Aadhar Housing Finance: Everything About Aadhar Housing Finance Home Loans

When it comes to fulfilling your dream of owning a home, financial assistance in the form of a home loan can be a game-changer. Aadhar Housing Finance is a well-established housing finance company that has been making homeownership dreams come true since its inception in 2010. In this article, we will look at Aadhar Housing Finance home loans, exploring their features, eligibility criteria, required documents, and the various types of loans they offer.

Features and Benefits of Aadhar Housing Finance Home Loans

Aadhar Housing Finance provides a range of features and benefits that make their home loans an attractive option for aspiring homeowners:

• Individual or Joint Application: Aadhar Housing Finance allows both individual and joint applications for home loans. This flexibility caters to a wide range of borrowers, from individuals to families looking to buy a home together.
• Subsidy under Pradhan Mantri Awas Yojana: Applicants can avail subsidies for home loans under the Pradhan Mantri Awas Yojana, a government initiative aimed at promoting affordable housing.
• Flexible Loan Tenures: Borrowers have the option to choose loan tenures that suit their financial situation, with loan repayment periods extending up to 30 years.
• Eligibility for Various Occupations: Aadhar Housing Finance extends its loans to a diverse range of professionals, including private employees, government employees in 3rd and 4th-grade positions, teachers, and police employees.
• Minimum Monthly Salary Requirement: To qualify for a home loan from Aadhar Housing Finance, applicants must have a minimum monthly salary of at least Rs. 5,000.

Eligibility Criteria for Aadhar Housing Finance Home Loans

The eligibility criteria for Aadhar Housing Finance home loans are as follows:

• Salaried Employees: Salaried employees can apply for this loan, but they must be 60 years of age or younger at the end of the loan repayment period.
• Self-employed Applicants: Self-employed applicants must be 70 years or younger at the end of the loan repayment period.

Documents Required for Aadhar Housing Finance Home Loans

To apply for an Aadhar Housing Finance home loan, you’ll need to provide the following documents:

Documents Required for Salaried Individuals:

• Photo ID proof (any one): Aadhar card, PAN card, Passport, Voter’s ID, Driver’s license.
• Residence proof (any one): Passport, Electricity bill, Ration card, Letter from the employer, Telephone bill
• Proof of income, which includes: Salary slips for the last 3 months or a salary certificate (If variable components like Over Time and Incentives are reflected, then salary slips for the past 6 months are required), Copies of all bank passbooks or bank statements from the last 6 months (including the front page), Company profile (if the employer organization is lesser-known).

Documents Required for Self-employed Individuals:

• Photo ID proof (any one): Aadhar card, PAN card, Passport, Voter’s ID, Driver’s license.
• Residence proof (any one): Passport, Electricity bill, Ration card Telephone bill.
• Income proof for self-employed professionals and businessmen: Last 3 years of IT returns with a computation of income attested by a CA., Last 3 years’ balance sheet, including profit and loss of the firm, Business profile on the letterhead of the firm, Bank statement for the last year, License of shop/establishment or VAT registration, Tax deduction certificate/Form 16A, Copy of advance tax paid/self-assessment tax paid Challan, Copy of educational qualification certificate, Copy of professional practice certificate.

Types of Home Loans Offered by Aadhar Housing Finance

Aadhar Housing Finance offers a variety of home loan options to cater to different needs:

Home Loan for Salaried Employees

• Aimed at salaried employees earning more than Rs. 5,000 per month.
• Maximum loan amount: Rs. 1 crore (not exceeding 80% of property value).
• Maximum loan tenure: 30 years.

Home Loan for Self-employed

• Designed for self-employed individuals.
• Applicant must be below 70 years of age and have a minimum of 3 years in the same business.
• Applicant must be able to pay at least 20% of the required sum.

Loan for Plot Purchase and/or Construction

• For individuals who want to purchase land, build a home, or do both.
• Loan of up to Rs. 1 crore (not exceeding 70% of property value for plot loans and 80% for plot + construction loans).
• The construction must be completed within the stipulated time period.

Home Improvement Loan

• Covers expenses related to home renovation and improvement.
• Loan amount up to Rs. 1 crore (not exceeding 100% of renovation expenses certified by a chartered engineer or the lender’s technical officer, whichever is lower).
• Loan amount is subject to a maximum of 80% of the property’s market value.
• Can be used for various purposes such as flooring, plumbing, electrical work, and plastering.
• Maximum loan tenure: 20 years.

Home Extension Loan

• Designed for individuals looking to add an extra room or floor to their existing property.
• Maximum loan of Rs. 1 crore (subject to 80% of the property’s market value, whichever is lower).
• Loan amount should not exceed 100% of the costs estimated by a chartered engineer or the lender’s technical officer.
• Maximum loan tenure: 20 years.

Aadhar Housing Finance Customer Care Number

For any inquiries or assistance, you can reach out to Aadhar Housing Finance:

• Customer Care Number: Give a missed call on 8888899953
• Registered Office: 2nd Floor, No. 3, JVT Towers, 8th A Main Road, Sampangi Rama Nagar, Hudson Circle, Bengaluru, Karnataka, India – 560027.
• Corporate Office: Aadhar Housing Finance Ltd. Unit No. 802, Natraj Rustomjee, Western Express Highway and M.V. Road, Andheri (East), Mumbai – 400069
• Contact Email: [email protected]

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