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Aavas Financiers Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Aavas Financiers 2021

Last Updated 17th Jul 2020

Eligibility CriteriaAavas Financiers Home Loan
Eligible Age of Borrower21 - 60 years
Home Loan Eligibility Calculator

What is Aavas Financiers Home Loan Eligibility?

Aavas Financiers offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Aavas Financiers home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Aavas Financiers home loan using the Aavas Financiers home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Aavas Financiers?

Aavas Financiers Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Aavas Financiers Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Aavas Financiers home loan age limit to get a Aavas Financiers home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Aavas Financiers offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Aavas Financiers Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Aavas Financiers home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Aavas Financiers, the loan amount that you will be eligible for would be ₹ 22,65,267 to ₹ 31,59,596 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 45,30,534 to ₹ 63,19,192 for the same property at the same rate depending on your age at the time of loan application. However, Aavas Financiers asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years31.60 Lakh47.39 Lakh63.19 Lakh
30 years31.60 Lakh47.39 Lakh63.19 Lakh
35 years30.86 Lakh46.29 Lakh61.72 Lakh
40 years29.52 Lakh44.27 Lakh59.03 Lakh
45 years27.08 Lakh40.62 Lakh54.16 Lakh
50 years22.65 Lakh33.98 Lakh45.31 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Aavas Financiers home loan eligibility.

  • Nature of employment: Aavas Financiers will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Aavas Financiers requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Aavas Financiers based on Value of Property

  • Value of property: Aavas Financiers does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Aavas Financiers's legal team.

The housing loan eligibility calculator of Aavas Financiers can be a useful tool to assess your eligibility for the loan.

Aavas Financiers Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Aavas Financiers to determine your home loan eligibility. Aavas Financiers considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Aavas Financiers home loan is 0.65. Calculate your eligibility with the Aavas Financiers home loan calculator and apply for the eligible loan amount hassle-free.

Aavas Financiers Home Loan Eligibility for Women

Aavas Financiers offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Aavas Financiers Home Loan

Aavas Financiers considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Aavas Financiers. However, a low CIBIL score reduces your chances to get a home loan. Aavas Financiers requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Aavas Financiers Home Loan Eligibility?

You can enhance the Aavas Financiers home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Aavas Financiers’s Home Loan Eligibility Calculator?

To check Aavas Financiers home loan eligibility perform the following steps:-

  • Go to the Aavas Financiers website
  • Now navigate to the option Aavas Financiers home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get Aavas Financiers home loan?

The basic criteria to get a home loan from Aavas Financiers are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Aavas Financiers?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Aavas Financiers?

The minimum salary required to avail home loan from Aavas Financiers is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Aavas Financiers.

Is Aavas Financiers good for home loan?

The lowest interest rate provided by Aavas Financiers is 12.00% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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