Aditya Birla Finance Limited Loan Against Property
Aditya Birla Finance Limited, a subsidiary of Aditya Birla Capital Limited, is one of the foremost NBFCs (nonbanking financial services companies) in the country, providing a wide spectrum of financing, and lending and wealth products/solutions to customers.
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Aditya Birla Finance Limited Loan Against Property Overview
The Aditya Birla Finance Limited Loan against property enables applicants to obtain funds to facilitate various business and personal expenses. The Aditya Birla Finance Limited LAP allows raising funds by pledging property against the loan. An applicant can avail of a loan of up to Rs 75 Crores against a repayment tenure of 20 years. The bank offers attractive interest rates on loans ranging from 11.49% to 18.49%.
Aditya Birla Finance Limited LAP is offered by Aditya Birla Housing Finance Limited, an Aditya Birla Capital Limited subsidiary. The Aditya Birla Housing Finance is registered as a housing finance company under the National Housing Act 1967. The company offers applicants a wide range of home loan solutions, such as home construction and home improvement, along with Aditya Birla Finance Limited LAP.
An applicant can obtain a loan against property from the institution for the following purposes:
- Stimulate funds for long-term working capital
- Acquire funds to facilitate Educational expenses
- Establish a new business
- Repayment of other debts
| Loan Amount | Rs 10 Lakhs to Rs 75 Crores |
| Interest Rate | 11.49% per annum – 18.49% per annum |
| Tenure | Up to 20 Years |
| Foreclosure Charges | 4% of the principal outstanding |
| Loan Processing Fee | Up to 2% of the loan amount |
| Property Type | Residential Property Commercial |
Features & Benefits of Aditya Birla Finance Limited Loan Against Property
The Aditya Birla Finance Limited Loan against property allows the borrowers to raise funds for personal and business purposes against the collateral pledged. This financial product entails the following benefits:
- The company has designed a quick and convenient application process to facilitate a hassle-free disbursement of the amount.
- Competitive interest rates are offered to the borrowers with a satisfactory application.
- The applicant can avail of a loan of up to 70% of the property value in case the property is residential. The loan amount will be 60% if the property pledged is commercial.
- The repayment tenure on the loan amount can extend up to 20 years, making the repayment manageable.
- Individual borrowers are not required to bear any foreclosure charges.
- The company also offers customised balance transfer options for the convenience of the customers.
- The applicant has to produce minimal documents for loan approval. And the processing fee charged
- Flexible repayment options are available for the borrowers.
- The borrowers can conveniently avail of loans against their commercial and residential properties.
Eligibility Criteria
The applicant applying for an Aditya Birla Finance Limited LAP must meet the following criteria:
- Both salaried and self-employed individuals are eligible to apply for the loan.
- Entities such as sole proprietorships, partnerships, private and public limited companies, and corporates can also apply for the loan.
- The minimum age for the applicant is 21 years. The maximum age determined at the time of loan maturity is 60 years and 70 years for salaried and self-employed individuals, respectively.
- The Aditya Birla Finance Limited loan against property cannot be facilitated if the pledged collateral is vacant land.
- The applicant must also produce a credit report and have a diligent repayment history on past loans.
Aditya Birla Finance Limited Loan Against Property- Fees and Charges
The table below pertains to the fees and charges for the Aditya Birla Finance Limited Loan Against Property.
| Transaction Performed | Fee and Charges |
| Loan Processing | 2% of the Loan Amount |
| Prepayment Charges | Nil (Individuals) Nil for prepayment, i.e. 25% in a Financial Year (Other Entities) |
| Foreclosure Charges | Borrower can avail of this facility after 12 months |
| Penal Interest Rate on Default | 24% per annum |
| ECS Charges (Failure) | Rs 750 per Instance |
| Copies for Collateral Pledged | Rs 750 per instance |
Documents Required for Aditya Birla Finance Limited Loan Against Property
The applicant is required to produce the following documents along with their Aditya Birla Finance Limited LAP loan application.
- PAN Card
- Passport
- Driver License
- Electricity Bill
- Ration Card
- Receipt of Property Tax
- Passport-sized photograph
- Salary Slips (For Salaried Employees)
- Form 16 from the past two years
- Bank Statement (Last six months)
- IT returns from last three years (Self-employed)
- Proof of Business
- Education qualifications
- Bank statements
- Photocopy of Titled Document
- Sanctioned Plan
Aditya Birla Finance Limited Loan Against Property Loan Amount
The Aditya Birla Finance Limited LAP loan amount concerns property values. The minimum loan amount one can avail of in Delhi and Mumbai is Rs 25 Lakhs, and the minimum amount reduces to Rs 15 Lakhs for the rest of the country.
- For a loan amount of Rs 20 Lakhs, the applicant can obtain up to 90% of the property’s market value.
- For a loan amount from Rs 20 Lakhs to Rs 75 Lakhs, an individual can obtain up to 80% of the property value.
- In case the loan amount allotted exceeds Rs 75 Lakhs, an individual can acquire up to 75% of the property value.
Aditya Birla Finance Limited Loan Against Property Interest Rates
The Aditya Birla Finance Limited LAP offers lucrative interest rates to customers on mortgage loans. The customers can pledge collateral (property) against this secured loan from the Aditya Birla brand.
- The loan can be availed of against commercial and residential properties.
- The Aditya Birla Finance Limited LAP interest rates generally range from 11.49% to 18.49% per annum.
Several factors influence the interest rates of the Aditya Birla Finance Limited LAP such as:
- Profile of the Applicant
- Location of the Property Pledged
- Market Value of the Property Pledged
How does the EMI calculation work for Aditya Birla Finance Limited Loan Against Property?
The company employs the following formulae to compute the EMI amount on the Aditya Birla Finance Limited LAP.
EMI = [P x R (1+R) N]/[ (1+R) N-1],
Where,
- P is the Principal Amount,
- R is the Rate of Interest,
- N is the number of instalments throughout the tenure.
One can also utilise the various loan against property calculators available online. A LAP EMI calculator is a self-help tool which allows the user to compute the EMI amount on a loan against property from the comfort of their homes.
How does Aditya Birla Finance Limited Compare with Other Lenders?
The following table showcases the comparison of the interest rates of Aditya Birla Finance Limited with other banks and financial institutions.
| Bank/Financial Institution | Interest Rate (Per Annum) | Loan Amount | Tenure |
| Aditya Birla Finance Ltd. | 11.49% – 18.49% | Upto Rs 75 Crores | Up to 20 Years |
| HDFC Bank | 8.00% – 8.95% | Up to 65% of the property Value | Up to 15 Years |
| Tata Capital | 10.10% onwards | Rs 10 Lakhs – Rs 3 Crores | Up to 15 Years |
| IDFC First | 7.5% onwards | Up to Rs 7 Crores | Up to 20 Years |
| Kotak Mahindra Bank | 9.5% Onwards | Rs 10 Lakhs – Rs 5 Crores | Up to 15 Years |
| IIFL | 11.5% to 25% | Up to Rs 10 Crores | Up to 10 Years |
* It is to be noted that interest rate mentioned above might differ concerning the applicant and various other factors.
Aditya Birla Finance Limited Loan Against Property Customer Care Number
Aditya Birla Finance Limited has established a diverse set of channels catering to the varying needs of customers. The customers can contact the following number,
Toll-Free Number: 1-800-270-7000
FAQs
The interest rate on the Aditya Birla Finance Limited LAP generally ranges from 11.49% to 18.49% per annum.
The company offers a quick application, a disbursal process, and attractive interest rates. The borrower can also avail of flexible repayment options offered.
No, the interest rate offered varies from applicant to applicant based on the applicant’s profile, property value and credit history.
The applicant can use the internet services the bank has established for the convenience of the customers. They can also contact the customer care number and the nearest branch.
Aditya Birla Finance Limited evaluates the applicant's CIBIL score to examine the applicant's repayment habits.
The applicant can get anywhere from Rs 10 Lakhs to Rs 75 crores based on the application and property value of the collateral.
The applicant can submit documents such as the PAN Card, driving license, passport and electricity bill.
The company charges 2% of the loan amount from the applicant to process a loan against property.