Aditya Birla Housing Finance Lease Rental Discounting Loan Interest rates in Vijayawada
Features of Aditya Birla Housing Finance Lease Rental Discounting Loan Vijayawada
| 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 Vijayawada 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
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About Other Banks
Bajaj Finserv
ICICI Bank
Axis Bank
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DHFL
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IDBI Bank
IndusInd Bank
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TATA Capital
Credila
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Indiabulls Housing Finance
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Yes Bank
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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 Vijayawada
Vijayawada earlier known as Bezawada, is the third largest city in Andhra Pradesh, India, located on the banks of the Krishna River and bounded by the Indrakiladri Hills on the West and the Budameru River on the North. Vijayawada literally translates to "The Place of Victory". Its prominence as a major trading and business center has earned it the title of, “The Business Capital of Andhra Pradesh”.
Vijayawada history reveals that Bezawada (Vijayawada) was ruled by King Madhava Varma. Chinese Buddhist scholar Xuanzang stayed few years in Bezawada (Vijayawada) in around 640 A.D. to copy and study the Abhidhamma Pitaka, the last of the three pitakas (Pali for baskets) constituting the Pali canon, the scriptures of Theravada Buddhism.
Places To Be Visited In Vijayawada
Kanaka Durga Temple
Kanaka Durga Temple is located on the Indrakiladri hill, on the banks of Krishna River. It is a famous Hindu temple, which is dedicated to Goddess Kanaka Durga. According to the legends, Arjuna obtained the Pasupatha astra at this site and after gaining the astra, he constructed this temple for Goddess Durga.
Mangalagiri
Mangalagiri is one of the eight important Mahakshetrams (sacred places) in India. It is also oldest Vaishnavite Temples in the entire South India, whose presiding deity is Sri Lakshmi Narasimha Swamy. This temple was built by the Zamindar Sri Raja Vasireddy Venkatadri Naidu during the period 1807-1809.
Undavalli Caves
Undavalli caves were carved out of solid sandstone on a hillside in the 4th to 5th centuries and is a paradise for history lovers. There are three layers in the cave. The lower level resembles to the Jain abode with many chambers and Thirthankara Sculptures. The second level has as the statue of reclining God whose identity cannot be found out. However, locale believes the statue is of Lord Vishnu. The caves are made in Gupta style of architecture.
Kondapalli Fort
A fort with roots in parallel histories, this one is said to have been built as a center of recreation, business and trade. The main entrance gate, carved out of a single boulder of granite is called the Dargah Darwaja.
Mogalarajapuram Caves
These are ancient caves, dating back to 5th century and one of the most significant landmarks of the heritage of Vijayawada. Though a lot has been lost to ruins, the caves still hold religious and spiritual value as they house idols of Lord Nataraja and Lord Vinayaka amongst many more, a few cave temples
Prakasam Barrage
Prakasam Barrage is a 1223.5 m long structure across the Krishna River, which connects Krishna and Guntur districts. The construction of the barrage started in 1852 and completed in 1855.