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Aditya Birla Housing Finance Lease Rental Discounting Loan in Baroda Vadodara

Interest Rate starts from 11.25%

Aditya Birla Housing Finance Lease Rental Discounting Loan Interest rates in Baroda Vadodara

Please Find the Detailed Aditya Birla Housing Finance Lease Rental Discounting Loan Interest Rates

Features of Aditya Birla Housing Finance Lease Rental Discounting Loan Baroda Vadodara

Type Features
Processing FeeUpto 2.0%
Pre Closure Charges4.0%
Part Payment ChargesAllowed
Min Tenure5 Years
Max Tenure15 Years
Min Age21 Years
Max Age60 Years
Min Loan AmountRs.25,00,000/-
Max Loan AmountRs.5,00,00,000/-

Aditya Birla Housing Finance Lease Rental Discounting Loan Baroda Vadodara Charges

Type Charges
Penal Interest24% Per Annum
Duplicate Statement ChargesRs.200/-
Bounce Cheque ChargesRs.750/-
Switch Variable To Fixed2% of the loan outstanding
Switch Fixed To Variable2% of the loan outstanding
Photocopy DocumentsRs.200/- per instance
C I B I L Report Issuance ChargesRs.50/- per instance for Consumer and Rs.500/- for Commercial CIBIL
Charge For Exchanging E C S MandateRs.750/- per instance
Loan Re Schedulement Charges0.50% of the loan outstanding
N O C Issuance ChargesRs.500/-
C E R S A I Charges"Rs 250/- For Loans up to 5 Lakhs, Rs 500/- For Loans above 5 Lakhs "

Documentation For Lease Rental Discounting

  • 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 Lease Rental Discounting 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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Lease Rental Discounting Can Be Used For Many Purposes Like Below

For Business Expansion

For Construct a New Block

For Construction of a New House

For Future Saving Plans

For Interiors of Home

For Lumsum Amount on Lease Rentals

For Personal Investments

To Renovate Home

Why Lease Rental Discounting?

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.

Lease Rental Discounting Vs Mortgage Loans

Lease Rental Discounting 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 Baroda Vadodara

Baroda is also known as Vadodara the Cultural Capital of Gujarat, is the third largest city in the Western Indian State of Gujarat, after Ahmedabad and Surat. and is located on the banks of the Vishwamitri river.

Baroda State has a rich historical background. The ardent historian can trace Baroda’s history over 2000 years and more. The first noted history of the city was of the early trader settlers who settled in the region in 812 A.D. The province was mainly Hindu-dominated with Hindu kings ruling till the year 1297.

The Gupta Dynasty was the first power rulers of the region. After fierce battles, the region was taken over by the Chalukya Dynasty. Finally, the kingdom was annexed by the Solankis. By this time the Muslim rule had spread across India, and the reins of power were then snatched by the Delhi Sultans. The city was ruled for a long time by these Sultans, until they were easily overthrown by the grand Mughal emperors.

The Mughals biggest problem were the mighty Marathas who slowly but eventually took over the region. It became the capital of the Maratha Gaekwads. Sayaji Rao III was the most able ruler of them, and he made many public and bureaucratic implementations in the region. The British had a major influence on the region but Vadodara remained a princely state till Independence and like all other princely states, Vadodara also joined the Republic of India in 1947.

Places To Be Visited In Baroda Vadodara

Laxmi Vilas Place

    The former residence of the erstwhile royal family, this grand palace was commissioned by Sayajirao Gaekwad III in 1890, and designed by British architects Major Charles Mant and RF Chisolm. Tickets include a free audio guide—essential to get a historical background of the palace's rich architectural and artistic heritage. Designed in the Indo-Saracenic style, Laxmi Vilas blends Hindu, Islamic and European elements. The highlights include the grand Durbar Hall, which has a Venetian mosaic floor, Belgian stained glass windows and Italian sculptures, and an art museum. Dotted with sculptures, the palace's sprawling grounds are home to the Gaekwad Baroda Golf Club and a miniature railway line. There's also a pretty baoli or step-well, located at a distance of 50 metres from the palace.

Champaner-Pavagadh Archaeological Park

    Located 47 kilometres away from Baroda, this UNESCO World Heritage Site consists of the historical cities of Champaner and Pavagadh. The site's star attractions are its beautiful mosques of which unquestionably the most striking is the massive Jama Masjid. Also strewn about are remnants of several palaces, fortifications, gateways, cemeteries, step wells and water tanks, all built between the 8th and 14th centuries. Nearby, the Pavagadh hill has an ancient fort, the medieval Hindu Lakulisha temple, the tiny but popular Kali Mata temple and a few Jain shrines. Make sure you take the cable car to the top for views and thrills.

Maharaja Sayajirao University Of Baroda

    Long known as the centre of learning for fine arts, this reputed university traces its origins to the Baroda College, which was founded by the city's rulers in 1881. Its campus has several historic buildings, and small museums of archaeology, botany, musical instruments and geology. For instance, the Premanand Hall in the Arts Faculty is built in the Indo-Saracenic style and boasts of a massive dome that rises to a height of 144 feet. Other heritage structures include Kalabhavan, White House, DN Hall and the Science Observatory. Check out the archaeology department's museum, which has several Buddhist relics sourced from the Buddhist site of Dev Ni Mori in the northern part Gujarat.

Maharaja Fateh Singh Museum

    Established in 1961, this museum located inside the Lakshmi Vilas Palace displays paintings from the collection of the Gaekwad family. Its star attractions include paintings by European artists such as Raphael, Titian, Rembrandt, and portraits by the 19th century Indian artist Raja Ravi Verma. There are also sections dedicated to the Rococo period, Chinese and Japanese porcelain objects. Don't miss the toy train which was gifted by Pratapsinhrao Gaekwad to his son Ranjitsinh Gaekwad.

Sayaji Baug

    In the heart of the city and on the banks of the Vishwamitri River, this green space encloses the Vadodara Museum and Picture Gallery, the History of Health Museum, a zoo, a planetarium, and a toy train. Originally named after Sayajirao III who got it built in 1879, the park is commonly referred to as Kamati Baug. You'll need a few hours to explore the entire sprawl spread over no less than 45 acres.

Tambekar Wada

    This four-storey wooden mansion was the residence of Bhau Tambekar, the Diwan of Baroda(1849-54) and draws visitors for its beautiful wall murals. These feature the Hindu god Krishna, scenes from the epic Mahabharata, the Anglo-Maratha war, and European subjects.

Total Number Of Branches In Baroda Vadodara ()

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