What is Home Loan

Owning a home is one of the biggest dreams for most individuals, but it is also expensive. It would take years of effort for any individual to be able to buy a home of his/her own. One way to realise this dream sooner is by taking a Home Loan. Home loan let you buy a home of your choice and give you peace of mind. AU home loan facility customized with state-of-the-art features can be one stop solution for all your home loan needs. Let’s get to know Home Loan types, the application process, and EMI calculation. 

What is a home loan?

A Home Loan can be taken if you want to buy a new home or apartment, buy a piece of land to build a home, construction on existing piece of land, or make home renovations or additions.

Types of home loans

1. Home purchase loan

As the name suggests, you can take a Home Purchase Loan to buy a house. You can avail this type of loan from AU Small Finance Bank whether you are buying a flat, house, bungalow, as well as resale property.

2. Home construction loan

You can apply for a Home Construction Loan to build your home from scratch. The Home Construction Loan from AU Small Finance Bank again comes at competitive rates with speedy approvals, easy processing, and minimal paperwork.

3. Home balance transfer

If you are already servicing a Home Loan and struggling to pay EMIs due to high interest rates, you can opt for a Home Loan Balance Transfer. The Home Loan Balance Transfer facility from an AU Small Finance Bank helps to reduce the burden of an existing loan, and you can benefit from lower EMIs.

4. Home improvement loan

Do you have a home but are looking to refurbish it? You can apply for a Home Improvement Loan from AU Small Finance Bank at attractive interest rates.

5. Land purchase and construction loan

If you have a location in mind where you want to build the home of your dreams, then you can specifically opt for a Land Purchase and Construction Loan from AU Small Finance Bank.

Before approving, the bank considers various parameters to determine Home Loan eligibility. These include your CIBIL score, borrower/co-borrower profile, income, obligations, and property.

Eligibility criteria for a Home Loan

At AU Small Finance Bank, it is easy to meet the Home Loan eligibility criteria as listed below:

• Both resident and non-resident Indians can apply
• Age should be between 18 and 75 years
• Both salaried & self-employed individuals can apply
• Avail a minimum home loan of INR 2 lacs

You can apply for a Home Loan with an AU Small Finance Bank through our website or visit our bank branch.