The following special features from ABHFL make Home Loans much more attractive than other lenders:
• Easy online application process, quick approvals, and instant eligibility
• Doorstep services with simplified documentation
• Choices between simple EMIs or structured repayments
• Attractive balance transfer option available to transfer your existing home loan to us without any hassles
• Nil pre-payment charges for floating rate home loans given to individuals
You can apply for ABHFL home loans via various options:
• Download the application form from our website – ABHFL Home Loan Application Form — and submit the duly filled form to your nearest branch
• Write to us at email@example.com
• Call us on 1800 270 7000
• Visit any of our branches spread over various locations. Click on Locate Us to find your nearest branch
Your Home Loan eligibility is decided based on your repayment capacity and up to 90% of the property value. Your repayment capacity depends on the following factors:
• The income of all applicants
• Age of the primary applicant
• Other income or existing EMIs
• Stability and continuity of the primary applicant's occupation
Yes, you can avail of a loan for any of the following purposes:
• Purchase of a home
• Construction of a home
• Home repairs
• Home improvements
• Home extension
• Plot purchase + home construction
You will need to submit the following self-attested documents:
|Self-employed / Professional / Partnership / Company
|Proof of Identity and Address
|Passport or Voter's ID card or Driving License or Job Card issued by NREGA or Aadhaar Card or Registration certificate or PAN card (PAN card only as identity proof) or any other document as acceptable to ABHFL
|Proof of Income
|Latest 3 month's salary slip showing all deductions and Form 16
|IT Returns or financial documents for last 2 years and computation of income certified by a CA for last 2 years
|Bank statement where salary or income is credited
|Latest 6 months
|Latest 6 months
|Proof Other Income
|Rental receipts or documents showing receipt of income
|Copy of Title documents and approved sanction plan
ABHFL may request additional documents for processing your loan.
When there is an unexpected increase in interest rates, we first attempt to make things easier on you by increasing the loan tenure within permissible limits. If this doesn’t resolve the issue covering interests under current EMI, we will need to increase the EMI. If you wish to make any changes in the impact given by ABHFL , you may call us call us on 1800 270 7000 or email us at firstname.lastname@example.org. On receipt of your request, changes will be made to Policy T&C and a revised repayment schedule will be shared.
Please note that if there is a change in ARR, we update the revised ARR on our website along with an illustrative impact of the change. Further, a communication will be sent on your registered mobile number and email ID.
The ABHFL Rate of Interest (“ROI”) shall be determined based on the cost of borrowed funds, tenor of loan, liquidity conditions prevailing in the market, cost of operations, credit risk arising from the borrower or pool of borrowers and the minimum margin. Please refer the Policy for determination of Interest Rates, Processing and Other charges placed on our website for further details. The Rate of Interest for your loan is linked to the ABHFL Reference Rate and the same may be revised from time to time.
The impact of change in ROI shall be given on Loan Tenure or EMI or both as the case may be, depending upon customers’ repayment capacity. Any change in ROI will be intimated to the customers. Please connect with us on call at 1800 270 7000 or email us at email@example.com in case you wish to change the options offered.
The following are the various impacts that can take place on your loan depending on multiple parameters:
Revision in Tenure with EMI Constant
Revision in Tenure & EMI
Revision in EMI
Scenario: Customer is a Salaried individual with a Home Loan from ABHFL with the following terms:
Loan Amount: Rs. 30,00,000
Loan Tenure: 240 months (20 years)
EMI: Rs. 26,992
The calculated EMI is Rs. 26,992 as per the above parameters.
Scenario: Loan has been paid for 10 months and there is still another 230 months to repay the same. After 10 months, the loan details are:
Loan Outstanding Amount: Rs. 29,53,536
Balance Loan Tenure: 230 months
Scenario: Reference Rate increases by 0.25% due to which ROI has also changed. Revised ROI will be: 9.00% + 0.25% = 9.25%
Considering the Loan Outstanding Amount, Remainder Loan Tenure & Revised ROI, the Revised EMI = Rs. 27,463
Increase in EMI = Rs. 27,463 (Revised EMI) – Rs. 26,992 (Original EMI) = Rs. 471.
Impact of Rate increase by 0.25% = Rs. 471 (Difference in EMI) x 230 months (Remainder Loan Tenure) = Rs. 1,08,349
Ideally, increase in tenure keeping EMI constant would be looked at (provided there is no tenure breach). In such a scenario, tenure would be increased by 12 additional months and the additional outflow is Rs.3,23,901 (12 x 26,992).
Disclaimer: The following questions and answers are provided for general information only and may not be completely accurate in every circumstance; they do not purport to be legal/ commercial advice, and are not intended to be binding on ABHFL. ABHFL shall have the right to change them from time to time. Each case would be reviewed independently, and the FAQs will have no binding effect on ABHFL.