of expenses certified by the lender's technical officer, whichever is lower.
The loan amount is subject to a maximum of 80% of the overall market value of the property. The loan can be availed for purposes like flooring, plumbing, electrical work, plastering, etc. The maximum tenure for this loan may be up to 30 years.
- Home Extension Loan - Aadhar Housing Finance's home extension loans are made for individuals who want to build an additional room or an additional floor within their existing residential property. A maximum loan of Rs.1 crore can be availed subject to 80% of the market value of the property whichever is lower.
The loan amount is subject to a maximum of 80% of the overall market value of the property. The loan amount cannot be more than 100% of the costs estimated by a chartered engineer or the lender's technical officer. The maximum loan tenure may be up to 30 years.
Aadhar Housing Finance Loan EMI calculator:
Before applying for a loan, it is important to understand whether the EMI will fit in your budget or not. Ideally, EMIs should not exceed 40% of your monthly income. A higher EMI can significantly increase your liabilities and increase the chances of defaulting.
Aadhar Housing Finance offers an online EMI calculator on their official website to help customers get an estimate of the amount before purchasing the loan.
Mentioned below are the steps you must follow to access the EMI calculator:
- Log on to Aadhar Housing Finance's official website at https://aadharhousing.com/
- Go to the menu bar and click on 'Ready Reckoner'.
- Select 'EMI Calculator' from the drop down menu.
- It will direct you to the EMI calculator page.
- Enter details like the loan amount, interest rate, and loan tenure.
- Click on the 'Calculate' button to generate the EMI amount.
- You can click on 'Reset' to reset the fields and enter new information.
How is the Loan Amount Calculated for Salaried Employees?
The loan amount for salaried employees is calculated after determining the applicant's needs and his/her repayment capacity based on the following factors:
- Age
- Educational background
- Stability and continuity of income
- Co-applicant's income
- Assets
- Liabilities
- Saving habits
- Number of dependents in the family
FAQs on Aadhar Housing Finance Ltd Home Loan
- What are the repayment periods for the home loans offered by Aadhar Housing Finance?
Customers can choose to pay back the loans within a period of 5 years to 30 years.
- How to apply for an Aadhar Housing Finance Home loan?
You can apply for this loan directly on Aadhar Housing Finance's official website or by personally visiting their branch nearest to you.
- How is the loan amount calculated for self-employed individuals?
For self-employed applicants, the loan amount is specified after taking into account the individual's needs and his/her repayment capacity.
- Are there any pre-payment charges on the home loans?
Yes, there are pre-payment charges on home loans with a fixed interest rate. 2% of the outstanding loan amount must be paid at the time of pre-payment. However, there are no such charges if it is a home loan with a variable rate of interest.
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