Urban Money

Aditya Birla Finance Limited Loan Against Property

Aditya Birla Finance Limited
4.5

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.

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Interest Rate

Processing Fee

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Loan Amount/Tenure

Aditya Birla Finance Limited Loan against property Interest Rate

Aditya Birla Finance Limited

10.75% - 16%

1.25% - 2%

4.5

Up to ₹75Cr

Tenure(Up to 15 Years)

Details

Features & Benefits of Aditya Birla Finance Limited Loan Against Property 

The Aditya Birla Finance Limited Loan against property allows the borrowers to raise funds for personal and business purposes against the collateral pledged. This financial product entails the following benefits:

  • The company has designed a quick and convenient application process to facilitate a hassle-free disbursement of the amount. 
  • Competitive interest rates are offered to the borrowers with a satisfactory application. 
  • The applicant can avail of a loan of up to 70% of the property value in case the property is residential. The loan amount will be 60% if the property pledged is commercial. 
  • The repayment tenure on the loan amount can extend up to 20 years, making the repayment manageable. 
  • Individual borrowers are not required to bear any foreclosure charges. 
  • The company also offers customised balance transfer options for the convenience of the customers. 
  • The applicant has to produce minimal documents for loan approval. And the processing fee charged 
  • Flexible repayment options are available for the borrowers. 
  • The borrowers can conveniently avail of loans against their commercial and residential properties.

Aditya Birla Finance Limited Loan Against Property Overview

The Aditya Birla Finance Limited Loan against property enables applicants to obtain funds to facilitate various business and personal expenses. The Aditya Birla Finance Limited LAP allows raising funds by pledging property against the loan. An applicant can avail of a loan of up to Rs 75 Crores against a repayment tenure of 20 years. The bank offers attractive interest rates on loans ranging from 11.49% to 18.49%.

Aditya Birla Finance Limited LAP is offered by Aditya Birla Housing Finance Limited, an Aditya Birla Capital Limited subsidiary. The Aditya Birla Housing Finance is registered as a housing finance company under the National Housing Act 1967. The company offers applicants a wide range of home loan solutions, such as home construction and home improvement, along with Aditya Birla Finance Limited LAP.

An applicant can obtain a loan against property from the institution for the following purposes:

  • Stimulate funds for long-term working capital 
  • Acquire funds to facilitate Educational expenses 
  • Establish a new business 
  • Repayment of other debts
Loan Amount  Rs 10 Lakhs to Rs 75 Crores
Interest Rate  11.49% per annum - 18.49% per annum 
Tenure  Up to 20 Years 
Foreclosure Charges  4% of the principal outstanding 
Loan Processing Fee  Up to 2% of the loan amount 
Property Type  Residential Property Commercial 

Eligibility Criteria 

The applicant applying for an Aditya Birla Finance Limited LAP must meet the following criteria:

  • Both salaried and self-employed individuals are eligible to apply for the loan. 
  • Entities such as sole proprietorships, partnerships, private and public limited companies, and corporates can also apply for the loan. 
  • The minimum age for the applicant is 21 years. The maximum age determined at the time of loan maturity is 60 years and 70 years for salaried and self-employed individuals, respectively. 
  • The Aditya Birla Finance Limited loan against property cannot be facilitated if the pledged collateral is vacant land. 
  • The applicant must also produce a credit report and have a diligent repayment history on past loans.

Aditya Birla Finance Limited Loan Against Property Loan Amount

The Aditya Birla Finance Limited LAP loan amount concerns property values. The minimum loan amount one can avail of in Delhi and Mumbai is Rs 25 Lakhs, and the minimum amount reduces to Rs 15 Lakhs for the rest of the country.

  • For a loan amount of Rs 20 Lakhs, the applicant can obtain up to 90% of the property's market value.
  • For a loan amount from Rs 20 Lakhs to Rs 75 Lakhs, an individual can obtain up to 80% of the property value.
  • In case the loan amount allotted exceeds Rs 75 Lakhs, an individual can acquire up to 75% of the property value. 

Aditya Birla Finance Limited Loan Against Property Interest Rates

The Aditya Birla Finance Limited LAP offers lucrative interest rates to customers on mortgage loans. The customers can pledge collateral (property) against this secured loan from the Aditya Birla brand.

  • The loan can be availed of against commercial and residential properties. 
  • The Aditya Birla Finance Limited LAP interest rates generally range from 11.49% to 18.49% per annum.

Several factors influence the interest rates of the Aditya Birla Finance Limited LAP such as:

  • Profile of the Applicant 
  • Location of the Property Pledged 
  • Market Value of the Property Pledged

Aditya Birla Finance Limited Loan Against Property- Fees and Charges 

The table below pertains to the fees and charges for the Aditya Birla Finance Limited Loan Against Property. 

Transaction Performed  Fee and Charges 
Loan Processing   2% of the Loan Amount 
Prepayment Charges  Nil (Individuals) Nil for prepayment, i.e. 25% in a Financial Year (Other Entities)
Foreclosure Charges  Borrower can avail of this facility after 12 months 
Penal Interest Rate on Default 24% per annum 
ECS Charges (Failure)  Rs 750 per Instance 
Copies for Collateral Pledged  Rs 750 per instance 

Documents Required for Aditya Birla Finance Limited Loan Against Property

The applicant is required to produce the following documents along with their Aditya Birla Finance Limited LAP loan application.

  • PAN Card 
  • Passport 
  • Driver License 
  • Electricity Bill 
  • Ration Card 
  • Receipt of Property Tax 
  • Passport-sized photograph 
  • Salary Slips (For Salaried Employees)
  • Form 16 from the past two years 
  • Bank Statement (Last six months)
  • IT returns from last three years (Self-employed) 
  • Proof of Business 
  • Education qualifications 
  • Bank statements 
  • Photocopy of Titled Document 
  • Sanctioned Plan

How does the EMI calculation work for Aditya Birla Finance Limited Loan Against Property?

The company employs the following formulae to compute the EMI amount on the Aditya Birla Finance Limited LAP. EMI = [P x R (1+R) N]/[ (1+R) N-1],

Where,

  • P is the Principal Amount, 
  • R is the Rate of Interest,
  • N is the number of instalments throughout the tenure.

One can also utilise the various loan against property calculators available online. A LAP EMI calculator is a self-help tool which allows the user to compute the EMI amount on a loan against property from the comfort of their homes. 

How does Aditya Birla Finance Limited Compare with Other Lenders?

The following table showcases the comparison of the interest rates of Aditya Birla Finance Limited with other banks and financial institutions.

Bank/Financial Institution Interest Rate (Per Annum)   Loan Amount  Tenure 
Aditya Birla Finance Ltd.  11.49% - 18.49%  Upto Rs 75 Crores Up to 20 Years 
HDFC Bank  8.00% - 8.95%  Up to 65% of the property Value  Up to 15 Years
Tata Capital  10.10% onwards Rs 10 Lakhs - Rs 3 Crores Up to 15 Years 
IDFC First  7.5% onwards Up to Rs 7 Crores Up to 20 Years 
Kotak Mahindra Bank 9.5% Onwards  Rs 10 Lakhs - Rs 5 Crores Up to 15 Years 
IIFL  11.5% to 25%  Up to Rs 10 Crores  Up to 10 Years 

* It is to be noted that interest rate mentioned above might differ concerning the applicant and various other factors.

Aditya Birla Finance Limited Loan Against Property Customer Care Number 

Aditya Birla Finance Limited has established a diverse set of channels catering to the varying needs of customers. The customers can contact the following number,

Toll-Free Number: 1-800-270-7000

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a loan against property in Aditya Birla Finance Limited?

The interest rate on the Aditya Birla Finance Limited LAP generally ranges from 11.49% to 18.49% per annum.

What benefits does Aditya Birla Finance Limited provides on loan against property?

The company offers a quick application, a disbursal process, and attractive interest rates. The borrower can also avail of flexible repayment options offered.

Does Aditya Birla Finance Limited have a fixed interest rate on loans against the property?

No, the interest rate offered varies from applicant to applicant based on the applicant’s profile, property value and credit history.

How to check a loan against property Status in Aditya Birla Finance Limited?

The applicant can use the internet services the bank has established for the convenience of the customers. They can also contact the customer care number and the nearest branch.

Does Aditya Birla Finance Limited Check for CIBIL Scores for loans against property?

Aditya Birla Finance Limited evaluates the applicant’s CIBIL score to examine the applicant’s repayment habits.

What is the maximum and minimum loan against property amount I can get from Aditya Birla Finance Limited?

The applicant can get anywhere from Rs 10 Lakhs to Rs 75 crores based on the application and property value of the collateral.

What are the KYC documents I will have to submit to apply for a loan against property from Aditya Birla Finance Limited?

The applicant can submit documents such as the PAN Card, driving license, passport and electricity bill.

What is the processing fee on Aditya Birla Finance Limited's loan against property?

The company charges 2% of the loan amount from the applicant to process a loan against property.

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