Home Loan for Low Income Earners Rs. 8000 – Rs.10000/Month
With the rising property rates, it has become impossible for medium to low income family to buy a house. Moreover even if they decide to buy it, getting home loan is another challenge and almost every lender will reject the application. Apart from the income criteria, banks and financial institutions also check applicant’s credit history for calculating the risks involved in their repayment capacity. But considering the demand from lower income group individuals, Axis bank has started providing housing loans (Asha Home Loans) to such poor salaried individuals. So having an own house has become a reality now. With timely EMI payment, such individuals can also start building their credit history which can also help them in getting loan or credit card in the future. Check out how to improve credit score.
Here are the details on Asha Home Loans:
Monthly Income Required: Rs. 8,000-Rs.10, 000 and higher depending on the location. This is a family income and not of an individual. If someone receives salary in cash then also loan can be provided. For this you need to approach the bank directly.
Loan Limit: Between Rs.1, 00, 000 to Rs. 15, 00, 000 in smaller towns and upto Rs.25, 00, 000 in larger towns. The borrower needs to pay 10%, if the loan amount is Rs.20 Lakhs and the remaining amount (90%) would be paid by the bank. For loan amount ranging from Rs.20 Lakhs-Rs. 25 Lakhs, borrower needs to pay 20% and the remaining amount would be paid by the bank.
Tenure: 30 years. If you wish to avail fixed rate loan, then your tenure should not exceed 20 years.
Type of interest rate offered: Fixed and floating both the options are available at attractive rates. But it is recommended to opt for a fixed interest rate so that there is no burden of paying additional interest when the interest rate changes.
Type of property that can be purchased: There are certain terms and conditions which you need to be aware of when applying for this loan. i.e. the property should be new, resale, ready possession, under construction, plot, constructing a new house provided you are the owner of that plot.
Phone number for Axis Bank Loan Center: 1800 233 5577, 1800 209 5577, 1800 103 5577
E-mail: [email protected]
Check out more details on Axis Bank website.
Documents required for the home loan (also asked by most of the lenders):
- Application form with the photograph of the applicant and co-applicant
- Identity proof: Passport, election card, driving license, PAN card, Aadhaar card
- Address proof: Utility bills (landline, electricity, passport, voter ID, Aadhaar card)
- Bank statement: Last 6 month’s bank account transaction statement or passbook of the respective bank where monthly salary gets credited. This is the most important proof checked by the banks which gives them confidence that the borrower has sufficient funds to make the down payment and closing costs. Or form-60 of the applicant/co-applicant.
- Income proof: Last 3 month’s salary slip which shows all the deductions and form-16
- Property documents
Interested home loan seekers should check with the bank on further terms and conditions.