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Aditya Birla Housing Finance Limited (ABHFL) is registered with the National Housing Bank as a housing finance company under the National Housing Bank Act, 1987. The company offers a complete range of housing finance solutions such as home loans, home improvement and home construction loans, balance transfer and top-up loans, loans against property and construction finance. Through our lending solutions, we enable our customers to own their dream home.
For Construction of a New House
For Purchase of Dream Home
For Interiors of Home
Purchase of Open Land
To Buy an Apartment
To Purchase a New Villa
Construction of Commercial Building
As per Income Tax Act 1961, under section 24, Interest on home loan to an extent of Rs. 150000 P.A is allowed as expenditure under the head “Income from House Property”.
In case home loan is take by two or more jointly then under sec 80C deduction is allowed on proportionate basis.
To increase the loan eligibility go for a joint loan. Combine your income with that your spouse or your parents.
Loans must not be taken for holidays, investing in stocks, weddings, buying expensive gadgets etc.
In case of Bad credit score take a short term loan (6 months) and repay it promptly and improve your score then.
Have the property insurance and buy loan protector life insurance for unexpected future risks.
Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
These ratios are expressed in percentage. FOIR includes all your fixed obligations including EMIs on your existing loans. IIR indicates the percentage of monthly home loan installment of the total income. These two ratios may vary based on actual salary details, years of experience, stability of income, professional qualification, future career growth prospects etc.
Apart from the above two mentioned parameters there is one additional and most important thing the Bank looks into is Credit History. Willingness to repay can be understood from ones past credit history and banking track.
Before selecting the Bank the following are the few points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream home.