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Product Details
Bank Name

Aditya Birla Home Finance Limited

Maximum Loan Tenure

20 years.

Maximum Loan Amount

Not specified.

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

Home Extension Loan
Down Payment

Below 30 lakhs, the LTV ratio can be a maximum of 90%.
Between 30 lakhs to 75 lakhs, the ratio can be a maximum of 80%.
Above 75 lakhs, the ratio can be a maximum of 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
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Home Extension Loan

Special Features

The eligibility criteria for a home extension loan from Aditya Birla Housing Finance Limited (ABHFL) can vary slightly depending on the specific sub-scheme you choose, your individual profile, and the property location. However, here's a general overview of the key requirements:

Minimum Age: 21 years at the time of loan application

Maximum Age: 60 years for salaried applicants, 70 years for self-employed applicants at loan maturity

Income:

  • Salaried individuals: Regular salary with PF deductions or IT returns filed for at least 2 years.

  • Self-employed individuals: Proven business income through IT returns or audited financial statements for at least 2 years.

Loan Amount: Varies depending on the sub-scheme, property value, and your income. Generally, it might range from Rs. 5 lakhs to Rs. 50 lakhs.

Other Key Elements:

  • Nationality: Resident Indian.

  • Employment stability: Consistent employment with a reputable organization preferred.

  • 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.

Eligibility Criteria

The eligibility criteria for a home extension loan from Aditya Birla Housing Finance Limited (ABHFL) can vary slightly depending on the specific sub-scheme you choose, your individual profile, and the property location. However, here's a general overview of the key requirements:

Minimum Age: 21 years at the time of loan application

Maximum Age: 60 years for salaried applicants, 70 years for self-employed applicants at loan maturity

Income:

  • Salaried individuals: Regular salary with PF deductions or IT returns filed for at least 2 years.

  • Self-employed individuals: Proven business income through IT returns or audited financial statements for at least 2 years.

Loan Amount: Varies depending on the sub-scheme, property value, and your income. Generally, it might range from Rs. 5 lakhs to Rs. 50 lakhs.

Other Key Elements:

  • Nationality: Resident Indian.

  • Employment stability: Consistent employment with a reputable organization preferred.

  • 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.

Additionally, some specific requirements might apply depending on the sub-scheme or chosen extension type:

  • Purpose of extension: Certain schemes might cater to specific extensions like adding another room, floor, or balcony.

  • Property type: Eligibility might vary for apartments, independent houses, and commercial properties.

  • Technical feasibility: An assessment of the existing structure and its capacity for extension might be required.

Remember:

  • These are general criteria, and specific eligibility might differ based on chosen sub-schemes, individual profiles, and market conditions.

  • Consulting with ABHFL directly or visiting a branch for a personalized assessment is highly recommended.

Special Concession

No special concession.

Home Saver Option

No.

Features, Eligibility and Concession
Pros
  • 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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