Aadhar Housing Finance Home Loans:
DHFL Vysya Housing Finance Ltd is now known as Aadhar housing finance ltd (Aadhar) and it is one of the biggest company that offers housing loan and finance for person with low or poor income. Company is working towards to turn dreams of home of millions of people into reality. The entire amount will be approved and released under this section will be integral part of Pradhan Mantri Awas Yojna, one of the mega scheme launched and introduced by the prime minister for welfare of people with poor income. App person who earn between INR 5000 to INR 50000 will be eligible to apply for loan under this scheme. Aadhar housing finance Interest rate under this scheme will be lower in comparison of other respective schemes. Aadhar housing finance ltd is getting support and being promoted by Wadhawan Global Capital (WGC), Dewan Housing Finance Ltd. (DHFL) and International Finance Corporation (IFC) i.e. subsidiary of word bank. Currently agency is serving in around 19 states, across the country. Sometimes this is also known as aadhar card loan because bank will disburse amount only after validating the information of applicant.
Benefits and Features of Aadhar Housing Finance Loan
a. All applicable subsidies will disburse under Pradhan Mantri Awas Yojna.
b. Loan under this scheme can be availed by the salaried, self employed individuals, police and defense savvy, railway employee, third and fourth grade of government employee.
c. As far as eligibility criteria are concern income must be between INR 5000 and INR 50000.
Types of Home Loan availed by the Aadhar Housing Finance
Home Loan for self employed
a. Applicant will be eligible to get amount up to INR 12 lakhs, one thing that must be remembered by the customer is that amount must be around 80% of property.
b. Quick loan processing facility refers that amount will be approved as per need of applicant.
c. Involvement of least paper work.
d. Maximum loan tenure will be 20 years or 65 years age of applicant, whichever comes first.
e. Single or joint applicant may apply for this loan.
Home Loan for Salaried Employee
a. Maximum available loan amount will be INR 12 lakhs.
b. Applicant minimum monthly salary must be INR 5000.
c. Jointly or individual applicant will be accepted.
d. Loan Repayment tenure will be 20 years.
e. Repayment option or EMI rely on factors like tenure, amount, interest rate and other integral factors.
Loan against Property (LAP)
a. Amount must not exceed 60% of property cost.
b. All salaried and self employed may avail loan under this scheme.
c. Maximum applicable loan tenure will be 15 Years.
d. Maximum amount can be avail is INR 12 lakhs.
Loan for Purchase or Construction
a. Generally people opt for this borrow option when they plan to purchase land which is not suitable for agriculture and located in close to municipal and local authority.
b. Bank will approve loan amount of 80% of construction cost and 75% of the cost of plot.
c. Loan repayment tenure is applicable for 15 years. One important thing that customer must not remember applicant must be less than 60 years.
Home Improvement Loan
a. Loan can be applied for individual or jointly along with co-applicants.
b. Generally people apply for this loan amount when they want to renovate room, flooring, electrical work, plastering, replacing grills, boundary wall, doors, roofing, plumbing, overhead/underground water tanks, parapet wall, windows and other vital tasks.
c. EMI or repayment amount depends on multiple factors like loan amount, interest rate, tenure of repayment.
d. Allowed repayment tenure will be applicable for 10 years from date of loan approval.
e. Maximum amount can be approved is INR 12 lakhs but amount must not exceed 80% of amount this is applicable for existing aadhar existing customer and it will be applicable for new customer of aadhar housing customers.
Required Documents for Aadhar Housing Finance Loan
a. Identity proof: Voter ID card, PAN card, Passport, Driving license and Aadhar card
b. Address or proof of residency: Bank passbook with address, telephone bill, passport, letter from employer, electricity bill, ration card, Bank statement must be submit on demand of respective bank.
Condition for Salaried Employee
a. Profile of Company in case of company is not well establish and not recognized.
b. KYC (know your customer) documents.
c. Copy of all bank statements along with six month old bank statement.
d. Latest form 16, if salary is more than INR 17000.
Self employed businessman or professionals
a. Essential KYC documents.
b. If applicable then partnership deed.
c. Last three Year ITR copy verified by CA (charted account)
d. Copy of all paid tax.
e. Current or saving account statement of previous one year.
f. Form 16 A and any tax deduction certificate
g. Contact Details
h. Professional practice certificate
i. Proof of salary this condition will be applicable only if applicant is doctor by profession and salaried employee too.