Aditya Birla Home Finance Limited

Product Details

Bank Name

Maximum Loan Tenure

20 years or till the time borrower reaches the age of 60 (for salaried) or 70 (for self-employed).

Maximum Loan Amount

No upper limit.

Interest Rate

For Self-Employed Applicants
9.10 percent to 14.75 percent p.a.

For Salaried Applicants
8.80 percent to 14 percent p.a.

Type

Floating

Down Payment

For loans up to Rs. 30 lakhs, the down payment is 10% of the property value and the LTV ratio is 90%.
For loans above Rs. 30 lakhs and up to Rs. 75 lakhs, the down payment is 20% of the property value and the LTV ratio is 80%.
For loans above Rs. 75 lakhs, the down payment is 25% of the property value and the LTV ratio is 75%.

Fees and Charges

Processing fee: Up to 1% of the loan amount.
Prepayment fee: No charge for individual borrowers for floating rate home loans.
Penal Fee On Late Payment: 2% per month on overdue amount.
Legal Fee: At actuals.
Stamp Duty And Registration Charges: At actuals.

Minimum CIBIL Score

Not specified.

Down Payment and Fees

Home Construction Loan

Special Features

No prepayment penalty in case of floating rate home loan.

Eligibility Criteria

1. Type of applicant:

Salaried:Age: Minimum 21 years, Maximum 60 years at loan maturity.
Income: Regular salary with PF deduction or IT returns filed for at least 2 years.
Employment stability: Consistent employment with reputable organization preferred.
Self-employed:Age: Minimum 21 years, Maximum 70 years at loan maturity.
Income: Proven business income through IT returns or audited financial statements for at least 2 years.
Business stability: Established business with strong financials preferred.

2. Loan amount and property:

Loan amount: Up to 75% for property value below Rs. 75 lakhs, 80% for property value between Rs. 75 lakhs and Rs. 3 crores, and 75% for property value above Rs. 3 crores.
Property type: ABHFL generally finances residential units like apartments, independent houses, and plots for construction. Certain specific projects or schemes might have additional criteria.

3. Other important factors:

Debt-to-Income Ratio (DTI): Ideally below 40% to demonstrate affordability.
Credit score: While a CIBIL score of 750+ is preferred, responsible past loan repayments and no defaults could lead to approval even with a slightly lower score.
Location: ABHFL operates in many Indian cities, but loan availability and criteria might vary depending on the specific location.

Special Concession

No special concession.

Home Saver Option

No.

Features, Eligibility and Concession

Pros

It allows the borrower to construct his/her dream home according to his/her preferences and specifications. It offers flexible repayment options, such as step-up EMI, step-down EMI, bullet repayment, etc., to suit different income levels and cash flows.
Home loan comes with tax benefits under Section 80C and Section 24 of the Income Tax Act, 1961.
It has a high LTV ratio of 90%, which means you can get a higher loan amount with a lower down payment.
It has a long tenure of up to 30 years, which can make your EMI more affordable.
No prepayment penalty.
Easy application process, approval, and eligibility norms on a digital platform.

Cons

It has a high processing fee.
Loan comes with a a number of ancillary fees such as: login fee.
It does not have a home saver option, which means you cannot save on interest by linking your home loan account with your savings or current account.
Interest rate is higher that of most PSU banks.

Pros & Cons

Application Procedure

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