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1800-270-7000
Aditya Birla Housing Finance Limited
ABC Solutions
About the Loan
About ABHFL Prime Home Loan
ABHFL Prime Home Loan is designed to make homeownership a hassle-free process. Our loan offers flexible solutions to meet your needs and elevate your home ownership experience.
- Purchase of ready-built or under-construction residential property
- Self-construction of a residential unit on owned land
- Home improvement, renovation, or extension
- Balance transfer of existing home loans from other financial institutions
- Plot purchase and construction
Why Choose ABHFL Prime Home Loan?
Key Benefits:
- Instant Digital Onboarding: Seamless online application process with quick approvals.
- Flexible Repayment Tenure: Customize your loan tenure up to 30 years to suit your financial goals.
- High Loan Amounts: Finance substantial property purchases with loans up to ₹10 crore.
- Affordable EMIs: Structured repayment plans to ensure manageable monthly installments.
- Balance Transfer Facility: Transfer your existing home loan to ABHFL for better terms and additional top-up funds.
Additional Advantages:
- Minimal Documentation: Streamlined process requiring basic documents for verification.
- Transparent Processing: No hidden charges, ensuring a trustworthy lending experience.
- Dedicated Support: Professional guidance throughout the loan process to assist you at every step.
Why Choose ABHFL Prime Home Loan?
Ensuring you meet the eligibility criteria helps in a smoother application process.
General Criteria:
- Nationality: Indian citizens and NRIs
- Age: 21 to 60 years for salaried individuals; 25 to 65 years for self-employed individuals
- Income: Minimum annual income of ₹3 lakh
- Credit Score: A good credit history with a score of 700 or above is preferred
Specific Criteria::
Criteria
Salaried Individuals
Self-Employed Individuals
Employment
Minimum 2 years of continuous service
Minimum 3 years in current business/profession
Income Proof
Latest 3 months' salary slips and Form 16
Last 3 years' Income Tax Returns and financial statements
Property
Property should be within approved locations
Property should be within approved locations
Note: Meeting these criteria does not guarantee loan approval. Final eligibility is determined based on various factors, including credit history and property evaluation.
Step-by-Step Guide: How to Apply for a Home Loan?
Embarking on your home loan journey with ABHFL is straightforward:
1. Check Eligibility:
- Use our online eligibility calculator to assess your loan qualification.
2. Prepare Documentation:
- Gather necessary documents such as identity proof, address proof, income proof, and property-related documents.
3. Application Submission:
- Fill out the online application form with accurate personal and financial details.
4. Document Verification:
- Our team will review your submitted documents and may request additional information if necessary.
5. Loan Offer & Acceptance:
- Upon successful verification, receive a loan offer detailing the sanctioned amount, interest rate, and terms. Review and accept the offer.
6. Property Evaluation:
- An assessment of the property to be financed will be conducted to ensure it meets our lending criteria.
7. Loan Disbursement:
- Post verification and property evaluation, the loan amount will be disbursed as per the agreed terms.
Estimated Timeline: The entire process typically takes between 5 to 10 working days, subject to prompt submission of required documents and satisfactory property evaluation.
Documents Required for Home Loan
Having the right documents ready ensures a seamless approval process.
Personal Documents:
- Identity Proof – Aadhaar Card, PAN Card, Passport, Voter ID
- Address Proof – Utility Bills (not older than 3 months), Passport, Aadhaar, Rent Agreement
- Passport-size Photographs
Financial Documents:
For Salaried Individuals:
- Last 3 months' salary slips
- Latest Form 16 or Income Tax Returns
- Bank statements for the past 6 months
For Self-Employed Individuals:
- Income Tax Returns for the last 3 years
- Audited financial statements (Profit & Loss Statement, Balance Sheet)
- Business Registration Certificate (if applicable)
- Bank statements for the past 12 months
Property Documents:
- Sale Agreement or Allotment Letter
- Title Deeds of the property
- Approved Building Plan (if applicable)
- Encumbrance Certificate
- No Objection Certificate (NOC) from builder/society (if required)
General Home Loan Questions
A home loan is a secured loan offered by financial institutions to help individuals buy, construct, renovate, or extend a residential property. The loan amount is repaid in Equated Monthly Installments (EMIs) over a fixed tenure
ABHFL offers various home loan options, including:
- Home Purchase Loan – For buying a ready-built or under-construction house/apartment.
- Home Construction Loan – For building a house on owned land.
- Home Extension Loan – For adding extra rooms or expanding the property.
- Home Renovation Loan – For upgrading interiors, plumbing, or electrical work.
- Balance Transfer Loan – For transferring an existing home loan from another lender to ABHFL.
- Top-up Loan – Additional loan over an existing home loan for personal/home-related expenses.
Yes, you can apply for a joint home loan with your spouse, parents, children, or siblings. A co-applicant enhances loan eligibility.
The tenure can go up to 30 years, depending on the applicant’s eligibility and repayment capacity.
Your eligibility is based on:
- Income & Employment Type – Higher income means a higher loan amount.
- Credit Score – A score above 700+ improves loan eligibility.
- Age – Younger applicants get a longer tenure.
- Existing Liabilities – If you have existing loans, your loan amount may be affected.
- Property Value & LTV Ratio – The Loan-to-Value (LTV) ratio determines the maximum amount you can borrow.
You can apply for a loan starting from ₹5 lakh to ₹10 crore, depending on your income and property value.
Yes, you may still be eligible. However, a lower credit score may result in a higher interest rate or additional requirements like a co-applicant or guarantor.
Yes. Employees of reputed organizations, government employees, and PSU employees may get preferential loan terms.
- Fixed Rate: Your EMI remains constant throughout the loan tenure.
- Floating Rate: The interest rate changes based on market conditions, affecting your EMI.
Yes, ABHFL allows you to switch between fixed and floating rates, subject to certain charges.
If you have a floating rate loan, your EMI or loan tenure may change. If you have a fixed rate loan, your EMI remains unchanged.
Yes. ABHFL allows prepayment or foreclosure of the loan. No charges apply for prepayments on floating rate loans for individuals. Fixed-rate loans may have minimal charges.
Your EMI consists of:
- Principal Amount – The actual loan amount you borrowed.
- Interest Amount – The cost of borrowing.
The processing fee is up to 1% of the loan amount, with a minimum of ₹10,000.
- Pre-approval: 24-48 hours
- Final approval & disbursement: 5-10 working days, depending on document verification and property evaluation.
For Salaried Individuals:
- Aadhaar, PAN, or Voter ID for identity proof
- Address proof (utility bill, Aadhaar, passport)
- Latest 3 months’ salary slips
- Form 16 or IT Returns
- 6 months' bank statements
- Aadhaar, PAN, or Voter ID for identity proof
- Business registration proof
- Last 3 years’ IT returns & audited financial statements
- 12 months' bank statements
- Sale Agreement or Title Deed
- Approved Building Plan & NOC from Society/Builder
- Encumbrance Certificate
A balance transfer allows you to shift your existing home loan to ABHFL for a lower interest rate and better repayment terms.
Yes, you can avail of a Top-Up Loan, which provides extra funds over your home loan for any personal/home-related expenses.
- Lower interest rates
- Reduced EMIs & flexible repayment
- No hidden charges
- Option to take a top-up loan
If you miss an EMI:
- Late payment fees will be charged.
- Your credit score may decrease.
- Multiple missed payments may lead to legal action.
Yes, you can request an EMI date change. Charges may apply.
- Request loan restructuring for lower EMIs.
- Opt for a balance transfer with better terms.
- Use the top-up loan to manage finances.
- Section 80C: Deduction of up to ₹1.5 lakh on the principal amount.
- Section 24(b): Deduction of up to ₹2 lakh on interest paid.
- Section 80EE: Additional deduction of ₹50,000 for first-time homebuyers.
Yes, both applicants can claim tax benefits in proportion to their ownership share, provided they are co-borrowers.
- For ready properties: Lump sum payment to the seller/builder.
- For under-construction homes: Disbursed in stages based on construction progress.
No. Home loans are available only for residential properties.
Yes, we provide home loans for Tier-1, Tier-2, and Tier-3 cities, including rural and semi-urban areas.
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.
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