Aditya Birla Housing Finance Limited was established in 2009. The company soon became a leading Housing Finance Company in India with a wet worth of almost Rs. 12,000 million. Aditya Birla Housing Finance Limited has its presence felt through 65 branches and over 3600 channel partners spread across the country. As on 30th June, 2019, the company had a lending book value of almost Rs. 120,000 million.
Aditya Birla Housing Finance offers a distinct range of financing solutions for customers to own their dream house. From home loan, home extension loan, construction loan, improvement loan, commercial property purchase loan and more; home loan seekers can get the perfect solution for their home loan needs. The rate of interest on home loans offered by Aditya Birla Housing Finance Company starts from 9.00% p.a. and can go up to 9.75% p.a. depending upon customer profile.
Additional Info: Also check 75 Lakh Home Loan EMI
Aditya Birla Housing Finance Limited offers Home Loans under various schemes. Different schemes cater to different and distinct requirements of the clients.
|Product Name||Interest Rate||Tenure||Processing charges||Ideal For||Types|
|Housing Loan||9.00% p.a.-9.75% p.a.||30 years||1% of the home loan amount||Salaried, self-employed professionals and self-employed non-professionals|
|Affordable Housing Loan and Pradhan Mantri Awas Yojna||Rates applicable for EWS, LIG and MIG schemes||30 years|
No processing charge for home loan up to eligible amount
1% of home loan amount for loans above the eligible limit
|Individuals from EWS, LIG and MIG category|
Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.
Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.
EMI installment is paid monthly for the entire loan term. The EMI table shows the total amount that is due for payment till the end of the home loan term. The EMI schedule shows the cost of the home loan to the borrower. It makes the customer aware of the total outflow that will be incurred to liquidate the home loan. It also divides the principal amount from the interest amount and shows the portion of each component in every EMI installment. An EMI installment paid in the initial years of the home loan tenure have a higher amount of interest portion. This percentage skews slowly towards the principal part as the home loan draws to a close.
Below is the EMI table of the Aditya Birla Housing Finance Limited. The table shows the EMI payable against different home loan amounts and loan tenure. The home loan is offered at an interest rate starting from 9.00% p.a.
|Loan Amount||Loan Tenure|
|15 years||20 years||25 years||30 years|
|25,00,000||Rs. 25,353||Rs. 22,493||Rs. 20,980||Rs. 20,116|
|50,00,000||Rs. 50,713||Rs. 44,986||Rs. 41,960||Rs. 40,231|
|100,00,000||Rs. 1,01,427||Rs. 89,973||Rs. 83,920||Rs. 80,462|
As seen in the above table, the duration of the home loan is an important factor in fixing the EMI. With every increase in home loan duration, the EMI installment falls. As a smaller EMI installment is easier to pay over a long period of time, the longest tenures are most preferred.
On the other hand, long duration loans are the most expensive. The Home Loan Interest Rates charged by the bank is an income for the bank, but an expense for the customer. As the tenure increases, the absolute amount of the interest charged increases, making the home loan expensive. The total cost of the home loan can be ascertained from the Principal to Interest Break-Up ratio. The break-up ration shows the portion of principal to interest on a total home loan payout.
Additional Info: Also check Rs. 1 Crore Home Loan EMI
The amount of home loan EMI payable each month is dependent upon three variables - loan amount, rate of interest and home loan duration. However, there are numerous factors that affect the three variables, thus bringing about change in the EMI value. These factors are:
Loan quantum: The home loan quantum has a direct bearing on the EMI. As the principal value of the home loan increases, the EMI value will increase alongside. Aditya Birla Housing Finance has no upper ceiling limit for home loans. The amount sanctioned depends upon the location and cost of the property.
Rate of Interest: The rate of interest charged by the lending institution is its income. A home loan with a higher rate of interest will have a higher EMI for the same principal amount and loan tenure. The rate of interest charged by Aditya Birla Housing Finance depends upon customer profile and purpose of loan. The rate of interest varies between 9.00% p.a. and 9.75% p.a.
Duration of Loan: The number of years required to liquidate the home loan is called the duration of the loan. The maximum duration allowed by Aditya Birla Housing Finance is 30 years. However, as the duration increases, the EMI value comes down.
Applicant profile: An applicant with a favorable profile are more preferred for home loans than others. Thus, banks and lending institutions lower their interest rate to attract such customers. A lower interest rate charged will result in a lower EMI installment.
Purpose of Home Loan: The purpose for which the home loan is availed affects the home loan principal amount and loan tenure.
Credit Score - Customer with a high credit score and a healthy banking track record are preferred ones for home loans.
Existing bank customers: To strengthen their ties with customers who have a good banking history are offered a lower rate of interest and other benefits.
Additional Info: Also Apply Home Renovation Loan
The EMI installment is paid monthly over a prolonged period of time. Therefore, it should not be too high or too low. Too high EMI will impose undue financial stress while too low EMI will make the duration of the home loan long, making the home loan expensive. The following steps can prove effective while deciding an ideal amount of EMI installment:
Make sufficient down payment: The principal amount of the home loan should be the lowest. Make sufficient arrangements for down payment before applying for the home loan. Alternatively, for high value properties go in for merging two or more smaller properties than applying for a high value home loan.
Calculate your current liabilities: The new EMI bill will add on to the current expenses and liabilities. Therefore, it is important that the home loan EMI value should be evaluated and assessed before going in for a long term obligation. In no case should the EMI bill make your financial standing stressful.
Check eligibility: The amount of home loan that Aditya Birla Housing Finance will scantion will depend on the purpose of loan, location of property, cost of property, etc. So go in for an Home Loan Eligibility check to know the loan limit and make sufficient arrangements to fund the margin money.
Additional Info: Also check Pan Number for Banks
EMI calculator is a potent and important financial tools used nowadays. It allows the user to get a fair idea of the EMI value corresponding to the principal amount. The EMI calculator feature is available online on MyMoneyMantra. User-friendly design and easy navigation makes use of online EMI calculator simple and hassle-free. The results are 100% accurate and reliable.
In addition to this, users can benefit from the use of MyMoneyMantra home loan EMI calculator in the following ways:
24/7 Access: MyMoneyMantra is an online portal. Its features and services are available online. Therefore, the same can be used any time as per convenience.
Easy to use: The output generated by the online home loan EMI calculator is mechanical, based on a mathematical formula. It works like a normal calculator wherein the user has to key in the values for the required parameters - loan amount, loan tenure and rate of interest to generate results.
Efficient and time saving: The online, anytime feature of the home loan EMI calculator on MyMoneyMantra makes it extremely efficient and time saving tool. It can be used without the hassle of visiting bank branches or scheduling appointments with sales representatives to get the best deal.
Reliable Results: Home loan EMI calculator on MyMoneyMantra involves no complex calculations that are to be performed manually. Thus, there are no chances of human error.
Wide-scale Use: the home loan EMI calculator is used for ascertaining home loan EMIs. In addition to this, it can be used to calculate EMI value of any kind of loan like care loan, personal loan, etc.
Aids in financial planning: once the user is aware of the outflows corresponding to the principal amounts, he can take a clear and informed decision to execute the plan. Comprehensive information without any personal bias helps the customer take healthy financial decisions.
Additional Info: Also check ICICI Home Loan EMI Calculator
Aditya Birla Housing Finance is available at interest rate ranging between 9.00% p.a. to 9.75% p.a.
Aditya Birla Housing Finance mortgages the property for which the home loan is provided. The title is transferred to the owner only when the home loan is fully liquidated.
The maximum tenure of home loan allowed by Aditya Birla Housing Finance is 30 years, subject to retirement age or 60 years, whichever is earlier.