Aspire Home Finance offers home loans at a starting interest rate of 12% p.a. for salaried and self-employed individuals/professionals/non-professionals. This housing finance company can provide a maximum loan amount of Rs 25 lakh with a long repayment tenure of up to 25 years. It levies a processing fee (non-refundable) of up to 3% of the loan amount + Tax + Rs 5900 for providing a home loan for aspiring homeowners.
Experiencing the allure of homeownership is one of the most awaited feelings for people. However, it comes at a very high cost, and for some unfortunate people, their whole lives fall short of experiencing this overwhelming feeling.
So, to live the dream of owning a home, you need an efficient home loan provider with reasonable offerings. This article is all about that efficient home loan provider, presenting Aspire Home Finance as your go-to choice for availing home loans.
Overview of Aspire Home Finance
Aspire Home Finance Corporation Ltd (AHFCL) is a housing finance company that offers home loans for buying, constructing, repairing, and expanding a home. Aspire Home Finance's purpose of catering to various needs regarding home loans is also reflected in its type of home loan offerings. This subsidiary of Motilal Oswal Financial Services Limited (MOFSL) offers multiple repayment options and different types of home loans, which are as follows:
- Home Loans (Purchase/Resale): For buying a new property or putting it up for sale.
- Plot Loans: For buying land to build a home on.
- Construction Loans: For constructing a home on an owned plot.
- Composite Loans: For purchasing non-agricultural land and constructing a home on it.
- Home Improvement Loans: For performing home improvement activities in a home, including rewiring, getting new furniture, repainting, etc.
- Home Extension Loans: For expanding the home to utilize the space.
- MALA (Mahila Awaas Loan from Aspire): For working-class women to provide them with affordable home loan offerings.
Aspire Home Finance Home Loan Features
Aspire Home Finance's home loan offerings are equipped with multiple attractive features. The following table gives you a clearer picture, providing a quick snapshot of the home loan features offered by AHFCL:
| Feature | Details |
| Loan Amount | The lender offers a minimum loan amount of up to Rs 2 lakh and a maximum loan amount of up to Rs 25 lakh, fulfilling people’s diverse financial needs with a versatile loan amount offering. |
| Loan Tenure | Aspire Home Finance features a long repayment tenure of 5 to 25 years, helping borrowers manage their repayment journey effectively. |
| Interest Rates | It comes with an affordable range of interest rates from 12.00% to 16.00% p.a., making homeownership an accessible thing for most people. |
| Prepayment Charges | No prepayment charges are applicable when availing the home loan from AHFCL. |
| Foreclosure Charges | The foreclosure charges are also not levied by the AHFCL for providing the home loan. |
| Guarantor Requirement | There is no requirement for a guarantor for Aspire home loans, eliminating the need for finding one. |
| Loan-to-Value (LTV) Ratio | The lender provides up to 80% of the property value as a loan to fulfill the dream of having a dream living place. |
| Special Schemes | Aspire Home Finance has a dedicated scheme for women named MALA (Mahila Awaas Loan from Aspire) to empower low-income women for homeownership. |
| Loan Types Offered | The lender has multiple types of home loans to offer, including Home Purchase (new or Resale), Plot Loan, Construction Loan, Composite Loan, Home Improvement Loan, and Home Extension Loan, targeting people with diverse needs. |
| Additional Benefits | Balance Transfer Facility Doorstep Service Fast and Transparent processing AHFCL offers residential retail services, such as loans to locate, examine, and purchase a home or plot. |
Interest Rates for AHFCL Home Loan
| Customer Type | Interest Rates |
| Salaried | 12.00% to 16.00% p.a. |
| Self Employed | 12.50% to 16.00% p.a. |
| Self-Employed / Self-Employment Non-Professional | 12.50% to 16.00% p.a. |
Eligibility Criteria for AHFCL Home Loan
Eligibility criteria are the basic requirements set by the home loan provider to assess whether you qualify for financial assistance for homeownership. You can measure your eligibility based on the following points:
- Minimum age of 21 and Indian citizenship are mandatory.
- The income source should be steady and consistent with a reasonable credit history.
- Salaried, Self-employed, and Non-professional individuals are eligible for the loan.
- Salaried people get 25 years for loan repayment, but it’s required for them to settle the loan by the age of 60.
- For self-employed people, there is a provision for 20 years to settle the loan. They should repay the loan before they turn 70.
Application Process for Aspire Home Finance Home Loan
You can apply for the Aspire Home Finance Home Loan by adhering to the following steps:
- Step 1: Submit the duly filled and signed application form online or offline.
- Step 2: Now submit the required income documents, KYC papers, and initial processing fees.
- Step 3: You can get help from an AHF official for further assistance.
- Step 4: Once you submit your application, an AHFCL appraisal officer will get in touch with you to discuss your loan options. After the discussion, you’ll receive an authorization letter containing all the details of your approved loan.
- Step 5: As your loan gets accepted, it’s time to submit all the related papers for your property verification and pay the remaining processing fees.
- Step 6: After a final review, the loan amount will be disbursed as agreed upon between you.
References:
Aspire Home Finance. Interest Rates, Eligibility & Documents Required
Aspire Home Finance Home Loan Interest Rate Starting @ 9.5% p.a
Aspire Home Finance - Interest Rates @12%
Aspire Home Finance - Interest Rates April 2024, Eligibility, EMI, Apply
