Realize your Home Dream with our Home Loans!

Make your dream home a reality with our leading home loan services. Finior has tied knots with an array of banks providing nimble and hassle-free mortgage loans. Unlock home credit loans with a host of benefits, like low housing loan interest rates and smaller EMIs to space out your payments over a longer tenure.

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Finior comprehends your financial needs and offers home loans up to 95% of property valuation. Being your true mortgage loan specialist, we open the best routes to affordable home loan interest rates, speedy approvals, and minimal home loan eligibility criteria. Make the next move to your castle with our home loans with quick approval, fast-moving disbursements, flexible loan repayment periods, and low housing loan interest rates starting at 7%.

Home Loan Features and Benefits

Home loan offers numerous benefits to the borrower including lower interest rates, tax benefits, flexible repayment time frame and much more.

Attractive Interest Rates Plan

Home loans are accessible at lower interest rates than other types of loans. Obtaining a home loan is better than going for any other loan type to purchase your dream property. Housing loans are offered at cheap interest rates since the lenders do not want to deal with missed EMIs and unpaid dues.

Due Diligence Of the Real Estate Property

The finest aspect about housing finance is that the bank will carry it out if you missed out to determine the property’s validity. Furthermore, while evaluating the house loan documentation, bank employees conduct legal checks to verify that the borrower is not defrauded. Due diligence evaluates areas where the bank approves the transaction and alerts you if your property purchase is risky in any aspect.

Tax Benefits With Housing Loan

People who have mortgages are eligible for income tax benefits. The deduction of income tax is a fantastic benefit of getting a property loan. It is available for the interest paid on a yearly basis. The amount of interest paid is subtracted from the income tax that must be paid.

Flexible Home Loan Repayment Period

Another feature that distinguishes a home loan from other types of loans is the payback period. You can request longer payback terms whenever it is most convenient for you. One can stretch the loan repayment tenure up to 25 to 30 years. The monthly instalments decrease as the repayment period lengthens, easing the EMI burden on the borrower.

Capital Growth

As per real estate data, the cost of properties has been constantly rising over the last decade. According to analysts, the capital appreciation of the real estate properties is significantly greater as compared to the paid interest amount. It therefore serves as a lucrative opportunity for property owners as now they can sell them for a higher profit.

Availability of Home Loan Balance Transfer

A housing loan allows you to transfer the remaining loan balance from one lender to another. There could be a variety of reasons for this, including interest rates, service fees, an unpleasant customer experience, among others.

Home Loan Overview

A home loan or mortgage loan is a set amount of money borrowed from NBFCs and banks to purchase a property. Purchases of apartments, new houses, and plots are eligible for house loans whereas for renovations, extensions and repairs of an existing home, you can opt for a home loan for renovation purposes. However, when choosing such products, scrutinise home loan interest rate so that the EMI amount doesn’t weigh you down.

Skyrocketing real estate prices encourage people to take out a mortgage to become homeowners. The most important aspect of a home loan is that when you get it, the lender keeps your property as a mortgage. You must pay the debt amount through monthly instalments to gain complete ownership of the property. The house loan EMI is calculated by the lender using a home loan calculator or home loan cal.

Home Loan Tax Benefits

The repayment of a home loan consists of two parts: repayment of the principal amount and the interest rate. When filing income tax returns, these parts are claimed as a home loan interest deduction or a tax deduction.

Section 80 EEA allows you to claim tax benefits for the interest component paid on a house loan. This part offers house loan borrowers tax incentives of up to INR 1.5 lakhs on the interest rate they must pay.

Particulars	Quantum Of Amount Deduction
Under Section 24	a. For self-occupied property: Rs. 2,00,000 b. For non-self occupied property: No set limit
Under Section 80 C	a. For self-occupied property: Rs. 1.5 Lakhs b. For non-self-occupied property: Rs. 1.5 Lakhs
Under Section 80 EEA	a. For self-occupied property: Rs. 1.5 Lakhs b. For non-self-occupied property: Rs. 1.5 Lakhs

Home Loan Eligibility Criteria

Banks and finance companies have pre-determined home loan eligibility criteria to verify and provide maximum ease to loan borrowers. Apart from the eligibility criteria, banks look at the applicant’s credit history to establish creditworthiness and repayment patterns.

Applicant must be between 21 to 65 years
Salaried or self employed
Annual income
Collateral security
Assets, financial stability and occupational continuity
Residence status (Indian or NRI)

Reasons of Home Loan Rejection

Some of the home loan rejection reasons are given below:

Unpaid dues and other ongoing debts
Applicant’s address present on the defaulter’s list
Applicant’s age does not come within the eligible age range
Credit score below 600
Multiple rejected loan applications
Frequent job change
Faulty repayment of ongoing debts
Absence of required documents

How to Close Existing Home Loan?

A home loan can be closed either on the completion of the repayment tenure when you have successfully paid the entire loan amount or via foreclosure.

If your repayment tenure is completed, you just need to visit the lender and fill out the required form for loan closure. Once you are done, the lender will provide you with the loan closure certificate and your property documents that were kept as mortgages at the time of loan approval.

If you have decided to repay the loan amount before completion of loan tenure, i.e. loan foreclosure, you will have to pay associated foreclosure charges.

Once you pay the outstanding amount and the foreclosure, your debts will be cleared. The bank will process your foreclosure application and provide you with a loan closure certificate.

Home Loan: Service Charges And Fees

Following fees and charges are associated with home loans throughout the loan tenure:

Processing Fees	It is a one-time charge that the borrower is liable to pay to the bank or finance provider. Processing fee is charged for recovering the expenses incurred to process the home loan. It is non-refundable and is paid in advance.
Application Fees	It is also termed as administrative fee or login fee. The administrative fee is non-refundable and is charged before applying for a home loan. It is charged prior to loan approval. It can range from Rs. 2,500 to Rs. 6,500. In case of loan approval, the applicant will have to pay the applicable processing fee which will be computed after deducting this amount.
Prepayment or Foreclosure Charges	Lenders also term it as Pre Closure Charge or home loan closure charges. Home loan prepayment charges are applicable when a borrower decides to pay the loan amount in one go prior to the end of their tenure. Many banks and financial institutions don’t charge foreclosure fees specifically for floating-rate loans. It can range from 2 to 6 percent of the remaining loan amount.
Partial Prepayment Charges	Banks usually impose this charge when the borrower pays off a specific part of the outstanding balance amount. Afresh, floating interest rate home loans are exempted from this charge. If applicable, the part-payment charge varies from 0.5 to 2% of the outstanding loan amount.
Conversion Charges	Also known as Switching Fee, conversion charges are applicable when the borrower converts the floating-rate loan to a fixed-rate loan or vice versa.
Repayment Mode Swap Charges	This charge is imposed when you opt for a changed repayment method and dates. The charged amount for every request is Rs. 500.
Max Tenure of Any Home Loan	All major lenders offer house loans with a maximum repayment tenure of 30 years. The longer the repayment tenure, the lower the monthly instalments, which makes a loan tenure of 25 to 30 years quite appealing.
Maximum / Minimum Loan Amount From Bank	The maximum and minimum home loan amount that banks offer depends upon the property costs as per current market trends. At maximum you can get 85% of the property cost as loan amount based on property location, and your credibility. At minimum, you can loan 75% of the property price.

Types of Home Loan

A housing loan isn’t simply for the purchase of a house. There are several types of home loans, and each has different interest rates.

Home Construction Loan

Many prefer to build their own homes rather than buying one. In such cases, the loan amount is determined by the overall building cost, the property’s age and any additional charges. Another benefit is that the entire loan amount can be accepted all at once or in instalments as needed. The rate of interest is determined by the loan amount and typically ranges from 6.85 to 9.50 percent.

Home Loan

The bank will lend the borrower up to 85 percent of the house’s cost at an interest rate ranging between 9.85 to 11.25 percent. This form of home loan is available from almost all banks that offer loans.

Land Purchase Loan

This is an option that banks and NBFCs offer to borrowers. The bank will lend up to 85 percent of the land’s value, with an interest rate ranging from 6.75 to 12.09 percent, depending on the area and credit score. Land is a good investment since a home can be built later after saving money. Additionally, land purchase loans are available at lower interest rates compared to other loan products.

Home Improvement Loan

A home renovation loan can be used to remodel your property. It can be used for a variety of purposes, including repairing flaws, painting, updating home interiors, waterproofing and much more.

Required Home Loan Documents

To avail of a home loan with utmost ease, you need to prepare the below depicted documents:

Documents for Identity Proof

PAN and Aadhar Card	Applicant's Passport
Voter ID Card	Driving Licence

Documents for Address Proof

Utility bills (electricity or telephone bill)	Salary slips of last 6 months and Form 16
Identity proof that contain address, like Aadhaar Card	Bank account statements
Income proof and employment proof

Essential Tips for First-Time Home Loan Borrowers

The infographic below offers step-by-step instructions to help first-time borrowers navigate the process smoothly and secure the best possible terms.

Check Your Credit Score

Ensure your credit score is healthy. A good credit score can help you secure a lower interest rate and better loan terms.

Determine Your Budget

Calculate how much you can afford to borrow. Consider your income, expenses, and future financial goals to avoid overextending yourself.

Compare Multiple Loan Offers

Use the Finior website to review over 70+ lenders and compare interest rates, processing fees, and other charges.

Understand Different Loan Types

Familiarise yourself with different types of home loans. Fixed-rate, adjustable-rate, and government-backed loans have unique features that may suit your needs.

Scrutinise Loan Terms

Carefully read the loan agreement’s terms and conditions. Pay attention to prepayment penalties, processing fees, and other hidden charges to avoid unexpected costs.

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FAQs

Q: What is a Home Loan?

A home loan is a type of a secured loan that is availed by a user from financial institutions to purchase a house. A house loan is repaid by paying regular equated monthly installments (EMI) which includes of a part of the principal taken as a loan and the interest accrued.

Q: How do I apply for home loan?

You can apply for our housing loans through various options:

Download the home loan application form from our website
Submit the duly filled form to your nearest branch
Pay home loan processing fee
Submit the duly filled form to your nearest branch
Get home loan approval

Q: What is the maximum home loan that I can get?

Aditya Birla Housing Finance provides home loans starting at an interest of 8.65% p.a. It offers home loan tenure as long as 30 years and maximum loan can be up to 75% of property’s cost.

Q: Is there a lower limit on the housing loan amount I can apply for?

There is no minimum amount of housing loan. The minimum amount is subject to changes as per internal policies and guidelines of ABHFL.

Q: Do I get tax benefits on housing loan?

As per sections 80C, 24(b) and 80EEA of the Income Tax Act, you are eligible to receive tax benefits on repayment of home loan principal and interest of your home Loan. Please consult your tax advisor for details.

Q: What are the factors that determine home loan eligibility?

Given below are some of the crucial factors that determine your home loan eligibility:

Income of all applicants.
Age of the primary applicant
Other income, existing EMIs
Stability and continuity of the primary applicant’s occupation
Repayment Capacity
Credit Score

Q: Can I get approval for home loan without finalizing on my property?

Yes, based on your income eligibility, we can offer you PNI (Property Not Identified) Sanction Letter for your home loan. You can identify the property you need to buy based on this document. The final sanction of your home loan will be based on the assessment of the identified property. However, if the property is under construction, kindly speak to your assigned sales manager for acceptability.

Q: What is the process of getting a home loan?

ABHFL’s home loan application procedure is simple. Given below is a guide to home loan application process-

Step 1: Home Loan Application
Step 2: Loan Document Submission
Step 3: Legal & Technical Verification
Step 4: Home Loan Approval
Step 5: Home Loan Sanction
Step 6: Home Loan Disbursement

Q: What are the different types of Home Loans available in India?

The following types of home loans are provided in India by Housing Finance Institutions:

Home Construction Loan
Home Loan for Plot Purchase and Construction
Home Extension Loan
Home Renovation Loan
Construction Finance
Loan Against Property

Q: What is the maximum tenure allowed for repayment of your home loan?

ABHFL offers home loan tenure as long as 30 years and maximum loan can be up to 90% of property’s cost.

Q: How long will it take to process my home loan application?

Housing loans are processed within 15 working days of completing the documentation as required by ABHFL.

Q: Who can be a co-applicant to my house loan?

All the co-owners of the residential property can be co-applicants to the housing loan.

Q: Can I prepay my outstanding home loan amount?

You may prepay your housing loan before your home loan tenure is completed. Please note that there may be some prepayment charges on home.

Q: Do I need a home loan guarantor?

No. You don’t require a guarantor for your housing loan. You will need a home loan guarantor in specific situations given below:

If the primary applicant has a weak financial position
If the applicant wants to borrow a housing loan which is more than his eligibility
If the applicant is earning less than the required minimum income

Q: What do you mean by a home loan provisional certificate and how can I obtain one?

A home loan provisional certificate is your home loan account given by your lender. Home loan provisional statement is a summary of the principal amount and interest repaid by you towards your house loan for the given financial year.

Q: Is taking home loan insurance from your lender compulsory?

Taking Home loan insurance is not compulsory. It is however suggested that you may take insurance to protect yourself against any unexpected circumstances.