Yes, you can pre-close your loan either in part or in full. Part prepayments will be accepted without any charges and the amounts will be adjusted against the Principal Outstanding (POS).

We calculate the interest on a Monthly Reducing balance basis. This means the principal reduces every month from your EMI net of interest accrued.

Usually, this takes 2 – 10 working days for processing an application from sanction to disbursement. This is based on the necessary documents being furnished and clear and marketable title to the property including proof that the borrower’s contribution has been paid/utilized upfront.

The loan might be disbursed in full or in suitable installments depending on the requirement of funds and progress of construction as assessed by us.

• The borrower category
• Age of the borrower
• Purpose for which the loan is sought

We offer a range of loans available for both Resident as well as Non-Resident Indians as detailed below:

• Property Purchase Loan
• Refinance Loan
• Home Extension Loans
• Home Improvement Loans
• Composite Loans
• Balance Transfer & Top up
• Self-Construction Loan

The loans will be extended only for properties that are duly approved by the competent authorities.

EMI or Equated Monthly Installment is the fixed sum of money to be paid by the customer throughout the tenure of the entire loan. It includes both principal and interest. The size of the EMI depends on the loan amount, rate of interest and term of the loan. Payment is to commence once the loan is fully disbursed and from the date of final disbursement. Interest (known as Pre-EMI) is payable on partly disbursed loans and must be paid every month on the amounts cumulatively disbursed till the loan is fully disbursed.

The interest rate that varies according to the market lending rates is a floating rate of interest.

Salaried: Minimum Age limit: 21 years

Maximum: retirement age at the time of loan maturity

Self-Employed: Minimum Age limit: 21 Years

Maximum: not more than 65 years of age at the time of maturity of the loan

Minimum: 2 Years of work experience for salaried individuals.

Minimum: 3 Years of business continuity for Self-Employed

Minimum: 10,000/- per month for salaried individuals.

Minimum: 1.80 lakhs of average cash profit for self–employed per annum.

The interest rate offered by us is a floating (variable) rate of interest.

Here, the primary security is the first mortgage of the property to be financed. Title deeds need to be deposited with us. If required, we may require additional security such as LIC Policies or Third party guarantee.

The title to the property should be clear, marketable and free from encumbrances and to our satisfaction.

Rate of Interest to a customer depends on the profile of a customer. Please refer Fair Practice Code for better clarification.

• All necessary documents to establish clear and marketable title are submitted,
• Sufficient progress in construction that is proportionate to the own contribution is evident,
• Loan agreements executed and Conditions, if any, are applicable.

Any Indian national whether employed or self employed can apply for a loan.

Yes, the property must be insured against natural hazards and the lending institution will be the beneficiary of the insurance policy.

This is simple and easy.

Just call your nearest home finance branch and enjoy doorstep service. Our representatives will meet you at home and facilitate the process. It’s simple, easy and convenient.

Assessed Income: It simply means we can assess the income of an individual by checking & verifying his available documents received, based on which Income eligibility would be calculated.

Primary documents for assessed income eligibility computation are: For salaried – salary slip & Form 16, for self-employed –Basic income proof.

Non Assessed Income: In cases where proper and complete documents are not available with the borrower, we can appraise such cases based on other parameters that indicate the financialhealth and stability of borrower. Such methods are banking method & LTV method.

Credit appraisal will be done just like any other loan as detailed in the Loan Policy. All the owners of the property need to be the applicant or co-applicants to the loan. Eligibility will be determined keeping the loan servicing ratios based on the income considered under any one of the above methods (as mentioned in income assessment process) within the acceptable limits.

Salaried

• Proof of Identity, Address, Age
• Bank statements for the last six months
• Last three months Salary slips / Salary Certificate

Self – employed+

• Proof of Identity, Address, Age
• Business profile
• Bank Statements for the last six months

On perusal of these basic documents, if it is felt by the company that further documents are required for appraisal, the same needs to be furnished.

The eligibility is determined considering various factors such as age, monthly income, monthly commitments, qualifications, employment, savings background, assets, liabilities and repayment history of other loans if any.

Initially, a login fee of Rs. 5999 (includes GST) needs to be paid along with the application to cover the legal and technical evaluation expenses. This is non-refundable. Later on a balance processing fee is payable to cover the Property & Personal Insurance, Documentation & CERSAI charges should be paid after the sanction of loan, but before the disbursement.

Own contribution is the difference between total cost of the property minus the loan component which should have been utilised/ paid before disbursement of the loan.

Salaried Individuals:  Any individual who is in permanent service & paid in monetary terms not in kind (Individual can work in private limited company, multinational company, public limited company, government & semi government, public sector units, proprietorship & partnership firms.)

Professionals: Any individual with a professional qualification and pursuing the same line of business. E.g. Doctors (MBBS), architects, chartered accountants, cost accountants, company secretary & management consultant (E.g. IT consultant, engineering consultant, marketing consultant, etc.).

Self Employed Individuals: Any individual carrying on business for a minimum of 3 years.

A co-applicant(s) can be co-owner(s) of the property for which the loan is sought. However, all co-applicant(s) need not be co-owners. Relatives as agreed by the Company can join as co-applicant(s) and usually are husband, wife, father, son, mother, daughter, etc.

The registration for mortgage depends on the laws of the state in which the loan is availed. This can vary quite a bit.

For instance in Tamilnadu, for Housing Loans, Memorandum confirming Deposit of Title deeds (MOTD) on requisite stamp paper has to be registered with the concerned Sub Registrar’s office (SRO)

When it comes to states like Andhra Pradesh, the procedure for all housing loans is that a Simple Mortgage Deed has to be registered in the concerned SRO.

The interest rates offered by Aham are dependent on the overall score assigned to the applicant, which is determined after considering all the aspects of the loan applications. The rate of interest for the different products offered based on the overall score is listed below.