RAAS Housing Finance Home Loan - Rates Feb 2023, Eligibility, Apply

RAAS Housing Finance Home Loan

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).

Home Loan

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    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.

    Interest RatesPrime Lending Rate(PLR) : 17.75%. Interest rate varies based on the chosen Home Loan product and on risk categorization of customers
    Loan AmountFrom Rs. 3 lakhs to Rs. 50 lakhs
    TenureFrom 3 years up to 20 years
    Age limit 25 years or above and less than 65 years at loan maturity
    Processing FeesApplicable as per Company's Policy
    Pre-payment or ForeclosurePrepayment : Based on the prevailing guidelines of the regulator i.e. National Housing Bank
    Foreclosure charges: Rs. 500/- + applicable service tax
    Loan to ValueUp 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 ₹)
    30,00,00029.55%1,37,813 3,07,500 33,07,500
    30,00,00039.55%96,169 4,62,083 34,62,083
    30,00,00049.55%75,441 6,21,17136,21,171
    30,00,00059.55%63,079 7,84,735 37,84,735
    30,00,00069.55%54,899 9,52,739 39,52,739
    30,00,00079.55%49,109 11,25,139 41,25,139
    30,00,00089.55%44,811 13,01,884 43,01,884
    30,00,00099.55%41,508 14,82,917 44,82,917
    30,00,000109.55%38,901 16,68,173 46,68,173
    30,00,000119.55%36,800 18,57,580 48,57,580
    30,00,000129.55%35,077 20,51,063 50,51,063
    30,00,000139.55%33,644 22,48,539 52,48,539
    30,00,000149.55%32,440 24,49,920 54,49,920
    30,00,000159.55%31,417 26,55,117 56,55,117

    Amortization Table

    YearPrincipal (in Rs.)Interest(in Rs.)Balance Amount (in Rs.)  

    Documentation Required for RAAS Housing Finance

    Salaried IndividualsSelf-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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