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Disclaimer: Aavas Financiers is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Aavas Financiers for home loans. No offers/services from Aavas Financiers are being provided by Paisabazaar for home loans. For further information about Aavas Financiers for home loans, users are required to reach out directly to Aavas Financiers.
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Aavas Home Loan Highlights |
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Interest Rates |
8.50% p.a. onwards |
| Loan Amount | Starting at Rs 1 lakh |
| Tenure | Up to 30 years |
| Processing Fees | Up to 2% + GST |
Note: Rates as of 22nd November 2024
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Table of Contents
Aavas Home Loan Interest Rate
The home loan interest rates at Aavas financiers start at 8.50% p.a. onwards. The final rate of interest set for the applicant will depend on the applicant’s age, monthly income, employer’s profile, job profile, loan repayment history, etc.
Compare Home Loan Interest Rates for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
Aavas Finance Home Loan Fees and Charges
| Description | Charges |
| Upfront Charges (Before/During Disbursement) | |
| Processing Charges | Up to 2% + GST |
| Administrative Fees | Up to 2% + GST |
| Nonpostal stamp/stamp duty | As per the state law |
| Non-encumbrance certificate/verification report | Up to Rs 5,000 + GST |
| RCU Charges | Up to Rs 1,000 + GST |
| Valuation/Technical Fee | Rs 2,500 + GST (for each report) |
| Technical visit charges for tranche disbursement | Rs 200 + GST |
| CERSAI Charges | Rs 100 + GST (loans>5 lakh)
Rs 50 + GST (loans<5 lakh) |
| Completion certificate | Rs 500 + GST |
| Post Disbursement Documentation Charges | 0.20% of loan amount + GST |
| Customer Service Charges | |
| CERSAI | Rs 100 + GST (loans>5 lakh)
Rs 50 + GST (loans<5 lakh) |
| Part Pre-payment/Foreclosure Charges | In case of Borrower’s in Individual Capacity, Loan on the Floating rate of Interest/through own sources (any source other than borrowing from a Bank/HFC/NBFC or Financial Institution): No prepayment Charges.
In case Non-Individual Borrower and/or Co-Borrower or Individual Borrower for a Business loan with or without co-borrower or borrowing other than own sources, in case of Fixed Rate of Interest, the charges are as follows:
For Part-payment under category B, following conditions also applicable apart from the above charges: Part-payment is allowed after the completion of 6 months from the date of the first disbursement. Not more than 1 pre-payment is allowed in a quarter |
| ACH/ECS/Cheque Bounce Charges | Rs 500 + GST |
| Penal Interest | 36% per annum |
| Duplicate No dues certificate | Rs 500 + GST |
| Copy of property papers | Rs 500 + GST |
| Charges for missed due date | Rs 200 + GST |
| Document retrieval charges | Rs 500 – GST/other statutory charges |
| Cancellation Charges/Disbursement Cancellation | If requested within 7 days of disbursement- Rs 1,000 + GST
If requested after 7 days of disbursement- Rs 1,000 + GST and PEMI till the cancellation request |
| The duplicate annual account statement, provisional certificate | Rs 500 + GST |
| Loan pre-payment/closure statement/SOA/repayment schedule charges | Rs 500 + GST |
| Personal visit to customer’s place for dues collection | Up to Rs 250 + GST |
| Disbursement cheque cancellation and re-issuance | Rs 1,000 + GST and PEMI |
| Switch/Conversion/Change in Rate of Interest | Up to 2% + GST |
| Cheque/ACH Swapping Charges | |
| PDC to PDC | Rs 1,000 + GST |
| PDC to ACH | NIL |
| ACH to ACH | Rs 1,000 + GST |
| ACH to PDC | Rs 1,000 + GST |
| Complaint Handling Charges | NIL |
| Foreclosure Charges | |
| Cash Collection Charges | Rs 5 per Rs 1,000 for cash collection + GST |
| CERSAI | NIL |
| Document Custodian Fees | Rs 500 + GST |
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Types of Aavas Financiers Home Loan
Plot Purchase and House Construction Loan
Purpose: To finance the purchase of plot and residential house construction on the same plot
Tenure:
- For government/PSU/Private sector salaried- Up to 30 years
- For other salaried- Up to 25 years
- For self-employed- Up to 20 years
Home Improvement Loan
Purpose: For home renovation and giving it a new look, such as adding a new room, adding a new balcony, or other improvements in the existing home
Tenure:
- For self-employed applicants- Up to 20 years
- For government/PSU/Private sector salaried borrowers- Up to 30 years
- For other salaried borrowers- Up to 25 years
Home Loan Balance Transfer
Purpose: Transfer of existing home loan from some other bank/HFC to Aavas Home Finance to avail the lower interest rate benefits
Tenure:
- For other salaried- Up to 25 years
- For government/PSU/Private sector salaried- Up to 30 years
- For self-employed- Up to 20 years
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Also check home loan eligibility criteria in details
Eligibility Criteria for Aavas Financiers Home Loan
- The applicants should be salaried (government/PSUs/private sector) or self-employed
- Minimum work experience should be at least 1 year or more
Documents Required for Aavas Home Loan
Identity Proof (Salaried/Self-employed)
- Voter ID
- Passport
- Driving License
- Aadhar card
- PAN card
Address Proof (Salaried/Self-employed)
- Voter ID
- Driving License
- Passport
- PAN card
- Aadhar card
Income Proof
Salaried:
- Salary Slips
- Bank statements
- Form-16
- Driving License
- In case of applicants drawing salary in cash, a salary certificate should be presented
Self-employed:
- Financial Statements for last 3 years/ITR
- Informal Income Documents
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Other Documents
Salaried:
- Completely filled application form with photograph
- Bank statement for last 6 months
- Processing fee cheque
Self-employed:
- Duly filled application form
- Proof of business existence
- Processing fee cheque
- Bank statement for last 6 months
Property Documents (Salaried/Self-employed)
- Payment receipt made to the builder
- Seller’s agreement/allotment letter copy
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Aavas Finance Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs on Aavas Housing Finance
1. Who can be the co-applicant to Aavas Finance home loan?
Ans. Your spouse and immediate family members (blood relatives) can be the co-applicants to your home loan. All the co-owners of the property need to be the co-applicants.
2. What are the different payment modes available for home loan applicants to pay the dues?
Ans. The home loan EMI of Aavas Housing home loans can be paid through ECS/ACH/Electronic transfer/Fund transfer/Net banking/RTGS/NEFT/RuPay Debit card/Debit card/UPI/UPI QR code (BHIM UPI QR code).
3. Can the Aavas home loan applicants switch/convert to lower interest rates as and when required?
Ans. Yes, the home loan borrowers can convert their interest rates from floating rates to fixed rates and vice versa. They can also switch from higher interest rates to lower interest rates (fixed to fixed/floating to floating) as and when required. However, Aavas Housing Finance charges 2% on outstanding principal from home loan borrowers for switch/conversion of interest rates.
4. What is the minimum credit score required to avail home loans from Aavas Housing Finance?
Ans. Aavas Housing Finance has not specified the cut-off credit score for home loan applicants. However, the applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Click Here:- To Know More about Cibil score for Home Loan
5. Can I foreclose my home loan availed from Aavas Housing Finance?
Ans.. Yes, you can foreclose your home loan availed from Aavas Housing Finance. The HFC does not charge any prepayment charges for home loans offered at floating rates. In case of fixed rate home loans, no foreclosure fee is charged for home loans repaid through own sources. On the contrary, the applicants repaying their home loans through other sources are charged up to 5% of loan amount (in case loan is closed within 12 months of first disbursement) and 3% (in case loan is closed after 12 months of first disbursement).
6. What is the time limit for starting home construction on the land purchased through ‘plot purchase and construction loan’?
Ans. There is no lower time limit for keeping the plot of land before construction. However, the construction should be completed within 3 years of purchasing land and getting the construction loan approved. You have to provide a written undertaking to Aavas Housing Finance for the same.