Having their own home is the most basic need a human can have. But in a country like India, where the prices of homes are touching new heights with each passing day, a large part of individuals can not afford their own homes. You must be wondering why? Well, because it’s not easy for them to collect a large chunk of money at once to buy their abode. In order to solve this problem, they opt for the home loan facility provided by various banks and housing finance companies. Aspire Home Finance Corporation – Motilal Oswal Group Company – is one of the foremost housing finance companies in India.
Aspire Home Loan can be taken for various purposes such as buying the property, home improvement, home extension, home construction, etc. Loaded with amazing features such as affordable Aspire home loan interest rate, flexible tenure, and easy repayment options. The overall home loan process is such an hassle-free experience that you can do it 7 easy steps which we will be telling you in this article. Apart from this, we will also be telling you about other things like features of Aspire home loan, its eligibility criteria, and what are the required documents. So if you’re one of those individuals who are looking to get a suitable home loan facility, then this would be perfect for you.
What are the amazing features of Aspire Home Loan that make it stand out?
Loan Amount: With the help of Aspire Home Loan, an individual can take the loan amount ranging from INR 5 lakh to INR 25 lakh. You must choose the loan amount according to your financial needs and repayment capability otherwise you may find it difficult while repaying the loan amount.
Interest Rate on Aspire Home Loan: The most important thing that one must consider before taking the home loan facility is the interest rate which differs according to the employment type. For salaried and self-employed individuals, it ranges from 12% to 16% per annum, while for self-employed/ Non-professional, it is 12.50 to 16% per annum.
Loan Tenure: Same as interest rate, the maximum repayment period also varies according to the employment type while the minimum repayment period remains constant for both salaried and self-employed individuals as 5 years. It can go as maximum as 20 years for self-employed and 25 years for salaried individuals.
Processing Fees: It can go upto a maximum of INR 5,000 in order to take the home loan.
Steps to Apply for the Aspire Home Loan:
- You can shortlist the property by yourself or you can select the one from the pre-approved properties by MOHF.
- After that, just fill the application form and submit the required KYC documents at any MOHF branch nearby.
- The MOHF will check your eligibility based on your application and documents.
- After this, you will have to submit the property documents so that the company can check the legal terms associated with it.
- A team will verify the property documents.
- After verification, your loan agreement will be finalized.
- Your loan amount will be credited to your bank account.
What are the eligibility criteria?
You can check your eligibility by the Aspire home loan eligibility calculator. Fill a few basic details such as the desired loan amount, rate of interest, tenure, and monthly obligations. It will tell you the exact loan amount that you can get and also the EMI amount, that you’ll be paying every month to repay the loan. This is such an easy way to have an estimate of the loan amount that you can get based on your details.