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1800-270-7000
Aditya Birla Housing Finance Limited
ABC Solutions
About the Loan
About ABHFL Pragati Plus Home Loan
ABHFL Pragati Plus Home Loan is tailored for self-employed individuals and high-earning professionals looking to buy premium homes. With flexible eligibility, higher loan amounts, and customized repayment options, it simplifies home financing for ambitious homeowners.
Used for:
- Purchase of premium ready-built or under-construction residential properties
- Self-construction of a high-value residential unit on owned land
- Home improvement, renovation, or extension
- Balance transfer of existing home loans from other financial institutions
Why Choose ABHFL Pragati Plus Home Loan?
Key Benefits of Pragati Plus Home Loan
- High Loan Amounts: Get a loan ranging from ₹5 lakh to ₹1.5 crore for your dream home.
- Flexible Repayment Tenure: Choose a tenure of up to 20 years for Self-Employed & 30 years for Salaried to fit your financial plans.
- Loan-to-Value up to 80% : Finance a significant portion of your property’s market value.
- Wide Collateral Options: Avail a loan against a variety of property types.
- Flexible Eligibility Solutions: Designed to support self-employed individuals and high-earning professionals.
Eligibility Criteria for Pragati Plus Home Loan
To make the home loan process seamless, certain eligibility criteria must be met
- Nationality: Available for Indian citizens
- Age Requirement: 25 to 7065 years (for self-employed individuals and salaried)
- Minimum Income: ₹3 lakh per annum and ₹25,000 per month (for self-employed applicants and salaried)
- Credit Score: 700 or above (or considered for New to Credit applicants)
- Loan Tenure: Flexible repayment period ranging from 12 to 240 months for self-employed & 360 months for Salaried
- Loan Amount: Get financing up to ₹1.5 crore based on eligibility
Final loan approval is subject to factors like credit history, income stability, and property assessment.
Step-by-Step Guide: How to Apply for Pragati Plus Home Loan?
Applying for a home loan with ABHFL is a simple and hassle-free process. Follow these steps to get started
- Check Your Eligibility: Use our online calculator to see if you qualify.
- Gather Documents: Keep identity proof, address proof, income statements, and property documents ready.
- Submit Your Application: Fill out the online form with accurate details.
- Verification Process: Our team will review your documents and may request additional information.
- Loan Offer & Acceptance: Receive a loan offer with details on the sanctioned amount, interest rate, and terms. Review and accept the offer.
- Property Assessment: The property will be evaluated to ensure it meets lending requirements.
- Loan Disbursement: Once all checks are complete, the approved loan amount will be disbursed.
Essential Documents for Pragati Plus Home Loan
To process your loan application smoothly, ensure you have the following documents ready:
Personal & KYC Documents:
- Identity & Address Proof – Aadhaar Card, PAN Card, Passport, Voter ID
- Utility Bills – Latest (not older than 3 months)
- PAN Card – Mandatory for verification
Financial & Income Documents:
- Salaried Applicants: Last 3 months’ salary slips and 6 months’ bank statements
- Self-Employed Applicants: Last 2 years’ ITRs, financial statements, and 6 months’ bank statements
- Office Address Proof – Required for self-employed individuals
Property Documents:
- Copy of Property Papers – Sale Agreement, Title Deed
- Approved Building Plan – If applicable
Quick Summary of Documentation Requirements in Table Format
Here is the Documents Required for ABHFL Pragati Plus Home Loan in a tabular format:
| Document Type | Salaried Applicants | Self-Employed Applicants |
|---|---|---|
| KYC Documents (Identity & Address Proof) | Yes | Yes |
| Utility Bills (Not older than 3 months) | Yes | N/A |
| PAN Card | Yes | Yes |
| Office Address Proof | N/A | Yes |
| Last 3 Months’ Salary Slips | Yes | |
| Bank Statements (Last 6 Months) | Yes | Yes |
| Income Tax Returns & Financial Statements (Last 2 Years) | N/A | Yes |
| Copy of Property Papers | Yes | Yes |
| Income Proof | Yes | Yes |
Common Documentation Mistakes to Avoid
- Incomplete KYC Documents: Missing identity or address proof can delay the process. Ensure Aadhaar, PAN, and utility bills are valid and up to date.
- Incorrect or Mismatched Information: Discrepancies in name, address, or date of birth across documents can lead to rejection.
- Unreadable or Expired Documents: Submitting unclear, outdated, or expired documents may result in re-submission requests.
- Missing Income Proof: Self-employed individuals must provide tax returns, profit & loss statements, and bank statements to verify income stability.
- Unsigned or Improperly Filled Forms: Incomplete application forms or missing signatures can slow down processing.
- Lack of Encumbrance Certificate (EC): This certificate ensures the property is free from legal disputes—missing it may raise red flags.
- Absence of Property-Related NOCs: If required, missing No Objection Certificates (NOC) from builders, societies, or authorities can cause delays.
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.
Pragati Plus Home Loan Questions
Lenders determine home loan eligibility based on income, employment status, credit score, age, existing liabilities, and property value. Pragati Plus Home Loan offers flexible eligibility criteria, especially for self-employed professionals and business owners.
A fixed interest rate remains unchanged throughout the loan tenure, ensuring predictable EMIs. A floating interest rate fluctuates based on market conditions, which may lower or increase your EMI over time. Pragati Plus Home Loan provides options to choose between both, depending on your financial preference.
Yes, home loan borrowers can claim tax benefits under Section 80C on the principal repayment (up to INR 1.5 lakh per year) and under Section 24(b) on interest paid (up to INR 2 lakh per year). These benefits apply to both salaried and self-employed applicants.
The processing time varies based on document verification and property evaluation. Generally, it takes 5-10 working days for salaried professionals and 10-15 working days for self-employed applicants. Pragati Plus Home Loan ensures a quick and hassle-free approval process.
Pragati Plus Home Loan is designed for self-employed individuals, business owners, and high-earning professionals. Eligibility is based on income stability, business vintage, credit score, and property value. Salaried professionals can also apply if they meet the required financial criteria.
The loan amount depends on the applicant’s income, repayment capacity, and property valuation. Generally, home loans start from INR 5 lakh and can go up to several crores, based on eligibility. Pragati Plus Home Loan offers higher loan amounts tailored for self-employed professionals with strong financials.
For self-employed individuals, the loan amount is determined based on business income, profit margins, bank statements, and ITR filings for the l ast 2-3 years. The financial track record and property valuation play a crucial role in loan approval
Yes, you can apply for a joint home loan with a spouse, parents, siblings, or business partner. Adding a co-applicant with a strong income profile can improve loan eligibility and help secure a higher loan amount.
Pragati Plus Home Loan comes with a floating interest rate. This means the interest rate may vary based on market conditions, which can lead to changes in your EMI over time — giving you the potential to benefit when rates go down.
The interest rate depends on factors such as the applicant’s credit score, income stability, business vintage (for self-employed), loan amount, and repayment tenure. Applicants with strong financial credentials may qualify for lower interest rates.
Pragati Plus Home Loan provides flexible repayment options, including EMI-based repayment, step-up EMIs (lower EMIs initially, increasing later), and part-prepayment facilities. Borrowers can also opt for balance transfer to reduce their loan burden.
Yes, you can prepay your home loan either partially or in full. For floating-rate loans, there are no prepayment charges, while fixed-rate loans may have a nominal prepayment fee as per the lender’s terms.
The process includes filling out the application form, submitting required documents, property verification, loan approval, and disbursement. Self-employed applicants may need to provide additional business-related documents.
The processing time typically ranges between 5-10 working days for salaried applicants and 10-15 working days for self-employed individuals, depending on document verification and property evaluation.
Applicants must provide KYC documents (Aadhaar, PAN, Passport), income proof (salary slips, ITR, business financials), property documents (sale deed, EC, approved building plan), and bank statements (last 6-12 months).
Yes, lenders require original property documents such as the Sale Deed, Encumbrance Certificate, and Approved Building Plan as collateral until the loan is fully repaid. These documents are safely stored and returned upon loan closure.
A home loan balance transfer allows you to shift your existing home loan from another lender to Pragati Plus Home Loan for a lower interest rate, better repayment terms, or additional top-up financing. This helps in reducing overall EMI burden and interest costs.
Yes, when transferring your home loan, you can apply for a top-up loan, which provides additional funds for home renovation, furnishing, or personal financial needs. The top-up loan amount depends on the property value and outstanding loan balance.
Key documents include the existing loan sanction letter, outstanding loan statement, repayment track record (last 12 months' EMI payments), property documents, and KYC details. These help the lender assess the transfer eligibility and approve the new loan.
Missing an EMI can result in late payment penalties, an impact on your credit score, and additional interest charges. If the default continues, legal action may be taken, including property foreclosure in extreme cases.
Some lenders offer a grace period or restructuring options in case of financial difficulties. It’s advisable to inform the lender in advance to discuss possible solutions like EMI deferment or tenure extension.
If multiple EMIs are missed, the lender may issue a legal notice and eventually initiate the loan recovery process, which can include auctioning the property if repayment is not settled within the notice period.
Yes, borrowers struggling with repayments can request loan restructuring, which may involve reducing EMIs, extending the loan tenure, or converting a portion of the outstanding amount into a new loan. Approval depends on the lender’s policy and the borrower’s repayment history.
To avoid default, ensure timely EMI payments, maintain an emergency fund, opt for auto-debit payments, and keep track of finances. If financial trouble arises, communicate with the lender early to explore repayment alternatives.
The loan amount is disbursed after document verification, loan approval, and property evaluation. For under-construction properties, disbursement happens in phases based on construction progress, while for ready-to-move homes, it is done in a single transaction.
Eligible properties include ready-to-move-in homes, under-construction properties, self-constructed homes on owned land, and resale properties. The property must have clear legal titles, approved building plans, and necessary government approvals.
Yes, a home loan can be availed for jointly owned properties, provided all co-owners are co-applicants in the loan. Eligibility is assessed based on the income and credit profile of all applicants.
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