RAAS Housing Finance Home Loan
Last Updated : May 28, 2021, 9:03 p.m.
About RAAS Housing Finance Home Loan
RAAS Housing Finance (India) Private Limited offers long-term housing loans to customers belonging to the Middle and Low-Income Groups in peripherals of urban India, semi-urban and rural India. Individuals whose monthly income falls between ₹5001/- to ₹10,000/- per month are classified as Lower Income Group (LIG).
Apart from providing home loan products, the company gives relief to low-income groups by offering them Government of India’s Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY) with an applicable interest rate being 6.5%, bringing down the EMIs of Affordable Home Loans. Under this scheme, home buyers from Low Income Group will be paying less on a Home Loan for the tenure of 15 years. This Subsidy will be a major relief for daily earners, semi-skilled and self-employed professionals. Raas Housing finance rate of interest has been kept low to make it affordable for the common man.
RAAS Housing Finance Eligibility Criteria
To qualify for a home loan with RAAS Housing Finance, you should meet the following criteria:
- You should be a resident of India.
- You should be a salaried employee or self-employed professional.
- The daily bread earners, semi-skilled and self-employed professional, having a yearly income between ₹3 lakhs-₹5 lakhs are eligible to apply for RAAS Home loans.
- Your eligibility is based upon your income and repaying capacity, age, employment/business vintage, assets and liabilities, the cost of the proposed property etc.
| Particulars | Description |
|---|---|
| Interest Rates | Prime Lending Rate(PLR) : 17.75%. Interest rate varies based on the chosen Home Loan product and on risk categorization of customers |
| Loan Amount | From Rs. 3 lakhs to Rs. 50 lakhs |
| Tenure | From 3 years up to 20 years |
| Age limit | 25 years or above and less than 65 years at loan maturity |
| Processing Fees | Applicable as per Company's Policy |
| Pre-payment or Foreclosure | Prepayment : Based on the prevailing guidelines of the regulator i.e. National Housing Bank Foreclosure charges: Rs. 500/- + applicable service tax |
| Loan to Value | Up to 90% of the property value |
RAAS Housing Finance Home Loan EMI Calculator
Home loan EMI is the fixed monthly payment that can be estimated as a repayment of your home loan and that can be calculated by using a home loan EMI Calculator. EMI stands for Equated Monthly Installments.
Calculating your EMI is a simpler process. You only need to fill the following inputs such as:
- Loan amount
- Loan Tenure
- Interest rate
As soon as you submit the details, home loan EMI calculator will show you the loan EMI, interest payable and total amount to be paid.
An EMI involves two components-principal repayment + interest payment. Each and every EMI goes towards repayment of a component of the principal amount and also towards paying interest liable on the outstanding amount. During the initial phase of the loan tenure, a large portion of EMI goes towards interest payment. But as the loan repayment intervals go ahead, the EMIs contribute more towards repayment of principal amount.
A salaried class professional earning ₹50,000 p.m dream to buy his own home. He applied for a loan amount of ₹30,00,000 payable after 15 years at a floating interest rate being 9.55%.
Subsequently, interest will be decided on the prevailing condition at the time of maturity of the loan. Below table gives you a highlight about the calculated EMI, interest payment and the total amount (EMI+Interest) required to be paid each year on your home loan.
Table showing EMI, interest outgo and total amount payable on your home loan
| Loan Amount (in ₹) | Loan Tenure(in years) | Interest Rate (% p.a.) | EMI( in ₹) | Total Interest Outgo (in ₹) | Total Amount(EMI+Interest) (in ₹) |
|---|---|---|---|---|---|
| 30,00,000 | 1 | 9.55% | 2,63,120 | 1,57,442 | 31,57,442 |
| 30,00,000 | 2 | 9.55% | 1,37,813 | 3,07,500 | 33,07,500 |
| 30,00,000 | 3 | 9.55% | 96,169 | 4,62,083 | 34,62,083 |
| 30,00,000 | 4 | 9.55% | 75,441 | 6,21,171 | 36,21,171 |
| 30,00,000 | 5 | 9.55% | 63,079 | 7,84,735 | 37,84,735 |
| 30,00,000 | 6 | 9.55% | 54,899 | 9,52,739 | 39,52,739 |
| 30,00,000 | 7 | 9.55% | 49,109 | 11,25,139 | 41,25,139 |
| 30,00,000 | 8 | 9.55% | 44,811 | 13,01,884 | 43,01,884 |
| 30,00,000 | 9 | 9.55% | 41,508 | 14,82,917 | 44,82,917 |
| 30,00,000 | 10 | 9.55% | 38,901 | 16,68,173 | 46,68,173 |
| 30,00,000 | 11 | 9.55% | 36,800 | 18,57,580 | 48,57,580 |
| 30,00,000 | 12 | 9.55% | 35,077 | 20,51,063 | 50,51,063 |
| 30,00,000 | 13 | 9.55% | 33,644 | 22,48,539 | 52,48,539 |
| 30,00,000 | 14 | 9.55% | 32,440 | 24,49,920 | 54,49,920 |
| 30,00,000 | 15 | 9.55% | 31,417 | 26,55,117 | 56,55,117 |
Amortization Table
| Year | Principal (in Rs.) | Interest(in Rs.) | Balance Amount (in Rs.) | ||
|---|---|---|---|---|---|
| 1 | 94,573 | 2,82,431 | 29,05,427 | ||
| 2 | 1,04,011 | 2,72,993 | 28,01,416 | ||
| 3 | 1,14,390 | 2,62,614 | 26,87,026 | ||
| 4 | 1,25,805 | 2,51,199 | 2,56,1221 | ||
| 5 | 1,38,357 | 238647 | 24,22,864 | ||
| 6 | 1,52,167 | 2,24,837 | 22,70,697 | ||
| 7 | 1,67,352 | 2,09,652 | 21,03,345 | ||
| 8 | 1,84,052 | 1,92,952 | 19,19,293 | ||
| 9 | 2,02,419 | 1,74,585 | 17,16,874 | ||
| 10 | 2,22,618 | 1,54,386 | 14,94,256 | ||
| 11 | 2,44,834 | 1,32,170 | 12,49,422 | ||
| 12 | 2,69,269 | 1,07,735 | 9,80,153 | ||
| 13 | 2,96,139 | 80,865 | 6,84,014 | ||
| 14 | 3,25,690 | 51,314 | 3,58,324 | ||
| 15 | 3,58,573 | 18,810 | 0 |
Documentation Required for RAAS Housing Finance
| Salaried Individuals | Self-employed | ||||
|---|---|---|---|---|---|
| Application form duly filled-up with photograph affixed on the space provided for the purpose. | |||||
| Identity Proof (Aadhaar Card, PAN Card or Election Identity Card), age proof, residence proof. | |||||
| Copies of the Bank Account Statements for the last six months of all the Bank Accounts including loan accounts/OD Accounts, if any. | |||||
| Salary slips for the latest three months along with CTC letter. Current job appointment letter / Contract letter | Business Vintage Proof for Self-employed customers -Registration Certificate for Companies -Partnership Deed and Registration Certificate issued by District Registrar -Trade License - Shop & Establishment Certificate -Vat Registration Certificate -CST Registration Certificate -Service Tax Registration Certificate -Any other document issued by Government / Government Authority identifying the entity | ||||
| Form No 16 along with IT returns and computation for total income for the last three years. | |||||
Features and Benefits of RAAS Housing Finance
- Easy documentation
- Personalized customer service
- Transparent processes
- Tailor-made solutions to accommodate your needs
- Quick and efficient processing
- Competitive home loans interest rate
- Skilled and trained Team
RAAS Housing Finance Customer Care Contact Number
If you face any hurdles regarding differential interest rates at the time of repayment of your home loan, reducing the length of the time period for payment of your pending EMI, lack of availability of any document for producing as evidence, then contact customer care division of RAAS Housing Finance on 1800-11-5050(Toll-free number)/0124-6622228 and get them resolved.You can also write an email on the email ID mentioned on the website.
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