Aditya Birla Home Finance Limited|Home Extension Loan Interest Rate, Eligibility & EMI

Loan 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

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

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

Product Review