Aditya Birla Home Loan

Last Updated: September 23, 2021

It is the time to get a wholesome treat to make your dream home come true with home loans. With these home loans, save on tax and buy the home you have always dreamt of. With the initiative to make home loans easy and affordable for everyone, Aditya Birla Housing Finance brings the best home loan interest for the customers.

Aditya Birla Housing Finance is a registered Housing Finance Company. The customers can avail of the loan at a floating Aditya Birla Home Loan interest rate that starts from 9.00% per annum. Aditya Birla Home Loan is for salaried as well as self-employed individuals.

Table of Contents

Aditya Birla is among the best private banks in India that offers Aditya Birla Housing Finance to customers with few benefits. Housing finance has some features and benefits that you should know before availing the loan:

  • Aditya Birla Housing Finance rate of interest starting from 9.00% per annum.
  • Aditya Birla Home Loan tenures for up to 30 years.
  •  Multiple home loan schemes are offered to customers that match and suit their needs.
  • A range of Aditya Birla home loan repayment options to suit the needs of customers.
  • Easy, hassle-free, and fast documentation process.
  • Zero hidden charges.
  • Transparent documentation process.
  • Attractive Aditya Birla Home Loan schemes.
  • Zero prepayment charges for applicants with floating home loan interest rates. 
  • Hassle-free Balance transfer options are available for the customers.
  • Availability of doorstep services.

Aditya Birla provides housing loans to both salaried and self-employed individuals. Hence, in order to avail of the home loan, both salaried and applicants who are self-employed need to submit a few documents to the bank. Below-mentioned documents are required to submit to the bank:

For Salaried Applicants

  • Duly filled and signed application form.
  • Passport size photograph.
  • Identity Proof of the Applicant (Any one of these - Voter Id Card, Passport, Driving License, PAN Card, or Aadhaar Card)
  • Income Proof of the Applicant (Anyone - Past 3 months salary slip or Form 16)
  • Bank Statement (For the last 6 months)
  • Income receipts documents, such as rental receipts, gas bills, or electricity bills.
  • Property Documents  sanction plan with approval of the property and title documents copy)

For Self-Employed Applicants

  • Duly filled and signed application form.
  • Passport size photograph.
  • Identity as well as Address Proof of the Applicant (Any one of these - Voter Id Card, Passport, Driving License, PAN Card, or Aadhaar Card)
  • Income Proof of the Applicant (Any one of these - IT Returns, past 2 years financial documents, or computation of Income Certificate by CA for last two years)
  • Other income proof, such as rental receipts.
  • Sanction plan (with approval) of the property.
  • Title Document copy.

Aditya Birla Housing Finance is for multiple purposes. Each home loan has its own eligibility. Here are the common eligibility criteria mentioned for applicants to avail themselves the Aditya Birla Home Finance:

  • Should be resident of India or NRI or PIO.
  • Either the applicant should be salaried or self-employed. 
  • The minimum age for Birla Home Loan is 21 years.
  • The maximum age for a home loan is 70 years.
  • The preferred credit score should be 750 or more.
  • The income varies from case to case and applicant to applicant.

There are two ways to apply for Aditya Birla Home Loan:

Applying via Visiting the Bank

All you need to do is download the application for a home loan through the Housing Finance Company’s website. Then submit it to the nearest Aditya Birla Bank with the set of required documents.

Apply via their Official Website

If you do not wish to go for the offline mode, you can simply visit their website for a home loan. All you need to do is provide the details and documents asked by the bank and attach them with the online application form. After that, Aditya Birla loan officers will provide you the guidance.

Pre-Assessment

As an applicant, you should always pre-check all the factors of Aditya Birla Home Loan. It includes credit score, eligibility, and choosing your dream home.

Below mentioned are the steps to proceed with the Aditya Birla Housing Finance:

Documents

Then the next step is collecting the documents asked by the bank. Assimilate these documents and get ready to apply for the home loan. These documents include salary slips, address and identity proofs, bank statements, IT returns documents, etc.

File Your Application

After assimilating the documents, get ready to file the application either through the online portal of Aditya Birla bank or by visiting the bank.

Sanctioning of Loan

Based on the documents you submitted and requirements, Aditya Birla Bank will sanction a letter that will include the details of the loan, EMI, tenure, as well as interest rates. If you think that the terms are acceptable, you can accept the sanction letter and send it back. If you do not think that they are acceptable, do not accept the sanction letter.

Loan Disbursement

After you accept the sanction letter, you will receive the whole loan amount from Aditya Birla Bank through cheque.

The Aditya Birla Housing Finance rate of interest currently starts from 9.00% per annum. The Aditya Birla home loan interest rate is linked to ARR/ABHFL Reference Rate. Any changes in ARR can lead to changes in Aditya Birla Home Loan Interest Rates.

Aditya Birla
Home Loan Applicant
For The Salaried For The
Self-Employed
Interest Rates From 9.00 % to 9.75 % per annum. From 9.00 % to 12.50 % per annum.

Home Loan Scheme Features
Aditya Birla Home Loan
  • Up to 90% of the value of the property.
  • Available for both salaried and self-employed individuals. 
  • 9.00% per annum to 12.50% per annum interest rate.
  • Loan tenure of up to 30 years.
Aditya Birla Home Improvement Loan
  • Up until 90% of the total value of the property.
  • Available for both salaried and self-employed individuals. 
  • The interest rate starts from 9.00% per annum.
  • Loan tenure is of up to 10 years.
Aditya Birla Home Extension Loan
  • Up to 90% of the total value of the property.
  • Available for both salaried and self-employed individuals. 
  • The interest rate begins from 9.00% per annum.
  • Loan tenure is of 20 years.
Aditya Birla Home Construction Loan
  • Up to 90% of the total value of the property.
  • Available for both salaried and self-employed individuals. 
  • The interest rate begins from 9.00% per annum.
  • Loan tenure is of 20 years.
Aditya Birla Plot & Home Construction Loan
  • Up to 90% of the total value of the property.
  • Available for both salaried and self-employed individuals. 
  • The interest rate begins from 9.00% per annum.
  • Loan tenure is of 20 years.
Aditya Birla PMAY CLSS Home Loan under Pradhan Mantri Awas Yojana (PMAY) based on Credit Linked Subsidy Scheme (CLSS).

With the Aditya Birla Housing Finance EMI calculation, you can get the estimated amount of the home loan interest rate Aditya Birla that you need to pay to the bank. The result mentioned in the table is computed on the basis of major Aditya Birla Home Loan factors, such as home loan amount, tenure, and eligibility. 

Loan Amount Interest Rate 15 Years 20 Years 30 Years
Rs. 30 Lakhs 9.00% Per Annum Rs. 30,428 Rs. 26,992 Rs. 24,139
Rs. 60 Lakhs 9.50% Per Annum Rs. 62,653 Rs. 55,928 Rs. 50,451
Rs. 90 Lakhs 9.75% Per Annum Rs. 95,343 Rs. 85,367 Rs. 77,324
Rs. 1 Crores 10.00% Per Annum Rs. 1,07,461 Rs. 96,502 Rs. 87,757

Specifications Charges
Processing Fees Up until 2% of the loan amount
Payment In Part/Charges For Pre-Closure (it is applicable for individuals / non-individuals included other than the floating rates)
  • When the loan is given on the basis of floating rates, where both the applicants and co-applicants are individuals - Zero charges.
  • When the loan is given on the basis of fixed interest rate to individuals (pre-closed by their own sources) - Zero charges.
  • Home loans are given to individuals other than the floating home loan - 2% from the paid principal outstanding.
Interest Rate for Default Penal/ Non Conformance with any of the covenants 24% per annum or 2% per month
Charges for Cheque Returns/ Charges for NACH Failure Rs. 750 for each instance
CERSAI Charges
  • When the provision amount is up to Rs. 5 Lakhs or lesser - Up to Rs. 50 per project.
  • When the provision amount is more than Rs. 5 Lakhs - Up to Rs. 100 per project.
Charge for Overdue 2% per month on the overdue loan payment
Revision of Floating Rate to Fixed Rate and Vice Versa/ Loan Interest Rate Revision/ Tenure at Discretion of ABHFL 2% from the loan outstanding

For more information, answers to your questions, or any query, you can contact the bank on the toll-free number 1800 270 7000. You can also mail your queries or questions to [email protected]You can also send an SMS by typing ‘House‘ to 567679

FAQ

  • Q: Does Aditya Birla Bank Provide Home Loan at the best rate?
    A:

    Aditya Birla Housing Loan can be availed by the applicants at affordable interest rates that start from 9.00% per annum to 12.50% per annum along with 1% of the amount for processing charges. 

  • Q: What is the interest rate of Home Loan in Aditya Birla Bank?
    A:

    Aditya Birla offers home loans at an interest rate starting from 9.00% per annum to 12.50% per annum. 

  • Q: What are the benefits Aditya Birla Bank Provides on Home Loan?
    A:

    Few benefits of Aditya Birla Bank Home Loan are:

    • Fast and hassle-free documentation process.
    • Low-interest rates.
    • Fast disbursal of the loan amount.
  • Q: Does Aditya Birla Bank have a fixed rate of interest on a home loan?
    A:

    Yes, Aditya Birla banks provide home loans with a fixed rate of interest. The bank also has floating and variable rates of interest on its home loan schemes.

  • Q: What are the documents required in Aditya Birla bank for a home loan?
    A:

    The list of documents required by Aditya Birla bank for a home loan are:

    • Identity Proof
    • Address Proof
    • Income Proof
    • Bank Statement
    • Property Documents
  • Q: How to apply for a home loan in Aditya Birla bank online?
    A:

    You can apply for an Aditya Birla home loan by visiting their website and filling the home loan application form with the set of required documents.

  • Q: How to check Home Loan Status in Aditya Birla Bank?
    A:

    You can call on the number 1800-270-7000, which is dedicated to home loans status tracking. Keep the information handy as you will need to provide it to the representative on the call. 

    You can also visit the Aditya Birla bank branch and meet the designated officer for the query.  

  • Q: Does Aditya Birla Bank Checks for CIBIL Score for Home Loan?
    A:

    The credit score and credit health is an important factor in Aditya Birla Home Loans. The higher your credit score, the higher will be the chances of your application getting accepted by the bank. 

  • Q: What is the minimum loan amount an applicant can apply for?
    A:

    There is no minimum loan amount that is set by the bank. The lower loan amount is subject to change as per the guidelines and changes in ABHFL.

  • Q: How will Aditya Birla bank decide on my eligibility for the loan?
    A:

    The eligibility of an applicant is decided on the basis of several factors, such as age, credit score, repayment capacity, occupation, existing liabilities, total income, and the value of the property.

  • Q: Can top-up on refinanced loans be possible?
    A:

    The applicant can get a top-up loan only on a Balance Transfer home loan. The eligible loan amount of the applicant will be based upon their credit profile. 

  • Q: What are the different ways in which I can repay the loan amount through ABHFL?
    A:

    Home loan borrowers can repay their home loan amount through the National Automated Clearing House (NACH).

  • Q: Can I get Aditya Birla Home Loan without a guarantor?
    A:

    Yes, you can get the loan without a guarantor. Aditya Birla Bank does not ask for a guarantor for their home loan schemes. 

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