Aditya Birla Finance Loan Against Property

Loan Against Property

    Personal Details

    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 !

    Interest Rates14%-16.25% p.a.
    Loan AmountUp to Rs.75 Crores
    TenureUp to 15 Years
    Processing Fee1.25%-2% of the loan amount
    Prepayment ChargesNil 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
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    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.

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    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 AmountLoan TenureInterest RateEMITotal Interest OutgoTotal Amount (EMI+Interest)
    Rs.30,00,0001 year14%-16.25%Rs. 2,69,361-2,72,548Rs. 2,32,336-2,70,571Rs. 32,32,336-32,70,571
    Rs.30,00,0002 years14%-16.25%Rs. 1,44,039-1,47,248Rs. 4,56,928-5,33,951Rs. 34,56,928-35,33,951
    Rs.30,00,0003 years14%-16.25%Rs. 1,02,533-1,05,842Rs. 6,91,184-8,10,303Rs. 36,91,184-38,10,303
    Rs.30,00,0004 years14%-16.25%Rs. 81,979- 85,405
    Rs. 9,35,013-10,99,461Rs. 39,35,013-40,99,461
    Rs.30,00,0005 years14%-16.25%Rs. 69,805-73,353Rs. 11,88,285-14,01,196Rs. 41,88,285 -44,01,196
    Rs.30,00,0006 years14%-16.25%Rs. 61,817-65,489Rs. 14,50,840-17,15,219Rs. 44,50,840-47,15,219
    Rs.30,00,0007 years14%-16.25%Rs. 56,220-60,014Rs. 17,22,483-20,41,188Rs. 47,22,483-50,41,188
    Rs.30,00,0008 years14%-16.25%Rs. 52,115-56,028Rs. 20,02,992-23,78,714Rs. 50,02,992-53,78,714
    Rs.30,00,0009 years14%-16.25%Rs. 49,001-53,031Rs. 22,92,119-27,27,366Rs. 52,92,119-57,27,366
    Rs.30,00,00010 years14%-16.25%Rs. 46,580-50,722Rs. 25,89,592-30,86,679Rs. 55,89,592-60,86,679
    Rs.30,00,00011 years14%-16.25%Rs. 44,660-48,910Rs. 28,95,118-34,56,159Rs. 58,95,118-64,56,159
    Rs.30,00,00012 years14%-16.25%Rs. 43,114-47,467Rs. 32,08,389-38,35,294Rs. 62,08,389-68,35,294
    Rs.30,00,00013 years14%-16.25%Rs. 41,853-46,305Rs. 35,29,083-42,23,554Rs. 65,29,083-72,23,554
    Rs.30,00,00014 years14%-16.25%Rs. 40,815-45,360Rs. 38,56,868-46,20,404Rs. 68,56,868-76,20,404
    Rs.30,00,00015 years14%-16.25%Rs.39,952-44,585Rs.41,91,403-50,25,308Rs.71,91,403-80,25,308
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    Amortization Table

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

    Documentation Required  – What are the mandatory requirements ?

    SalariedSelf-employedSelf-employed Professionals
    Identity ProofIdentity ProofIdentity Proof
    Address ProofAddress ProofAddress Proof
    Property DocumentsProperty DocumentsProperty Documents
    Income ProofCalculation of income certified by a CACalculation of income certified by a CA
    Latest 3 months salary slipIT returns or other documents for the last 2 yearsIT returns or other documents for the last 2 years
    Bank statements where income is credited for last 6 monthsBank statements where income is credited for 6 monthsBank statements where income is credited for 6 months
    Form 16NANA

    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

    Personal Loan Interest Rates March 2024
    HDFC Bank10.75% - 14.50%
    ICICI Bank10.75% - 19.00%
    IndusInd Bank10.25% - 26.00%
    Kotak Bank10.99%
    RBL14.00% - 23.00%
    SMFG India Credit12.00% - 24.00%
    Standard Chartered Bank11.49%
    Tata Capital10.50% - 24.00%
    Home Loan Interest Rates March 2024
    Axis Bank8.75% - 9.15%
    Bank of Baroda8.50% - 10.60%
    Citibank8.75% - 9.15%
    HDFC8.50% - 9.40%
    ICICI Bank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank8.70%
    LIC Housing8.50% - 10.50%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance8.50% - 10.95%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI9.10% - 9.65%
    Tata Capital8.95% - 12.00%