Loan Against Property

Aditya Birla Finance Loan Against Property

Aditya Birla Finance Loan Against Property

Last Updated : July 19, 2017, 12:21 p.m.

Loan Against Property

When it comes to a sudden requirement of funds, it gets very difficult to arrange money. Keeping this thing in mind, Aditya Birla Finance brings to you a perfect combination of a higher loan amount, tenure, and rates to help you in key moments of life. Aditya Finance gives an invaluable source of finance known as Loan Against Property (LAP). So, whether you need money for a personal purpose or for a professional one, Aditya Birla Finance is here whenever you are in need. This loan facility can be availed by any salaried or self-employed individual who needs urgent money. To help you out in choosing the reliable financial firm for your loan here is the directive of Aditya Birla Finance mortgage loan.

Read this article further to have better understanding of loan against property scheme offered by Aditya Birla Finance:

Aditya Birla Finance Loan Against Property Details – The complete guide !

Particulars Details
Interest Rates 14%-16.25% p.a.
Loan Amount Up to Rs.75 Crores
Tenure Up to 15 Years
Processing Fee 1.25%-2% of the loan amount
Prepayment Charges Nil upto a max.of 25% of outstanding loan

Eligibility Criteria for Aditya Birla Finance Loan Against Property

Bank has prescribed certain norms as per which the loan application is accepted and rejected. The basic eligibility criteria to avil the loan is provided below:

  • Minimum age of the applicant should be 21 years
  • Maximum at loan maturity should be 60 years

Aditya Birla Finance Loan Against Property Eligibility – Who can avail the loan benefits ?

The eligibility of a loan applicant is calculated on the basis of the monthly income, savings and market value of the mortgaged property. In general, banks give better rates to the loan applicant who is working in a reputed firm, earns handsome salary and whose market value of the property is high. In short, the higher the income and savings will be, the higher will be repayment capacity.

Suppose, Ruchi Tiwari, a Senior Manager in a renowned Bank getting an attractive salary of Rs.70,000 per month. After deducting all her financial expenses per month, she would be able to save let’s say 50% of her monthly income. So, this saving can be used to repay the EMIs of her loan against property. She wants to know her eligibility and this can only be possible if she knows the loan amount, tenure, and rate of interest just like the example given below.

Amount- Rs. 1 Lakh
Loan Tenure-5 years
Rate of Interest-14-16.25% p.a.
Your monthly EMI will be- Rs.2,327-Rs.2,445

So your eligibility for LAP would be:
Rs.1 lakh x 35000/2327=Rs.15.04 lakhs to Rs.1 lakh x 35000/2445=Rs.14.31 Lakhs

Hence, you can say that her eligibility for loan against property will range between Rs.14.31-15.04 Lakhs

Aditya Birla Finance Loan Against Property EMI Calculator – Check your EMI options right here ?

Equated Monthly Installment or EMI is the sum of interest and principal, which is payable each month on the loan that you have taken. Here, at Aditya Birla Finance, the monthly installments for the loan against property can be calculated in a very simple way. The Aditya Birla EMI Calculator keeps an eye on the loan amount, interest rate and tenure of the loan in order to calculate your monthly installments. This tool will calculate the interest component first and then the principal amount that you will have to pay towards the LAP.

For Example: Srishti Singh wants to take a loan against property from Aditya Birla Finance for the loan amount of Rs.30,00,000 for the tenure of 15 years and has got the interest rate between 14%-16.25% p.a. The EMI, total interest outgo and total amount payable for this loan will be Rs.39,952-44,585, Rs.41,91,403-50,25,308 and Rs.71,91,403-80,25,308 respectively at the end of your loan tenure.

Here is the table with the above showing the EMI, total interest and total amount payable on the same amount of loan for different loan tenures.

Table showing EMI, interest outgo and total amount payable on your loan against property.

Loan Amount Loan Tenure Interest Rate EMI Total Interest Outgo Total Amount (EMI+Interest)
Rs.30,00,000 1 year 14%-16.25% Rs. 2,69,361-2,72,548 Rs. 2,32,336-2,70,571 Rs. 32,32,336-32,70,571
Rs.30,00,000 2 years 14%-16.25% Rs. 1,44,039-1,47,248 Rs. 4,56,928-5,33,951 Rs. 34,56,928-35,33,951
Rs.30,00,000 3 years 14%-16.25% Rs. 1,02,533-1,05,842 Rs. 6,91,184-8,10,303 Rs. 36,91,184-38,10,303
Rs.30,00,000 4 years 14%-16.25% Rs. 81,979- 85,405
Rs. 9,35,013-10,99,461 Rs. 39,35,013-40,99,461
Rs.30,00,000 5 years 14%-16.25% Rs. 69,805-73,353 Rs. 11,88,285-14,01,196 Rs. 41,88,285 -44,01,196
Rs.30,00,000 6 years 14%-16.25% Rs. 61,817-65,489 Rs. 14,50,840-17,15,219 Rs. 44,50,840-47,15,219
Rs.30,00,000 7 years 14%-16.25% Rs. 56,220-60,014 Rs. 17,22,483-20,41,188 Rs. 47,22,483-50,41,188
Rs.30,00,000 8 years 14%-16.25% Rs. 52,115-56,028 Rs. 20,02,992-23,78,714 Rs. 50,02,992-53,78,714
Rs.30,00,000 9 years 14%-16.25% Rs. 49,001-53,031 Rs. 22,92,119-27,27,366 Rs. 52,92,119-57,27,366
Rs.30,00,000 10 years 14%-16.25% Rs. 46,580-50,722 Rs. 25,89,592-30,86,679 Rs. 55,89,592-60,86,679
Rs.30,00,000 11 years 14%-16.25% Rs. 44,660-48,910 Rs. 28,95,118-34,56,159 Rs. 58,95,118-64,56,159
Rs.30,00,000 12 years 14%-16.25% Rs. 43,114-47,467 Rs. 32,08,389-38,35,294 Rs. 62,08,389-68,35,294
Rs.30,00,000 13 years 14%-16.25% Rs. 41,853-46,305 Rs. 35,29,083-42,23,554 Rs. 65,29,083-72,23,554
Rs.30,00,000 14 years 14%-16.25% Rs. 40,815-45,360 Rs. 38,56,868-46,20,404 Rs. 68,56,868-76,20,404
Rs.30,00,000 15 years 14%-16.25% Rs.39,952-44,585 Rs.41,91,403-50,25,308 Rs.71,91,403-80,25,308

Amortization Table

Year Principal Payment Interest Outgo Balance Amount
1 Rs. 63,390 Rs. 416,034 Rs. 2,936,610
2 Rs. 72,857 Rs. 406,567 Rs. 2,863,753
3 Rs. 83,737 Rs. 395,687 Rs. 2,780,016
4 Rs. 96,242 Rs. 383,182 Rs. 2,683,774
5 Rs. 110,614 Rs. 368,810 Rs. 2,573,160
6 Rs. 127,135 Rs. 352,289 Rs. 2,446,025
7 Rs. 146,121 Rs. 333,303 Rs. 2,299,904
8 Rs. 167,941 Rs. 311,483 Rs. 2,131,963
9 Rs. 193,022 Rs. 286,402 Rs. 1,938,941
10 Rs. 221,850 Rs. 257,574 Rs. 1,717,091
11 Rs. 254,982 Rs. 224,442 Rs. 1,462,109
12 Rs. 293,060 Rs. 186,364 Rs. 1,169,049
13 Rs. 336,828 Rs. 142,596 Rs. 832,221
14 Rs. 387,131 Rs. 92,293 Rs. 445,090
15 Rs. 445,552 Rs. 34,479 Rs. 0

Documentation Required – What are the mandatory requirements ?

Salaried Self-employed Self-employed Professionals
Identity Proof Identity Proof Identity Proof
Address Proof Address Proof Address Proof
Property Documents Property Documents Property Documents
Income Proof Calculation of income certified by a CA Calculation of income certified by a CA
Latest 3 months salary slip IT returns or other documents for the last 2 years IT returns or other documents for the last 2 years
Bank statements where income is credited for last 6 months Bank statements where income is credited for 6 months Bank statements where income is credited for 6 months
Form 16 NA NA

Features & Benefits of Aditya Birla Finance Loan Against Property – Why go for this LAP scheme ?

  • Loan amount up to Rs. 15 Crores
  • Efficient Processing
  • Quick Loan Approval
  • Alluring Interest Rates
  • Minimal Documentation
  • Doorstep Facility
  • Hassle-Free Loan Journey

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