Apply for Aditya Birla home loan online and repay the borrowed amount in tenure up to 30 years. Get LTV up to 90% of the property’s cost. Aditya Birla home loan interest rates vary from 9% to 12.50% per annum and there are no prepayment charges for floating rate home loan given to individuals.
Following are the features of Aditya Birla Housing Finance Home Loan:
Aditya Birla Housing Finance has a specific reference rate known as ABHFL Reference Rate (ARR) for pricing its Home Loans. This rate is a floating rate linked to market-related reference rates. As the market rates fluctuate, the ARR goes up and down. Thus, the housing rate for the individual increases or decreases accordingly.
The ARR with effect from October 15, 2018, is 16.25%.
The individual Home Loan interest rate structure is as follows:
|Type of charge||Amount|
|Prepayment or foreclosure charges|
|Penalty for delayed payment||2% per month for the default amount and delayed period|
|Cheque bounce or ECS failure||750 per instance|
|Pre-closure charges||1,000 per instance|
|Copies of documents||750 per occasion|
|Duplicate statement/ Repayment schedule||200 per instance|
|CIBIL report retrieval|
|Loan re-scheduling fee||0.50%|
|Issuance of NOC||500|
|Loan cancellation charges||4% of the loan amount disbursed|
|Swap charges from fixed to floating rates and vice versa||2% of the loan outstanding|
|Stamp duty||Depending on State Laws|
Aditya Birla Housing Finance has facilities to calculate your Home Loan eligibility and loan EMI on its website. These calculators help customers plan their Home Loans and other liabilities accordingly.
The Home Loan eligibility calculator enables customers to calculate their eligibility and apply for the Home Loan, as well.
This calculator helps customers to determine the EMI amount for their Home Loan.
MyMoneyMantra has a similar EMI Calculator on the Financial Tools section of its home page. This calculator gives you the breakup of principal and interest repayment over the entire Home Loan tenure.
Applying for your Aditya Birla Home Loan online is a convenient process. Click on the 'Apply Online' on the official webpage of Aditya Birla Housing Finance. Customers have to submit their details following which Aditya Birla Housing Finance officials call back to complete the formalities.
MyMoneyMantra enables applicants to apply for their Aditya Birla Home Loan from their website. The advantages of using our website are as follows:
Aditya Birla Housing Finance calculates interest on the monthly reducing balance method. Almost all the housing finance companies calculate Home Loan interest in this fashion. Commercial banks adopt the daily reducing balance method. This method is comparatively more beneficial to the customers, as it allows the customers to get the benefit of interest on the EMIs paid during the month.
The following modes of repayment are acceptable in Aditya Birla Housing Finance Home Loan:
Aditya Birla Housing Finance is spread over the semi-urban and small towns in India. Hence, it is one of the ideal financial institutions to cater to PMAY borrowers. The National Housing Bank is the Central Nodal Agency for the Company to claim the subsidy amount.
Every PMAY borrower is eligible for an upfront interest subsidy. The subsidy depends on the type of borrower, the loan amount, and the rate of allowance.
Category of Borrower
The annual family income from all sources is the criterion that decides the type of borrower.
Earn max rewards & redeem for cash back, value back offers, discounts & exclusive deals.
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
Aditya Birla Housing Finance offers the following three types of interest rates to its Home Loan customers.
It depends on the situation. The floating rates can go up and down along with the ARR. In the case of extreme fluctuations, the floating rate can be a disadvantage. Otherwise, this rate is the best for Home Loans. The fixed rate of interest is beneficial if the market rates move up continuously. Generally, the rates do not move in the same direction for long. The variable rates of interest are best for customers who are unable to decide at the moment.
The factors that affect the rates of interest on individual Home Loans are:
Housing is a priority sector finance in India. It is a basic need for humans. Loans against property are generally availed for personal and business purposes. There is no specific asset generation in such loans. Hence, risk perception is higher when compared to asset-based finance, such as Home Loans. Therefore, the rates are higher in comparison.
Yes, switching over from one rate of interest structure to the other is permissible on the payment of a conversion fee.
Aditya Birla Housing Finance offers loan repayment tenures extending up to 30 years. However, it depends on the age of the borrower, as well. Generally, housing finance companies do not extend Home Loan tenures beyond the age of 70 years.
It depends on the loan eligibility of the applicant and the value of the property.
Aditya Birla Housing Finance has the following margin requirements for different loan amounts:
As on date, Aditya Birla Housing Finance provides Home Loans in 37 cities and towns in India. The list of such towns is available on the website of Aditya Birla Housing Finance.
Yes, IT concessions are available as per the IT Act on interest and principal loan repayment of Home Loans.
Aditya Birla Housing Finance is a housing finance company that cannot accept deposits from the public for lending purposes as banks do. The Company has to invest or borrow from the market to provide Home Loans to the public. Hence, the rates are comparatively higher but are competitive when compared to its peers.