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Aavas Financiers Home Loan

Aavas Financiers Housing Loan 2021

Last Updated 17th Jul 2020

Aavas Financiers is a large HFC with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 12.00% with quick approval and online process. Home Loan in Aavas Financiers is quite popular with its special features and attractive rates under various Aavas Financiers home loan schemes for different income and occupation groups. Some of the key features of Aavas Financiers housing loan are:

  • Aavas Financiers also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Aavas Financiers has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Aavas Financiers home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Aavas Financiers Home Loan Details

Aavas Financiers offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Aavas Financiers

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 12.00%
Interest Rate Linked To PLR
Processing Fee Upto 1.00%
Lowest EMI Per Lakh ₹ 1,029
  • Purpose of Loan: Aavas Financiers house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Aavas Financiers Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 85%.
    • Loan Tenure can range from 1 to 30 years.
    • Interest rates in the range of 12.00% to 12.00%.
    • Aavas Financiers home loan EMI per lakh starts from ₹ 1,029. However, you can calculate your home loan EMI using Aavas Financiers home loan calculator 2021.
  • Special schemes: Aavas Financiers offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Aavas Financiers Home Loans

Some of the features and benefits of Aavas Financiers Home Loans are listed as follows:-

  • Aavas Financiers Home Loan Interest Rate starts from 6.70%.
  • Aavas Financiers charges a processing fees of Upto 1.00%.
  • Loan Tenure of Home Loan ranges from 1 years to 30 years.
  • Lowest EMI per lakh on home Loan from Aavas Financiers is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Aavas Financiers allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from Aavas Financiers?

Getting a home loan from Aavas Financiers is fairly easy with an online application process. 5 Steps for Aavas Financiers Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Aavas Financiers and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Aavas Financiers or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Aavas Financiers’s representative will visit your home or office to collect your documents.
  • Step 4: Aavas Financiers will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Aavas Financiers and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Aavas Financiers Home Loan Documents Required

To apply for a home loan in Aavas Financiers, the bank asks you to submit the following Aavas Financiers Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Aavas Financiers account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Aavas Financiers Home Loan EMI Calculator

Aavas Financiers home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Aavas Financiers Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Aavas Financiers Home Loan Eligibility Calculator

Aavas Financiers Home loan eligibility calculator is an online tool that helps the Aavas Financiers home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Aavas Financiers Home Loan with Other Banks


What are the documents required for home loan Aavas Financiers?

To apply for Aavas Financiers Home Loan, you will be required to submit Aavas Financiers home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Aavas Financiers ?

Below-mentioned is the reason why you must avail a home loan from Aavas Financiers

Can I apply for an Aavas Financiers home loan online?

Yes, you can apply for a Aavas Financiers home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Aavas Financiers home loan scheme?

Choosing the best Aavas Financiers home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Aavas Financiers home loan scheme is based on one’s needs.

Is Aavas Financiers good for a home loan?

Aavas Financiers is one of the best home loan lenders in the country. Currently, Aavas Financiers home loan interest rate 2021 starts at 6.50%.

How can I check my Aavas Financiers home loan status?

One can check their Aavas Financiers home loan status on Aavas Financiers’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Aavas Financiers mobile app

What is the eligibility for a Home Loan of Aavas Financiers?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Aavas Financiers Home Loan procedure?

There are two methods to complete the application for Aavas Financiers Home Loan Process online:

  • Apply online at Aavas Financiers official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Aavas Financiers house loan?

Aavas Financiers offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does Aavas Financiers check CIBIL for home loan?

Yes, to avail home loan from Aavas Financiers, you must fulfill Aavas Financiers Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Aavas Financiers?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Aavas Financiers can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Aavas Financiers is PLR . PLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In PLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.

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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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