AU Housing Finance Home Loan - Rates Sep 2023, Eligibility, Apply

AU Housing Finance Home Loan

About AU Housing Finance Home Loan

AU Housing Finance Limited (AU HFL), a wholly subsidiary of AU Financers (India) Limited (AU FIL), a non-banking finance company, is engaged in the business of providing housing loans to low and middle-income level customers belonging to semi-urban and rural areas. The housing finance company offers home loan to both salaried and self-employed categories. You must have a stable source of income to gain the nod from the firm for a home loan. You can apply for a home loan either individually or jointly at AU HFL. Let’s get down to see how you can benefit from the housing firm’s home loan offering.

Home Loan

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    AU Finance Home Loan Interest Rates

    Below is a table showing the rate of interest and other home loan-related details of AU home loans.

    Particulars Details
    Maximum Loan 75% of the cost of property, including the price of land
    Maximum Loan Tenure 20 years subject to your retirement age
    Interest Rate 12.5%-19% (Floating)
    Repayment Flexible repayment via EMIs
    Processing Fee 2% of the loan amount
    Prepayment Charges NIL if you do it on your own. If you prepay by taking loan from a bank, HFC or NBFC, then 3%-5% plus service tax, as applicable, would be deducted from the borrower
    Late Payment Charges 3% per month

    Types of Home Loans

    At AU HFL, you can get three types of home loan options, which are illustrated below.

    Home Loan -This loan can be availed to purchase a flat or bungalows approved by developers. You can also avail this loan to buy a freehold property situated in the existing land of apartment owner’s association or the cooperative housing society.

    Home Improvement Loans –Want to give your house a refreshing look? Avail a home improvement loan that will enable you to repair the interiors and exteriors of your beloved home. You can avail a loan to mend walls, painting, install grills, executive plumbing activities and much more.

    Home Renovation Loan– This loan will allow you to renovate your home as per your wishes.

    Rural Housing Loan -Seeking a loan to buy a home, construct or renovate the existing house in your village? Get started with the rural housing loan that will help serve the purposes.

    Rural Housing for Agriculturists – The loan, specifically designed to address the housing loan needs of agriculturists, can help them buy a flat in the city they want to or construct their home. This loan is also up for grabs by farmers, planters and horticulturists.

    AU HFL Home Loan Eligibility Calculator

    AU HFL will assess your eligibility for a home loan based on the factors stated below.

    • Monthly Income
    • Savings
    • Property Value
    • Credit History
    • Employment Status for Salaried
    • Business Stability for Self-employed
    • Others

    If you fit into the criteria stated above, AU HFL will take the help of home loan eligibility calculator to ascertain the loan eligibility amount. Let’s assume you work in a company offering you a salary of Rs. 28,000 per month. Your spend around 40% i.e Rs. 11,200 of your income each month. After deducting the expenses, you would come up with a savings of Rs. 16,800. Taking all that into account, AU HFL will first ascertain per lakh EMI on the prevailing rate and loan tenure before it goes on decide the loan amount eligibility.

    Amount-Rs. 1 Lac

    Loan Tenure-20 Years

    Rate of Interest-12.5%-19% per annum

    Per Lac EMI-Rs. 1,136-1,621

    Home Loan Eligibility Amount- Rs. 1 Lac x 16,800/1,136= Rs. 14.79 Lacs

    – Rs. 1 Lac x 16,800/1,621= Rs. 10.36 Lacs

    So, the eligibility amount is Rs. 10.36 Lacs-14.79 Lacs.

    AU Housing Home Loan EMI Calculator

    After having a look at the eligibility calculator, let’s figure out the EMI calculator of the housing finance company. Before we step on to understand the EMI calculator, let us first know what EMI is. EMI, which stands for Equated Monthly Installment, is the aggregation of interest and principal amount that goes out of your pocket each month towards the loan.

    The EMI calculator will come up with the EMI after you feed the loan amount, interest rate and tenure of a loan in the same. Suppose you are looking to take a home loan of Rs. 20 lacs for a period of 20 years. I guess, you would be interested to know the EMI payable on that loan, isn’t it. The EMI will come out to be Rs. 22,723-32,414 at a prevailing interest rate of 12.5%-19% per annum at AU HFL. Getting curious to know the EMIs in different periods of the same loan? Read the information in the table below.

    Table Showing EMIs, Interest and Total Amount Payable on a Home Loan of Rs 20 Lacs at 12.5%-19.5% Interest Rate for 20 Years

    Loan Amount(in Rs.)Loan Tenure(in Years)Interest RateEMI(in Rs.)Interest Amount(in Rs.)Total Amount (Principal+Interest)(in Rs.)
    20000001012.5%-19% p.a. 29,275-37,334 15,13,028-24,80,137 35,13,028-44,80,137
    20000001112.5%-19% p.a. 27,951-36,221 16,89,513-27,81,126 36,89,513-47,81,126
    20000001212.5%-19% p.a. 26,877-35,347 18,70,309-30,90,011 38,70,309-50,90,011
    20000001312.5%-19% p.a. 25,995-34,655 20,55,270-34,06,219 40,55,270-54,06,219
    20000001412.5%-19% p.a. 25,263-34,102 22,44,246-37,29,185 42,44,246-57,29,185
    20000001512.5%-19% p.a. 24,650-33,658 24,37,079-40,58,354 44,37,079-60,58,354
    20000001612.5%-19% p.a. 24,133-33,298 26,33,612-43,93,188 46,33,612-63,93,188
    20000001712.5%-19% p.a. 23,695-33,006 28,33,681-47,33,173 48,33,681-67,33,173
    20000001812.5%-19% p.a. 23,320-32,768 30,37,124-50,77,820 50,37,124-70,77,820
    20000001912.5%-19% p.a. 22,999-32,573 32,43,776-54,26,668 52,43,776-74,26,668
    20000002012.5%-19% p.a. 22,723-32,414 34,53,475-57,79,287 54,53,475-77,79,287

    Amortization Table

    YearPrincipal(in Rs.)Interest Outgo(in Rs.)Balance(in Rs.)  
    1 9,789-24,021 2,48,655-3,79,179 19,75,979-19,90,211
    2 11,823-27,202 377,145-2,45,474 19,48,777-19,78,388
    3 14,275-30,805 2,41,871-3,74,693 19,17,972-19,64,113
    4 17,237-34,883 2,37,793-3,71,731 18,83,089-19,46,876
    5 20,811-39,503 2,33,173-3,68,157 18,43,586-19,26,065
    6 25,130-44,734 2,27,942-3,63,838 17,98,852-19,00,935
    7 30,345-50,656 2,22,020-3,58,623 17,48,196-18,70,590
    8 36,639-57,365 2,15,311-3,52,329 16,90,831-18,33,951
    9 44,237-64,960 2,07,716-3,44,731 16,25,871-17,89,714
    10 53,416-73,564 1,99,112-3,35,552 15,52,307-17,36,298
    11 64,498-83,303 1,89,373-3,24,470 14,69,004-16,71,800
    12 77,879-94,333 1,78,343-3,11,089 13,74,671-15,93,921
    13 94,033-1,06,825 1,65,851-2,94,935 12,67,846-14,99,888
    14 1,13,540-1,20,970 1,51,706-2,75,428 11,46,876-13,86,348
    15 1,36,989-137,093 1,35,687-2,51,875 10,09,887-12,49,255
    16 1,55,127-1,65,533 1,17,549-2,23,435 8,54,760-10,83,722
    17 1,75,670-199,875 97,006-189,093 6,79,090-883,847
    18 1,98,930-241,338 73,746-147,630 4,80,160-642,509
    19 2,25,272-291,403 47,404-97,565 2,54,888-3,51,106
    20 2,55,120-3,51,600 17,574-37,1130

    Documentation for AU Housing Finance Home Loan

    Photo ID ProofVoter ID/Passport/Aadhar Card/PAN Card/Driving LicenseVoter ID/Passport/Aadhar Card/PAN Card/Driving License
    Address ProofTelephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank StatementTelephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement
    Income ProofLast 3-month Salary Slip, Bank Statement/Pass Book for the Past 6 MonthsITR for Last 3 Years along with Balance Sheet and Profit & Loss Account for the Last 3 Years Attested by a CA, Last 6-months Bank Statement, Tax Deduction Certificate (If Applicable), Partrnership Deed Copy (If Applicable), Tax Paid/Self-Assessment Tax Challan
    Other DetailsDetailed cost estimate with regards to the property to be constructed or renovatedDetailed cost estimate with regards to the property to be constructed or renovated

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