Aditya Birla Home Loan

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About Aditya Birla Housing Finance Limited

Aditya Birla Housing Finance Limited (ABHFL) is a subsidiary of Aditya Birla Capital Limited (ABCL).

Originally started as an investment company in 2009, ABHFL started its housing finance operations in October 2014. Being one of the fastest growing Housing finance companies in the country, ABHFL offers a diversified range of housing finance solutions like Home loan, Home Improvement Loan, Loan Against Property, Construction Financing, Property Purchase Loans and Advisory Services.

ABHFL is registered with National Housing Bank (NHB) and currently holds a robust network of 63 branches, and over 3100 channel partners. ABCL is holding company for the financial services businesses of the Aditya Birla Group.

Aditya Birla Home Loan

 Interest rate

8.55%

 Loan tenure

Upto 30 Years

 Loan turnaround period

8 - 15 days

 Loan to value (LTV)

Get loan up to 85% of project cost

 Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

 Co-applicants

Up to 4 applicants are allowed as co-applicants

 Lowest EMI

772 Per Lakh

ABCL has a strong market presence across multiple financial services channels including insurance, asset management, private equity, wealth management, housing finance, and retail and commercial lending.

Why Aditya Birla Home Loan?

We all have a dream house we've been dreaming about for as long as we can remember. A house is mere bricks which you turn into your home and build memories with your loved ones. It is your very own little heaven, which you have, weaved with your hard work and grit. 

Aditya Birla Housing Finance Limited (ABHFL) presents a home loan, specially designed for your dreams. There are plenty of reasons for why you should chooseAditya Birla Home Loans. We've laid out a few key reasons,to begin with:

  • Variety of loans: ABHFL offersa wide range of home loans for home extension, home improvement, home construction, purchase of a new home, or a plot. You can apply for the one according to your requirement.
  • Loan Amount: Home Loan is available as a measure of Loan to PropertyValue.You can avail 75% to 90% value of the property as a Home Loan at attractive rate of Interest. The 3 segments are divided by Aditya Group as: 90% LTV for loans up to 30 Lakhs; 80% LTV for loans from 30 to 70 Lakhs; and 75% LTV for loans above 75 Lakhs.
  • Interest rates: Affordable interest rates on Aditya Birla Home Loansare available for different segments of borrowers.
  • Flexible tenure: According to eligibility and requirements,you can apply for Home Loan up to 30 years.
  • Easy application: Aditya Groupoffers doorstep servicesto customers so as to ease out the entire procedure of availing Home Loans.
  • Nil foreclosure charges: There areno pre-payment charges on Aditya Birla Home Loans.
  • Transparency: ABHFL promotes transparency and clearly shares mortgage information of the property.
  • Other facilities: With ABHFL, you get complete flexibility to choose the type of home loan. You can buy a fresh home loan or apply for balance transfer facility. Besides you also get access to top-up facility with your Home Loan.
  • Easy EMIs: Going ahead, ABHFL also extends flexibility of choosing EMIs to the customers.

Features and Benefits of Aditya Birla Home Loan

  • Flexible to Suit Your Budget Needs: Aditya Birla Home Loans are offered as customized home loans for borrowers.
  • Instant E-Approval: ABHFL processes and approves home loan applications online within a few minutes. The process is extremely convenient and hassle-free. 
  • Affordable Home Loans at Attractive Interest Rates: The interest rates offered are competitive.
  • Loan Tenure up to 30 Years: You can borrow a home loan for up to 30 years. A long tenure makes home loan affordable for everyone.
  • Quick & Transparent Processing: You get fast and easy loan application processing. At every point, ABHFL makes the process as simple and transparent as possible.
  • Nil Pre-Payment Charges for Floating Rate Home Loans Given to Individuals: ABHFL asks for absolutely no pre-payment before sanctioning your home loans. Thus you can prepay your loan as and when you have surplus in hands. Flexibility to prepay makes it easier to close the loan according to changing requirements of life.
  • Attractive Balance Transfer Options Available: Using balance transfer facility you conveniently reduce your outstanding expensive loan to a lower interest rate and build your dream home without any hassle.
  • Part-Payment Available:  Aditya Birla home loans come with ease of part-payment on your loan.

Aditya Birla Home Loan Interest Rates

The rate of interest offered for Aditya Birla Finance Home Loan stands at 8.85% - 11.75% currently. The type of interest rate offered on the loan is a floating rate of interest and tends to fluctuate over time. The Asset Liability Management Committee decides the interest from time to time and yield to be charged for each product. Besides normal interest, the company may levy an additional interest for delay or default in making payments of any dues, as a penalty. These penal interests may vary for different products.

Floating Rate on Aditya Birla Home Loans

Home loansSalariedSelf-employed
 Rate of interest8.85% to 8.90%8.90% to 11.75%
 Non home loanRate of interest
 Loan against property10.25% to 16%
 Lease rental discounting10% on wards

ADITYA BIRLA HOME LOAN PROCESSING FEE &ANOTHER CHARGES

 INTEREST RATE (MONTHLY REDUCING BALANCE)

8.85% - 11.75%

 PROCESSING FEE

Up to 1% of the loan amount

 PRE-CLOSURE CHARGES

Floating rate of interest - NIL

Other than Floating interest rate - 2% of principal outstanding

 Default Penal Interest Rate / Non Conformance with any covenants / stipulated conditions

24% p.a. i.e. 2% per month

Types of Home Loans Offered by Aditya Birla

Aditya Birla Housing Finance Limited offers a number of home loan plans to salaried as well as self-employed individuals with a good credit score and a consolidation.

  • Home loan: ABFL extends home loan to its customers to purchase or construct a home. Tenure of the loan is 30 years and the minimum age to apply is 21 years. The rate of interest is reasonable and the processing of the loan is quick. A home loan taken on floating rates from ABHFL has nil prepayment charges.
  • Home extension loan: This loan can be taken when you want to add more space to your existing house property.There is a balance transfer option which you can use. Also, the loan tenure goes up to 30 years.
  • Home improvement loan: This loan can be taken when you want to repair or renovate your existing house property. Alteration, additions, maintenance, repair and replacement of structural parts is included in the home improvement loan.
  • Plot and home construction loan: People who want to buy a plot with an intention to construct a house over that plot within the next few years can take this loan.
  • Home construction loan: When you already have a plot in place but need funds to build a house over it, ABHFL home construction loan can be very useful. This loan will help you build your home according to your needs.

  • Interest Rate 8.55% - 8.99%
  • Loan Amount 20L - 30Cr
  • Processing Fee 0.5% - 0.75%
  • Tenure30 Years

  • Quick Apply

ADITYA BIRLA HOME LOAN ELIGIBILITY CRITERIA

  1. Age:The applicant for Aditya Birla Home Loan needs to meet certain age criteria to hold a valid candidature to avail home loan. Applicant should be at least 21 years old at the time of application and the maximum age of the applicant should be 60 years if they are salaried and 70 if the applicant is self-employed.
  2. Documents: All the necessary identity and income proof documents are required to apply for the loan.
  3. Credit history: An individual must meet the requirement for credit score and should not be under too many debts prior to that. Clear the existing liabilities before taking another loan.
  4. Income: The income earned should be from stable sources and should be able to meet the criteria.

Home loan eligibility may differ from one individual to another. Loans are disbursed at the discretion of ABHFL

  • Minimum age - 21 years
  • Maximum age - 60 years for salaried

70 years for self-employed

  • LTV (loan to value) -

Upto 30 Lakhs

30 Lakhs to 75 Lakhs

More than 75 Lakhs

90%

80%

75 %

DOCUMENTS REQUIRED FOR ADITYA BIRLA HOME LOAN

As we mentioned above, some documents are required in order to get your home loan sanctioned. We've listed down these documents below, separately for salaries and self-employed applicants:

Type of document

Salaried Individuals

 Application form

  • Duly filled application form with photograph

 Age proof

  • Passport
  • PAN card
  • Any other certificate from Statutory Authority

 Residence proof

  • Ration card/ Passport/ Telephone bill/ Driving license/ Voter ID card/ Electricity bill/ any other certificate from statutory authority

 Property documents

  • Copy of title documents and approve sanction plan

 Income proof

  • Last 2 years Form 16 
  •  Last 3-month Salary-slipsLast 6 months bank statements (salary account)

 

Type of document

Self-Employed Professionals

 Application form

  •  Filled out application form along with photograph

 Proof of age

  • Passport PAN card
  • Any other certificate from Statutory Authority

 Address proof

  • Ration card/ Passport/ Telephone bill/ Driving license/ Voter ID card/ Electricity bill/ any other certificate from statutory authority

 Property documents

  • Copy of title documents and approve sanction plan

 Income proof

  • Certificate & Proof of business existence along with Business Profile
  • Bank statement of self and business for the last 12 months
  • Last 3 years ITR (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant.

OTHER PRODUCTS BY ADITYA BIRLAFINANCE LIMITED

ABFL is one of the leading financial institutions in India with its headquarters in Mumbai, Maharashtra. ABFL has branches all over the nation and offers a wide array of financial products and services.

There are variousother products offered by Aditya Birla Group, such as:

Aditya Birla Products and Services

Mutual Funds

Wealth Management

Portfolio management services

Pension funds

Stocks and securities

Real estate investment

Life insurance

Health insurance

Travel insurance

Motor insurance

Home loan

Personal loan

SME finance

Real estate finance

Loan against securities

HOW TO CALCULATE ADITYA BIRLA HOME LOAN EMI?

If you are planning to take a home loan, you may want to check what will be the monthly EMI to be paid against the loan you're going to take. Check your monthly EMIs as it will decide your loan amount and you will plan your monthly budget accordingly.

An online home loan EMI calculator projects an accurate analysis of the affordability of your home loan scheme. You can use this EMI calculator anytime, anywhere. You just need to feed in the information such as the loan amount, rate of interest, loan term, etc. Once you fill out these necessary inputs, click on the "calculate" tab. It will provide you with the detailed description of the amortization details, including the monthly EMIs.

The online calculator available on MMM provides an accurate and elucidated report on your amortization schedule based on which you can indulge in a well-informed decision.

HOW TO APPLY FOR ADITYA BIRLA BANK HOMELOAN ON MY MONEY MANTRA?

MMM has made the procedure of applying for a Home Loan extremely hassle-free and simple. Access the official website of MMM by visiting the link- https://www.mymoneymantra.com/ to apply for Aditya Birla home loan at My Money Mantra. The procedure for applying a ABHFL home loan on MyMoneyMantra is as follows:

  1. Choose your gender and proceed further.
  2. Choose the city you're currently residing in.
  3. Opt for the purpose of the loan. Whether you want to purchase a residential ready property, residential plot or home extension loan. Each of them has the further
  4. Choose the city where you intend to purchase the property.
  5. Enter the approximate market value of the property you wish to buy.
  6. Choose your employment type.
  7. Enter your annual income.
  8. Enter the required loan amount.
  9. You need to then enter a few of your personal details, such as your contact number and email address.
  10. Read the conditions properly and proceed accordingly.
  11. Enter the OTP sent to your registered number by MMM.

WHY APPLY FOR ADITYA BIRLA HOME LOAN ON MY MONEY MANTRA?

At My Money Mantra (MMM), youcan findall the information at a single place, whereby you can compare the individual rates on a single screen. My Money Mantra fathoms how daunting it gets for you to make an informed decision without comparing it amply. It could be extremely confusing, as each bank will have its individual Home Loan scheme and interest rate.

Moreover, My Money Mantra can help you select a loan depending upon your demographics, income, and repaying capacity. My Money Mantra seals the best of deals for you after doing a lot of research.

My Money Mantra has an extensive experience of over 28 years to guide you about various aspects of your Home Loans. My Money Mantra will assist you in selecting a bank that provides the following:

  • Lowest processing fees.
  • Easy documentation requirements.
  • The lowest rate of interest.
  • Fastest loan turnaround time.
  • Clear terms of foreclosures and pre-payment of Home Loan installments.
  • Low transactional charges such as the establishment of mortgage and payment of stamp duty.

ADITYA BIRLA HOME LOAN CUSTOMER CARE

You can reach out to ABFLat their toll-free contact number 1800 103 4004. In case of any query, you can drop an email at ABFL's customer care e-mail ID - contactus@mymoneymantra.com. Customer care executives at ABFL are consistently eager to help their customers out. If you're planning on taking a home loan or already have and need any assistance, just dial the customer care number and ABFL's associates will be there to your rescue. ABFL's expert customer care executives will take an account of your issue and try to resolve your queries in a minimum possible time. All your concerns, queries or complaints will come to an end with ABFL's customer care services.

ADITYA BIRLA HOME LOAN LATEST NEWS

ADITYA BIRLA CAPITAL NETS SIGNIFICANT NUMBERS THROUGH ITS HOUSING FOLIOS.

Aditya Birla Capital recently made public its performance report for the recent year with a net profit of 31% being reported for the quarter that terminated in the month of June 2018. The company's housing loan folio stood at 9,176-a little over a billion dollar. It is as little a time as 4 years since the beginning operation. The Asset Under Management i.e., AUM rushed to 3,05,684 crores from 2, 62,113 crores along with the total lending book rising to 53,584 crores as opposed to 41,066 crores seen during the former quarter. There's has been a significant step up in a very short span of time with the income growth numbers recorded at 3,374 crores.

ABHFL TO DISTRIBUTE HOME LOAN AND OTHER PRODUCTS WITH VAKRANGEE LIMITED

ABHFL and Vakrangee limited have entered into an agreement to distribute ABHFL's business. This agreement will help both the companies to expand the horizons of service provided by them.

CREDIT RATING OF ADITYA BIRLA HOUSING FINANCE LIMITED UPGRADED

Aditya Birla Housing Finance has received upgrade in credit ratings for various debt instruments from ICRA as under ?

Non-convertible debentures - ICRA AAA; Stable (Upgraded from AA+; Stable) 
Subordinated Debt - ICRA AAA; Stable (Upgraded from AA+; Stable) 
Bank lines - ICRA AAA; Stable (Upgraded from AA+; Stable)

ADITYA BIRLA HOUSING FINANCE LIMITED PROMISES TO BENEFIT THEIR CUSTOMERS

India is a young nation and all the youngsters dream of owning a house. Aditya Birla Housing Finance limited has promised to deliver home loan to individuals to build the house of their dreams. ABHFL plans to come up with affordable home loans for everyone in the future.

FREQUENTLY ASKED QUESTIONS

How is Aditya Birla home loan better than others?

The loan application process is hassle free and disbursal is also speedy. An ABHFL executive from the nearest branch will also visit you in case you have any queries or issues regarding your home loan.

What type of home loans does ABHFL extend?

 Home loan, home extension loan, home improvement loan, plot and home construction loan, and home construction loan, an applicant can choose the type of loan that satisfies his needs.

What is the maximum and minimum amount of loan that I can sanction?

 The upper and lower limit of the loan varies at the discretion of ABHFL.

Can I apply for a home loan before selecting a property?

Depending on your income, ABHFL can give you a sanction letter. The amount sanctioned will be partial and the full amount will be disbursed only after you finalize the property.

What is the collateral for home loan?

The property for which the loan is taken is itself considered as the collateral.

What are the different available modes of repayment?

You can make repayment through NACH.

Do I avail a tax benefit on my home loan?

Yes, Indian residents are eligible for tax benefits on both the principal and the interest of a home under the provision of Income Tax Act. You can contact your tax advisor to know more about it with details.

Is it possible to repay my loan ahead of the assigned schedule?

Definitely, you can repay loan ahead of schedule. You can refer to the terms and conditions for applicable charges.

How often do interest rates for the home loan change?

Interest rates are reviewed from time-to-time as per the re-pricing policy. After that, a decision is taken whether to change the interest rates or not.

Can I jointly apply for an ABHFL home loan with my spouse or family members? Will it affect the amount that I can borrow?

Yes, you can apply jointly with your spouse but the family members should be close like lineal ascendant or descendant of the applicant. Joint application can increase the amount of loan that you can borrow.

Other Available products from Aditya Birla