Top Aditya Birla Housing Finance Home Loan Schemes
1. Aditya Birla Regular Home Loan (Current Scheme)
Interest Rate:Starting from 8.50% p.a. for salaried, 8.75% p.a. for self-employed
Loan Tenure: Up to 30 years
Loan Amount: Based on eligibility and property value (up to ₹15 crores)
Loan-to-Value (LTV): Up to 90% of property value
Key Benefits:
- Quick loan approval with minimal documentation
- Zero prepayment charges on floating rate loans
- Available for purchase, construction, or balance transfer
- Option to add co-applicants to increase eligibility
2. Affordable Housing Loan (Under PMAY - CLSS)
Target Group: Economically Weaker Section (EWS) and Low Income Group (LIG)
Interest Subsidy: 3% to 6.5% p.a. under Pradhan Mantri Awas Yojana (PMAY)
Maximum Tenure: Up to 30 years
Eligibility: Based on annual income and carpet area norms under PMAY guidelines
3. Home Construction Loan
Purpose: For constructing a home on a self-owned plot
Tenure: Up to 20 years
Disbursal: In stages as construction progresses
Eligibility: Based on construction plan and property documents
4. Plot + Construction Loan
Purpose: Purchase of a residential plot and construction on it
Tenure: Up to 20 years
LTV: Up to 75% of combined plot + construction cost
Note: Construction must commence within a stipulated time frame after loan disbursement
5. Home Extension & Home Improvement Loan
Use: For adding rooms, floors, or renovating existing home
Tenure: Up to 10 years (improvement), 20 years (extension)
Loan Amount: Based on renovation or expansion cost
Interest Rate: Varies by applicant profile
6. Balance Transfer Home Loan
Purpose: Transfer existing home loan from another lender to ABHFL
Benefits:
- Lower interest rates
- Option to top-up for additional financial needs
- Reduced monthly EMI burden
- No prepayment charges for floating rate loans
Tax Benefits on ABHFL Home Loans
1. Section 80C – Principal Repayment Deduction of up to ₹1.5 lakh per financial year on the principal amount repaid, including registration and stamp duty.
Applicable only after the possession of the property is obtained.
2. Section 24(b) – Interest on Home Loan Deduction of up to ₹2 lakh per year on the interest paid for self-occupied property.
For let-out properties, the entire interest paid can be claimed (subject to a cap on total loss from house property under current tax laws).
If construction is not completed within 5 years, deduction is limited to ₹30,000.
3. Section 80EE – Additional Deduction for First-Time Homebuyers :Up to ₹50,000 per year as an additional deduction on interest.
Conditions: Loan amount should not exceed ₹35 lakh, and property value should not exceed ₹50 lakh
Applicable only if loan is sanctioned between April 2016 and March 2017.
4. Section 80EEA – Affordable Housing Deduction : Additional deduction of up to ₹1.5 lakh on home loan interest.
Applicable if the property value is below ₹45 lakh and the loan is sanctioned between April 2019 and March 2022.
Cannot be claimed together with 80EE.
5. Joint Home Loan Benefits : In a joint loan, each co-borrower can claim deductions under both Section 80C and Section 24(b), doubling the total tax benefits.
Must be co-owners of the property and co-borrowers of the loan.