Aditya Birla Finance Limited Home Loan
Aditya Birla Finance Limited, a subsidiary of Aditya Birla Capital Limited, is one of the foremost NBFCs (nonbanking financial services companies) in the country, providing a wide spectrum of financing, and lending and wealth products/solutions to customers.
Features & Benefits of Aditya Birla Finance Home Loan
The institution provides customised home loans for all its customers. Here are some significant benefits and features:
- Competitive interest rates
- Loan repayment is available for 30 years. However, all loans will be controlled by Aditya Birla Finance Home Loan only.
- Quick amount disbursal.
- Transparent procedure and with minimal hassles.
- No prepayment charges for floating rates home loans.
- An engaging balance transfer feature is available for all.
- Services at your door.
Aditya Birla Finance Home Loan Eligibility Criteria
The eligibility criteria to apply for an Aditya Birla Finance home loan is as follows:
- The minimum age of the individual applying for the loan must be 21 years.
- The maximum age of the individual at the time of maturity must be
a) 70 years for a self-employed person and
b) 60 years for a salaried person.
Here is a table representing loan to property value, variable as per the price of the house.
|House Value||Loan to Property Value in percentage|
|up to INR 30 Lakhs||90 %|
|INR 30 Lakhs to INR 75 Lakhs||80 %|
|More than INR 75 Lakhs||75 %|
Aditya Birla Finance Home Loan Fees and Charges
The table below highlights the fees and interest rates charged by Aditya Birla Finance Home Loan:
Note: All the charges are the same for every customer. However, actual costs, if different, actual costs will be considered at the time of loan sanction and disbursal of the loan amount. Also, these would be subjected to market risk and changes.
Note: GST @ 18% will be levied on fees and other charges mentioned in the table.
|Several Transactions on Loan||Fees/Charges|
|Administration Fee or Loan Processing Charge||For Home Loans processing fee is up to 1% of the entire loan amount For other Loans processing fee is up to 2% of the total loan amount|
|Part Payment/Pre-Closure Charges: Any prepayment in the last 12 months before the closure will be counted as prepayment charges for non-individuals and individuals without floating rate.||Floating rate loans given to individuals where all are individuals: Nil Home Loans (apart from floating rate): 2% of loan amount Loan against Property and Lease Rental Discounting: 4% of loan amount Loan against Property / Lease Rental discounting (apart from floating rate): 4% of loan amount|
|Other Charges on the loan amount includes Default Penal Interest Rate, Non Conformance with any covenants, and stipulated conditions||24% per annum which is 2% for every month|
|Failure charges of NACH||₹750/ every time|
|Accrued Interest||As per the applicability and on the basis on delaying status or as stated by the lender from time to time|
|CERSAI charges||When facilitated amount is equivalent to ₹.5 lacs or lesser: ₹.50 per property When facilitated amount is more than ₹5 lacs: ₹100 per property|
|On Pre-closure Each Time||₹1,000|
|While requesting for Copies of any collateral held with ABHFL||₹750|
|For Duplicate Statement, Repayment Schedule or other documents||₹200|
|Charges on Cheque Return or Charges on ECS failure||₹750|
|CIBIL report retrieval fee||₹50/- per instance for Consumer and ₹500/- for Commercial CIBIL|
|Charges for Loan Reschedulement||0.50%|
|Charges on NOC issuance||₹500|
|Cancellation Fee||4.00% of the disbursed loan amount|
|Swap Charges (For both Fixed or semi-fixed rate)||2% of the outstanding loan amount|
|Stamp Duty Legal and other statutory charges||As per actual and wherever applicable|
Aditya Birla Finance Home Loan Interest Rates
The interest rate of Aditya Birla Finance Home Loan depends on several factors such as tenure, the loan amount, credit score and repayment ability. In the table below, you can see the interest rate for different housing schemes.
|Aditya Birla Home Loan Schemes||Interest Rate Applicable Annually|
|Home Loans||For Salaried Individuals: 9% to 9.75% For Self-employed Individuals: 9% to 12.50%|
|Loan Against Property||10.75% to 16.00% p.a|
|Lease Rental Discounting||Starts from 11%|
Types of Home Loan Offered By Aditya Birla Finance
The different types of home loans offered by Aditya Birla Finance are mentioned below:
- Home loan: Aditya Birla Housing Finance provides home loans so that their customers can live and finance their dream homes. This home loan is simple, flexible, and gives its customers the option to choose their tenure and loan amount.
- Loan for Home Expansion: The loan for home expansion is for those who want to extend their living area. This loan amount will cover the cost of constructing an additional room or space for an existing structure.
- Loan for Home Construction: A home construction loan is for people who want to construct a house or property already owned by them. This loan will help them in constructing their project.
- Loan for Home Improvement: This home loan is designed for customers who want to renovate or improve their homes. Since home renovations can be expensive, this loan can help facilitate them financially.
- Loan for buying a Plot or Constructing a Home: This loan type is designed for customers who want to buy land and construct a house on it under a stipulated period of time. This loan is disbursed in the form of instalments.
Factors Affecting Aditya Birla Finance Home Loan Interest Rates
There are only three main factors affecting Aditya Birla Finance Home Loan interest rates. They are as follows:
- Credit Score: Credit score has a significant impact on the interest rate of a home loan. It plays a pivotal role in determining your worth as a loan applicant. A score over 750 is considered good - the higher your credit score, the better your chances of getting a loan. A lower score can lead to your loan request being rejected.
- Duration of Loan: The tenure of your loan is inversely proportional to its interest rate. The longer the term, the higher the interest rate will be. Also, short durations mean higher EMI.
- Property Location: Another prominent factor in deciding the home loan interest rate is the house location. However, if a property is located in a remote area with low connectivity, you might have to pay higher interests. But, if you buy a place in an urban location, you can have a lower interest rate. Here the age of your property also plays an important role.
Documents Required for Aditya Birla Finance Home Loan
The document required for Aditya Birla Finance Home loan application differs slightly based on the employment of an individual. These documents will differ between a salaried and a self-employed individual.
Here is a table representing the documents and the purpose of each document.
|Purpose of Each Document||For a Salaried Individual||For a Self Employed or Professional or Partnership or a Company|
|Identity And Address Proof||
|Income Proof||Last three months salary slip displaying all the deductions. Also, Form 16||Financial documents showing IT returns for the last two years. Also, the income computation by a certified CA for the last two years.|
|Bank statement for showing income or credited salary||Last six months||Last six months|
|Other Income Proof||Documents showing income or rental receipts||Documents showing income or rental receipts|
|Property Documents||A copy of approved sanction plan along with title documents||A copy of approved sanction plan along with title documents|
How does the EMI Calculation Work for Aditya Birla Finance Home Loan?
Calculating your EMIs before even applying for a loan can make your work easy and hassle-free in the long term. You can also use the Urban Money home loan EMI calculator and find the perfect tenure, interest rate, and loan amount. However, to manually calculate the EMIs you can use the below-written formula:
EMI = (P × R × (1+r)^n)/((1+r)^n-1)
- P stands for the principal loan amount
- R is the interest rate
- N is the loan tenure (can be up to 30 years)
How does Aditya Birla Finance compare with other lenders?
You can compare different lenders and Aditya Birla Finance Home loan interest rate, tenure, maximum loan amount, and processing fee.
|Lenders||Rate of Interest||Max. Loan Amount||Max. Tenure||Processing Charges & Fees|
|Aditya Birla Finance Limited||9% to 12.5%||Over INR. 75 lakh||30 years||1% + Goods And ServiceTax|
|Citibank Home Loan||6.50% - 7.25%||INR 10 Crores||25 years||Up to INR 5,000|
|Kotak Mahindra Home Loan||6.65% - 7.30%||INR 5 Crores||30 years||2% of the loan amount + Goods And Service Tax|
|HDFC Ltd Home Loan||6.75% - 7.65%||90% of property value||30 years||1.50% or INR 4,500 (whichever is more) + applicable taxes|
|Bank of Baroda Home Loan||6.70% - 8.60%||INR 10 Crores||30 years||0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)|
|ICICI Bank Home Loan||6.75% - 7.55%||90% of property value||30 years||0.50% to 2% or INR. 1,500 (for For Mumbai, Delhi & Bangalore it is INR 2,000), whichever is more + GST|
Aditya Birla Finance Home Loan Customer Care Number
Aditya Birla Capital Finance provides comprehensive customer care service across India. The primary motto is to assist every customer and resolve their queries and complaints. Individuals can contact the customer care number or email them regarding any product or service and receive immediate assistance. Here is the toll-free number and email address for the helpdesk:
- Toll-Free Number: 1800 270 7000
- Email Address: [email protected]
Here are the contact numbers for the banks' numerous branches:
|New Delhi||011-40115500, 011-47878800, 011-41051519|
From refinancing to reducing your interest, we have the answers right here.
Can I Take Two Home Loans At A Time?
Yes, you can take two home loans at a time. It is possible because there is no such Indian law barring you from doing so.
What is the interest rate of a Home Loan in Aditya Birla Finance?
The interest rate is as follows:
- Salaried Individuals: 9% to 9.75%
- Self-employed Individuals: 9% to 12.50%
What are the benefits Aditya Birla Finance Provides on Home Loan?
Some of the benefits of Aditya Birla Finance provides loan tenures of up to 30 years, quick disbursal of the loan amount, transparent procedure and low-interest rates.
What are the documents required in Aditya Birla Finance for a home loan?
- For a salaried person: Aadhar card, Voter ID card, salary slip of last 6 months, Form 16, and documentation pertaining to proof of income.
- For a self-employed person: Aadhar card, Voter ID card, Income tax return, receipts as income proof, and sanction plan of the house.
Does Aditya Birla Finance Checks for CIBIL Score for Home Loan?
The CIBIL score for a home loan is between 300 to 900. Here 300 is the lowest credit score. For loan approval, it is recommended that a minimum credit score should be 750.
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