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Aadhaar Housing Finance : What it is, Interest Rates, Eligibility?

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Aadhaar Housing Finance : What it is, Interest Rates, Eligibility?

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Housing finance, offered by banks and other financial institutions, is an appealing option for people on the lookout for new homes. Aadhaar housing finance is one such financial corporation that offers loans to different individuals depending  on their economic backgrounds. 

Why opt for Aadhaar Housing Finance?

Aadhaar Finance, backed by the Government of India is one of the larget affordable housing companied in India.  

Home loans which are offered by Aadhaar Housing Finance aid homebuyers of various socio-economic categories to build homes or buy them.  The company was created in 2010 and operates across the length and breadth of India. Here are some key features of loans from Aadhaar Housing Finance:

  • People may apply for loans either on an individual basis or apply jointly. 
  • Under the government scheme of Pradhan Mantri Awas Yojana, applicants are able to avail a subsidy to take home loans.
  • Individuals may choose a range of tenures of the loan, going up to a period of thirty years. 
  • Home loans from Aadhaar Housing Finance Ltd. can be taken by 3rd/4th grade employees of the Government of India, private employees, employees of the police and teachers. It is also available to other employment categories. 
  • It is mandatory for individuals availing loans to have a monthly salary amounting to Rs. 5,000 (at the least). 
  • Loans for purchasing homes, home renovation and home extension construction are offered by Aadhaar Finance. 

What are the Aadhaar Housing Finance home loan interest rates in 2023? 

 Aadhaar Finance offers interest rates that range from 11.75% to 17% per annum. It is important to note that loans of up to Rs. 1 crore are offered to purchase a home. Additionally, interest rates differ based on whether a person is salaried or self-employed. Note the table below: 

Category of Loan Applicant

Interest Rate of Home Loan

Salaried Individuals 

11. 75% to 16.50% per annum

Self-employed Individuals

12.75% to 17% per annum

What is the Eligibility for availing a Home Loan from Aadhaar Housing Finance? 

To apply for a loan from Aadhaar Housing Finance, individuals are required to fulfil certain eligibility criteria first -

  • You can be a salaried employee or a self-employed individual to apply for this loan.
  • If you are a salaried employee, you must be sixty years of age or less at the time of the completion of your loan tenure (or the end of the repayment of your loan). 
  • If you are self-employed, you should be seventy years or less by the time your loan is repaid. 

The Documents Required to Prove Eligibility for an Aadhaar Finance Loan 

Planning to take a home loan from Aadhaar Finance? Then you need to have some official documents to prove your eligibility to avail the loan - 

Income Proof - Salaried individuals must provide salary slips for the past six months, copies of bank statements for the past six months, and a company profile of the employer. Alternatively, IT returns for the last three years may be provided.  

For self-employed individuals, IT returns of the last three years, the profit and loss balance sheet, bank statements for the past year, business profile of the company/business, a TDS deduction certificate, a registration document, and a copy of a professional practice certificate (if applicable) must be submitted.

Identification Proof - For both salaried employees and self-employed people, Aadhaar Housing Finance Ltd. requires that all applicants submit either an Aadhaar Card, Pan Card, Voter ID, Passport, or Driving Licence as proof of identification. 

Proof of Residential Address - Applicants must submit either an Aadhaar Card, a passport, a ration card, an electricity bill, a telephone bill, or a letter from an employer (in case of a salaried individual). 

Considerations Before Loan Application

Before you take any loan, especially a home loan with a relatively long tenure, you should be sure that you are able to pay it back. On the website of Aadhaar Housing Finance, you can locate an EMI calculator for calculating your EMIs according to different loan tenures as well as various loan amounts. This  way, you can select a tenure and an amount that aligns with your individual budget and loan requirements at the same time. 

Final Lines

In terms of loans, Aadhaar Housing Finance offers potential homebuyers competitive interest rates. On enquiry, you can get special rates of interest for women and make your loan even more cost-effective. The company has made it easy to fulfil the dreams of owning a home for several Indians.

Frequently Asked Questions

1. What is housing finance in India? 

Housing finance in India means the financing that individuals receive (in the form of loans) from banks and financial companies to buy or construct new homes. Housing finance also extends to receiving loans to finance the renovation or repair of residences. 

2. What is the interest rate of Aadhaar Housing Finance?  

Interest rates vary from individual to individual and depend on whether loan applicants are salaried or self-employed. Generally, interest rates are between 11.75% per annum to 17% per annum. 

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