Aditya Birla Housing Finance Limited Home Loan
Home Loan Bank Information
Table of Contents
- ABHFL Home Loan Interest Rates
- Eligibility Criteria for ABHFL Home Loans
- ABHFL Home Loan Schemes
- ABHFL Home Loan Types
- ABHFL Home Loan for NRI or PIO
- How to Apply for ABHFL Home Loan
- Document Checklist for ABHFL Home Loan
Introduction
Aditya Birla Capital was established by Aditya Birla Housing Finance Limited (ABFHL). It was initially started in 2009 as an investment company. It was only in the year 2014 that it started its operations of housing finance to cater to this most vibrant segment.
In its ten years of existence, ABFHL has created a network of 68 branches and 3800 channel partners offering a wide choice of home loan solutions meeting every conceivable need of the customers related to homeo wnership. .
Apart from the wide array of home loan solutions, Aditya Birla Housing Finance Limited aims to enhance its focus by entering into strategic tie-ups with builders and developers to augment their product mix by a cross and up-selling.
The company is also diversified in offering other property related services to its customers apart from enabling them to own their dream home.
ABHFL Home Loan Interest Rates
Interest Rates are as of 2019
The advantages of applying for a home loan in Aditya Birla Housing Finance Limited will have the following benefits:
- Easy application process, approval and instant eligibility norms on a digital platform.
- Tenure up to 30 years.
- Simplified documentation with doorstep facility.
- Simple EMIS or structured repayment of the loan.
- Zero pre-payment charges for homes loans extended to individuals with floating rate of interest.
- Speedy and transparent processing of loan applications.
- One of the lowest EMI of Rs.805 per lakh for a tenor of 30 years.
Having learnt the advantages of relying on ABHFL, it is time to also have a feel of the interest regime you are likely to bear for your loan. At ABHFL an interesting model which is called ABHFL Reference Rate (ARR) is in vogue. It is arrived after due processing of various factors.
Based on this model, ABHFL offered the following interest on the Home Loan Products.
| Applicable interest on ABHFL Home Loans | |
|---|---|
| For Salaried Applicants | 9.00% to 9.75% |
| For Self Employed Applicants | 9.00% to 12.50% |
These rates are applicable across all home loan products. It will not be out of place to have a look at the charges also at this juncture as it also impacts the cost of capital.
| Charges applicable for Home Loans | |
|---|---|
| Processing/Administrative Fee | 1% of the loan amount |
| Penal Interest | 24% pa or 2% per month |
| CERSAI related |
|
| NACH Failure | Rs.750 + GST per instance |
| Foreclosure Statement | Rs.1000 + GST |
| Pre-closure / Part payment Charges |
|
| Duplicate Statement | Rs.200 + GST per instance |
| Cheque/ ECS Return | Rs.750 + GST |
| CIBIL Report | Rs.50 + GST |
| NOC Issuance | Rs.500 + GST |
| Copies of collateral held with ABHFL | Rs. 750 + GST per instance |
| स्टैम्प ड्यूटी | The actual applicable amount |
| It is only indicative while there may be many more charges for differing situations. | |
Eligibility Criteria for ABHFL Home Loans
| Name of the scheme | Eligibility Criteria | |||
|---|---|---|---|---|
| Home Loan | कार्यकाल | Maximum 30 years | ||
| Amount | Max Rs.30 C | |||
| आयु | Min 21 years max 60 years for salaried and 70 for others | |||
| LTV | Up to Rs.30 L | 90% of the value | ||
| Rs.30L to Rs.75 L | 80% of the value | |||
| Over Rs.75 L | 75% of the value | |||
| Home Construction | कार्यकाल | Maximum 30 years | ||
| आयु | Same as Home Loan | |||
| LTV | Up to Rs.30 L | 90% of the value | ||
| Rs.30L to Rs.75 L | 80% of the value | |||
| Over Rs.75 L | 75% of the value | |||
| Plot & Home construction | कार्यकाल | Maximum 30 years | ||
| Quantum | Same as Home Loan | |||
| Home Improvement Loan | कार्यकाल | Maximum 30 years | ||
| Quantum | Same as Home Loan | |||
| Home Extension | कार्यकाल | Maximum 30 years | ||
| Quantum | Same as Home Loan | |||
As seen in the table, the eligibility norms are more or less uniform across all the schemes. These are designed to cater to the entire gamut of purposes in home ownership and replenishment.
ABHFL Home Loan Schemes
It is to be noted that the array of schemes have a uniform mode of application of interest rate based on the unique ARR of the company. Several factors are considered for the calculation of interest.
The major being the quantum of loan, tenure, credit risk, prevailing market conditions and cost of operation.
Accordingly an indicative chart for the different home loan schemes at ABHFL is appended as under. It is to be importantly noted that the current ARR is 16.25% effective from 15th October 2018.
| Name of the scheme | Applicable interest rate | |
|---|---|---|
| Salaried | Non-Salaried | |
| Home Loan | 9.00 % to 9.75 % | 9.00 % to 12.50 % |
| Home Construction | 9.00 % to 9.75 % | 9.00 % to 12.50 % |
| Home Improvement Loan | 9.00 % to 9.75 % | 9.00 % to 12.50 % |
| Home Extension Loan | 9.00 % to 9.75 % | 9.00 % to 12.50 % |
Another important aspect to remember with regard to the application of the interest on the amount of loan is fixed, floating and variable depending on the factors enunciated earlier.
ABHFL Home Loan Types
When it comes to Home Loans, it is the endeavor at ABHFL to offer solutions for all types of funds that may be required for home ownership.
Main Home Loan by ABHFL
ABHFL offers a whole lot of home loan solutions with wide coverage and unique features. Apart from the individual home loan schemes, they also offer other loans such as:
- Construction Financing,
- Loan Against Property,
- Lease Rental Discounting,
- Property Advisory Services; and
- Commercial Property Purchase Loan
It completes the complement of products which can be described to fall within the larger ambit of Housing Finance.
Home Loan
It is the all-encompassing home loan specially designed for the discerning customer. Whether you wish to buy a ready to occupy the house or flat, buy a house or flat which is under construction and transfer the balance of your existing home loan, this is the ideal loan for you. In fact, it covers all the possibilities that are not covered by the other variants of the home loan portfolio.
It offers features like:
- Flexible and attractive interest options.
- Age eligibility spanning from 21 years to 60 years at liquidation of the loan for the salaried which can be extended up to 70 years for the non-salaried.
- Quick and transparent application process.
- Doorstep services.
- A long tenure of 30 years to suit every option open to the borrower.
Home Construction Loan
This loan is designed for individuals who already own a plot of land and wish to construct a house over that.
This loan is ideally suited to take care of the construction funds of your dream home. The features that make this loan attractive are that it offers a range of benefits.
- You are able to build your dream house designed to your specifications covering your overall requirements including aesthetics of your house.
- You can keep an eye on the quality of the construction of your house and the materials being used as your cherished abode comes up in the presence of the architect or contractor, as the case may be.
Home Extension Loan
The normal propensity of every individual is to build or purchase a house or flat with the limited projections of space and finance. With the passage of time and improved financial status, there comes a time when you have to contemplate addition or extension of your existing accommodation.
It is a daunting task financially. This loan eminently looks after your needs offering the customary benefits that have become ABHFL hallmark.
Home Improvement Loan
Maintenance and repair of your house or property is a regular feature which needs attention from time to time. You may also need to renovate your residence in keeping with the changing living trends.
This variant of the loan best provides comprehensive cover for the stated requirement in the least, while renewing the exteriors and the interiors with a fresh lease of life. It is needless to mention that the loan also attracts the customary features and benefits that ABHFL offers to all the borrowers as their commitment to a friendly customer environment.
Plot and Home Construction Loan
Many times you are in a position where you have to start from scratch for construction of your house. It makes sense to an individual when he is able to locate his residence at a place of his choice as well as build the house as per his design specifications and requirements.
In the first step you have to buy the plot and subsequently build your house over it. The only stipulation is that the construction has to be completed within the next few years. Through this loan such a project is factored in.
The payments are directed toward the vendors directly for your convenience. The disbursement procedure involved in this loan is that the amounts are broken up into installments as defined in the loan terms.
ABHFL Home Loan for NRI or PIO
NRI and PIO are a special type of customers and are governed by the rules set by the RBI and must conform to FERA regulations. They are niche customer for any lender with abundant funds to spare for investment. In fact, it is the investment opportunity in housing the NRI and PIO are after.
- NRI: An Indian citizen holding an Indian passport but residing abroad normally for professional reasons and is hence called Non-Resident Indian. For the purpose of Income Tax, one must reside for more than 182 days in any given financial year to qualify as a NRI. .
- PIO: A Person of Indian Origin holding a foreign passport other than from Pakistan, Bangladesh, Myanmar, Bhutan, Nepal etc..
Presently ABHFL does not offer any loan suitable to NRI and PIO and all their home loans are for Indian residents only.
Housing Loan for High-net-worth Individuals
Any individual with high net-worth are categorized as High Net – Worth Individuals and will be sought after by the by the lender. ABHFL looks forward to such borrowers basically for the inherent advantages they offer.
- They are likely to seek bigger loans.
- Being in the low-risk category the funds loaned are safe from default and the loan turning sticky is minimal.
However, there is a special home loan scheme at ABHFL for this segment of customers.
ABHFL Home loan For NRI
Currently ABHFL does not offer any housing loan product for the benefit of NRI or PIO, though as per the RBI, they are eminently suited to seek home loans.
How to Apply for ABHFL Home Loan
ABHFL offers a digital interface for application for Home Loans. You can ascertain your eligibility, apply and wait for the doorstep service for documentation. Alternatively you can download the form and submit the completed application along with the documents at the nearest branch.
ABHFL offers a quick approval of the home loan in a fortnight’s time transparently.
You can also take a look at Housing.com for your home loan requirements offering you different solutions. It is eminently suited to fulfill your requirements with a host of options.
Document Checklist for ABHFL Home Loan
The basic requirement is the submission of self-attested documents.
| Reason | Salaried | Non-Salaried |
|---|---|---|
| Identity Proof | Any valid photo ID like PAN, Passport, Aadhaar, EPIC, Driving License, Passport etc. or any other document acceptable to ABHFL. | |
| Age Proof | Any valid document stating your date of birth will suffice | |
| Address Proof | Any of the above documents with address printed on it. Even a current utility bill like Electricity or Telephone would suffice. | |
| Income proof | 3 months salary slip covering all deductions and latest Form 16 | ITRs or financial documents of 2 years with computation certified by a CA. |
| Other Income | Documents or rental receipts as proof of any other income. | |
| Bank Statement | For at least the preceding 6 months showing all transactions in the salary account for the salaried and the primary account for the non-salaried | |
| Property Documents |
|
|