Discover you True Worth with Aditya Birla Finance Home Loans

Sunday, May 15th, 2016 Amritesh 5 responses 14 Views

Aditya Birla Finance Home Loans
A home is not just a roof over your head. It not only reflects your status in society but also your personality, taste and style. It’s not surprising that younger individuals try to accumulate enough funds to purchase a home as soon as they start their careers. They realize that the more they hold off from buying a property, the more prices of property increase dramatically. Hence, it is wise to invest early in a home as it not only translates into owning your space but also acquiring an asset that will continue to appreciate in the future.
For most individuals, buying a house can be difficult at first as they have to find the resources to finance their purchase. This is where Home Loans can help you finance your dreams.
Reasons to Invest in a Home:
·        Investing and owning a home
·        Great investment option
·        Avoid paying high monthly rentals
·        Relief from constant shifting and relocating your home
Property Valuation and Time Value of Money
The value of money depreciates with time while value of Assets is bound to appreciate in due course. If you start investing early, you can manage your finances better with longer term loans and lower EMIs. Moreover, your earnings are bound to outgrow the EMIs and you can pay off your loan with relative ease.
How to Choose a Home For Yourself: Understand Your “True Worth”
With ‘True Worth’, you can realize your dream. Purchasing a House is a life time investment. Therefore one should analyze the potential sources of income which can be utilized to purchase a house and also determine the size of house so that it makes for comfortable living.
Choosing the right location is also a very important aspect one should consider before buying a house. Preference should be given to areas which are easily accessible and have all necessary amenities nearby. helps you in realizing your actual worth and finding the right home for you. It ensures that you get what you deserve and nothing less.
Aditya Birla Finance Home Loans (ABFHL) ensures that you know and realize your true worth before you borrow. Thereby, ensuring you get the best deal for yourself.
Types of Home Loans Offered by ABFHL
·        Home Loans: Purchase of New Homes
·        Home Extension Loan: Extension of Existing House
·        Home Improvement Loan: Reconstruction and Repair of Existing House
·        Plot and Home Construction Loan: Acquiring of Land and Building a House
·        Home Construction Loan: Build a House
Documents Checklist: Required to Avail Loans
Individuals planning to avail home loans should furnish the following documents to apply for a home loan.
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
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 months salary slip showing all deductions & 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 is credited / main banking account
Latest 6 months
Latest 6 months
Proof Other Income
Rental receipts or documents showing receipt of income
Rental receipts or documents showing receipt of income
Property Documents
Copy of Title documents and approved sanction plan
Copy of Title documents and approved sanction plan
Loan Limits and Tenure
All loans have specific limits and caps based on the tenure of the loan. In case the loan amount is not sufficient enough to finance your home, then you may add other earning members of the family as co-borrowers which will help in enhancing the loan limit.
Time Limit for repayment of loan should also be planned accordingly so that you are able to repay the loan before you retire (in case of salaried) and EMIs are within affordable range.
Generally, the loan repaying tenure ranges between 10 to 30 years.  It is recommended that tenure should be chosen in such a manner that EMIs are paid comfortably.
Interest Rates
Interest Rate is one of the most crucial aspects of Home Loan. The interest rates are of two types Fixed and Floating.
Fixed Rate of interest remains fixed for the entire tenure while the other is reviewed periodically. Usually the interest rate charged is higher in case of the former.
Floating Rate of Interest as the name suggests, is variable in nature and dependent on the variations in the Prime Lending Rates (PLR).
Borrowers should assess the market scenarios while opting for the interest rate.
Tax Implications
Buying a Home on home loan has become a lot more attractive now. The principal amount paid towards purchasing a house is exempted from Tax U/S 80C up to the limit of Rs 1,50,000/-.
Deductions up to Rs 2,00,000/- are available on the interest paid on the Loan availed for purchase/construction of self occupied House Property. However the acquisition and construction of such house property should be completed within 3 years from the end of financial year in which Home Loan was taken.
Additional Deduction of Rs 50,000/- is available for 1st time home buyers on loans up to Rs 35 lakhs, provided the value of house does not exceed Rs 50 lakhs.
Points to Remember
·        Loan amount extended is generally 80%- 90% of the total value, so one should arrange for the balance amount to be paid as down payment well in advance.
·        Some additional fund should also be kept aside to meet the Processing and other Statutory Charges (Stamp Duty, Registration, Service Tax etc).
·        Keep Your Credit Bureau of India Limited (CIBIL) record clean. It will help you quicker approval of your loan request.
·        Providing details of your Insurance Policies can also be handy in approval of your request.
ABFHL provides you with a great opportunity to assess your worth and chose a house which you deserve. You can also check and calculate the worth of your property on their portal as well. Please refer to the link provided below to know more and fulfill your dreams of owning your Dream House.
Know More About ABHFL

Note: This article has been sponsored by the respective Business House.
Amritesh is an experienced professional in the field of HR, Finance and Compliance. He is currently working in the IT Industry with an US based firm. He took up Blogging as a hobby which eventually turned into passion. He primarily focuses on topics related to Personal Finance, HR, Compliance and Technology.

All the opinions/suggestions/views expressed on this blog are just for sharing information. Readers are requested to consult their respective financial advisers and experts before taking any decision. Views shared through post or comments are personal opinion meant for reference of the readers. These should not be considered as Investment Advice or Legal Opinion. The Blog or the Author does not take any responsibility regarding any such action taken by any Individual.
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Jebran Khan
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