Aadhar Housing Finance Interest Rate, Eligibility and Types of Loans 2024

Are you planning to purchase your dream home but uncertain about the financial implications? Understanding the Aadhar housing finance interest rate is crucial in making informed decisions. This blog will discuss the main things that affect these rates, how they compare with other lenders, and tips for getting the best home loan deal.

Aadhar Housing Finance Interest Rates of Different Customers in 2024

Here are the Aadhar housing finance interest rates of different schemes:

Type of customers	Interest Rates
Home Loan for Salaried	11.75% to 16.50%
Home Loan for SelfEmployed	12.75% to 17.00%
Loan against Property	15.00% to 17.00%

Different Types of Home Loans Offered by Aadhar Housing Finance Interest Rate

Aadhar Housing Finance offers different kinds of loans to help people buy homes. Here are the different types of home loan schemes available by Aadhar housing finance:

1. Home Loan for Salaried Individuals

This option targets salaried employees who meet Aadhar's minimum income threshold. At Aadhar, they understand your dreams and strive to help you achieve them. They offer customised home loan solutions to meet your unique needs. The scheme is available to those with a monthly salary starting at ₹10,000.

• Applicant Type: Salaried
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried
• Loan Tenure: 20 years
• Loan Amount: ₹1 Crore
• Interest Rate: 11.75% to 16.50%
• Processing Fees: ₹2000 to ₹5000 + applicable GST

2. Home Loan for Self-Employed Individuals

Caters to self-employed individuals with specific income requirements. The eligibility criteria might differ slightly from salaried employee loans. They can offer housing loans on fair terms, even to those lacking formal income documents. They acknowledge the effort each self-employed person invests and aim to assist them in acquiring homes.

• Applicant Type: Self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
• Loan Tenure: 20 years
• Loan Amount: ₹1 Crore
• Interest Rate: 12.75% to 17.00%
• Processing Fees: ₹3000 to ₹5000 + applicable GST
• Minimum experience of 3 years 

3. Loan For Plot Purchase: 

This is the most common option for financing the purchase of a new residential property. The plot must be nonagricultural and located within the limits of a Municipal or Local Development Authority.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried, self-employed or government employees
• Loan Tenure: 20 years
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

4. Home Improvement Loan

Are you thinking about repainting the house? You may want to update the flooring. Or do you have other renovation plans? At Aadhar Housing Finance, Home Improvement Loans covers all your home renovation needs.

They make it easy to get the funds you need. First, apply for a loan. Next, receive quick approval. Finally, start your renovation project without delay. 

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried, self-employed or government employees
• Loan Tenure: 20 years
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹3000 to ₹5000 + GST

5. Loan For Plot Purchase And Construction

Found the perfect plot of land for your dream home? A composite loan for Plot Purchase and Construction will finance both the purchase of land and the construction of your home.

First, ensure the plot is non-agricultural. Next, check that it is within the Municipal or Local Development Authority limits. Then, you can apply for a loan.

They make the process simple. First, apply for a loan. Next, get quick approval. Finally, start building your dream home.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried, self-employed or government employees
• Loan Tenure: 20 years
• EMI: Depends on interest rate, loan amount, and tenure.
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

6. Loan Against Residential Commercial Property (LAP)

A Loan Against Property (LAP) is a loan where you use your property as collateral. You can use this loan for many purposes. It can help finance your business expansion, fund your child's education, or cover emergency medical expenses. They ensure you get the support you need, no matter your profession.

First, apply for a loan. Next, get quick approval. Then, use the funds for your financial needs.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried, self-employed or government employees
• Loan Tenure: 15 years
• Loan Amount: Self-employees - ₹1 Crore, Salaried individuals - 25 lakhs 
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

7. Balance Transfer And Top-Up

Aadhar Housing Finance Limited offers some of the best rates on home loans. They focus on providing affordable home loans to customers. Their interest rates range from 11.75% to 17% per annum. The rates depend on the type of loan and your profile.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried, self-employed or government employees
• Loan Tenure: 20 years
• Loan Amount: ₹1 Crore
• Interest Rate: 11.75% to 17% 
• Processing Fees: ₹2000 to ₹5000 + GST

8. Loan For Purchase Of Non-Residential Property

If you're self-employed and need funding for an office space or non-residential property, an Aadhar Housing Finance Loan for the purchase of non-residential property can help. They support your funding needs for commercial properties. However, the property must be within the municipality limits of the city. Also, it should have approval from the civic authority for commercial usage.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried, self-employed or government employees
• Loan Tenure: 15 years
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

9. Home Construction Loan

If you're looking to build your own home from scratch, this loan helps finance the construction process. At Aadhar Housing Finance, they understand the complexities of building a home. Therefore, they've simplified the home construction loan process.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility:
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried and Self Employed 
• Loan Tenure: 20 years 
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

10. Home Extension Loan

This choice is for people who own a home and want to add another room or even a whole floor. At Aadhar, they'll assist you in expanding your home and offer financial support through our home extension loans. Additionally, you can apply for home extension loans online with Aadhar Housing Finance.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried and Self Employed 
• Loan Tenure: 20 years 
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

11. Loan For Construction of Non-Residential Property

At Aadhar Housing Finance, we understand the importance of research and financial planning when building a non-residential property. Even if you own a plot for construction, our loan for non-residential property construction can help. Just ensure the property is within municipality limits and approved by the civic authority for commercial use.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Salaried, self-employed or government employees
• Loan Tenure: 15 years
• Loan Amount: 2 lakh to ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

12. Aadhar Gram Unnati

Introducing Aadhar Gram Unnati, a special initiative addressing the urgent need for safe housing across India. Our products are designed to match your income and make your dream home accessible regardless of your income.

• Applicant Type: Individuals, including salaried,  small business owners and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Everyone can apply
• No income proof is required
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

13. Aadhar Green Housing

Aadhar Green Housing, an initiative by Aadhar Housing Finance Limited (AHFL), promotes and finances eco-friendly homes in India. This program aims to make sustainable housing accessible by offering loans to purchase or construct green homes. You can receive up to 2.4% of your total loan amount.

• Applicant Type: Individuals, including salaried,  small business owners and self-employed.
• Eligibility: 
  • Age: 18 years – 70 years
  • Cibil Score: Minimum credit score requirement.
  • Employment Type: Everyone can apply
• Loan Amount: ₹1 Crore
• Interest Rate: 15.00% to 17.00%
• Processing Fees: ₹2000 to ₹5000 + GST

Features and Benefits Of Aadhar Housing Finance

Aadhar Housing Finance focuses on affordable housing and offers various features and benefits to make homeownership achievable.

Features:

• Competitive Interest Rates: They have good interest rates, usually between 11.75% and 17.40%. This will change how much you pay each month and the total cost of your loan
• Variety of Loan Options: They provide various loan schemes for different needs, including options for salaried and self-employed individuals, property purchase, construction, and extension.
• Pradhan Mantri Awas Yojna (PMAY) Subsidy Support: Aadhar can help you avail of the PMAY subsidy if you meet the eligibility criteria, reducing the interest rate further.
• Lower Processing Fees: Compared to some lenders, Aadhar offers competitive processing fees, saving you money upfront during the loan application.

Benefits:

• Focus on Low-Income Housing: Aadhar prioritises empowering underserved sections of society to access homeownership.
• Flexible Repayment Options: They may offer flexible repayment options depending on the loan scheme, allowing you to adjust monthly payments to your financial situation.
• Efficient Customer Service: Reaching out for queries or clarifications should be a smooth experience with their customer service options.

How to Apply For an Aadhar Housing Finance Loan

Here's how to apply for an Aadhar Housing Finance Loan:

1. Research and Choose Your Loan Scheme:

Explore Aadhar Housing Finance's website to learn about loan options. Based on your employment type and loan purpose, select the most suitable scheme.

2. Check Eligibility:

Ensure you meet the rules for each loan plan about income, credit score, and property type.

3. Gather Required Documents:

Download the application form from Aadhar Housing Finance's website. Collect necessary documents like proof of identity, income, and residence.

4. Apply for the Loan:

Apply either online or by visiting the nearest Aadhar Housing Finance branch. Then send in the filled-out application form along with the required documents.

5. Processing and Approval:

Aadhar Housing Finance will process your application and verify documents, possibly including a property valuation. You'll receive updates on the approval status and any applicable interest rates and fees.

6. Loan Disbursement:

After approval, complete any remaining paperwork and pay processing fees. Aadhar Housing Finance will disburse the loan amount according to the agreed terms.

Documents Required for an Aadhar Housing Finance Loan

Here's the list of documents required for each Applicant and Co-applicant:

1. Passport size latest colour photograph
2. Identity proofs like PAN Card, Valid Driving Licence, Aadhaar UID Card, Voter’s Identity Card, and Valid Passport.
   • Any 1 Utility Bill copy
   • Property or Municipal Tax Receipt
3. Income Documents:

For Salaried Customer:

• Latest 6 month’s salary slips 
• The latest 6 months' bank statements.

For Self–Employed Customer:

• Latest 3 years' computation of Income along with the Profit & Loss Account and Balance Sheet

Aadhar Housing Finance Home Loan Calculator 

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The Aadhar Housing Finance Home Loan Calculator provides a simple tool to estimate your home loan EMIs and plan your finances effectively. You can quickly estimate your monthly repayments with a few inputs like loan amount, interest rate, and tenure. This convenient tool empowers you to make informed decisions and manage your budget efficiently when considering a home loan from Aadhar Housing Finance.

Aadhar Housing Finance Home Loan Interest Rate Comparison with Other Banks 2024

Bank	Home Loan Interest Rate
Aadhar Housing Finance	11.75%
State Bank of India (SBI)	8.25% – 9.65%
HDFC Bank	8.95%
ICICI Bank	9.0%
Kotak Mahindra Bank	8.85%
Axis Bank	8.85%
Bank of Baroda	8.50%
Tata Capital	8.95%
Union Bank of India	8.75%
Bank of Maharashtra	8.40%

Factors that Affect Aadhar Housing Finance Home Loan Interest Rate

Aadhar Housing Finance, like most lenders, considers several factors when determining your home loan interest rate. Here are the factors: 

1. Borrower Profile:

• Credit Score: A higher credit score (generally above 750) indicates a lower risk of default and can qualify you for a significantly lower interest rate.
• Employment Status and Income: Salaried individuals with stable income and a proven track record might be offered lower rates compared to self-employed applicants with similar credit scores.

2. Loan Details:

• Loan Amount: Bigger loans usually have higher interest rates than smaller loans.
• Loan Term: Longer loan terms often mean higher interest rates because you take more time to pay back the money.
• Loan Scheme: The specific loan scheme you choose (purchase, construction, extension) might have a slight impact on the interest rate offered.

3. Market Conditions:

• MCLR (Marginal Cost of Lending Rate): This is a benchmark rate set by the Reserve Bank of India (RBI) that influences lending rates across all banks. Changes in MCLR can impact the interest rates offered by Aadhar Housing Finance.
• Market Interest Rates: Fluctuations in overall market interest rates can also affect the rates offered by Aadhar Housing Finance.

Tips to Avail of Aadhar Housing Finance Home Loan at Lower Interest

Here are some tips to potentially avail of an Aadhar Housing Finance home loan at a lower interest rate:

• Improve Your Credit Score: Aim for a credit score above 750 by paying bills on time and maintaining a low credit utilisation ratio.
• Increase Your Down Payment: A higher down payment lowers the Loan-to-Value Ratio (LTV), reducing the risk for Aadhar Housing Finance and potentially lowering your interest rate.
• Choose a Shorter Loan Tenure: Opt for a shorter tenure within your repayment capabilities to reduce the total interest paid.
• Negotiate the Interest Rate: Negotiate for a lower interest rate, especially if you have a strong financial profile.
• Explore Different Loan Schemes: See if specific schemes offer lower rates that match your needs.
• Maintain a Stable Employment History: Demonstrate a secure income source with a documented history of employment to positively influence your interest rate.
• Compare with Other Lenders: Compare rates, fees, and charges different lenders offer.

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Competitive Rates:

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NoBroker: Simplifying Your Home Loan Services Journey

Aadhar Housing Finance's interest rate makes your home loan affordable. By examining your credit score, loan amount, and repayment time, you can get a reasonable rate that fits your financial plans and makes owning a home easier.

NoBroker can help you understand Aadhar Housing Finance interest rates by giving detailed comparisons and information. With our platform, you can look at different loan options to make smart choices and get the best rate for your home loan. Start your journey to owning a home with NoBroker! Download the NoBroker app today!

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