For applying for an Aavas Finance home loan the following steps given below need to be followed:

• Filling up an application form physically and apply for a home loan
• Submitting key documents like KYC, Financial, and Property
• Aavas Finance starts processing of the loan along with legal and technical verification
• Eligibility of Loan applicant is determined. After which Aavas Finance will provide a sanction letter. It will include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
• On submission of all the required documents and raising a home loan disbursement request, Aavas Finance will initiate the process of issuing your home loan disbursement cheque

When you apply for an Aavas Finance Home Loan there are few necessary documents that you need to submit. They are given in the table below:

A major reason why you need to select Aavas Finance Home Loan is because they provide home loans at lowest interest rate and low loan amount. More importantly, they provide you with home loans tailored to suit all your requirements.

After submitting all the necessary documents it takes Aavas Finance upto 15 days to sanction your home loan.

A minimum CIBIL score of 600 above is required to secure a Aavas Finance Home Loan.

The maximum home loan sanctioned by Aavas Finance is Upto 5 Crore

There is no necessity to have a co-applicant while applying for an Aavas Finance Home Loan. However, if you do have one then it will help enhance your loan eligibility and prove your ‘Creditworthiness’ and chances to improve terms and conditions.

During the tenure of the Aavas Finance Home Loan your rate of interest (ROI) will frequently change depending on the type of ROI you choose. So, if you opt for a floating interest rate then there will be constant changes. However, if you pick a fixed interest rate then there will be no changes.

It is necessary for you to understand if you have IT returns of three financial years then, it only improves your chances of securing a Aavas Finance Home Loan. However, despite not having IT returns of three financial years you can still get a home loan, provided you are looking to secure a small loan and your CIBIL score is good.

Usually, after providing you with a sanction letter for a home loan Aavas Finance ensures it disburses it within 10-15 working days.

A few important details about the Aavas Finance Home Loan that you need to know are given below. They are as follows:

1. Aavas Finance Home Loan Features:

   1. Quick loan processing
   2. Provides ease in EMI payment
   3. Minimum documentation work

2. Different types of Aavas Finance Home Loan:

   Typically, there are three major types of Aavas Finance Home Loan. They are as follows:

   1. Home Improvement Loan:

      This scheme is provided by Aavas Finance Home Loan to help borrowers improve or make improvements to home. For example, adding a new room or making a balcony. The loan tenure for self-employed individuals is up to 20 years, for salaried employees is 25 years, and government employees for up to 30 years.

   2. House Construction Loan:

      It is a home loan program that helps a borrower purchase a plot of land to construct a ‘Dream House’. The loan tenure for salaried is up to 25 years, self-employed is up to 20 years, and for those in government service is up to 30 years.

   3. Home Loan Balance Transfer:

      For individuals looking to transfer their existing home loans secured from other banks to Aavas Finance, this scheme is specifically designed. The loan tenure for self-employed is up to 10 years, for salaried individuals is up to 25 years, and for government employees it is up to 30 years.