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1800-270-7000
Aditya Birla Housing Finance Limited
ABC Solutions
About the Loan
About ABHFL Pragati Aashiyana Home Loan
The Pragati Aashiyana Home Loan is crafted to make the path to homeownership seamless and accessible. Offering flexible solutions, this loan is designed to cater to your unique needs, helping you achieve your dream of owning a home.
Uses:
- ● Purchase of ready-built or under-construction residential properties
- ● Self-construction of a home on your own land
- ● Home improvement, renovation, or extension
Why Choose ABHFL Prime Home Loan?
Key Benefits:
● Loan Tenure: Choose a flexible loan tenure of up to 240 months to suit your financial needs.● Loan Amount: Avail loans ranging from ₹5 lakh to ₹50 lakh to finance your dream home.
● Minimal Documentation: Enjoy a simplified loan process with minimal documentation for easy approval.
● High Loan-to-Value (LTV): Secure up to 80% LTV to maximize your loan amount relative to the property value.
Additional Advantages
● Instant Digital Onboarding: Quick, seamless online application with fast approvals.● Flexible Repayment Plans: Repay your loan at your convenience with manageable EMIs.
● Balance Transfer Facility: Transfer your existing home loan to Pragati Aashiyana for better terms and extra top-up options.
● Transparent Processing: No hidden charges, ensuring complete clarity throughout the process.
● Dedicated Support: Professional assistance at every step of your loan journey.
Home Loan Eligibility Criteria
To ensure a seamless application process for the Pragati Aashiyana Home Loan, make sure you meet the following eligibility criteria:
General Criteria:
● Nationality: Indian citizens and NRIs● Age:
○ Salaried Individuals: 25 to 60 years
○ Self-Employed Non-Professional (SENP): 25 to 65 years
● Credit Score: A good credit history with a score of 650 or above
Note: Meeting these criteria does not guarantee loan approval. Final eligibility will be based on factors like credit history, property evaluation, and more.
Step-by-Step Guide: How to Apply for a Home Loan?
Taking the first step toward your dream home is easier than you think. Follow these straightforward steps to apply for the Pragati Aashiyana Home Loan:
Aashiyana Home Loan:
1. Check Your EligibilityStart by using our eligibility calculator to quickly determine if you qualify for the loan based on your income, credit score, and other factors.
2. Gather the Necessary Documents
Prepare the required documents, including your identity and address proof, income details, and property-related papers.
3. Complete the Application
Fill out the online application form with accurate information about your personal and financial details to kickstart the process.
4. Verification of Documents
Our team will verify the documents you’ve submitted. If anything, additional is needed, we will reach out for clarification.
5. Review & Accept the Loan Offer
Once everything is verified, you’ll receive an official loan offer with details on the amount, interest rate, and repayment terms. Review the offer carefully and confirm your acceptance.
6. Property Evaluation
We will carry out a thorough evaluation of the property you wish to purchase, ensuring it aligns with our lending criteria.
7. Disbursement of Loan
After successful evaluation, your loan will be disbursed as per the agreed terms and conditions.
Estimated Timeline: The loan application process typically takes around 5 to 10 working days, depending on the timely submission of documents and successful property evaluation.
Documents Required for Home Loan
Having the right documents ready ensures a smooth loan approval process.
Personal Documents
📌 KYC Documents: ● Salaried: Aadhar Card, PAN Card, Passport, Voter ID● Self-Employed Professional / Self-Employed Non-Professional: Aadhar Card, PAN Card, and Business-related documents
● Self-Employed Non-Professional with Temporary Set-up: Municipal Corporation License or any local competent authority certificate
● Cash Salaried: Aadhar Card, PAN Card, Passport, Voter ID
Financial Documents
For Salaried Individuals:
✔ Last 3 months' salary slips
For Self-Employed Individuals:
✔ Income Tax Returns (ITR) for the last 2 years
✔ Financial statements for the last 2 years
For Self-Employed Non-Professional with Temporary Set-up:
✔ Wallet transaction statement from apps like Paytm, PhonePe, Google Pay, etc.
For Cash Salaried:
✔ Latest Salary Certificate
Bank Statements
✔ Last 6 months of bank statements for all applicants
Property Documents
✔ Copy of Property Documents: Includes sale agreements, title deeds, and property-related documents
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Product Leaflet
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Pragati Aashiyana Home Loan Questions
A home loan is a secured loan provided by financial institutions to assist individuals in purchasing, constructing, renovating, or expanding a residential property. The loan is repaid through Equated Monthly Installments (EMIs) over a fixed tenure.
Pragati Aashiyana Home Loan offers a variety of options, including:
● Home Purchase Loan – For buying a ready-built or under-construction property.
● Home Construction Loan – For constructing a home on your own land.
● Home Extension Loan – To add extra rooms or expand your existing property.
● Home Renovation Loan – For upgrading interiors, plumbing, or electrical work.
● Balance Transfer Loan – To transfer an existing home loan from another lender to Pragati Aashiyana.
● Top-up Loan – Additional funding over your current home loan for personal or home-related expenses.
Yes, you can apply for a joint home loan with your spouse, parents, children, or siblings. Adding a co-applicant increases your loan eligibility.
The loan tenure can extend up to 30 years, depending on your eligibility and repayment
To be eligible for a Pragati Aashiyana Home Loan, you must meet the following criteria:
● Age: Between 25 to 60 years for salaried individuals and 25 to 65 years for self-employed individuals.
● CIBIL Score: A good credit score of 650+ is preferred for better loan terms and interest rates.
● Residential Status: You should have a permanent residential space.
You can avail of a loan amount ranging from ₹5 lakh to ₹50 lakh depending on your eligibility, income, credit score, and the value of the property.
The loan amount is determined based on:
● Your income and repayment capacity
● Credit score
● Property value
● Loan-to-Value (LTV) ratio, which can be up to 80% of the property value.
Yes, you can apply for a top-up loan or a balance transfer loan if your financial situation improves, and you meet the eligibility requirements. This allows you to borrow additional funds on your existing home loan.
Pragati Aashiyana Home Loan offers both semi-fixed and floating interest rates. You can choose the type of rate based on your preference for predictable repayments (fixed) or flexibility with market changes (floating).
The interest rate for your Pragati Aashiyana Home Loan is determined by factors like:
● Your credit score ● Income stability ● The loan amount and tenure ● The type of interest rate (fixed or floating)
The repayment tenure for a Pragati Aashiyana Home Loan can go up to 20 years, depending on your eligibility and the loan amount.
Once your loan is approved, the interest rate type cannot be changed. If you wish to explore other options, you may check the policies and offerings of your lender.
For floating-rate loans, there are no prepayment or foreclosure charges for individuals.
For the Pragati Aashiyana Home Loan application, you will need the following documents:
● KYC Documents: Aadhar Card, PAN Card, Passport, Voter ID
● Income Proof: Last 3 months’ salary slips (for salaried individuals) or ITR for the last 2 years (for self-employed individuals)
● Bank Statements: Last 6 months' bank statements
● Property Documents: Sale agreement, title deeds, approved building plan, encumbrance certificate, and NOC (if required)
● Other case-specific documents may be requested depending on your situation.
The processing time for a Pragati Aashiyana Home Loan typically takes 5 to 10 working days, depending on the completeness of your documentation and the time required for property evaluation.
Yes, there is a processing fee associated with the Pragati Aashiyana Home Loan. The fee is typically a percentage of the loan amount, and the exact amount will be shared with you during the application process.
A home loan balance transfer allows you to transfer your existing home loan from another lender to Pragati Aashiyana Home Loan. This is beneficial if you want to take advantage of lower interest rates, better repayment terms, or additional loan options.
A top-up loan allows you to borrow additional funds over your existing home loan, providing extra financing for purposes like home improvement, personal expenses, or education. The additional loan amount is added to your current home loan and repaid together with your existing EMIs.
Yes, transferring your home loan to Pragati Aashiyana Home Loan offers several benefits:
● Lower interest rates compared to your existing loan
● Flexible repayment options
● Top-up loan options for additional financing needs
● Streamlined documentation and processing
Under Section 80C of the Income Tax Act, you can claim a deduction of up to ₹1.5 lakh on principal repayment of your home loan. Additionally, under Section 24(b), you can claim a deduction of up to ₹2 lakh on the interest paid on your home loan for a self-occupied property.
Yes, you can claim tax benefits for interest payments on loans for a second property as well. The interest on a loan for a second home is eligible for a deduction under Section 24(b), and there is no upper limit for the amount, provided the property is not rented out.
Once your Pragati Aashiyana Home Loan is approved, the loan amount is typically disbursed in installments. The first disbursement occurs after all documents are verified, and the remaining amount is disbursed based on property construction milestones or as per the agreement.
To initiate the loan disbursement, the following property-related documents are required:
● Sale Agreement or Allotment Letter
● Title Deed of the property
● Approved Building Plan (if applicable)
● Encumbrance Certificate
● No Objection Certificate (NOC) from the builder or society (if applicable)
To be eligible for a Pragati Aashiyana Home Loan, the property must be:
● A residential property (ready-built, under-construction, or self-constructed) ● Located in an approved area (as per our lending guidelines) ● Legally valid with clear titles and ownership
