Aditya Birla Housing Finance has not revealed whether its borrowers can extend the duration of their current home loans. Nonetheless, many banks and HFCs allow current borrowers to lengthen their home loan tenure, as long as the new tenure does not surpass the highest tenure offered by the lender or the maximum age permitted at loan maturity.
Aditya Birla Housing Limited Home Loan
Aditya Birla Housing Finance provides home loans commencing at 8.75% per annum for durations of up to 30 years and for amounts up to 90% of the property’s value. Borrowers of home loans from other banks or HFCs can transfer their current home loans to Aditya Birla Housing Finance for better interest rates through the Aditya Birla Home Loan. The housing finance firm also provides a unique home loan program, ABHFL Affordable Housing, aimed at delivering affordable mortgage options in certain cities across India.
Aditya Birla Home Loan Highlights
| Particulars | Details |
|---|---|
| Interest Rates | 8.75% p.a. onwards |
| Loan Amount | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.25% of the loan amount + GST |
Table of Contents
Types of Aditya Birla Home Loan
1. Aditya Birla Home Loan
- A typical mortgage plan utilized for buying new or previously owned residential property.
- The loan amount can reach as high as 90% of the property’s value.
- The repayment period can extend to 30 years.
- The option for home loan balance transfer is also offered to current home loan borrowers wishing to shift their remaining home loans from other lenders to Aditya Birla Housing Finance.
2. Aditya Birla Home Extension Loan
- Home Extension Loan is for financing costs related to house extension such as adding additional rooms and floors, etc.
- The repayment period is up to 20 years
- The balance transfer option is available
3. Aditya Birla Home Improvement Loan
- Home Improvement Loan includes costs associated with home improvement like repairs, flooring, waterproofing, drywall, carpentry, tiling, plumbing, or electrical installation for a house that has already been bought.
- The repayment duration can extend to 10 years.
4. Aditya Birla Plot and Construction Loan
- Financing available for those who intend to purchase a residential lot and construct a home on it in the upcoming years.
- The repayment duration can last up to 20 years.
5. Aditya Birla Home Construction Loan
- Home Construction Loan is for individuals who want to build a house on an already owned plot.
- The repayment period is up to 20 years
Also Read: 6 Benefits for Women Borrowers taking Home loan in India
6. Aditya Birla PMAY and Affordable Housing
- The types of home loans provided by ABHFL Affordable Housing include home purchase loans, home renovation loans, and plot purchase along with home construction loans.
- Provides loans with the Credit Linked Subsidy Scheme (CLSS) as part of the Pradhan Mantri Awas Yojana (PMAY) for qualifying clients.
- Basic EMIs or organized repayment choices
- Repayment duration of up to 30 years
- The balance transfer option allows for the transfer of existing home loans from other banks or HFCs to Aditya Birla Housing Finance at reduced interest rates.
Home Loan Interest Rates of Aditya Birla Vs Other Top Lenders
| Banks/NBFCs | Interest Rate (%) | Action |
|---|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards | Apply Now |
| Axis Bank | 8.55% onwards | Apply Now |
| Bajaj Housing Finance | 8.50% onwards | Apply Now |
| HSBC | 8.45% onwards | Apply Now |
| Godrej Housing Finance | 8.75% onwards | Apply Now |
| Capri Global Housing Finance Ltd | 10% onwards | Apply Now |
| Bank of Baroda | 8.40% onwards | Apply Now |
| DBS Bank | 8.50% onwards | Apply Now |
| Edelweiss Housing Finance Ltd | 8.70% onwards | Apply Now |
| Indiabulls | 8.80% onwards | Apply Now |
| Federal Bank | 8.60% onwards | Apply Now |
| HDFC Ltd. | 8.60% onwards | Apply Now |
| ICICI Bank | 8.65% onwards | Apply Now |
| ICICI Home Finance | 8.90% onwards | Apply Now |
| Kotak Mahindra Bank | 8.50% onwards | Apply Now |
| PNB Housing Finance | 8.60% onwards | Apply Now |
| State Bank of India | 8.45% onwards | Apply Now |
| IIFL | 8.90% onwards | Apply Now |
| Aditya Birla Housing Limited | 8.75% onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% onwards | Apply Now |
| Piramal Housing Finance Ltd | 10.50% onwards | Apply Now |
Aditya Birla Home Loan Eligibility Criteria
Aditya Birla Housing Finance Ltd. provides home loans for various purposes, each with distinct eligibility requirements. The typical Aditya Birla Home Loan Qualification Requirements are:
| Borrower Profile | Indian Residents/NRIs/PIOs |
| Age | 21 to 70 years |
| Employment Type | Salaried/Self Employed |
| Credit Score | Preferably 750 and above |
| Income | Varies from case to case |
Documents Required to avail Aditya Birla Home Loan
- Duly filled and signed Aditya Birla Home Loan application form
- Passport size photographs
- Proof of Identity: Aadhaar Card / PAN Card / Passport / Driving License / Voter ID Card.
- Proof of Residence: Aadhaar Card / Passport / Driving License / Telephone Bill / Ration Card / Election Card / Any other Certificate from Statutory Authority
- Property Documents: A copy of title documents and approved sanction plan
- Account Statement: Last 6 months’ bank account statements
- Proof of Income (For Salaried): Salary slips of last 3 months showing deductions and a copy of Form 16
- Proof of Income (For Non-Salaried): IT Returns or financial documents for the last 2 years and computation of income certified by a CA for the last 2 years
- Proof of Other Income: Rental receipts or documents showing receipt of income
Aditya Birla Home Loan EMI Calculator
If you wish to find out what your EMI will amount to before applying for a home loan, you can do so by using a home loan EMI calculator. Being aware of what will be withdrawn from your bank account each month will assist you in managing your finances more effectively and in planning more efficiently. You can utilize the Home Loan EMI Calculator to calculate the same.
To compute your EMI, you must provide information regarding your overall home loan amount, processing charge, and interest rate. After you select the ‘Calculate’ option following the entry of all the aforementioned details, the EMI will be shown. A comprehensive amortisation report will also be provided to clarify the principal and interest elements of your loan.
How to Apply for a Home Loan Through OneNDF
When seeking a mortgage loan at OneNDF, you won’t need to navigate a pile of paperwork or endure a tedious process. Here’s the approach to take:
- Visit the official website of OneNDF and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
That’s all! Your application has been sent. A member of our team will reach out to you soon to assist you with the upcoming steps.
FAQs
Aditya Birla Housing Finance Ltd. will determine your eligibility for housing finance based on multiple factors, such as your age, ability to repay, value and location of the property, total income, current liabilities, occupation, and the profile of your employer.
Aditya Birla Home Loan does not impose a minimum requirement on the loan size. The minimum amount’s lower limit may change according to adjustments in the internal policies and guidelines of ABHFL.
Including a co-applicant when seeking an Aditya Birla home loan is not required. The co-owners of the asset may serve as the co-applicant. If the property does not have a co-owner, any close relative can serve as the co-applicant.
Borrowers of home loans have the option to pay their loan installment via NACH (National Automated Clearing House).
