What is an EMI?

EMI means Equated Monthly Installment. It is the amount payable to Aadhar Housing Finance Limited every month, till the loan is paid back in full. Every EMI contains both Principal and Interest amount.With Every EMI Paid, the Home loan amount gets reduced. The amount of the EMI depends on the quantum of loan, interest rate applicable and the term of the loan.

How is an EMI calculated?

EMI Formula: l x r [(1+r)n /(1+r)n-1 ] x 1/12

  • l = loan amount
  • r = rate of interest
  • n = term of the loan,

What is the maximum amount that one can borrow?

Maximum amount that one can borrow depends on factors such as:

  • The purpose of the loan.
  • Whether it is for purchase of property or improvement or renovation.
  • Or purchase of land for development etc.

In Aadhar Home Loans, The maximum Home Loan amount is Rs. 25,00,000 or 80% of the cost of property.

What types of Loans does Aadhar Housing Finance provide?

We offer a variety of Home loans for various purposes.

Home Cunstruction Loans : For the construction of your own home.

Home Improvement Loans : To carry out repair works/renovations in a home that you have already purchase

Home Extension Loans : To extend your existing home.

Plot Loans : To purchase plots of land for home construction/INVESTMENT.

Balance Transfer Loans : To transfer your existing home loan from another Bank/HFC to Aadhar Housing Finance for better interest rates or extra top-up loan.

LAP : Loan against property already owned by the applicant.

What are the repayment periods for home loans?

Repayment period ranges from 5 to 30 years.

Can I make a joint application for an Aadhar Home Loan?

Yes, you can make a joint application for an Aadhar Home Loan.

Which documents should I verify before buying a property?

Before you purchase a property, you have to have a title and document search conducted by a competent advocate. You cannot do it yourself. You must use the services of a competent advocate. It is a professional job to be done with professional assistance.

What is the difference between built up area, super built up area, and carpet area?

  • Carpet Area : This is the actual usable area of the apartment/building, which does not include the area of the walls.
  • Built up Area : This includes the area of the walls also.
  • Super Built up Area: This includes the built up area, along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is only applicable to multi-dwelling units.

What are the important documents one should check before buying any property?

If you want to purchase a property, you must see the approved layout plan, approved building plan, ownership documents, carryout search, etc. Consult an advocate before you purchase a property so that he can advise you.

In whose name are the Stamp Papers required to be purchased?

The stamps are required to be purchased in the name of any one of the executors to the Instrument.

What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?

Market value means the price at which a property could be bought in the open MARKET on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the MARKET value which ever is higher.

Which are the instruments that attract the payment of Stamp Duty?

The instruments that attract Stamp Duty on market value of the property are:

  • Agreement to Sell
  • Conveyance Deed
  • Exchange of property
  • Gift Deed
  • Partition Deed
  • Power of Attorney settlement and Deed
  • Transfer of lease

Who is the appropriate authority for knowing the market value of the property?

The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.

How to verify the authenticity of the various documents submitted by the seller of the property, particularly with regard to the possibility that the property has not been sold earlier to a third party?

Regarding authenticity of documents, again, you have to take the help of an advocate.

I want to gift a property in a Co-op Hsg. Society. What are the legal formalities? What about stamp duty?

Gift of an immovable property is considered as a 'transfer' under the provisions of the TOP Act and you have to have the transaction registered through a Gift Deed and pay stamp duty as per provisions of the relevant State's Stamp Act depending in which state the property is situated.

Upon buying a property from a builder in a building under construction, what are the permissions and papers that one should check with the builder, so as to ascertain the genuinity of the builder?

When you are BUYING A PROPERTY from a builder in a building under construction, you have to check the following:

  • Approved plan of the building along with the number of floors.
  • Ensure that the floor that you are buying is approved.
  • Check if the land on which the builder is building is his or he has authority under an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
  • Check the building by-laws as APPLICABLE in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
  • Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
  • Check the reputation of the builder.
  • Ensure that urban land ceiling NOC (if APPLICABLE) has been obtained or not.
  • Permissions from water and electricity authorities also have to be obtained.
  • Permissions from lift authorities and other Goverment agencies as APPLICABLE.