Aavas Financiers Housing Loan

• Aavas Financiers Limited offers a home purchase loan to finance the purchase of residential properties (flats, houses, and bungalows), including properties from builders/development authorities and resale properties. 
• Aavas offers a minimum loan amount starting from Rs. 1 Lakh to cater to even small housing financial needs. 
• Aavas home loan comes at competitive interest rates starting from 9.00% p.a., helping borrowers reduce their cost of financing a dream home. 
• The repayment tenure is up to 30 years for salaried customers ( government/ PSU/ Private sector), up to 25 years for other salaried customers, and up to 20 years for self-employed customers.

The following are all the associated charges for Aavas Housing Finance Home Loan:

• Processing fee: 2% on the sanctioned value + GST.
• Administrative fee: 2% on the sanctioned value + GST.
• Non-refundable initial money deposit fee: 5,000 + GST (part of processing/ administrative fees).
• Part prepayment/ foreclosure charges: Nil to 5% + GST as applicable, on full/ part principal outstanding being prepaid.
• Stamp duty: As per the applicable law of the state.
• Non-encumbrance certificate/ legal verification report: Rs. 6,000 + GST.
• RCU charges: Rs. 1,000 + GST.
• Valuation/ technical fee: Rs. 3,000 + GST for each report.
• Technical visit charges: Rs. 300 + GST.
• CERSAI charge: Rs. 50 to Rs. 100 + GST or as per the charges levied by CERSAI.
• ROC charge creation: As per actuals (where applicable).
• Completion certificate: Rs. 500 + GST.
• Post-disbursement document charges: 0.25% of loan amount + GST.
• Cheque/ ECS/ ACH bounce charges: Rs. 500 + GST per instrument/ transaction.
• Interest on unpaid PEMI/EMI: Charged at the contractual rate till the date of remediation.
• Delay payment charges: 5% p.a. for the number of days delayed in EMI/PEMI from the due date + GST.
• Other penal charges: 1% for days of default + GST on loan outstanding.
• Copy of property papers: Rs. 600 + GST. 
• Loan/ disbursement cancellation charges: Rs. 1,500/ + GST to Rs. 5,000 + GST. 
• Document retrieval charges: Rs. 500 + GST and/or other statutory levies. 
• Loan prepayment statement/ SOA/ repayment schedule charges: Rs. 600 + GST. 
• Switch/ conversion/ change of interest rate: 2% + GST on the principal outstanding.
• Cheque/ ACH swapping charges: Up to Rs. 1,200 + GST per set. 
• Recovery charges: As per actuals + GST.
• Cash handling charges (for prepayment): Rs. 5 per Rs. 1,000 + GST.

Aavas Finance interest rates are linked to Aavas Financiers Limited’s (AFL) Prime Lending Rate (PLR), which is 17.70% at present. The applicable interest rate varies between 9.00% per annum for home loans.

The specific interest rate for Aavas Home Loan varies depending on the loan amount, repayment tenure, the borrower's creditworthiness, and other factors. Applicants should inquire about the current applicable interest rates when applying for the home loan. 

Below are the eligibility criteria for Aavas Finance home loan:

• Eligible properties: Properties developed by government/ private development authorities, RERA-approved flats, Municipal Corporation/ Nagar Palika approved properties, freehold properties, and rural properties in gram panchayat areas.
• Employment: Salaried or self-employed. 
• Work experience: 1 year or more. 
• Nationality: Resident of India. 
• Age limit: 21 to 65 years. 
• Income: In the case of a business, the minimum documented income should be Rs. 1 Lakh p.a.
• Credit history: Needs to have a clean and good repayment record (including credit score and credit history).
• Other criteria: The applicant must be capable of meeting other financial obligations such as credit card payments, vehicle loans, etc.

Below is the list of documents required to apply for Aavas Financiers Home Loan:

Documents required for salaried applicants

Identity Proof: PAN card (mandatory) along with any one of the below:

• Passport
• Voter ID
• Aadhaar card
• Driving license

Address Proof: any one of the below:

• Passport
• Voter ID 
• Aadhaar card
• Utility bills (electricity/ water/ telephone bill)
• Driving license

Income Proof:

• Salary slips/ bank statement/ Form 16
• Salary certificate

Property Documents:

• Property’s title deeds 
• Proof of no encumbrances on the property
• Other Documents
  • Signed application form with photograph
  • Processing fee cheque 
  • Bank statement for the last 6 months

Documents required for self-employed applicants

Identity Proof: PAN card (mandatory) along with any one of the below:

• Passport
• Voter ID
• Aadhaar card
• Driving license

Address Proof: any one of the below:

• Passport
• Voter ID 
• Aadhaar card
• Utility bills (electricity/ water/ telephone bill)
• Driving license

Income Proof:

• Income tax returns and/or financial statements of the last 3 years 
• Informal income documents (if any)

Property Documents:

• Property’s title deeds 
• Proof of no encumbrances on the property
• Other Documents
  • Signed application form with photograph
  • Processing fee cheque 
  • Business existence proof
  • Bank statement for the last 6 months

You can use the online Aavas Finance EMI Calculator available on their website to calculate your home loan EMI before applying for the loan. Open the EMI Calculator and enter a few basic details such as the home loan amount, interest rate, and loan tenure. The tool will display the accurate monthly payment (EMI), total interest payable, total payment, and amortisation schedule on the page.

The following are the steps for the Aavas Financiers home loan application process:

• Once you have selected a property, apply online on the lender’s website. 
• Aavas Financiers’ representative will contact you, or you may visit your nearby Aavas Financiers Housing Finance branch.
• A representative will come to your address to explain the preferred home loan product and process and also to collect the required documents.
• The lender will evaluate your documents, discuss with you, and do the necessary checks. 
• After submitting the remaining documents, your loan will be disbursed.

Here is a list of some common mistakes that you must avoid when applying for a home loan:

• Ignoring your credit score.
• Taking the offer of the first bank you apply with.
• Not comparing interest rates and features of other home loans.
• Applying with many lenders at once. 
• Borrowing a higher loan amount than required.
• Not paying heed to extra costs.
• Choosing the wrong repayment tenure.
• Making a large down payment in cash.
• Not reading the fine print carefully.
• Not including other income sources.

With Aavas Financiers Home Loans, you are eligible for a tax deduction on the payment of interest on home loans, offering you financial relief by decreasing the overall tax liability.

By taking an Aavas Financiers home loan, you can save up to Rs. 1.5 Lakhs on principal repayment under Section 80C of the Indian Income Tax Act and up to Rs. 2 Lakhs on home loan interest for a self-occupied property under Section 24(b) of the Indian Income Tax Act.

Here are the contact details for Aavas Financiers Home Loan Customer Care:

• Toll-free number: 1800-20-888-20
• Customer service: 0141-6618888
• WhatsApp number: 91166-32180 
• SMS service: SMS 'GHAR' to 56677 
• Email: customercare@aavas.in 
• Corporate office address: 201-202, 2nd Floor, Southend Square, Mansarover Industrial Area, Jaipur - 302020