Most individuals want to own a house. They work tirelessly and devotedly for years to accumulate the funds required for investing in a home. But despite one’s income level, this may not always be achievable. This is when a home loan comes into the picture. A house loan may help you construct your ideal home while also providing monetary backing.
There are lots of ways to receive a home loan. However, Aadhar Home Loans may be an excellent choice because they provide loans even if you only earn Rs. 10,000 every month. Aadhar Housing Finance Ltd. provides inexpensive home loans to individuals so that they can build their own homes.
Aadhar Housing Finance ranks as one of the top financing sources for housing needs. This firm’s home loans assist people of different income brackets in buying or constructing their own homes. Started in 2010, the firm operates throughout the entire nation. Aadhar Housing Finance offers a variety of home loan options to fulfil the diverse needs of its customers.
Positive Aspects and Advantages of the Aadhar Housing Loan
The main features and positive aspects of Aadhar housing loans are listed below.
- The loan might be requested either singly or jointly.
- One can get upto 70 Lakhs as a home loan from Aadhar Housing Finance Limited.
- The Pradhan Mantri Awas Yojna provides applicants with house loan subsidies.
- Applicants are allowed to select credit terms of up to 25 years.
- These financial products are available to people in the private sector, third—and fourth-grade government personnel, teachers, and police officers, among others.
- Self-employed individuals can take out this loan.
- Individuals with Low CIBIL Scores, minimum 600+, can get this loan. People with minus 1 CIBIL Can also apply for it.
- You can take out a loan without income proof if you apply through Refer Loan.
Key Highlights of Aadhar Housing Loan 2024
| Loan Amount | Rs. 5.00-70.00 Lakhs |
| ROI | 10.50% Onwards |
| Loan Tenure | Upto 25 Years |
| Login Fee | Rs.4130.00+ |
| Processing Fee | Upto 1.50% + GST |
| Part Payment | Allowed |
| Accepted Collateral |
|
| Applicant Age | Salaried – 21 -60 Years
Self-Employed – 23-65 Years |
| Additional Benefit | 1. Funding for Home Renovation
2. Funding on Ground+5th Floor too without MAP. 3.Home Loan + self construction 4. Plot Purchase & Construction |
Who Can Apply for an Aadhar Home Loan?
The requirements and eligibility conditions for Aadhar Housing loans are as follows:
- Both salaried and self-employed individuals are eligible for this loan.
- Employees who are salaried need to be at least 60 years old or younger at the completion of their loan repayment tenure.
- Self-employed candidates are required to be 65 years of age or younger at the completion of their loan payback tenure.
Required Documents to Apply For Aadhar Housing Loan
| Document | Salaried Individuals | Self-Employed Individuals |
| KYC of Applicant & Co-Applicant | Required | Required |
| Last 3 Month Salary Slip of Applicant | Required | Not applicable |
| Last 12 month’s Bank Statement of the Applicant | Required | Required |
| Last 12 month’s Bank Statement of the Co-Applicant | Required | Required |
| Last 3-year ITR with computation of income of Applicant | Required | Required |
| Last 3-year ITR with computation of income of Co-Applicant | Required | Required |
| Last 2 Year Form 16 of Applicant | Required | Not applicable |
| 26AS of the last 2 years of Applicant | Required | Required |
| 26AS of last 2 years of Co-Applicant | Required | Required |
| Appointment letter of Applicant (if available) | Required | Not applicable |
| Agreement to Sale (if purchase case) | Required | Required |
| Property Paper with complete chain of last 13 years | Required | Required |
| Approved MAP of Property (if available) | Required | Required |
| LOD (List of Documents), Foreclosure Statement & SOA (Statement of Account) if BT Case | Required | Required |
| Sanction letter of all running loan | Required | Required |
| Latest utility Bill (owned residence) or rent agreement (if rented) | Required | Required |
| Copy of GST registration | Not applicable | Required |
| Copy of MSME registration | Not applicable | Required |
| Copy of Last 12 month’s GST return | Not applicable | Required |
| Last 3-year audited balance sheet of Applicant | Not applicable | Required |
| Last 3-year Tax audit report of Applicant | Not applicable | Required |
| Latest utility Bill of Office (if owned) or rent agreement (if rented) | Not applicable | Required |
| Last 3 year Debtors & Creditors on letterhead | Not applicable | Required |
| List of Directors & Shareholders (if Company) or List of Partners (if Partnership firm/LLP) | Not applicable | Required |
| 2 Reference with contact details | Required | Required |
For What Purposes Can One Make Use of an Aadhar Home Loan?
| Loan Type | Purpose | Loan Amount | Tenure |
| Home Loan for Salaried | For salaried individuals | Up to Rs 1 crore | Up to 30 years (bank account) / Up to 20 years (cash) |
| Home Loan for Self-employed | For self-employed individuals | Up to Rs 1 crore | Up to 20 years (age < 70 at maturity) |
| Home Improvement Loan | For home renovation activities | Up to Rs 1 crore | Up to 30 years (bank account) / Up to 20 years (cash) |
| Loan for Construction/Plot Purchase | Purchase non-agricultural land | Up to Rs 1 crore | Up to 20 years (plot only) / Up to 30 years (plot + construction) |
| Home Extension Loan | For home extension needs | Up to Rs 1 crore | Up to 30 years (Salary in Bank Account) / Up to 20 years (Cash Salary) |
How to Apply for an Aadhar Home Loan
If you’re looking for a home loan, follow the instructions below:
- Open https://referloan.in/.
- Navigate to the “loan” option.
- Select Aadhar Home Loan
- If you’re an existing client, complete the form. New people must first register before submitting their application form.
- Enter all of the information along with the mobile phone or email for OTP authentication.
- Bring in your earnings and KYC information.
- Choose your loan size.
- Attach all relevant papers.
- Send your application form.
- Await for a reply from Refer Loan.
Bottom Line
Whenever applying for a loan, be sure the EMI is within your financial capabilities. The ideal scenario is that EMIs shouldn’t cost you more than 40% of your gross monthly earnings. A higher EMI can dramatically increase your responsibilities and raise the possibility of defaulting.