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Aditya Birla Housing Finance Lease Rental Discounting Loan in Coimbatore

Interest Rate starts from 11.25%

Aditya Birla Housing Finance Lease Rental Discounting Loan Interest rates in Coimbatore

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

Features of Aditya Birla Housing Finance Lease Rental Discounting Loan Coimbatore

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 Coimbatore 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 Coimbatore

Coimbatore City (Kovai in Tamil language) is one of the top 10 fastest growing cities of India. Coimbatore is the district capital. It is situated on the banks of river Noyal, a tributary of river Cauvery. There are more than 25,000 small, medium, large scale industries and textile mills.Coimbatore has six taluks namely Coimbatore(North), Coimbatore(South), Mettupalayam, Sulur, Pollachi and Valparai and two revenue divisions of Coimbatore and Pollachi.

Coimbatore is famous for Universities, Engineering Colleges, Medical, Textiles-Yarn, Knitted Garments, Handlooms, Textile Machinery, Motors, Pumps, Industrial goods, Cotton, Tea, and Software. The shopping malls like Brookefields and Fun Republic are popping up in Coimbatore.Existence of Coimbatore can be traced back to 2nd Century AD as a small tribal village capital called Kongunad.

Places To Be Visited In Coimbatore

Marudamalai Temple

    Marudamalai Temple is dedicated to the Hindu deity Lord Murugan or Kartikeya and is situated atop a hill of the same name. The hills are a part of the Western Ghats and the surroundings are picturesque to look at. The Temple complex is built in a unique Dravidian style which is 1200 years old and its colorful gopuram is amazing to look at. It is also considered that the hills are a home to various types of medicinal herbs.

Eachanari Vinayagar Temple

    Lord Vinayagar or Ganesh is the main deity of the temple. Eachanari Vinayagar Temple is considered to be consecrated in 1500 AD. Temple is famous to its massive 6 foot tall idol of lord Ganesha and is one of the biggest idols of the deity in south India. The best time to visit the temple is during the Hindu festival of Ganesh Chaturthi.

Siruvani Waterfalls

    Located near the dam built on the Siruvani River, the Siruvani Waterfalls are located 35 kilometers west from Coimbatore. The Siruvani River’s water is considered to be one of the best tasting in the world and is one of the top most attractions in Coimbatore.

Parambikkulam Wildlife Sanctuary

    Parambikkulam Wildlife Sanctuary is located at the Western Ghats and is bordered by the states of Kerala and Tamil Nadu. The protected forests are spread across 285 square kilometers. Parambikkulam Wildlife sanctuary is also a tiger reserve and a protected habitat of several endangered species. The forests are also a home to 4 tribes which are indigenous to this area.

Perur Pateeswarar Temple

    Perur Pateeswarar Temple is dedicated to the Hindu deity Lord Shiva and was built by the Cholas and is considered to be thousands of years old. The stone carvings inside the temple and its pillars are breathtaking and are few of the finest specimens of the art. The temple is said to be located at the spot where Lord Shiva himself performed the ‘Tandav’ dance. The golden statue of Lord Natraja (Shiva) is also one of the major attractions here.

Aliyar Dam

    At a distance of 64 Kms from Coimbatore,Aliyar Dam is a charming location surrounded by Annamali Hills with wonderful natuarl views. It is located between Pollachi and Valparai.Built across Aliyar River between 1959 and 1969, the primary purpose of the dam is to support irrigation. The height of the dam is 81 meters. There is a well maintained park built at bottom of the Dam.

Total Number Of Branches In Coimbatore (1061)

STATE BANK OF INDIA (105 Branches)CANARA BANK (86 Branches)INDIAN OVERSEAS BANK (82 Branches)INDIAN BANK (57 Branches)SYNDICATE BANK (57 Branches)KARUR VYSYA BANK (49 Branches)ANDHRA BANK (36 Branches)CITY UNION BANK LTD (36 Branches)CORPORATION BANK (35 Branches)ICICI BANK LTD (33 Branches)TAMILNAD MERCANTILE BANK LTD (32 Branches)UNION BANK OF INDIA (32 Branches)STATE BANK OF TRAVANCORE (31 Branches)SOUTH INDIAN BANK (31 Branches)BANK OF BARODA (31 Branches)FEDERAL BANK (28 Branches)HDFC BANK (28 Branches)LAKSHMI VILAS BANK (25 Branches)AXIS BANK (24 Branches)CENTRAL BANK OF INDIA (23 Branches)BANK OF INDIA (21 Branches)VIJAYA BANK (21 Branches)STATE BANK OF HYDERABAD (17 Branches)IDBI BANK (15 Branches)CATHOLIC SYRIAN BANK LTD (14 Branches)KOTAK MAHINDRA BANK LTD (12 Branches)PUNJAB NATIONAL BANK (12 Branches)UCO BANK (10 Branches)DHANALAXMI BANK (8 Branches)INDUSIND BANK (8 Branches)STATE BANK OF MYSORE (7 Branches)UNITED BANK OF INDIA (6 Branches)ALLAHABAD BANK (6 Branches)ING VYSYA BANK (5 Branches)ORIENTAL BANK OF COMMERCE (5 Branches)YES BANK (5 Branches)KARNATAKA BANK LTD (5 Branches)STATE BANK OF BIKANER & JAIPUR (4 Branches)STATE BANK OF PATIALA (3 Branches)RBL Bank Limited (3 Branches)DENA BANK (3 Branches)BANK OF MAHARASHTRA (2 Branches)BHARATIYA MAHILA BANK LTD (1 Branches)HSBC BANK (1 Branches)CITI BANK (1 Branches)DCB BANK LTD (1 Branches)STANDARD CHARTERED BANK (1 Branches)PUNJAB & SIND BANK (1 Branches)JAMMU & KASHMIR BANK LTD (1 Branches)THE SHAMRAO VITHAL CO-OP BANK (1 Branches)
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