Aditya Birla Finance Home Loan

About Aditya Birla Finance

Aditya Birla Finance Limited (ABFL) is one of India's most reputed non-banking financial companies (NBFC). Incorporated in 1991, the company was certified as ISO 9001:2008 across all its core functional processes in March 2013 by BSI, a leading global independent business services organization. We offer customized solutions in areas of Capital Market, Corporate Finance, Commercial Real Estate & Mortgages and Infrastructure Project & Structured Finance.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Aditya Birla Finance Home Loans

Being one of the largest bank in India, Aditya Birla Finance offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Aditya Birla Finance Home Loans are tailor made catering to the needs of various customers.

Advantages of Aditya Birla Finance Home Loans

• Low interest rate
• No hidden costs and administrative charges
• Low processing fees
• No security needed
• Less paperwork
• No prepayment penalties

Features of Aditya Birla Finance Home Loans

Key Highlights

Objective

The loan scheme assists borrowers for construction of house, acquisition of land & construction of house, repairs / renovation / remodelling / extension of house, reimbursement of debt incurred for construction / purchase / furnishing / beautification / purchase of flat / villa / house plots / takeover of housing loans / supplementary housing loan to employees of well-run companies / purchase of house plot for subsequent construction of house etc.

Eligibility Criteria

To avail the personal loan from Aditya Birla Finance, you need to have the following eligibility criteria.

• You should be 21 years old or above
• Steady income
• Salary slip of last 3 months
• Proper Address Proof and Identity proof

Loan Amount

• Upto 30 Lakhs: 90%
• 30 Lakhs to 75 Lakh: 80%s
• More than 75 Lakhs: 75%

Loan Tenure

Maximum of 30 years

Prepayment Charges:

• Nil for floating rates
• 2% of principal outstanding for all other rates

Processing Fees

Upto 1% of the loan amount

Interest Rates: 8.55% to 8.99%

Documents Required to Apply for Aditya Birla Finance Home Loans

Important documents to be submitted while applying for personal loans with Aditya Birla Finance

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals

EMI Payment Methods

Your Aditya Birla Finance personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Aditya Birla Finance, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Aditya Birla Finance account you specify.

lectronic Clearing Service (ECS):

This mode can be used if you have a non-Aditya Birla Finance account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Aditya Birla Finance account at your nearest Aditya Birla Finance Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Aditya Birla Finance Home Loan?

You can either apply online or visit a nearby Aditya Birla Finance branch for the application. You can also download the home loan application form from the Aditya Birla Finance official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Aditya Birla Finance Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

Aditya Birla Finance Home Loan FAQs

1. What are processing fees on Aditya Birla Finance Home Loans?

Min of Rs. 5,000 (plus applicable tax), Max of Rs.10,000 (plus applicable tax)2. Is there penalty for prepaying the Aditya Birla Finance Home Loan?

No penalty is levied for prepaying the Aditya Birla Finance Home Loan?

2. Is there penalty for prepaying the Aditya Birla Finance Home Loan?

No penalty is levied for prepaying the Aditya Birla Finance Home Loan?

3. Can I get Aditya Birla Finance Home Loan without a Guarantor?

No need of a guarantor

4. What is the maximum loan repayment period for Aditya Birla Finance home loans?

The maximum repayment period is 30 years

5. How Can I apply for an Aditya Birla Finance home loan?

You can either apply online or visit a nearest Aditya Birla Finance branch and take the help of the bank’s representative.