Aadhar housing Finance Home Construction Loan

Building a home is a dream many cherish, and Aadhar Housing Finance is here to turn that dream into reality. The Aadhar Housing Finance Home Construction Loan loan provides financial support for building your dream home from scratch. Moreover, enjoy a seamless process that helps you secure funds for your home construction project with Urban Money. Whether planning to build a cosy cottage or a modern mansion, this loan covers all construction-related expenses, ensuring you can focus on making your dream home a reality. In this guide, we'll delve into the details of the Aadhar Housing Finance Home Construction Loan, guiding you through its benefits, eligibility criteria, application process, and more, making it easy to understand and avail of this essential financial tool.

Aadhar Housing Finance Home Construction Loan – Highlights

Here are the highlights of the Aadhar Housing Finance Home Construction Loan:

Aadhar Housing Finance Construction Loan Interest Rates

Aadhar Bank offers home loans at competitive interest rates, ensuring affordable and comfortable housing finance options for every citizen. As of 2024, the home loan interest rate starts at 9.50% annually. The table above highlights the interest rates for different categories of home loan applicants, reflecting the bank’s commitment to making homeownership accessible to all.

Aadhar Housing Finance Construction Loan Fees And Charges

The following table simplifies the fees and charges so you can easily understand what you’ll need to pay when getting a home construction loan from Aadhar Housing Finance.

Aadhar Housing Finance Construction Loan Eligibility Criteria For Salaried and Self-Employed

When applying for a construction loan with Aadhar Housing Finance, several factors are considered to determine your eligibility. Here’s a breakdown of the key criteria:

• Age: Applicants should be within a suitable age range, typically between 21 to 60 years.
• Stability of Income: Steady and reliable income is essential.
• Continuity of Income: A continuous employment history is preferred.
• Number of Dependents in the Family: Fewer dependents can positively impact eligibility.
• Income of the Co-applicant: Combined income with a co-applicant can enhance eligibility.
• Amount of Assets: Ownership of significant assets can strengthen your application.
• Liabilities: Fewer existing liabilities improve eligibility chances.
• Educational Background: Higher educational qualifications can be a plus.
• Saving Habits: Regular saving habits are viewed favourably.
• Available Bank Balance for the Past 6 Months: A healthy bank balance over the past six months is crucial.

Aadhar Housing Finance Construction Loan Documents Required For Salaried and Self-Employed

Here’s a simplified list for both salaried and self-employed applicants:

For All Applicants and Co-applicants

• Photo
• KYC Documents:
  • Identity Proof (any one)
  • Address Proof (any one)
  • Signature Proof (any one)
  • Date of Birth Proof (any one)

For Salaried Customers

• Income Documents:
  • Latest Salary Slip (6 months if variable components)
  • Bank Statements/Passbook (last 6 months)
  • Form-16 (if available)

For Self-Employed Customers

• Income Documents:
  • Latest 3 years’ Income Tax Returns (ITRs)
  • Bank Statements/Passbook (last 9 months)
  • Latest 3 years Profit & Loss Account and Balance Sheet (for loans above Rs. 25 Lakhs)
  • Qualification Proof and Certificate of Practice (for Professionals)

• Business Proof (any one):
  • Shop Establishment License
  • GST/Service Tax/Food & Drug License
  • Import & Export License
  • Registration with the local market association
  • Current account in the firm’s name
  • Letter from Sarpanch (for businesses in Gram Panchayat)

Features Of Aadhar Housing Finance Construction Loans

The following are the essential features of Aadhar Housing Finance Construction Loans:

• You can avail a construction loan of up to ₹1 crore, ensuring you have ample funds for your project.
• The loan can cover up to 80% of the construction cost or the property’s market value, whichever is lower. For loans exceeding ₹75 lakh, the financing limit is 75%.
• Enjoy a maximum loan tenure of up to 30 years for bank-salaried individuals. For cash-salaried and self-employed individuals, the tenure is up to 20 years, subject to the retirement age for salaried and 70 years for self-employed at loan maturity.
• From the initial application to the final disbursement, Aadhar Housing Finance provides comprehensive support to ensure a smooth process.
• All fees and charges are transparently communicated, so you know exactly what to expect, with no hidden costs.