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1800-270-7000
Aditya Birla Housing Finance Limited
ABC Solutions
About the Home Extension Loan
About Home Extension Loan
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements.
Features & Benefits
* Disclaimer - All loans will be at the sole discretion of ABHFL
Home Extension Loan Eligibility
Minimum age of applicant
21 yrs
Maximum age of applicant at loan maturity
Salaried - 60 years, Self employed - 70 years
-
Upto 30 Lakhs
90%
-
Above 30 lakhs & upto 75 lakhs
80%
-
More than 75 Lakhs
75%
Home Extension Loan Fees and Other Charges
Transactions & Charges
- Home Loans : Up-to 1% of the loan amount
- Other Loans : Up-to 2% of the loan amount
1. Floating rate term loans sanctioned to individual borrowers, with or without co-borrowers(s):
- Other than business purpose – NIL
- Business Purpose – 4 % of principal outstanding.
2. Floating rate term loan sanctioned to non-individual borrowers: 4% of principal outstanding paid.
3. Fixed interest rate housing loan given to individual:
- Closure from own sources – NIL
Closure from other sources – 2% of principal outstanding
4. Fixed interest rate non-housing loans (LAP/LRD/CP/GPL/Top-up) given to Individual/Non-Individual borrowers (closed from own/other source): 4% of principal outstanding paid
Explanation:
In case of Semi-Fixed Loans (fixed for initial period and then floating), the Foreclosure/ Part payment norms will be applicable as per the status (fixed/floating) of the loans as on that particular day.
“Own sources” means any source other than by borrowing from a bank/ HFC/ NBFC and/or a financial institution.
“Fixed rate loan” means a loan where the Rate of Interest is fixed either for a particular period or for entire duration of the loan.
“Business purpose loan” shall mean:
- Loan against any property/ Top up loans availed for Business use such as working capital, business debt consolidation, repayment of business loans, expansion of business, acquisition of business asset.
- Loan for purchase/ renovation/ construction/ extension of Non-residential property.
- Lease Rental Discounting.
| Penal Charges: | |
|---|---|
| Late Payment Penalty | 12% p.a. above current applicable interest rate (aggregate not exceeding 24% p.a. plus GST as per applicable laws) |
| Non- submission of Critical Post Disbursement Documents like Title document / Security perfection documents / Mortgage Deed / charge creation with MCA (wherever applicable) or non-adherence to any terms and conditions, representations and covenants as defined in the loan agreement / sanction letter within the targeted date of submission. | Rs. 3000/- per month |
| Cheque bouncing charges/NACH failure charges/Bounce charges | Rs 750/- per instance |
| Non-submission of revised NACH / ECS Debit Mandate registration wherever existing mandate is invalid / inactive / bank account closed or frozen / other technical issue for a period of 30 days | Rs. 1000/- per month in case of secured loans |
Rs 750/- per instance per loan account
As applicable based on actual delayed status or as communicated by the lender from time to time
CERSAI charges (You may visit the website of CERSAI for all such charges at www.cersai.org.in)
When facility amount is equal to ₹5 lacs or lesser – ₹.50 per property
When facility amount is greater than ₹5 lacs – ₹100 per property
₹1,000/- per instance
₹750/- per instance
₹200/- per instance
₹750/- per instance
₹50/- per instance for Consumer and ₹500/- for Commercial CIBIL
0.5% of principal outstanding plus applicable GST
Rs 1000/- plus GST per loan account on every rate revision
Rs 500/- per instance
2% of principal outstanding plus applicable GST
As per actual, where applicable
Fees and Other charges (applicable GST @ 18% will be levied on these charges)
Disclaimer:Above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and would be subject to changes from time to time.
Documentation
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1. Proof of Identity and AddressSalaried / Self Employed / Professional / Partnership / CompanyClick here to view the list of documents required.2. Proof of IncomeSalariedLatest 3 months salary slip showing all deductions & Form 16Self Employed or ProfessionalIT Returns or financial documents for last 2 years and computation of income certified by a CA for last 2 years3. Bank statement where salary or income is creditedSalariedLatest 6 monthsSelf Employed or ProfessionalLatest 6 months4. Proof of Other IncomeSalaried / Self Employed / Professional / Partnership / CompanyRental receipts or documents showing receipt of income5. Property DocumentsSalaried / Self Employed / Professional / Partnership / CompanyCopy of Title documents and approved sanction plan
What do we offer?
ABFL offers comprehensive solutions for all your business requirements. Our Corporate Finance help business owners scale up operations or acquire new processes for optimal functioning and profitability. In addition, our Corporate Finance facility is an excellent solution applicable to both short-term (managing assets and existing liabilities) and long-term (capital purchases and future investments) financial issues.
