If you are a low-income earner and aspire to own a home, you may want to consider Aadhar Housing Finance as a possible option. Aadhar Housing Finance is one of the biggest affordable housing finance companies in India and it provides a range of home loan products to its customers. In this blog post, we will evaluate Aadhar Housing Finance and see what it has to offer to its customers.
What is Aadhar Housing Finance?
Aadhar Housing Finance Limited is a company that makes housing finance easier. This company provides various types of home loan products, such as loans for construction; home improvement and extension loans, residential property purchase and loans for commercial property construction and acquisition.
This financing company mainly caters to the home financing needs of the low-income group, especially the salaried employed & self-employed. Aadhar Housing Finance has a large network all over India and provided services up to 2.33 lakh borrowers till date.
Benefits & Features of Aadhar Housing Finance
- Aadhar Housing Finance provides home loans up to Rs 1 crore at attractive interest rates which start from 11.75% p.a.
- It offers a long loan repayment period of up to 30 years, which is helpful for lowers monthly EMI.
- Provide Some housing products. You don’t need to provide any income proof for some of its loan products which is helpful for those people who couldn’t provide this document.
- Aadhar Housing Finance offers quick and transparent loan processing with few documentation and smooth disbursal.
- Aadhar Housing Finance allows borrowers to get tax benefits by the section 80C of the Income Tax Act, 1961 on the principal and interest components of the housing loan .
Aadhar Housing Finance: Different Types of Home Loan
Aadhar Housing Finance offers various types of home loan products to suit the diverse needs of its customers. Some of the popular home loan products are:
- Home Construction Loan: If you already own land and want to build a house on it, this loan is for you.
- Loan for Plot Purchase and Construction: If you plan to buy land and build a home on it then this loan is designed for you.
- Loan for Plot Purchase: If you are looking to buy land now with the intention of constructing a home later, this loan is the right choice.
- Home Loan for Self-Employed: If you work for yourself and want to buy or build a home this loan is tailored for self-employed individuals.
- Loan Against Residential Commercial Property (LAP): Borrow money by using your residential or commercial property as collateral with this loan.
- Home Loan for Salaried Employees: Salaried individuals looking to buy or build a home can benefit from this loan.
- Home Improvement Loan: If you are planning to renovate or refurbish your current home, this loan is the solution.
- Loan for Purchase of Non-Residential Property: If you are interested in buying or constructing a non-residential property like an office, shop, or warehouse, this loan fits your needs.
- Home Extension Loan: Add more space to your existing home with this loan.
- Balance Transfer and Top Up: Transfer your existing home loan from another bank or HFC to Aadhar Housing Finance, and also get additional funds.
- Aadhar Gram Unnati: This initiative offers safe and affordable housing solutions to the rural population.
- Loan for Construction of Non-Residential Property: If you are planning to construct a non-residential property, such as an office, shop, or warehouse, this loan is for you.
Aadhar Housing Finance Interest Rate
The interest rate charged by Aadhar Housing Finance depends on various factors such as the loan amount, loan tenure, loan to value ratio, credit score, income, etc. The interest rate may vary from time to time and from product to product. As on November 2023, the interest rate offered by Aadhar Housing Finance ranges from 11.75% p.a. to 15.50% p.a.
Who is Eligible for Aadhar Housing
The eligibility criteria for Aadhar Housing Finance may differ depending on the type of loan product, but some of the common factors are:
- Indian citizen, resident.
- Age: 21-65 years at application and maturity.
- Regular source of income (salary/business).
- Good credit history, repayment capacity.
- Clear property title and ownership.
Documents Required for Aadhar Housing Finance
The documents required for Housing Finance may vary depending on the type of loan product, but some of the common documents are:
- Identity proof: Aadhaar card, PAN card, Voter ID, passport or driver’s license.
- Address proof: Aadhaar card, passport, voter ID, Utility bills, driver’s license or rent agreement.
- Income proof: bank statements, Salary slips, income tax returns or business financials.
- Property documents: Sale deed, allotment letter, agreement to sell, possession letter or title deed.
- Completed loan application form signed by the applicant and co-applicant (if any)
Aadhar Housing Finance Customer Care Number
Aadhar Housing Finance has a dedicated customer care team that is available to assist customers with any queries or complaints related to their home loans. The customers can contact the customer care team through various channels such as phone, email, website, or visit the nearest branch. The customer care number of Aadhar Housing Finance is 1800 3004 2020, which is toll-free and operational from Monday to Saturday, 9:30 am to 6:30 pm.
Conclusion
Aadhar Housing Finance, a trusted HFC, addresses the home financing requirements of the low-income segments. With a range of affordable home loan products featuring flexible repayment options and competitive interest rates, it ensures quick and transparent loan processing along with excellent customer service.
For an accessible home loan that aligns with your budget, Aadhar Housing is worth considering. Explore their products and services further by visiting their website or contacting their customer care number.
FAQs
Q.1 What types of home loans are offered by Aadhar Housing Finance?
Aadhar Housing Finance provides various home loan products, including Home Construction Loan, Loan for Plot Purchase, Home Improvement Loan, and more.
Q.2 How can I contact customer care?
Contact Aadhar Housing Finance’s customer care at 1800 3004 2020, Monday to Saturday, 9:30 am to 6:30 pm. Reach out via phone, email, website, or visit a branch.
Q,3 What are the eligibility criteria?
Must be an Indian citizen aged 21-65, with a regular income, good credit history, and clear property title.
Q.4 How does Aadhar Housing Finance support rural housing?
Aadhar Gram Unnati provides safe and affordable housing solutions for rural areas.
