Aditya Birla Housing Finance
Aditya Birla Housing Finance Limited, or ABHFL, is an emerging NBFC in India. It is a subsidiary of Aditya Birla Capital Limited that offers home loans starting with an interest rate of 8.80% per annum. The processing fee to apply for an Aditya Birla Home Loan is up to 1% of the loan amount, and the loan amount can be up to 90% of the property value. If you dream of owning a house but running short of financial resources, consider Aditya Birla Housing Finance for a suitable home loan plan with less paperwork and easy balance transfer options. The NBFC offers housing finance schemes for those who want to purchase a home, renovate a home, or build a house on a plot.
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Aditya Birla Housing Finance Key Highlights
Get the lowest interest rates with Aditya Birla Housing Finance
| Loan Amount | Up to 90% of the cost of property |
|---|---|
| Rate of Interest | 8.80% - 14.75% per annum |
| RPLR | 8.80% - 14.75% per annum |
| Processing Fee |
Up to 1% |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | 24% per annum |
| Rate Packages | Fixed/Floating/Variable |
| Charges for Prepayment/Foreclosure | Nil |
Aditya Birla Home Loan Interest Rates in 2023
Aditya Birla Home loan interest rate starts at 8.80% per annum and varies depending on the type of customer, employment, and the home loan scheme chosen. The table below enlists the various Aditya Birla Housing Finance Interest Rates:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Rate of Interest Per Annum (For Salaried) | 8.80% - 14.00% |
| Rate of Interest Per Annum (For Self-Employed) | 9.1% - 14.75% |
Interest rates were last updated on 21st August 2023
Aditya Birla Home Loan Eligibility Criteria
Applying for a home loan from ABHFL is a pretty simple affair. Please go through the Aditya Birla home loan eligibility criteria to avail hassle-free home loans to buy or renovate your dream home:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 – 60 years | 21 – 70 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Nothing Specific | Nothing Specific |
Aditya Birla Home Loan Processing Fee and Charges
Nothing comes free of cost; even banks and NBFCs charge some fee for each home loan application. Aditya Birla home loan processing fee is between 0.75% - 1% of the loan amount. The table below enlists all other charges levied by ABHFL for home loan applications and procedures:
| Processing Fee | Up to 1% |
|---|---|
| Cheque Bounce Charges/ ECS Failure Charges | Rs. 750 per instance |
| Duplicate Statement/ Repayment Schedule | Rs. 200 per instance |
| Pre-closure Quote | Rs. 1000 per instance |
| Late EMI Payment Charges | 2% per month on overdue payment |
| Statutory Charges/ Stamp Duty | As per actual |
| Swap Charges (Semi-fixed/ Fixed to Floater and vice-versa) | 2% of the loan outstanding |
| CIBIL Report Retrieval Fee | Rs. 50 per instance and Rs. 500 for commercial CIBIL |
| Other Charges (Default Penal Interest Rate/ Stipulated Conditions/ Non-Conformance with any covenants) | 24% per annum |
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Aditya Birla Home Loan Schemes and Top Plans
Aditya Birla Housing Finance offers a variety of home loan schemes to salaried and self-employed people. ABHFL understands that different people might have different home loan requirements, so to cater to all, it offers 6 types of home loan schemes:
1. Aditya Birla Home Loan
- Maximum loan amount offered is up to 90% of the property value
- Offered for those interested in purchasing a resale or new residential property
- Comes with an easy home balance transfer facility
- Up to 30 years of repayment period
2. Aditya Birla Plot and Construction Loan
- Easy loans for anyone who purchases a residential plot and wants to build a house in the coming years
- Up to 20 years of repayment period
- Tax benefits under the Income Tax Act Section 24(B) and Section 80(CCE)
3. Aditya Birla Home Construction Loan
- Perfect home loan option for those who want to build a home on an already purchased plot
- Up to 20 years of repayment period
- Competitive interest rates
- Quick and transparent loan processing
4. Aditya Birla Home Improvement Loan
- Easy home loan to cover expenses for home renovation works like water-proofing, tiling, electrical work, false ceiling, and general repairing
- Up to 10 years of repayment period
- No fee for pre-payment on floater rate basis
- Easy balance transfer option available
5. Aditya Birla Home Extension Loan
- Designed primarily to help people deal with the expenses of home extensions, such as adding floors or rooms to an existing home
- Up to 20 years of repayment period
- No prepayment charges for floating rate home loans
- Easy balance transfer option available
6. Aditya Birla PMAY and Affordable Housing
- Perfect for those keen to get home loans to purchase a home, improve a home or construct a house on a plot
- Linked with CLSS or Credit Linked Subsidy Scheme under PMAY or Pradhan Mantri Awas Yojana only for eligible applicants
- Easy balance transfer facility available
- Easy EMIs/ structured repayment options
- Up to 30 years of repayment period
Note: Note: All of the above home loan plans are made available to applicants solely at the discretion of Aditya Birla housing finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for Aditya Birla Home Loan
When applying for an Aditya Birla Home Loan, you must first gather all the required documents to make the procedure easy for yourself and the ABHFL representative. All the following documents needed to apply for an Aditya Birla Capital Home Loan will clear all the doubts about your credibility as a borrower by specifying your income, address, identity, and other proofs:
Documents Required for Salaried Applicants
- Salary slips for the last 2 months
- ITR for the last 3 years
- Proof of investments like FD, Mutual Funds, and so on
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favour of Aditya Birla Housing Finance Ltd.
Documents Required for Self-Employed Applicants
- Profit and Loss Statements for the last 3 years attested by a CA
- Balance Sheet for the last 3 years
- ITR for the last 3 years attested by a CA
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favour of Aditya Birla Housing Finance Ltd.
- Brief about the profession
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
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Interest rates were last updated on 15 July 2023
Find Aditya Birla Home Loan Offices Near You
Aditya Birla Housing Finance has over 120 branches PAN-India helping people buy their dream homes. You can search online for - Aditya Birla Housing Finance Near Me and easily locate a branch near you. Alternatively, you can fill in the Free Consultation Form on the official portal of BASIC Home Loan, and the team will assist you with a better understanding of the loan procedure and to apply for the same.
For the latest Home Loan Interest rates and updates in Eligibility criteria, Home Loan offers, Home Loan application Fee and Charges, Required Documents and other FAQs related to Home Loans, please refer to the Aditya Birla Housing Finance website.
FAQs
Aditya Birla Housing Finance offers home loans at an ROI of 8.80% - 14.75% per annum. This may vary depending on the type of home loan scheme you choose.
There is a provision to get a maximum subsidy of 2.67 lakhs on Aditya Birla home loans for borrowers belonging to the LIG or EWS category.
Following are the eligibility criteria for Aditya Birla home loans:
- Age between 21 years – 60 years (Salaried)/ 21 years – 70 years (Self-Employed)
- Resident Indian Nationality
- Credit Score 750 or above
Aditya Birla Housing Finance is a NBFC or Non-Banking Financial Company registered with the RBI. It is currently counted amongst India's top 5 and largest private NBFCs based on AUM or Assets Under Management.
Borrowers can expect up to 90% of the property value as a home from ABHFL. However, this may vary as per the discretion of Aditya Birla Housing Finance.
To check the home loan details in Aditya Birla Finance, applicants can write an email to care.finance@adityabirlacapital.com. Alternatively, they can call their toll-free customer care number to inquire about the same.
The best way for Aditya Birla Home Loan repayment is through NACH. This can be done in installments.
There are various online platforms to pay your Aditya Birla Home Loan EMI. You can pay your ABHFL emi online through Paytm, Freecharge, Net Banking, Debit Card, and UPI.
Borrowers prefer getting home loans from Aditya Birla Finance for the following benefits:
- Simple EMIs/ Structured Repayments
- Easy, hassle-free online application procedure
- Quick approvals and doorstep services
- No pre-payment charges for floater rate home loans
- Lucrative balance transfer option