|Aditya Birla Home Loan Highlights
|Interest Rate||8.80% – 14.75% p.a.|
|Loan Amount||Up to 90% of property value|
|Loan Tenure||Up to 30 years|
|Processing Charges||Up to 1% of loan amount + GST|
Note: Interest rates as of 30 November 2023
Aditya Birla Home Loan Interest Rates
|Type of Employment||Rate of Interest (p.a.)|
|For Salaried||8.80% to 14.00%|
|For Self Employed||9.10% to 14.75%|
Compare Interest Rates on Home Loans for Top Banks & HFCs
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.40% - 10.15% p.a.||8.40% - 10.05% p.a.||8.40% - 10.05% p.a.|
|HDFC Bank Limited||8.35% p.a. onwards||8.35% p.a. onwards||8.35% p.a. onwards|
|LIC Housing Finance||8.40% – 10.35% p.a.||8.40% – 10.55% p.a.||8.40% – 10.75% p.a.|
|ICICI Bank||8.75% p.a. onwards||8.75% p.a. onwards||8.75% p.a. onwards
|Kotak Mahindra Bank||8.70% p.a. onwards||8.70% p.a. onwards||8.70% p.a. onwards|
|PNB Housing Finance||8.50% - 14.50% p.a.||8.50% - 14.50% p.a.||8.50%-11.45% p.a.|
|Punjab National Bank||8.45%-10.25% p.a.||8.40%-10.15% p.a.||8.40%-10.15% p.a.|
|Bank of Baroda||8.40% - 10.65% p.a.||8.40% - 10.65% p.a.||8.40% - 10.90% p.a.
|Union Bank of India||8.40% – 10.80% p.a.||8.40% – 10.95% p.a.||8.40% – 10.95% p.a.|
|IDFC First Bank||8.75% p.a. onwards||8.75% p.a. onwards||8.75% p.a. onwards|
|L&T Finance Limited||8.60% p.a. onwards||8.60% p.a. onwards||8.60% p.a. onwards|
|Bajaj Housing Finance||8.50% p.a. onwards||8.50% p.a. onwards||8.50% p.a. onwards|
|Tata Capital Housing Finance||8.70% p.a. onwards||8.70% p.a. onwards||8.70% p.a. onwards|
|Federal Bank||8.80% p.a. onwards||8.80% p.a. onwards||8.80% p.a. onwards|
Also Check: Home loan interest rates offered by various banks and HFCs
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Aditya Birla Home Loan Processing Fees & Charges
|Processing fees||Up to 1% of the loan amount|
|Part Payment /Pre-Closure Charges (applicable for non-individuals/individuals with other than floating rate)||Floating rate loans given to individuals: No charges
Fixed rate loan given to individuals (Pre-closed by own sources): No charges
Home loans (other than floating rate home loans) to individuals: 2% of principal outstanding paid
|Default Penal Interest Rate / Non Conformance with any covenants / stipulated conditions||24% p.a. i.e. 2% per month|
|Cheque Return Charges/NACH failure charges||Rs. 750 per instance|
|CERSAI Charges||When facility amount is equal to Rs. 5 lakh or lesser: Rs. 50 per property When facility amount is greater than Rs. 5 lakh: Rs. 100 per property|
|Overdue Charge||2% per month on overdue payment|
|Revision of Fixed rate to floating and vice-versa/ revision in loan interest rate/ tenure at the discretion of ABHFL||2% of the loan outstanding|
Types of Aditya Birla Home Loan
Different customers have different home loan requirements. To cater to such different loan requirements, ABHFL offers home loans for several purposes. Some of them are discussed briefly as below:
1. Aditya Birla Home Loan
- A regular home loan scheme availed for purchasing new or resale residential property
- Loan amount is up to 90% of the property value
- Repayment period is up to 30 years
- Home loan balance transfer facility is also available for existing home loan borrowers who want to transfer their outstanding home loans from other lenders to Aditya Birla Housing Finance
2. Aditya Birla Home Extension Loan
- Home Extension Loan is for financing costs related to house extension such as adding additional rooms and floors, etc.
- The repayment period is up to 20 years
- The balance transfer option is available
3. Aditya Birla Home Improvement Loan
- Home Improvement Loan covers expenses related to home renovation such as repairing, flooring, water-proofing, false ceiling, woodwork, tiling, plumbing, or electrical work of an already purchased house
- The repayment period is up to 10 years
4. Aditya Birla Plot and Construction Loan
- Loans for anyone who plans to buy a residential plot and build a house on it within the next few years
- The repayment period is up to 20 years
5. Aditya Birla Home Construction Loan
- Home Construction Loan is for individuals who want to build a house on an already owned plot
- The repayment period is up to 20 years
Apply For Plot/Home Construction Loan Click Here
6. Aditya Birla PMAY and Affordable Housing
- Types of home loans offered under ABHFL Affordable Housing are home purchase loan, home improvement loan, and plot purchase plus home construction loan
- Offers loans with Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY) to eligible customers
- Simple EMIs or structured repayment options
- Repayment period of up to 30 years
- Balance transfer facility is available for transferring outstanding home loans from other banks/HFCs to Aditya Birla Housing Finance at lower interest rates
Aditya Birla Home Loan Eligibility
Aditya Birla Housing Finance Ltd. offers home loans for multiple purposes, each having its own eligibility criteria. The common Aditya Birla Home Loan Eligibility Criteria is:
|Borrower Profile||Indian Residents/NRIs/PIOs|
|Employment Type||Salaried/Self Employed|
|Age||21 to 70 years|
|Credit Score||Preferably 750 and above|
|Income||Varies from case to case|
Note: Besides the aforementioned eligibility criteria, Aditya Birla Housing Finance Ltd. may also take applicants’ credit scores, EMI/NMI ratio and the location and features of the pledged property into consideration when home loan eligibility. Home loan applicants with low or zero credit scores can avail the Step UP Credit Card, a lifetime free secured credit card by SBM Bank (India) Ltd. with Paisabazaar as co-branded partner, to build or improve their scores.
Check your Home Loan Eligibility with various lenders Click Here
Aditya Birla Home Loan Documents Required
- Duly filled and signed Aditya Birla Home Loan application form
- Passport size photographs
- Proof of Identity (Any one): Aadhaar Card / PAN Card / Passport / Driving License / Voter ID Card
- Proof of Residence (Any one): Aadhaar Card / Passport / Driving License / Telephone Bill / Ration Card / Election Card / Any other Certificate from Statutory Authority
- Property Documents: A copy of title documents and approved sanction plan
- Account Statement: Last 6 months’ bank account statements
- Proof of Income (For Salaried): Salary slips of last 3 months showing deductions and a copy of Form 16
- Proof of Income (For Non-Salaried): IT Returns or financial documents for the last 2 years and computation of income certified by a CA for the last 2 years
- Proof of Other Income: Rental receipts or documents showing receipt of income
Note: ABHFL may request additional documents for processing your loan.
Aditya Birla Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on Aditya Birla Home Loan
1. Is there a minimum limit on the loan amount that I can apply for?
Ans. Aditya Birla Home Loan has no minimum limit on the loan amount. The lower limit on the minimum amount is subject to change as per changes in the internal policies and guidelines of ABHFL.
2. How will Aditya Birla Housing Finance Ltd. decide my home loan eligibility?
Ans. Aditya Birla Housing Finance Ltd. will decide your housing finance eligibility on the basis of several factors including your age, repayment capacity, property value and location, total income, existing liabilities, occupation and employer’s profile.
3. Is adding a co-applicant compulsory to apply for Aditya Birla Home Loan? If yes, who can be the co-applicant?
Ans. Adding a co-applicant when applying for Aditya Birla home loan isn’t necessary. The co-owners of the property can be the co-applicant. If there is no co-owner of the property, any immediate family member can be the co-applicant.
4. What are the different modes of home loan repayment accepted by ABHFL?
Ans. Home loan borrowers can repay their loan installment through NACH (National Automated Clearing House).
5. Is it possible to increase the tenure for my Aditya Birla Home Loan?
Ans. Aditya Birla Housing Finance has not yet disclosed if its borrowers are allowed to extend the tenure of their existing home loans. However, most banks and HFCs permit existing borrowers to extend their home loan tenure, provided the revised tenure does not exceed the maximum tenure offered by the lender or the maximum age allowed at the time of loan maturity.
Home loan applicants should be aware that availing a tenure extension would cause their credit scores to drop, further affecting their eligibility to get a loan or a credit card in future. This is due to the reason that tenure extension are considered as loan restructuring and credit bureaus consider such tenure extensions as negative credit event. Hence, credit bureaus would lower credit scores of borrowers who choose to extend their home loan tenure.
To avoid reduction in their credit score, home loan borrowers can consider availing balance transfer facility as an alternative to tenure reduction. By selecting this option, home loan borrowers would be able to transfer their outstanding loan balance to other lenders at lower interest rates, leading to reduction in loan EMIs. While transferring their loans, borrowers can also choose to avail longer tenure depending on their eligibility for it.