Aditya Birla Home Loan: The Unbiased Review 2022

Aditya Birla Home Loan: Finding a home loan can be a tedious task, especially if you are looking for a loan that comes with a low interest rate. In most cases, lenders demand higher rates when they are confident that they will earn more money by lending to the borrower than by retaining their funds in the form of interest.

This is the reason why finding an affordable loan is not always easy. Fortunately, this situation has changed slightly over the last few years and now there are some lenders who offer loans with very little risk involved for the lender. One such lender is Aditya Birla Home Loan.

Aditya Birla Home Loan: The Unbiased Review

They have a wide network of branches across India and an extensive reach into nearly every nook and corner of the country as well. In this article, we will take you through all you need to know about them so that you can make an informed decision before applying for any loan from them.

Aditya Birla Home Loan
Aditya Birla Home Loan

What Is Aditya Birla Home Loan?

Aditya Birla Home Loan is an Indian home loan company that was founded in 1915. Today, it is one of the largest home loan companies in the country. They have a presence in nearly every major city in India and offer a broad range of financial products to their customers.

Like many other home loan companies, they offer a variety of home loan products that include home loans with low APR, home loans for self-employed, home loans for salaried employees, home loans for NRIs, home loans for women, home loans for senior citizens, home loans with low down payment, home loans for electric cars, home loans for education, home loans for farmers and home loans for young couples.

Why Should You Apply for a Loan from Aditya Birla Home Finance Ltd?

Interest RateSalaried: 9.00% to 9.75% p.a
Self-employed: 9.00% to 12.50% p.a
Loan AmountMinimum: NA, Maximum: Up to 90% of property cost
Processing FeesUp to 1%
Penal Interest Rate2% per month (24% p.a.)
Prepayment/Foreclosure ChargesNil for floating-rate packages 2% to 4% for fixed-rate packages
Max Tenure30 Years
Rate Packages AvailableFloating/Fixed/Variable

Banks are always looking to increase their revenue by charging higher rates on their loans. If you don’t want to be trapped in this vicious cycle of paying high rates, you should seriously consider applying for a home loan from an alternative lender.

Aditya Birla Home Finance Ltd is one such lender. They offer a range of home loan products that come with very low rates. Moreover, they have a wide network of branches all over the country and can directly lend you a large sum of money.

They offer a wide range of home loan products that include home loans for self-employed, home loans for salaried employees, home loans for NRIs, home loans for farmers, home loans for young couples and home loans for women.

They also provide home loans with low interest rates and home loans for education. So, there is a loan product that will suit almost everyone.

How to Apply for a Loan with Aditya Birla Home Finance Ltd.

Aditya Birla Home Loan is an online home loan company. They don’t have any branches. So, if you want to apply for a home loan from them, you will need to apply online. You can apply online via their website or you can download their mobile application.

If you want to fill an online application form, you can do that only if you have a laptop or a desktop computer. You can’t apply for a home loan if you have a smartphone or a tablet. When you are filling an online application form, be sure to provide accurate details.

Make sure you write your full name, address, contact details and information about the property you want to buy. If you own a house, make sure to provide the address and details such as the house number, plot number or the house’s unique property number.

Similarly, if you are buying a plot of land, make sure to provide the plot’s information such as the plot’s location and the builder’s name. All these details will help you get a home loan quickly.

Key Features of an Aditya Birla Home Loan

The interest rate:

  • Many home loan companies charge you a high rate of interest on your loan. But Aditya Birla Home Loan has one of the lowest interest rates you will find anywhere in the market.

The repayment period:

  • The standard repayment period for a home loan is usually 5 years. But Aditya Birla Home Loan offers you a repayment period of up to 10 years. And you can even extend the repayment period beyond the 10 years if you want.

The amount borrowed:

  • Aditya Birla Home Loan offers loans between ₹1 lakh and ₹10 crore. Your loan amount can be tweaked depending on your individual borrowing requirements.

The loan tenure:

  • Home loans with Aditya Birla Home Loan are available only for a period of up to 10 years.

The rate of interest paid:

  • Like many home loan companies, Aditya Birla Home Loan also offers a home loan with an interest-free period. But they go a step further and offer you a home loan that is interest-free for up to 15 years. That is, the interest-free period can last for up to 15 years, depending on the loan amount you take from them.

The loan amount available for you:

  • Aditya Birla Home Loan offers home loans that have different loan amounts depending on your individual borrowing requirements. You can choose the loan amount that best suits your financial position.

The loan amount offered by you:

  • Aditya Birla Home Loan has a unique criterion for determining your loan amount. They take the loan amount offered by you and then multiply it by a fixed interest rate.

The amount payable after the loan period:

  • This is the most important criterion that Aditya Birla Home Loan uses while calculating your loan amount. They take the amount payable after the loan period, divide it by the loan amount and multiply it by a fixed interest rate.

The loan repayment period:

  • The standard repayment period for home loans is usually 5 years. But Aditya Birla Home Loan offers you a repayment period of up to 10 years. And you can even extend the repayment period beyond the 10 years if you want.

The loan amount borrowed:

  • Aditya Birla Home Loan offers home loans that come with a loan amount of up to ₹10 crore.

The loan tenure:

  • Home loans with Aditya Birla Home Loan are available only for a period of up to 10 years.

The rate of interest paid:

  • The interest rate charged by Aditya Birla Home Loan is as low as 2%.

The amount payable after the loan period:

  • This is the most important criterion that Aditya Birla Home Loan uses while calculating your loan amount. They take the amount payable after the loan period, divide it by the loan amount and multiply it by a fixed interest rate.

The loan repayment period:

  • The standard repayment period for home loans is usually 5 years. But Aditya Birla Home Loan offers you a repayment period of up to 10 years. And you can even extend the repayment period beyond the 10 years if you want.

FAQs

I want to apply for a home loan from Aditya Birla Home Loan. Which form should I fill?

The application form you need to fill for a home loan from Aditya Birla Home Loan is their online form. You can fill up this form only if you have a laptop or a desktop computer. You can't fill up the online application form if you have a smartphone or a tablet.

How much information do I need to provide while filling up the online application form?

The basic information required while filling up the online application form is the same as what is mentioned under key features of an Aditya Birla Home Loan. So, you need to provide your name, address, contact details and information about the property you want to buy.

What if I want to make changes/corrections in my application form?

You can correct/modify your application form at any time after filling it up until the acceptance of your application form.

I have entered incorrect/incorrect information in my application form. What should I do?

If you have entered any incorrect information in your application form, you need to correct it as soon as possible. Otherwise, your application form will be rejected, and you will get a message saying so.

I have filled up my application form. When will it be accepted?

Aditya Birla

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