As the name suggests, Aspire Home Finance company gives you the opportunity to make your wish come true! As the famous saying says, ‘Home is where the heart is’, this housing finance company helps people get their dream home and their heart together. Having said that, this housing finance company also provides a specialized scheme for female borrowers wherein it give affordable home loan scheme. The name of this scheme is MALA – Mahila Awas Loan from Aspire. Isn’t it beautiful that a woman can get a home loan at an affordable price? It is indeed!
Aspire Home Finance Corporation Limited is a Motilal Oswal Group company which aims to provides one of the best home loan deals in the market. Here at Aspire, you get the loan for the ready/under construction, residential property/construction of a residential property of a residential property on own land. In addition to this, the refinance facility is also offered by AHFCL to the customers who have a running loan from another bank.
Have a look at the interest rates offered by Aspire Home Finance as per the different profession:
- Salaried- 12.00% to 15.00% p.a.
- Self Employed- 12.50% to 15.00% p.a.
- Self Employed/Non Professional- 12.50% to 15.00% p.a.
After going through all these attractive benefits, don’t you want to apply for a home loan online at AHFCL? Well, to apply for home loan, a person must meet the eligibility criterion set by AHFCL. So, have a look at the eligibility criteria below:
Aspire Home Finance gives home loans to the below-listed applicants only:
- Salaried, self-employed and non-professional.
- The minimum loan amount is ₹2 Lakhs and the maximum loan amount is ₹25 lakhs
- The minimum tenure for a home loan is 5 years; maximum tenure is 25 years only for Salaried Customers and 20 years for self-employed customers.
- Loan tenure should not extend the age of retirement or on reaching sixty years of age in case of Salaried and Seventy in case of self-employed customers
Now, other than the eligibility criteria, the list of documents required to get a home loan are as follows:
- Application form duly signed by the applicant along with the photograph
- ID proof & Resident Proof
- Processing fee cheque
- Last 6 months bank statement
- Documentation for salaried applicants:
- Last 3-months salary slips
- Form 16 along with recent salary certificate
- Documentation for self-employed applicants
- Last 2 years Income tax returns
- Last 2 years computation of income
After you have got everything ready, you would look for the application process, right? But, before applying, you should also check the monthly installments in advance so as to be prepared for the smoother repayment.
Home Loan EMI Calculator-
Just like any other loan calculator, a home loan calculator or a home loan EMI calculator is the tool that is used to calculate the monthly EMI, the total interest outgo, and the total amount (interest+principal) for your chosen loan amount. This calculator takes into account the loan amount, interest rate and the tenure for your loan. For example, if you have taken the home loan of ₹25 lakhs for 25 years at the annual rate of interest of 12%, the details of your payment are as follows:
- EMI- ₹2,22,122
- Total Interest Outgo-₹1,65,464
- Total Amount (Interest+Principal)- ₹26,65,464
You must be thinking why is it important to know the above details before getting the loan? Well, you must know that there are many benefits of a loan calculator and some of them are as follows:
Benefits of using Home Loan Calculator or Housing Loan Calculator-
Accurate results– One of the main advantages of using an EMI calculator is that it gives you accurate results, unlike manual calculation where the possibility to make mistakes is more.
Time-Saving– Since everyone is getting busier each day, a tool like this makes it convenient for people to save time.
Flexible Adjustable-You will be surprised to know that you are free to use the calculator n number of times.
Easy Comparisons– With the help of the calculator, you can compare all the home loan offers available in the market and then choose the best one for yourself.
More than EMI– The calculator gives the information more than the monthly installments like the total interest outgo and the total amount (principal+interest).
Suits your Budget– When you check the installments in advance, you can see if you will be able to manage that particular amount without affecting your other financial liabilities.
Accounted Processing Fee– The interest rate offered by the banks do not count processing fees, a loan calculator would let you know the payment excluding the other charges. However, there are some calculators that would count the processing fees also.
Thus, with all the above information in hand, your home loan journey will definitely be smoother.