Aditya Birla Housing Finance Lease Rental Discounting Loan Interest rates in Chennai
Features of Aditya Birla Housing Finance Lease Rental Discounting Loan Chennai
| Type | Features |
|---|---|
| Processing Fee | Upto 2.0% |
| Pre Closure Charges | 4.0% |
| Part Payment Charges | Allowed |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 21 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.25,00,000/- |
| Max Loan Amount | Rs.5,00,00,000/- |
Aditya Birla Housing Finance Lease Rental Discounting Loan Chennai Charges
| Type | Charges |
|---|---|
| Penal Interest | 24% Per Annum |
| Duplicate Statement Charges | Rs.200/- |
| Bounce Cheque Charges | Rs.750/- |
| Switch Variable To Fixed | 2% of the loan outstanding |
| Switch Fixed To Variable | 2% of the loan outstanding |
| Photocopy Documents | Rs.200/- per instance |
| C I B I L Report Issuance Charges | Rs.50/- per instance for Consumer and Rs.500/- for Commercial CIBIL |
| Charge For Exchanging E C S Mandate | Rs.750/- per instance |
| Loan Re Schedulement Charges | 0.50% of the loan outstanding |
| N O C Issuance Charges | Rs.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
For Salaried Persons
- 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
For Self Employed/Professionals
- 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
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- 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)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- 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 Highlights
About Other Banks
Bajaj Finserv
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
Fullerton
TATA Capital
Credila
HDFC Limited
Capital First
Edelweiss
Indiabulls Housing Finance
Religare Finvest
Yes Bank
Canara Bank
Bank of Baroda
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
Things not to do for Home Loan
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 Chennai
Chennai(Madras) the capital city of Tamil Nadu is sited on the Coromandel Coast of the Bay of Bengal. It has played a very crucial role in the traditional, historical and academic growth of the country, Chennai, the capital city is the 4th largest city of India and is also the leading commercial center of South India.
The credit of the booming economy of the city goes to the leading industries including automobile, software services, petrochemicals, financial services, textiles and hardware manufacturing. Also, Chennai, being an important metropolitan city is very well-connected to all the major cities of India as well as with the countries overseas. And, it is also considered as the cultural hub of South India which is famous for its affluent heritage in classical dance, music, architecture, sculpture, crafts, etc
When India got independence in 1947, the city was declared the capital of the Madras State, which was renamed as Tamil Nadu in 1969. From 1965 to 1967.powerful measures were taken against it. Consequently, till now, Chennai has not faced any big terrorist activity. In August 1996, the name of the city was changed from Madras to Chennai by the state government at the time.
Places To Be Visited In Chennai
Connemara Public Library
Connemara Public Library was established in the year 1896. You could find many unique and rare collections in the library, which boasts of possessing wealthier information across various subjects. The library itself is intricately designed and the architecture is a blend of Southern Hindu Deccani, Gothic, Rajput and Mughal. The library houses periodic hall, a video room and a reference room. Braille library is also found here. The library is one among the four National Depository Libraries in India that receives copies of all newspapers, periodicals and books published in India.
Arignar Anna Zoological Park
Arignar Anna Zoological Park is the first ever zoo in India. The massive 510-hectare zoo houses over 170 species of wildlife. Some of the wildlife found here includes tiger, hyena, lion, panther, elephants and many more. Elephant rides and lion safaris are available.
National Art Gallery
National Art Gallery was established in 1907. The influence of Indo-Saracenic architecture is evident in the red sandstone construction, which has four sections namely Tanjore Painting Gallery, Ravi Varma Painting Gallery, Indian Traditional Art Gallery and Decorative Art Gallery. The Rock and Cave Art Gallery here offers interesting moments with the setting of caves looking natural and with facilities such as interactive Son-et-lumiere, Tran slides and touch screen in the caves to make the session interesting.
Marina Beach
This is the second longest beach in the world. The large expanse of silver sand allows for a great walk along the seashore. Sunrise and sun set views are picturesque in this perfect setting. Some of the sports activities possible in Marina Beach include fishing, wind surfing and beach volley ball.
Semmozhi Poonga
Semmozhi Poonga located at city’s center, the 20-acre park offers to view scenic landscapes and lush gardens. The well-maintained gardens have over 500 varieties of trees and plants from all parts of the world. This is apart from the trees that already exist in the area before the establishment of the park. Some of the trees are over 100 years old. The species of plants include medicinal plants and aromatic herbs. The artificial waterfall in the park looks real.
Kapaleeswarar Temple
Kapaleeswarar Temple is one of the oldest temples in the city. It is not clear as to who built the temple. The architecture is not as old as they seem to be around 400 years old. Hence, it is considered that Portuguese destroyed the original temple mentioned in the songs of Nayanmars and the present construction belongs to the 16th century. T