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Aadhaar Housing Finance Ltd Land Loans

A land is a good investment when you have a huge amount of money, and it is best suitable for long-term investments. A land loan is provided by various public and private banks which will have certain terms and conditions for availing it.

Aadhar Housing Finance Limited, one of the largest housing financial companies in India offers loans to varied customers for purchase of land. Salaried and self-employed professionals who fulfil the eligibility criteria can obtain land loans from Aadhar Housing Finance Ltd.

Key Features of Aadhar Housing Land Loans

Loan TenureUp to 20 years
Loan AmountUp to INR 1 Crore
Interest RateFixed at the sole discretion of the bank
Margin30%
Age limitUp to 65 at the time of loan maturity

Benefits of Applying for a Land Loan at Aadhar Housing Finance

A land loan at Aadhar Housing Finance will have several benefits for the borrower. Loan amount as high as INR 1 crore can be availed at a flexible tenure that is comfortable for repayment. It is easy to apply for a land loan at the official website of the lender. You can get comprehensive details about the loan and you can also use the eligibility calculator to check if your eligible for the loan and what is the tentative loan amount you will be able to acquire.

Aadhar Housing Finance Land Loan Eligibility Criteria

To become eligible for Aadhar Finance Housing land loan, one must be either a salaried or self-employed professional. The loan amount is determined by the repaying ability of the borrower. If the borrower earns more and has existing loans, the loan amount will be fixed accordingly. Co-applicant's income can be combined to get higher loan amount.

Other factors that can include are age, education, liabilities, savings, number of dependents, assets etc.

Aadhaar Housing Land Loan Documents Required

List of papers/ documents applicable to all applicants:

Photo ID proof: Aadhaar Card/Pan Card/Passport/Voter ID/Driving Licence

Resident Proof: Passport/Electricity Bill/Telephone Bill/Ration card/Letter from the employer

For Salaried Individuals

  • KYC Documents
  • Age proof
  • Salary Slip for the last 3 months, Salary certificiate
  • Bank statement for the last 6 months and front page of the passbook
  • Company profile for lesser known companies

For Self-employed Professionals/Businessmen

  • KYC documents
  • Income tax returns of last 3 years
  • Brief business profile
  • Bank statement for the last 1 year
  • Copy of the partnership deed
  • Tax deduction certificate
  • Education certificate
  • Copy of Advance tax paid
  • Professional tax certificate

The self-employed businessmen may not need to submit certificates related to professional practices and the rest will be required for both the parties.

Aadhaar Housing Land Loan Charges

Following are some of the important fees and charges applicable on Aadhar Housing Land Loans

Processing fee2% of the loan amount with applicable GST
Subsequent technical verificationINR 500 + GST
Cheque/Direct debit/ECSINR 500 + GST
Overdue/Penal charges2% of the due amount
Duplicate no due certificateINR 500 + GST
Copy of the property papersINR 500 + GST
Prepayment charges2% of the outstanding amount
Loan CancellationINR 1500 with applicable charges

Aadhaar Housing Land Loan Interest Rate

The interest rate starts from 8.5% onwards. It is subject to change at the discretion of the lender.

Credit Score and Land Loan

For any loan applicant, a credit score is an important facet that is considered by banks and other lenders when they are about to make lending decisions for any loan including your land loan. It is the onus of the applicant to maintain a good credit health especially for those who are looking to take big ticket and medium to long term loans, the presence of a poor credit score or no credit score could lead to unwanted situations such as unfavourable terms or sometimes even rejection.

To avoid loan rejection, learn more about your credit health, start with your free credit score.

Aadhar Housing Finance Plot Loan Eligibility Calculator

Aadhar Housing Finance has designed an eligibility calculator that will generate result of how much loan amount the borrower is eligible for. To get the result, you will have to give the details of interest rate, tenure, monthly income, existing loans and other obligations and co-applicant's monthly income. After inputting the details, you will have to submit it and find the loan amount. It is easy and quick.

Co-Applicant for Land Loan

Aadhar Housing Finance Ltd plot loan for construction can either be taken alone or jointly with another applicant. The co-applicants can be spouse, children or parents. The co-applicants need not be the co-owners of the property.

How is Land Loan different from Home Loan?

Home loan and land loan may appear same with its terms and conditions but in nature they are totally different. Here are the major differences between both the financial products.

A home loan is provided for a property that is built, under construction and or undergoing restoration and extension, while a land loan is predominantly given for purchase of a piece of land or plot

The Loan to Value ratio for a home loan is about 80%, for loans above 3 lakhs the LTV is 90%; while the LTV for a plot is 50-70%

The tax benefits which are available on a home loan are not available on the land and plot loans

Home loans tend to be longer up to 30 years even, while the land plot loans are extended up to 15 years

Another factor that is considered while taking up a land loan is the presence of 2-5% of foreclosure charges that are absent in a home loan. These are the primary differences between a home loan and a land loan.

Land Loan EMI Calculator

Customers can use the home loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Home Loan EMI calculator and the lender Home Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Home Loan EMI Calculator and lender Home Loan Calculator are among the best and probably the easiest ways to compare various home loan offers and choose the loan best suited to your requirements. Using the Home Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Aadhaar Housing Land Loan FAQs

1. How can I apply for a land loan from Aadhaar Housing?

Aadhaar Housing provides customers multiple ways to apply for a land loan. It can be from anywhere using the online and customer care facilities or visit the nearest branch to talk to a representative to discuss the options and then apply. Customers can choose any one of the option they are comfortable with.

2. How long will it take for Aadhaar Housing land loan approval?

It will take at least 1 week for the bank to do their due diligence and verify all the documents.

3. What is the maximum loan amount I can get from Aadhaar Housing Land Loans?

The maximum loan amount from Aadhaar Housing land loans is Rs.1 crore.

4. What is the processing fee for Aadhaar Housing land loans?

The processing fee is up to 2% of the loan amount with GST.

5. Should co-owner of the land loan be co-applicant?

Yes, co-owner should be the co-applicant of the land, but a co-applicant need not to be the co-owner.

About Aadhaar Housing

Formerly known as DHFL Vysya Housing Finance Ltd, Aadhaar Housing finance is one of the largest companies in India. The firm aims to server the financial needs of the low-income group in the society by providing them home loans, land loans etc.

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