Aditya Birla Finance Loan Against Property
Last Updated : Oct. 25, 2016, 11:47 a.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