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What Is Housing Finance?
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Our Housing Finance Plans
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Life is unpredictable but your family's future doesn't have to be.
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Compare Our Housing Finance Plans
A quick glance at how housing finance plans differ from each other.
| PLAN TYPE | HOME LOAN | TOP-UP HOME LOAN | BALANCE TRANSFER | LOAN AGAINST PROPERTY |
|---|---|---|---|---|
| Purpose | To finance buying a new housing property | To receive extra payout upon existing home loan for extra costs | To transfer home loan to another lender for better benefits | To take a home loan with already-owned property as collateral |
Best For 
Suggests who should get this Loan. Remember, it’s only a suggestion. |
Anyone looking to buy their dream home | Home loan borrowers falling short on funds | Home loan borrowers who find extended tenure or better interest rates with another lender | Anyone with existing property looking to buy a new one |
| Tenure
The duration for which the loan is supposed to be paid back. |
Up to 30 years | Not more than existing home loan tenure | Up to 30 years | Up to 20 years |
| Processing Fee
The administration and other fees charged before disbursal of the loan. |
Generally 1% of loan amount + taxes | Generally 0.5% to 2% of the loan amount | 0.50% t0 2.50% of the loan amount | |
| Interest Rates
The cost of borrowing money expressed in terms of percentage. |
9%* | Depending on various factors | 8.60% to 17.50% | 9% to 18.50% p.a. |
| APPLY NOW | APPLY NOW | APPLY NOW | APPLY NOW |
Customer Satisfaction Stories
Don’t just take our word for it. Hear from our customers about their successful financial journey with us
Aditya Birla Housing Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Aditya Birla Housing Finance Customer
I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.
Aditya Birla Housing Finance Customer
Belapur, India
FAQs On Housing Finance
ABHFL home loans offer several advantages over other lenders, including:
• Convenient and accessible application process: ABHFL offers an easy online application process, quick approvals, and instant eligibility checks. This makes it easy for borrowers to get the financing they need quickly and efficiently.
• Personalised service: ABHFL provides doorstep services with simplified documentation. This makes the loan process more convenient and hassle-free for borrowers.
• Flexible repayment options: ABHFL offers borrowers a choice between simple EMIs or structured repayments. This allows borrowers to choose the repayment option that best suits their needs and budget.
• Competitive interest rates: ABHFL offers competitive interest rates on its home loans. This can help borrowers save money on their monthly loan payments and over the life of the loan.
• Attractive balance transfer options: ABHFL offers an attractive balance transfer option. This allows borrowers to transfer their existing home loan to ABHFL without any hassle.
• Nil prepayment charges: ABHFL does not charge prepayment penalties on its floating-rate home loans. This gives borrowers the flexibility to repay their loan early without incurring any additional charges.
In addition to these advantages, ABHFL is a reputable and trusted financial institution with a long track record of providing high-quality financial services to its customers.
To apply for an ABHFL home loan, you can follow these steps:
Step 1: Visit the ABHFL website and download the home loan application form.
Step 2: Fill in the application form completely and accurately.
Step 3: Attach the required documents, such as your KYC documents, income proof, property documents, and NOC from your existing lender (if applicable).
Step 4: Submit the duly filled-out form and required documents to your nearest ABHFL branch.
Step 5: An ABHFL representative will review your application and contact you to discuss your loan requirements.
Step 6: Once your loan is approved, you will need to sign the loan agreement and complete the necessary paperwork.
You can also apply for an ABHFL home loan online or by calling the ABHFL customer care number (1800 270 7000). For any assistance, you can also write to us at care.housingfinance@adityabirlacapital.com
Yes, you can jointly apply for a home loan with your spouse or close family members. In such cases, both of your incomes will be considered when calculating the loan amount. However, you will need to provide proof of income for each applicant, such as salary slips, bank statements, and tax returns.
The lender will also consider other factors, such as your credit scores, debt-to-income ratio, and employment history when determining the loan amount and interest rate.
Here are some tips for jointly applying for a home loan:
• Choose a co-applicant with a good credit score. This will help you qualify for a lower interest rate and a higher loan amount.
• Make sure your incomes are stable. The lender will want to see that you and your co-applicant have a stable income to cover the monthly loan payments.
• Have a down payment saved. A down payment will improve your chances of getting approved for a loan and will reduce the amount of money you need to borrow.
Yes, the ABHFL Reference Rate (ARR) can change. It is a benchmark, long-term reference rate that is determined by market conditions and the cost of funds for the company. This means that it can change depending on various external factors, such as economic conditions and interest rates. Additionally, ABHFL may review and revise the ARR from time to time based on its business-specific needs.
ABHFL typically announces any changes to the ARR on its website and through other communication channels. Borrowers are advised to check the ABHFL website regularly for updates on the ARR.
Here are some examples of factors that can affect the ARR:
• Monetary policy: The ARR can be affected by changes in the monetary policy of the central bank. For example, if the central bank raises interest rates, the ARR is likely to increase as well.
• Inflation: Inflation can also affect the ARR. If inflation is high, the lender may increase the ARR to compensate for the rising cost of living.
• Liquidity: The liquidity of the financial system can also affect the ARR. If liquidity is low, lenders may have to pay higher interest rates to attract borrowers.
It is important to note that the ARR is just one of the factors that ABHFL considers when setting interest rates for home loans. Other factors, such as the borrower's credit score, loan amount, and loan term, are also taken into account.
ABHFL reviews its interest rates from time to time and decides whether or not to change them based on market conditions and the cost of funds for the company.
This means that interest rates can change at any time, but ABHFL is committed to providing its customers with competitive interest rates and terms. Borrowers are advised to check the ABHFL website regularly for updates on interest rates.
ABHFL will determine your home loan eligibility based on your repayment capacity and the value of the property you are purchasing. Your repayment capacity is assessed based on the following factors:
- Income: ABHFL will consider the income of all applicants, as well as any other sources of income, such as rental income or investment income.
- Age: ABHFL will also consider the age of the primary applicant. Borrowers must be at least 21 years old and cannot be older than 70 years old at the time of loan maturity.
- Existing debt obligations:ABHFL will also consider your existing debt obligations, such as EMIs on other loans or credit cards.
- Employment: ABHFL will also consider the stability and continuity of your employment. Borrowers must have a steady income and be able to demonstrate their ability to repay the loan.
Once ABHFL has assessed your repayment capacity, it will determine the maximum loan amount that you are eligible for. The maximum loan amount is typically capped at 90% of the property value.
The following self-attested documents are required for home loan approval:
For Salaried Individuals:
- Proof of identity and address: Passport, voter ID card, driving licence, job card issued by NREGA, Aadhaar card, registration certificate, PAN card (PAN card only as identity proof), or any other document acceptable to ABHFL.
- Proof of income: Latest 3 months salary slip showing all deductions and Form 16.
- Bank statement where salary or income is credited: Latest 6 months.
- Proof of other income: Rental receipts or documents showing receipt of income.
- Property documents: Copy of title documents and approved sanction plan.
For Self-employed / Professional / Partnership / Company:
- Proof of identity and address: Passport, voter ID card, driving licence, Aadhaar card, registration certificate, PAN card (PAN card only as identity proof), or any other document acceptable to ABHFL.
- Proof of income: IT returns or financial documents for the last 2 years and income computation certified by a chartered accountant for the last 2 years.
- Bank statement where income is credited: Latest 6 months.
- Proof of other income: Rental receipts or documents showing receipt of income.
- Property documents: Copy of title documents and approved sanction plan.
- ABHFL may request additional documents to process your loan.
You will have to submit the documents when your assigned ABHFL representative reaches you for details to complete your home loan application.
ABHFL requires a mortgage on the property for which the loan is being taken. This means that you will need to pledge the property as collateral for the loan. The title of the property must be clear, marketable, and free from any encumbrances, as certified by an ABHFL-approved advocate. This is done to protect both your interests and ABHFL’s interests. In addition to the title search report, you will also be required to submit a valuation report. Additional security may be required if the aforementioned criteria are not met.
The maximum tenure for a home loan from ABHFL is 30 years. However, the tenure cannot exceed the borrower's retirement age or 60 years, whichever is earlier.
A top-up home loan is an additional loan that can be availed of over and above an existing home loan. It is typically taken by borrowers who have seen an increase in their income, a decrease in their outstanding balance on their existing home loan, or who have additional anticipated expenses. If the borrower wishes to increase the loan amount and take a cash out, they can do so by applying for a top-up loan.
Yes, you can apply for a top-up home loan even if you have refinanced your home loan with ABHFL. The eligible loan amount will be determined based on your current home loan eligibility, which is assessed using the following factors:
• Income of all applicants
• Age of the primary applicant
• Existing income or EMIs
• Stability and continuity of the primary applicant's occupation
To ensure your eligibility for a top-up home loan, it is recommended to consult with an ABHFL representative to discuss your specific circumstances.
To be eligible for a top-up home loan, you must generally meet the following criteria:
• Existing home loan with ABHFL: You must hold an existing home loan with ABHFL to qualify for a top-up home loan. This ensures that the lender has a comprehensive understanding of your financial situation and repayment capacity.
• Good credit history: A strong credit history demonstrates your ability to manage debt responsibly and makes you a less risky borrower for the lender. A good credit score typically ranges from 700 to 850.
• Steady income: A stable and consistent income stream is crucial for ensuring that you can make the monthly repayments on your top-up home loan. This ensures that your loan is not unduly burdensome on your finances.
• Sufficient property value: The value of your property acts as collateral for the top-up home loan. The lender will evaluate the market value of your property to assess its ability to support the additional loan amount. The top-up loan amount is typically capped at 70–80% of the property's value.
• Loan-to-Value (LTV): LTV represents the ratio of your outstanding home loan amount to the property's market value. A lower LTV indicates a higher equity portion, which may be favourable for top-up loan approval.
Top-up home loans typically offer lower interest rates and longer repayment terms than personal loans. This is because the lender has more security as the loan is secured against your property. Also, lower interest rates translate to lower monthly repayments, making the loan more manageable for you. Additionally, top-up loans are secured by your home, which means that you may qualify for a higher loan amount than you would with a personal loan.
The interest rate for a top-up home loan is typically determined based on several factors, including:
• Existing home loan interest rate: The interest rate on your existing home loan often serves as the base rate for the top-up loan. This ensures consistency in your overall interest rate and simplifies the repayment process.
• Credit history: Your credit history plays a significant role in determining the interest rate offered for your top-up loan. A strong credit history, typically reflected by a high credit score, indicates a lower risk to the lender and can lead to a lower interest rate. Conversely, a poor credit history may result in a higher interest rate.
• Loan-to-Value ratio (LTV): The LTV represents the ratio of your outstanding home loan balance to the current market value of your property. A lower LTV indicates that you have more equity in your property, making it less risky for the lender and potentially leading to a lower interest rate.
• Loan amount: The amount of the top-up loan you are applying for may also influence the interest rate. Larger loan amounts may attract slightly higher interest rates, while smaller top-ups may receive lower interest rates.
• Lender's interest rates: Different lenders have their own internal policies and risk assessment models, which can affect the interest rates they offer for top-up home loans. It is important to compare interest rates from multiple lenders to find the most competitive terms.
• Market conditions: Overall market conditions, such as prevailing interest rates and economic trends, can also influence the interest rates offered for top-up home loans. Interest rates may fluctuate over time, so it is advisable to check current rates before applying for a top-up loan.
In conclusion, the interest rate for a top-up home loan is typically the same as the interest rate on your existing home loan. However, it may be slightly higher, depending on your credit history and other factors.
Yes, ABHFL offers home loan balance transfers, which allow you to transfer your existing home loan from another lender to ABHFL. This can be beneficial if you are seeking a lower interest rate, more flexible repayment options, or access to additional financing. To apply for a home loan balance transfer, simply select the "refinance" option on the application form. You may also be eligible for an additional top-up loan.
Here are some tips to ensure a smooth and hassle-free balance transfer process:
• Start planning early. The earlier you start planning your balance transfer, the smoother the process will be. This will give you enough time to compare the offerings of different lenders and choose the best one for your needs.
• Gather all the required documents. Before you apply for a balance transfer loan, make sure that you have all the required documents in hand. This will help to expedite the processing of your application.
• Keep your lender updated. Keep your lender updated on your progress throughout the balance transfer process. This will help to avoid any delays or complications.
• Be patient. The balance transfer process can take some time, so it is important to be patient. However, if you follow the tips above, you can help to ensure that the process is as smooth and hassle-free as possible.
Here are some things that you should avoid doing when transferring your home loan:
• Don't rush into a decision. Take your time to compare the offerings of different lenders and choose the best one for your needs. Don't feel pressured to sign a loan agreement with the first lender that you talk to.
• Don't forget to read the fine print. Before you sign a loan agreement, be sure to read the fine print carefully. This will help you to understand all of the terms and conditions of the loan.
• Don't forget to factor in the costs. There may be some costs associated with transferring your home loan, such as processing fees and legal fees. Be sure to factor these costs into your decision.
• Don't forget to inform your existing lender. Once you have decided to transfer your home loan, be sure to inform your existing lender. They will need to release the title to your home to the new lender.
Pros of a balance transfer:
• Lower interest rate: You may be able to get a lower interest rate on your balance transfer loan, which can save you money on your monthly payments and overall interest costs.
• Better terms: Some lenders may offer better terms on balance transfer loans, such as a longer repayment period, lower processing fees, or waivers on certain charges.
• Top-up loan: You may be able to get a top-up loan with your balance transfer loan, which can help you finance home improvement or other expenses.
Cons of a balance transfer:
• Fees: There may be fees associated with a balance transfer, such as processing fees, documentation charges, and stamp duty charges.
• Prepayment penalty: If you have a prepayment penalty on your existing home loan, you may have to pay it when you transfer your loan.
• Risk of rejection: There is a risk that your balance transfer loan application could be rejected. This could happen if you do not meet the lender's eligibility criteria or if you have a poor credit score.
There are no direct tax implications of a home loan balance transfer. However, the interest that you pay on your home loan is tax deductible under Section 24(b) of the Income Tax Act, 1961. This means that you can deduct the interest that you pay on your home loan from your taxable income, which can reduce your tax liability. The maximum amount of interest that you can claim as a tax deduction is ₹ 2 lakhs per financial year.