Aadhar Housing Finance
Aadhar Housing Finance offers affordable home loans specifically targeting society's Low-Income Groups (LIGs). The company encourages the underprivileged to own a house with economical home loans. Aadhar home loan rate of interest starts at 11.75% and goes up to 17% for a loan tenure of 20 years. The processing fees on the home loans offered are up to 3500/- plus taxes. Aadhar Housing Finance provides home loan facilities without demanding proof of income at EMIs which are easy on the pocket.
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Aadhar Housing Finance Home Loan Highlights
Get the lowest interest rates with Aadhar Housing Finance
| Loan Amount | Up to Rs. 1 Crore |
|---|---|
| Rate of Interest | 9.50% p.a. onwards |
| RPLR | |
| Processing Fee |
Up to INR 5100 or 1.5% whichever is higher |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | |
| Charges for Prepayment/Foreclosure |
Aadhar Housing Finance Interest Rates in 2024
The company offers loans at a regular interest rate favorable to its customers. Aadhar housing finance interest rates range between 11.75% and 17% for loans up to Rs. 1 crore.
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Salaried Applicants | 11.75% per annum to 16.50% per annum |
| Self-Employed Applicants | 12.75% per annum to 17.00% per annum |
| Loan Against Property | 15.00% per annum to 17.00% per annum |
| Salaried and Self-Employed | 9% - 15% per annum |
| (Salaried) Low-Income | 10% - 18% per annum |
| Affordable Housing (Purchase/ Construction/ Existing) | 10% - 20% per annum |
| Cash-Salaried | 12% - 20% per annum |
Interest rates were last updated on 1st September 2023
Aadhar Home Loan Eligibility Criteria
When applying for a home loan from Aadhar Housing Finance, it is essential to meet specific eligibility criteria. Aadhar housing finance eligibility requirements are as follows:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 60 years or less at the end of loan repayment tenure | 70 years or less at the end of loan repayment tenure |
| Nationality | ||
| Minimum Income Earned |
Aadhar Housing Loan Processing Fee and Charges
Aadhar Housing Finance charges a certain fee from its home loan applicants for processing the loan applications as well as to meet certain other expenses involved in the loan approval process. Detailed below are the Aadhar housing loan processing fee and other charges levied by the company on its home loan borrowers:
| Processing Fee | upto 3500/- + GST |
|---|---|
| Login Fee (non-refundable fee payable at the time of loan application) | Up to Rs. 3,500 + GST (as applicable) |
| Legal, Technical, and Valuation Charges | Up to Rs. 3,000 - Rs. 5,800 + GST (as applicable) |
| Administrative Charges |
|
| Cheque/Direct Debit/ECS/ACH Bounce | Rs. 500 |
| Recovery Charges (Legal/Incidental/Possession) | Per actual + GST (as applicable) |
| Copy of Property Papers | Rs. 500 + GST (as applicable) |
| Charges for handling of documents | Rs. 2,000 + GST (as applicable) |
| Switch Fees |
|
| Insurance Charges | As per actual |
| Loan Against Property | 15% - 17% |
| Documentation Charges | Up to Rs. 2,000 - Rs. 5,000 + GST (as applicable) |
| CERSAI charge creation charges | Rs. 100 + GST (as applicable) |
| Subsequent Technical Verification (only in construction cases) | Rs. 500 + GST (as applicable) |
| Conversion Fees | 0.5% of the principal amount outstanding and undisbursed amount (if any) at time of conversion |
| Loan cancellation charges after disbursement (per loan account) |
|
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Aadhar Home Finance Schemes and Top Plans
Aadhar Housing Finance offers a variety of financial schemes to its customers interested in availing of home loan facilities at affordable EMI rates. Listed below are some of the top home loan plans offered by the company:
1. Home Loan for Salaried Employees
- Loan amount up to Rs. 1 crore, not exceeding 80% of the registered cost of the property or 80% of the property’s market value, whichever is lower
- Loan tenure for bank salaried employees - 30 years and cash salaried employees - 20 years, subject to the age of retirement
- Individual and joint home loans are available
- Co-applicants can include children, parents, or spouse
2. Home Loan for Self-Employed
- Loan amount up to Rs. 1 crore, not exceeding 80% of the cost of the property (75% if the loan amount is higher than Rs. 75 lacs)
- Loan amount is decided by the company based on the applicant’s repayment potential, their individual needs, and other factors
- The applicant must have a minimum experience of 3 years in the same domain, or their business should have been inherited from the parents
- The applicant’s monthly salary should be Rs 10,000 or above
- Maximum tenure for repayment is 20 years, subject to the condition that the borrower’s age is less than 70 years on the date of loan maturity
3. Loan for Plot Purchase and Construction
- Loan available up to Rs. 1 crore for buying a new plot or for constructing it, provided the amount is not higher than 60% of the plot’s registered cost (for plot loan) and 80% of the construction cost (in case of construction)
- Construction must take place on the plot within the stipulated time period laid out as per NHB guidelines
- Actual loan amount is subject to final decision by the company based on the applicant’s needs and their repayment capacity
- Loan repayment tenure is 30 years for bank salaried employees and 20 years for cash salaried and self-employed non-professionals
4. Home Improvement Loan
- Loan amount up to Rs. 1 crore, not exceeding 100% of the estimated renovation cost certified by the Chartered Engineer, or 100% of the cost estimated by the Aadhar officer, whichever is lower
- Loan amount subject to a maximum of 80% of the property’s overall market value (75% if the loan amount is higher than Rs. 75 lacs)
- Loan is available for electrical work, door and window replacement, flooring, underground/overhead water tank, plumbing, grills, sliding doors, and the like
5. Home Extension Loan
- Loan up to Rs. 1 crore, not exceeding 100% of the projected extension cost certified by the Chartered Engineer or 100% of the cost projected by the Aadhar officer, whichever is lower
- Loan available for construction of new floors or room addition within the home premises
6. Loan Against Residential Commercial Property (LAP)
- Up to Rs. 25 lacs loan for salaried applicants and up to Rs. 1 crore for loan against commercial/residential property
- Loan tenure up to a maximum of 15 years, restricted up to the age of retirement for salaried applicants and 70 years of age upon loan maturity for self-employed
- Loan facility available for single applicant or with a co-applicant (immediate family)
7. Balance Transfer and Top Up
- Can be availed in case of longer duration of loans, higher outstanding amounts, and lower rates of interest upon switching
- Payment of EMI can be directly made to Aadhar Housing
8. Loan for Purchase of Non-Residential Property
- Up to Rs. 1 crore loan available with a minimum loan amount of up to Rs. 2 lakh
- Loan amount should not be higher than 70% of the property’s registered cost or 50% of the market value, whichever is lower
- Loan repayment tenure up to 15 years basis the age of retirement for salaried applicants and 70 years on loan maturity for self-employed applicants
9. Aadhar Gram Unnati
- No income proof required to avail of the loan facility
- No bias against income or profession of the applicant
- Easy repayment options offered
- Loans available for government employees, employees from class 4&5 grades, and small business owners
Note: All of the above home loan plans are made available to applicants solely at the discretion of Aadhar Housing Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Aadhar Home Loan
Aadhar Housing Finance company requires its home loan applicants to submit a set of necessary documents as part of the loan application procedure. Below is the complete list of Aadhar home loan documents required as part of the process:
Documents Required for Salaried Applicants
- Bank statement of the last 6 months
- Salary slip of the last 6 months in case of variable salary components
- Form-16 (in case available)
- Work permit issued by the employer or the concerned government
- Copy of Continuous Discharge Certificates (in case of Merchant Navy)
- Copy of passport with a valid visa
- Copy of all overseas bank statements and NRE/NRO bank statements for the last 6 months
Documents Required for Self-Employed Applicants
- Computation of income with Profit & Loss Account and Balance Sheet (for loan amounts higher than Rs. 25 lacs)
- Proof of business ownership (any one)
1. Registration with the local market association
2. Letter from Sarpanch of Gram Panchayat (in case of business location in Gram Panchayat)
3. Valid license of Shop Establishment Act
4. Current account in the name of the business firm
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
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Find Aadhar Home Loan Offices Near You
If you wish to contact a branch of Aadhar Housing Finance near you for any queries, complaints, or grievances, look online for an Aadhar home loan branch near you or connect with a BASIC Home Loan representative in your city for more assistance.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Aadhar Housing loans start at a rate of interest of 11.75% and go up to 17%.
Aadhar Housing Finance offers its loan applicants a maximum loan amount of up to Rs. 1 crore.
Salaried applicants should be 60 years old or less at the end of loan repayment tenure. For self-employed applicants, the age limit is 70 years or less at the end of loan repayment tenure.
The easiest way to apply for a home loan with Aadhar Housing Finance is to go to the BASIC Home Loan website, proceed to the Apply Now section, enter the required details on the given form, and submit it. A team member from BASIC will connect with you to help initiate a home loan application.
The maximum tenure for home loan repayment at Aadhar Housing Finance is 30 years.
You can track the status of your home loan application with the Aadhar Housing Finance customer care helpline.
An immediate family member of the primary applicant, such as the spouse, children, or parents, can be considered as co-applicants in the home loan application process.
Aadhar Housing Finance processing fees/login fees is 3500/- plus taxes.