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Aditya Birla Housing Finance Limited

Aditya Birla Housing Finance Ltd is a Non Banking Financial Company that provides home loans. ... ABHFL started servicing the housing finance sector in 2009 and has grown to 51 branches and 2700 channel partners.
Like with most NBFCs they are a little bit more lax with regards to documentation than banks. For self employed professionals, it is worthwhile to look at Aditya Birla, as they have a range of schemes catered towards that particular segment.
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Interest Rates

Loan Amount Interest Rate
0 to 30 Lakhs 9% (women) - 9% (others)
30 to 75 Lakhs 9.25% (women) - 9.25% (others)
75Lakhs to 3 Crore 9.5% (women) - 9.5% (others)
3 Crore and above 9.5% (women) - 9.5% (others)
Loan Amount Interest Rate
0 to 30 Lakhs 9.25% (women) - 9.25% (others)
30 to 75 Lakhs 9.5% (women) - 9.5% (others)
75Lakhs to 3 Crore 9.75% (women) - 9.75% (others)
3 Crore and above 9.75% (women) - 9.75% (others)

Product offerings

Home Loan

It is a loan offered to anyone who wishes to purchase a residential property.Anyone who fulfills the eligibility criteria can avail a home loan.

Why should you take it?

The advantages of taking a home loan from Aditya Birla Housing Finance Limited includes a quick and transparent application and documentation process. There are also no pre-payment charges for floating interest rate home loans.

What should you consider?

There are pre-payment charges for fixed home loans. The loan processing amount is also pretty high compared to banks, but is within the typical range for NBFCs.


Home Extension Loan

It is a loan offered to anyone who wants to add additional space to their residential property. This includes building a new floor or a new room or a garage.Anyone who fulfills the eligibility criteria can avail this home loan.

Why should you take it?

The advantages of taking this loan from Aditya Birla are linked to the advantages of taking any loan from the same institute - a quick and transparent application process and no pre-payment charges for floating interest rate home loans.

What should you consider?

As with most NBFCs, the processing amount is pretty high - up to 1% of the loan amount.


Home Improvement Loan

It is a loan offered to anyone who wishes to make improvements or renovate their house.Anyone who fulfills the eligibility criteria can avail this home loan.

Why should you take it?

Like all NBFCs and private institutes - Aditya Birla Housing Finance Limited offers a simple application process. There are also no prepayment charges for floating home loans.

What should you consider?

The processing amount for the loan is pretty high.


Plot and Home Construction Loan

It is a loan for anyone who wants to purchase a plot and build a house on that piece of land. Anyone who wishes to purchase their own piece of land and build a house can avail this loan if they fulfill the eligibility criteria.

Why should you take it?

A quick transparent process, no pre-payment charges for floating rate home loans and door step services are some of the advantages of taking a home loan from Aditya Birla Housing Finance Limited.

What should you consider?

The processing fees are pretty high. Additionally, there are charges for a range of things including for requesting a pre-closure quote or a copy of any collateral held with the institute.


Loan Against Property

It is a loan that can be taken against the mortgage of a house or a commercial property. Anyone who is in sudden need of funds can avail the loan after mortgaging the property.

Why should you take it?

A lot of banks and NBFCs restrict a loan against property strictly for business purposes. Aditya Birla, however, allows you to take the loan even for personal use.

What should you consider?

You’re unable to sell the property during the loan period; this is something you’ll need to keep in mind.



The interest rate options for you depends on your loan amount

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Eligibility

Income

Income is the primary criteria based on which your eligibility is determined. Naturally, income primarily refers to disposable income. So, most banks and NBFCs deduct any sort of fixed monthly commitments (EMIs on car loans or tax payments, for example) from their calculations.

Your loan eligibility is calculated by the EMI/NMI ratio: NMI basically refers to Net Monthly Income (income after deducting monthly commitments). Lenders typically have a fixed EMI/NMI ratio for different income slabs based on which your eligibility is calculated.

Credit History and CIBIL Score

Credit History and CIBIL scores are important criterion when it comes to determining elibility. SBI using certain proprietary tools, look for specific patterns in your credit history. The last twelve months of your credit history are more important than the preceding time period.

Credit scores or CIBIL scores are determined by how well you manage your loan or credit obligations. If you’ve never missed a loan payment and keep on top of credit card bills, your credit score will be higher. Usually, credit scores range between 300 and 900; a credit score of above 700 is required for a home loan.

Rather confusingly, if you’ve never taken a loan or a credit card before, your credit score is likely to be low. Why is this? It’s because lenders have no idea about your ability to repay loans. Build a credit score by responsible management of credit before applying for a home loan.

Property

Banks look at the property you’re investing in carefully when approving a home loan. Among the things that SBI looks at when investigating the property are:

  1. Whether the title to the property is clear and whether there are any other claimants or if there is any dispute regarding the property.
  2. Whether all the necessary regulatory approvals have been taken. Absence of approvals is looked at as suppression of property records.
  3. Whether the building is constructed as per approved building norms. If the property flouts certain guidelines, there is a tendency to devalue that property when compared to other properties in the same area.

Documents Required


kyc proof
KYC Documents
  1. Application with photograph
  2. ID Proof
  3. Residence Proof
income proof
Income Proof
  1. Residence Proof
  2. Latest salary slip(for salaried applicants)
  3. Form 16(for salaried applicants)
  4. IT returns for the last 2 years along with computation of income certified by CA(for non salaried applicants)
  5. 6 months bank statement
property documents
Property Documents
  1. Agreement of Sale
  2. Registration and stamp duty receipt
  3. Index - II
  4. Noc from builder
  5. Own Contribution Receipt(OCR)

Fees and Charges

Transaction Charges
Loan Processing /Administration Fee Home Loans : Up-to 1% of the loan amount. Other Loans : Up-to 2% of the loan amount
Part Payment/Pre-Closure Charges: Any part pre-payments made in the last 12 months prior to closure will be counted towards the pre-closure charges (applicable for non individuals/ individuals with other than floating rate) Floating rate loans given to indivi​duals, where all applicants and co-applicants are individuals: Nil​. Home Loans (other than floating rate Home Lo​ans to individuals): 2% of principal outstanding. Loan against Property & Lease Rental Discounting: 4% of principal outstanding. Loan against Property or Lease Rental discounting (other than floating rate loans to individuals): 4% of principal outstanding
Other Charges: Default Penal Interest Rate / Non Conformance with any covenants / stipulated conditions 24% p.a. i.e. 2% per month
NACH failure charges ₹750/- per instance
Accrued Interest As applicable based on actual delayed status or as communicated by the lender from time to time
CERSAI charges (You may visit the website of CERSAI for all such charges at www.cersai.org.in) When facility amount is equal to ₹.5 lacs or lesser – ₹.50 per property , When facility amount is greater than ₹5 lacs – ₹100 per property
Pre-closure quote ₹1000/- per instance
Request for Copies of any collateral held with ABHFL ₹750/- per instance
Duplicate Statement/ Repayment Schedule / any other document held with ABHFL request ₹200/- per instance
Cheque Return Charges/ECS failure charges ₹750/- per instance
CIBIL report retrieval fee ₹50/- per instance for Consumer and ₹500/- for Commercial CIBIL
Loan Re-schedulement (at discretion of ABHFL) charges 0.50%
NOC issuance charges ₹500
Cancellation Charges if any 4.00% of loan amount disbursed
Swap Charges (Fixed or semi-fixed rate to floating and vice-versa at discretion of ABHFL) 2% of the loan outstanding
Stamp Duty​ Legal and other statutory charges Insurance Premium ​Creation charge with ROC As per actual, where applicable
Applicable GST @ 18% will be levied on these charges

How to Apply

Once you’ve shortlisted Aditya Birla Housing Finance Limited as your home loan provider, ensure you have all your documents in place. Make sure you confirm the eligibility criteria for that specific loan and source the down payment. You can apply for a loan either jointly or individually.



REAL PEOPLE. REAL SAVINGS

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4.9 stars
Abhijeet Deshpande
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Pallav Sharma
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I had effortless experience to shift my loan from one bank to another. Thanks to SwitchMe team for constantly followed up with me, keeping me updated on all the events happened during the whole process.
Ashwini Ravindran
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It was really wonderful to work with such dedicated and hardworking team. Not knowing how to transfer an existing home loan, we are glad we reached out to switch me. You guys are really very helpful. Thanks a ton and continue the same :)

Home Loan Top Up

A top up loan is for anyone who wants to “top up” their home loan with additional funding to cover for unexpected cost increases. A top up loan from Aditya Birla Housing Finance Limited is based on the balance principal outstanding. So for instance, if your original home loan was worth Rs 10,00,000 and you have Rs 8,00,000 outstanding, you are eligible for a top up loan worth Rs 2,00,000. Please keep in mind that you’ll need to have completed atleast six months worth of EMI payments to be eligible for a top up loan. Also, the interest rate is 1-3% higher than a regular home loan but is significantly less when compared to a personal loan.

Balance Transfer to Aditya Birla Housing Finance Limited

The general process to transfer your home loan takes a fair amount of time, but is worth it if you find that Aditya Birla Housing Finance Limited offers you a lower rate of interest. Aditya Birla Housing Finance Limited is slightly less stringent with documentation when compared to a state run institute.
  1. Get a foreclosure letter from your current home loan provider, along with payment history and list of your documents.
  2. Apply to Aditya Birla Housing Finance Limited with the list of documents.
  3. The bank typically does a background check on credit history, ownership and more before they provide approval.
  4. Lastly, you complete the documentation stage with your existing bank and Aditya Birla Housing Finance Limited, and you are good to go.
Typically, every bank that you're transferring out of will have foreclosure charges which is usually around Rs 500+GST. Please confirm with your bank.