AU Housing Finance Home Loan
Last Updated : July 19, 2019, 11:04 a.m.
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.
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 Rate | EMI(in Rs.) | Interest Amount(in Rs.) | Total Amount (Principal+Interest)(in Rs.) |
|---|---|---|---|---|---|
| 2000000 | 10 | 12.5%-19% p.a. | 29,275-37,334 | 15,13,028-24,80,137 | 35,13,028-44,80,137 |
| 2000000 | 11 | 12.5%-19% p.a. | 27,951-36,221 | 16,89,513-27,81,126 | 36,89,513-47,81,126 |
| 2000000 | 12 | 12.5%-19% p.a. | 26,877-35,347 | 18,70,309-30,90,011 | 38,70,309-50,90,011 |
| 2000000 | 13 | 12.5%-19% p.a. | 25,995-34,655 | 20,55,270-34,06,219 | 40,55,270-54,06,219 |
| 2000000 | 14 | 12.5%-19% p.a. | 25,263-34,102 | 22,44,246-37,29,185 | 42,44,246-57,29,185 |
| 2000000 | 15 | 12.5%-19% p.a. | 24,650-33,658 | 24,37,079-40,58,354 | 44,37,079-60,58,354 |
| 2000000 | 16 | 12.5%-19% p.a. | 24,133-33,298 | 26,33,612-43,93,188 | 46,33,612-63,93,188 |
| 2000000 | 17 | 12.5%-19% p.a. | 23,695-33,006 | 28,33,681-47,33,173 | 48,33,681-67,33,173 |
| 2000000 | 18 | 12.5%-19% p.a. | 23,320-32,768 | 30,37,124-50,77,820 | 50,37,124-70,77,820 |
| 2000000 | 19 | 12.5%-19% p.a. | 22,999-32,573 | 32,43,776-54,26,668 | 52,43,776-74,26,668 |
| 2000000 | 20 | 12.5%-19% p.a. | 22,723-32,414 | 34,53,475-57,79,287 | 54,53,475-77,79,287 |
Amortization Table
| Year | Principal(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 | 17,574-37,113 | 0 |
Documentation for AU Housing Finance Home Loan
| Documents | Salaried | Self-employed |
|---|---|---|
| Photo ID Proof | Voter ID/Passport/Aadhar Card/PAN Card/Driving License | Voter ID/Passport/Aadhar Card/PAN Card/Driving License |
| Address Proof | Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement | Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement |
| Income Proof | Last 3-month Salary Slip, Bank Statement/Pass Book for the Past 6 Months | ITR 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 Details | Detailed cost estimate with regards to the property to be constructed or renovated | Detailed cost estimate with regards to the property to be constructed or renovated |
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