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1800-270-7000
Aditya Birla Housing Finance Limited
ABC Solutions
About the Loan
About ABHFL Pragati Home Loan
Pragati Home Loan simplifies the path to homeownership with easy eligibility and minimal paperwork. Our loan offers a seamless financing solution to help you achieve your housing aspirations without hassle.
Used for:
- Purchase from builders – Buy a newly constructed or under-construction property directly from developers.
- Resale properties – Finance the purchase of a pre-owned home in your preferred location.
- Home construction & extension – Build a new home on your plot or expand your existing house.
- Home improvement – Renovate or upgrade your home with necessary repairs and enhancements.
- Balance transfer – Transfer your existing home loan from another lender for better interest rates and repayment terms.
Why Choose ABHFL Pragati Home Loan?
Key Benefits of Pragati Home Loan:
- High Loan Amounts – Get financing between ₹5 lakhs to ₹1 crore to meet your home-buying needs.
- Flexible Repayment Tenure – Choose a repayment plan of up to 30 years for comfortable EMIs.
- Loan-to-Value Ratio – Finance up to 90% of your property’s market value, reducing upfront costs.
- Diverse Eligibility Options – Available for salaried (min. ₹7,000/month) and self-employed (min. ₹1 lakh/annum) individuals, even without ITR.
Additional Advantages:
- Minimal Documentation – Simple KYC, income proof, and property papers required for quick processing.
- Collateral Flexibility – Avail loans against various collaterals with multiple eligibility options.
- Transparent Processing – No hidden charges, ensuring a seamless borrowing experience.
- Dedicated Support – Expert assistance at every step of your loan journey.
Pragati Home Loan Eligibility Criteria
Meeting the eligibility requirements ensures a hassle-free loan application process.
General Criteria:
- Nationality: Indian citizens
- Age: Minimum 21 years for salaried, 25 years for self-employed; maximum 60 years for salaried, 7065 years for self-employed
- Income: Minimum monthly income of ₹7,000 for salaried, annual income of ₹1 lakh for self-employed
- Credit Score: 675 & above or NTC (New-to-Credit) applicants eligible
Specific Criteria:
| Criteria | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Employment | Minimum 3 years of continuous service | Minimum 3 years in business/profession |
| Income Proof | Latest 3 months' salary slips & bank statements | Last 2 years' ITR & financial statements |
Note: Fulfilling the eligibility criteria does not guarantee loan approval. Final approval depends on multiple factors, including credit history and property evaluation.
Step-by-Step Guide: How to Apply for a Home Loan?
Owning your dream home is now easier than ever with a quick, transparent, and efficient loan process designed to suit your needs.
Step 1: Check Eligibility
Assess your loan qualification based on income, credit score, and property value.
Step 2: Gather Required Documents
Prepare essential documents, including KYC, address proof, income proof, and property-related papers for a smooth application process.
Step 3: Submit Your Application
Fill out the online application form with accurate personal and financial details.
Step 4: Document Verification
Our team will review your submitted documents and may request additional details if required.
Step 5: Loan Offer & Acceptance
Once verification is complete, receive a loan offer detailing the approved amount, interest rate, and terms. Review and accept the offer to proceed.
Step 6: Property Evaluation
A thorough assessment of the property will be conducted to ensure it meets lending criteria.
Step 7: Loan Disbursement
After successful verification and property evaluation, the loan amount will be disbursed as per the agreed terms.
Estimated Processing Time: The entire process typically takes 5 to 10 working days, subject to timely document submission and property evaluation.
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Product Leaflet
- Download
Documents Required for Home Loan
Ensuring you have the necessary documents ready will make the loan approval process quick and hassle-free.
Personal Documents:
- KYC Documents – Aadhaar Card, PAN Card, Passport, Voter ID
- Address Proof – Utility bills (not older than 3 months), Aadhaar, Rent Agreement, Passport
- Identity Proof – PAN Card, Voter ID, Aadhaar
Financial Documents:
For Salaried Individuals:
- Last 3 months' salary slips
- Bank statements for the past 6 months
- Latest Form 16 or Income Tax Returns
For Self-Employed Individuals:
- Income Tax Returns for the last 2 years
- Audited financial statements (if applicable)
- Office address proof
- Bank statements for the past 6 months
Property Documents:
- Copy of Property Papers (Sale Agreement, Title Deed, or Allotment Letter)
- Approved Building Plan (if applicable)
- Encumbrance Certificate (if required)
- No Objection Certificate (NOC) from the builder/society (if needed)
- CTA: Upload Your Documents & Apply Now
Common Documentation Mistakes to Avoid
- Incomplete KYC Documents – Ensure all identity and address proofs are submitted and updated.
- Incorrect or Mismatched Information – Name, date of birth, and other details should match across all documents.
- Outdated Utility Bills – Address proof documents should be no older than 3 months.
- Insufficient Income Proof – Provide salary slips, bank statements, and ITRs as required to confirm financial stability.
- Missing Property Papers – Sale deed, title deed, and approved building plan must be provided for verification.
- Unclear or Illegible Copies – All scanned or photocopied documents should be clear and readable.
- Failure to Provide Additional Documents – If requested, submit additional supporting documents without delay.
Interactive EMI & Affordability Calculators
For Salaried Individuals:
- Last 3 months' salary slips
- Bank statements for the past 6 months
- Latest Form 16 or Income Tax Returns
For Self-Employed Individuals:
- Income Tax Returns for the last 2 years
- Audited financial statements (if applicable)
- Office address proof
- Bank statements for the past 6 months
Property Documents:
- Copy of Property Papers (Sale Agreement, Title Deed, or Allotment Letter)
- Approved Building Plan (if applicable)
- Encumbrance Certificate (if required)
- No Objection Certificate (NOC) from the builder/society (if needed)
- CTA: Upload Your Documents & Apply Now
Common Documentation Mistakes to Avoid
- Incomplete KYC Documents – Ensure all identity and address proofs are submitted and updated.
- Incorrect or Mismatched Information – Name, date of birth, and other details should match across all documents.
- Outdated Utility Bills – Address proof documents should be no older than 3 months.
- Insufficient Income Proof – Provide salary slips, bank statements, and ITRs as required to confirm financial stability.
- Missing Property Papers – Sale deed, title deed, and approved building plan must be provided for verification.
- Unclear or Illegible Copies – All scanned or photocopied documents should be clear and readable.
- Failure to Provide Additional Documents – If requested, submit additional supporting documents without delay.
Interactive EMI & Affordability Calculators
Make informed financial decisions with Pragati Home Loan's interactive calculators, designed to help you plan your loan effectively.
- EMI Calculator – Estimate your monthly installment based on loan amount, interest rate, and tenure.
- Loan Affordability Calculator – Determine the maximum loan amount you can avail based on your income and expenses.
- Balance Transfer Calculator – Check potential savings when transferring an existing home loan to Pragati Home Loan.
Fees and Other Charges
Transactions & Charges
0.25% onwards of the loan amount plus applicable GST, may vary depending upon the risk profile of the customer.
1. Floating rate term loans sanctioned to individual borrowers, with or without co-borrowers(s):
- Other than business purpose – NIL
- Business Purpose – 4 % of principal outstanding.
2. Floating rate term loan sanctioned to non-individual borrowers: 4% of principal outstanding paid.
3. Fixed interest rate housing loan given to individual:
- Closure from own sources – NIL
Closure from other sources – 2% of principal outstanding
4. Fixed interest rate non-housing loans (LAP/LRD/CP/GPL/Top-up) given to Individual/Non-Individual borrowers (closed from own/other source): 4% of principal outstanding paid
Explanation:
In case of Semi-Fixed Loans (fixed for initial period and then floating), the Foreclosure/ Part payment norms will be applicable as per the status (fixed/floating) of the loans as on that particular day.
“Own sources” means any source other than by borrowing from a bank/ HFC/ NBFC and/or a financial institution.
“Fixed rate loan” means a loan where the Rate of Interest is fixed either for a particular period or for entire duration of the loan.
“Business purpose loan” shall mean:
- Loan against any property/ Top up loans availed for Business use such as working capital, business debt consolidation, repayment of business loans, expansion of business, acquisition of business asset.
- Loan for purchase/ renovation/ construction/ extension of Non-residential property.
- Lease Rental Discounting.
| Penal Charges: | |
|---|---|
| Late Payment Penalty | 12% p.a. above current applicable interest rate (aggregate not exceeding 24% p.a. plus GST as per applicable laws) |
| Non- submission of Critical Post Disbursement Documents like Title document / Security perfection documents / Mortgage Deed / charge creation with MCA (wherever applicable) or non-adherence to any terms and conditions, representations and covenants as defined in the loan agreement / sanction letter within the targeted date of submission. | Rs. 3000/- per month |
| Cheque bouncing charges/NACH failure charges/Bounce charges | Rs 750/- per instance |
| Non-submission of revised NACH / ECS Debit Mandate registration wherever existing mandate is invalid / inactive / bank account closed or frozen / other technical issue for a period of 30 days | Rs. 1000/- per month in case of secured loans |
Rs 750/- per instance per loan account
As applicable based on actual delayed status or as communicated by the lender from time to time
CERSAI charges (You may visit the website of CERSAI for all such charges at www.cersai.org.in)
When facility amount is equal to ₹.5 lacs or lesser – ₹.50 per propertyWhen facility amount is greater than ₹5 lacs – ₹100 per property
₹1,000/- per instance
₹750/- per instance
₹200/- per instance
₹750/- per instance
₹50/- per instance for Consumer and ₹500/- for Commercial CIBIL
0.5% of principal outstanding plus applicable GST
0.25% + GST on principal outstanding, capped at 7500 /- per instance
Rs 500/- per instance
2% of principal outstanding plus applicable GST
As per actual, where applicable
Disclaimer:Above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and would be subject to changes from time to time.
Home Loan FAQs
A home loan is a type of a secured loan that is availed by a user from financial institutions to purchase a house. A house loan is repaid by paying regular equated monthly installments (EMI) which includes of a part of the principal taken as a loan and the interest accrued.
You can apply for our housing loans through various options:
- Download the home loan application form from our website
- Submit the duly filled form to your nearest branch
- Pay home loan processing fee
- Get home loan approval
Aditya Birla Housing Finance provides home loans starting at an interest of 8% p.a. It offers home loan tenure as long as 30 years and maximum loan can be up to 90% of property's cost.
There is no minimum amount of housing loan. The minimum amount is subject to changes as per internal policies and guidelines of ABHFL.
As per sections 80C, 24(b) and 80EEA of the Income Tax Act, you are eligible to receive tax benefits on repayment of home loan principal and interest of your home Loan. Please consult your tax advisor for details.
Given below are some of the crucial factors that determine your home loan eligibility:
- Income of all applicants.
- Age of the primary applicant
- Other income, existing EMIs
- Stability and continuity of the primary applicant's occupation
- Repayment Capacity
- Credit Score
Yes, based on your income eligibility, we can offer you PNI (Property Not Identified) Sanction Letter for your home loan. You can identify the property you need to buy based on this document. The final sanction of your home loan will be based on the assessment of the identified property. However, if the property is under construction, kindly speak to your assigned sales manager for acceptability.
ABHFL’s home loan application procedure is simple. Given below is a guide to home loan application process-
- Step 1: Home Loan Application
- Step 2: Loan Document Submission
- Step 3: Legal & Technical Verification
- Step 4: Home Loan Approval
- Step 5: Home Loan Sanction
- Step 6: Home Loan Disbursement
The following types of home loans are provided in India by Housing Finance Institutions:
1. Home Construction Loan
2. Home Loan for Plot Purchase and Construction
3. Home Extension Loan
4. Home Renovation Loan
5. Construction Finance
6. Loan Against Property
1. Home Construction Loan
2. Home Loan for Plot Purchase and Construction
3. Home Extension Loan
4. Home Renovation Loan
5. Construction Finance
6. Loan Against Property
ABHFL offers home loan tenure as long as 30 years and maximum loan can be up to 90% of property's cost.
Housing loans are processed within 15 working days of completing the documentation as required by ABHFL.
All the co-owners of the residential property can be co-applicants to the housing loan.
You may prepay your housing loan before your home loan tenure is completed. Please note that there may be some prepayment charges on home.
No. You don’t require a guarantor for your housing loan. You will need a home loan guarantor in specific situations given below:
- If the primary applicant has a weak financial position
- If the applicant wants to borrow a housing loan which is more than his eligibility
- If the applicant is earning less than the required minimum income
A home loan provisional certificate is your home loan account given by your lender. Home loan provisional statement is a summary of the principal amount and interest repaid by you towards your house loan for the given financial year.
Taking Home loan insurance is not compulsory. It is however suggested that you may take insurance to protect yourself against any unexpected circumstances.
