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Aditya Birla Housing Finance Home Loan in Jodhpur

Interest Rate starts from 9.00%

Aditya Birla Housing Finance Home Loan Interest rates in Jodhpur

Please Find the Detailed Aditya Birla Housing Finance Home Loan Interest Rates For Various Categories

Aditya Birla Housing Finance Home Loan Floating interest Rates

Up To 28,00,00028,00,000 To 75,00,00075,00,000 Above
Salaried9.00%9.00%9.75%
Self Employed9.00%9.00%12.50%

Loan To Value (LTV) For Aditya Birla Housing Finance Home Loan in Jodhpur

Please Find the Detailed Margin Money Details For Aditya Birla Housing Finance Home Loan
Up To 28,00,00028,00,000 To 75,00,00075,00,000 Above
Salaried80.00%85.00%85.00%
Self Employed80.00%85.00%85.00%
Women85.00%85.00%90.00%

Features of Aditya Birla Housing Finance Home Loan Jodhpur

Type Features
Processing FeeUpto 1.0%
Pre Closure Charges 2.0%
Part Payment ChargesAllowed
Min Tenure5 Years
Max Tenure30 Years
Min Age21 Years
Max Age60 Years
Min Loan AmountRs.5,00,000/-
Max Loan AmountRs.5,00,00,000/-

Aditya Birla Housing Finance Home Loan Jodhpur Charges

Type Charges
E M I Bounce ChargesRs.750/-
Duplicate Statement ChargesRs.200/-
Insurance CoverNA
Inspection ChargesNA
Legal Opinion Valuation ChargesNA
Validity Of SanctionNA
Cheque Swapping ChargesRs.750/-
Bounce Cheque ChargesRs.750/-
Issue Duplicate Provisional Interest CertificateRs.200/-
Issue Duplicate Interest CertificateRs.200/-
Duplicate Balance CertificateRs.200/-
Issue Amortization Schedule DuplicateRs.200/-
Switch Variable To Fixed2% of the loan outstanding
Switch Fixed To Variable2% of the loan outstanding
Photocopy DocumentsRs.750/-

Documentation For Home Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Min of 15 years of Link documents of Property
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

Aditya Birla Housing Finance Home Loan FAQ's

About Aditya Birla Housing Finance

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.

Aditya Birla Housing Finance Highlights

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Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

Why Home Loans?

Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.

Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.

In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.

Expert Advice

Best Practices for Home Loan

Buyer has to ensure sufficient due diligence before finalizing the property. Certain aspects like builder credibility, availability of required approvals, and legal clearance of property to be checked before buying a property. Though it costs little extra it is advisable to get the assistance of experts for buying a property. This will help in avoiding costly mistakes.
Calculate and plan the total expenditure involved in purchasing a property. Apart from the cost of the property there are other related expenses like stamp duty, loan application charges, processing fee, valuation fee, legal fee etc which need to be meet from own funds of the buyer. Property buyer to invest around 20-25% of the total cost apart from loan. It is to be ensured that sufficient cash reserves are available to meet these expenses.
Based on your earning and repaying capacity decide the home loan amount to be taken. The various factors to be taken into consideration include your income, fixed obligations, remaining work experience, future growth prospects, future expenses like children education, marriage etc, other source of income, job related risks etc. This thorough analysis will help in taking right decision. This will help in not making a mistake of taking small loan when your income supports higher loan and taking high loan when your income do not support a huge amount.
Improve your credit history. Clearing of all overdue before applying for home loan will helps to improve the credit score. It is to be noted that your loans will not go into 30-60 or 90 days delinquency which reduce the credit score. Loan dues to be paid before the credit card payments which have higher impact on the credit score then the credit card payment. Prioritize the payments.
Do hold all the documentation required for processing the loan in originals and copies. This will help in easy verification of documents and fast processing. Any change in the employment, changes in pay structure etc during the loan process to be intimated to the concerned officer who helps in avoiding disconnect.
Save the best possible amount from your income. This will help you in having the large down payment. During the tenure of loansave the income, which can be used for prepay of principal amount. Ensure that there are no prepayment charges before making prepayment.

Things not to do for Home Loan

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.
Do not be very optimistic about your future income and make a choice of high loan amount. This will increase your worries and you make feel unsecured.
Do not change your employer without knowing the impact on the approval of your Home loan.
Do not get into a contract with emotions, do proper research before taking a property and ensure it is right fit for you.
Do not jump into a conclusion, do the required homework before applying for home loan.
Do not forget to read the small print, ensure to read all the terms and conditions before signing the agreements.
Do not forget to make the payment of instalments. Ensure sufficient balance in the account to meet the EMI on a monthly basis.
Do not apply for a home loan only just you have eligibility. First select the property get the technical and legal cleared then go for the home loan. In case if you have applied for a home loan and it is sanctioned based on your income, subsequently property is not eligible under Bank norms you will end up losing the processing fee.

Interest Rates

1) Credit/CIBIL History:
If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.
2) Nature of Employment:
The nature of your job also plays a crucial role in determining the interest rate. Banks have different checks in place if you are a salaried individual vis-à-vis a self employed person. So if you are working with a reputed organization then banks will be able to extend a cheaper rate of interest. But if you are working with an organization that is not very well known then a higher rate will be charged. In case you have your own business then banks will give you a loan even if you are in an advanced age. On the other hand in case you are a salaried employee then a loan will not be extended if you are nearing the age of retirement.
3) Bank-Customer relationship:
If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

So next time you go around shopping for a Home loan, remember that these three points will affect the amount that the bank sanctions and the interest rate that it is levied. In the next article we will cover more points that affect interest rates on Home loan. So stay tuned!

Other Benefits

1) Tax Benefits:

As per Income Tax Act 1961, under section 80C, Principal repayment up to Rs. 100000 on your home loan taken for purchase or construction of a residential home property is eligible for deduction from gross salary on a annual basis.

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.

2) Tips for Home Loan:

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.

Facts about Home Loans

The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.

A) Earnings & repayment capacity

The Banks/Financial Institutes have their own norms and hence there will be difference in the loan amounts sanctioned to you by different the Banks/Financial Institutes. The main focus of the Banks is on your repayment capacity. They analyze how comfortably you will be able to pay the EMIs throughout the tenure of the loan. This analysis is done based on the ratios like Fixed obligation to Income ratio (FOIR) and Installment to income ratio (IIR).

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.

B) Property legal and technical clearance:

Banks will not finance all properties. Banks look into various aspects like type of property, locality, Builder etc. They have certain type of properties and localities classified as negative. Therefore before finalizing a property one has to check whether the property is eligible for funding. Though it costs you little extra it is always better to check the legal and technical aspects before buying a property. Banks normally have loan to value (LTV) of 70-85% of value/ cost of the property considering type of property.

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.

1. What is the Loan amount which the Bank is willing to extend based on FOIR?
2. What is Loan to value of the property?
3. What is the EMI amount and repayment tenure allowed?
4. What are the prevailing Interest rates and what is offered to you?
5. What are the other charges involved like processing fee, administrative fees, legal & technical fee, prepayment penalties, stamping charges, annual maintenance charges, insurance policy etc?
NOTE: Last but not least do not forget that any default in payment of home loan installments is more costly than your regular rent payments. Any such default will affect your Credit history badly and you have to bear high penalty for the same.

Home Loan Vs Mortgage Loans

Home Loans Mortgage Loan
Home loan can be availed for own/purchase of new property (Home or Flat). Mortgage loans will be provided based on already owned property.
Under Home Loan, loan can be availed only for purchase of new property. There is no restriction on mortgage loan usage. It can be used for any purpose.
Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.
Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part pre Payments will be allowed in Housing Loans. There were no part prepayment will be allowed for Mortgage loans.
Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
You can avail max of 80% of the property value as a home loan as per your eligibility criteria. In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your home loan. Top up facility will be vary from bank to bank internal guidelines.

About Jodhpur

"Jodhpur is the second biggest city in Rajasthan. It is about 335 km west of Jaipur, the capital city. Since it lies on the geographic centre of the state, it has emerged as an important tourist transit base.This city is often referred to as the ‘Gateway to Thar’ because it is located right on the border of the Thar Desert. It is also popularly called the ‘Sun City’ because it experiences bright and sunny days throughout the year.

Another name for this city is ‘Blue City’ because the houses around the Mehrangarh Fort are all painted blue.The history of this place dates back to the time when the Rathores were forced by the Afghans to leave Kaunaj, which was their original homeland. They settled in Pali, which is located close to present day Jodhpur.Rathore Siahaji tied the knot with the sister of a local prince, which added to the power and strength of the Rathore Clan. After some time, they succeeded in driving the Pratiharas out of Mandore, which is located at a distance of about 9 km from present day Jodhpur, and made it their capital city.However, after some time, they felt that they required a secure capital. As a result, Jodhpur was formed by Rao Jodha, the chief of the Rathore clan, in 1459, to serve as a capital city and the city was also named in his honour. Earlier this place was known as Marwar.The Rathores shared healthy relations with all the Mughal kings, except Aurangzeb. After Aurangzeb's death, the Mughals were driven out from Ajmer by Maharaja Ajit Singh and it was made a part of Marwar (present day Jodhpur). Jodhpur started developing into a modern city under the rule of Maharaja Umed Singh. It further prospered under the British rule."

Places To Be Visited In Jodhpur

Kailana Lake

    :Kailana Lake is located on west of the city. This is yet another artificial lake, which was constructed in the year 1872 by Pratap Singh. This is one amongst the most frequented lakes in Rajasthan. It is a birdwatchers’ paradise. You could sail on a boat if you aim to add some breathtaking photographs to your collection. The view of sunset would be stunning.

Mehrangarh Fort

    Beyond question, Mehrangarh Fort tops the list of ‘must visit’ places in Jodhpur. It is one among the largest Indian forts. This invincible fort stands magnificently 400 feet above the city. Rao Jodha constructed the fort in 1459 AD. Though the attempt to construct the fort was started in 1459, the fort had seen many centuries before it was completed. Hence, you could find that the style of architecture represents various periods. The grandeur in architecture is awe-inspiring. It offers stunning views of the city. The fort stands as a symbol of power.

Jaswant Thada

    Jaswant Thada was built in memory of Maharaja Jaswant Singh, the Second in the year 1899. This is close to Mehrangarh Fort. The tranquility of the marble construction is enchanting. The carvings are intricate. Inside Jaswant Thada, you will find the portraits of the Rathore rulers. The grounds of Jaswant Thada consist of a stunning multilevel garden, intricately carved gazebos and a pond.

Balsamand Lake

    :Balsamand Lake is an artificial lake that was constructed by Balak Rao Parihar in 1159 AD. The lush greenery around the lake has mango groves, papaya groves and groves of guava, plum and pomegranate. Balsamand Lake Palace was intended to serve as summer resort for the royal family of Jodhpur. The lawns and gardens with birds and peacocks finding their homes here, the place is exquisite. The palace reflects Rajputana style of architecture. The palace turned heritage hotel was built of red sandstone.

Clock Tower

    Clock Tower is a famous landmark in the Old City. It was constructed by Maharaja Sardar Singh during his tenure between 1880 and 1911. The clock tower offers a good view of the fort. Sardar Market is adjacent to Clock Tower where a wide range of products is sold. You can find handicrafts, saris, spices, vegetables and a lot more. There are over 7000 shops and you can have a great shopping experience here.

Mandore Gardens

    Mandore, belonging to the 6th century, was Marwar’s capital before Jodhpur was established. Mandore Gardens here attract tourists in great numbers. The Mandore Gardens also house a government museum, a ‘Hall of Heroes’ and a temple to 33 crore Gods. Various artifacts and statues found in the area are housed at the museum. The architectural splendor of the bygone era is clearly evident here.

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