Aditya Birla Finance NRI Home Loan

Aditya Birla Finance Limited (ABFL) welcomes non-resident Indians (NRIs) who dream of owning a piece of their homeland through its specialised NRI home loan program. Aditya Birla Finance NRI Home Loan is expertly crafted to help NRIs bridge the distance between their global residences and the Indian real estate market, ensuring the dream of owning a property in India is within reach, no matter where they are in the world. This guide aims to walk you through the nuances of securing an NRI home loan from ABFL, making the journey towards owning your dream home in India as smooth as possible.

Features and Benefits of ABFL NRI Home Loan

The ABFL NRI Home Loan offers a range of features and benefits tailored to meet the diverse needs of Non-Resident Indians aspiring to own, construct, or refurbish their property in India.

Here’s a closer look at what makes this loan an attractive choice:

• Versatile Financing: Whether you’re looking to buy a new home, build one from scratch, or give your existing property a facelift, the ABFL NRI Home Loan covers all your property-related financial needs.
• Simplified Application Process: The journey to applying for this loan is straightforward and designed to save time.
• Online Convenience: This digital process is quick and transparent, and you can easily track the status of your Aditya Birla Finance NRI Home Loan application anywhere.
• Competitive Interest Rates: Enjoy attractive interest rates calculated on a monthly reducing balance. Plus, the flexibility to choose between fixed and floating interest rates adds to the appeal, helping you manage your finances better.
• Prepayment Advantage: ABFL understands your flexibility needs and offers a prepayment facility. This option has minimal to no extra charges, allowing you to manage your loan according to your financial plans.

Types of ABFL Home Loan Products for NRIs

ABFL recognises that NRIs might have diverse needs when it comes to property investment. They offer various NRI home loan options to suit your specific goals. Here’s a snapshot of the types of home loans ABFL has on offer for NRIs:

• Home Extension Loan: This loan is perfect for those looking to add more space to their home. Whether it’s an extra bedroom or a study, this loan helps you expand your living space to match your evolving needs.
• Home Improvement Loan: This loan is for homeowners who want to give their property a facelift. It covers everything from painting to plumbing and electrical upgrades, making your home as comfortable and stylish as possible.
• Plot and Home Construction Loan: This dual-purpose loan is a boon for those who want to purchase a plot and then construct a house. It simplifies the process by combining the land purchase and construction finance into one seamless loan.
• Home Construction Loan: If you own land and are ready to build your dream house, this loan provides the financial backing to turn your blueprint into reality, supporting you at every step of the construction process.
• Step-Up Home Loan: Ideal for young professionals with a clear career growth trajectory, this loan starts with lower EMIs that gradually increase over time, in line with expected income rises.
• Step-Down Home Loan: This option is suitable for those nearing retirement or anticipating a decrease in income. It starts with higher EMIs that reduce over time, aligning with your financial planning for the years ahead.
• Extended-Tenure Home Loan: This loan is designed for those who prefer a smaller EMI spread over a longer duration. It extends the repayment period, making it easier to manage monthly expenses without compromising your dream home.

Purpose of ABFL NRI Home Loan

An ABFL NRI home loan can serve a multitude of purposes, including:

• Investment: The Indian real estate market offers potential for capital appreciation. By investing in property through an NRI home loan, you can benefit from this growth over time.
• Personal Use: Secure a place for yourself or your family for future visits or retirement. A home in India provides a sense of belonging and a place to relax during visits.
• Supporting Family: Help your family members in India purchase a property. An NRI home loan can be a valuable tool to extend financial support to your loved ones.

ABFL NRI Home Loan Interest Rates

ABFL offers competitive NRI home loan rates. While interest rates on home loans for NRIs vary widely across different lenders, typically ranging from 8.7% to 10% per annum. ABFL strives to offer attractive and competitive rates within this spectrum.

*The specific interest rate applicable to your NRI home loan with ABFL will depend on various factors, including the loan amount, tenure, and credit profile.

Documents Required for ABFL NRI Home Loan

For NRI home loan applicants at Aditya Birla Finance Limited (ABFL), the following documents are typically necessary:

• Passports & Work Visa: For applicants and co-applicants.
• Passport-Size Photos: For all applicants.
• Employment Contract: Detailing job start date, salary, and role.
• Overseas Residential Proof: Showing at least one year of residence abroad.
• Salary Slips: Last 3 months.
• Bank Statements: Past 6 months.
• Power of Attorney: If applicable.
• Property Documents: Related to the purchase.
• PAN Card: For all applicants.

Gather these documents to streamline your ABFL NRI home loan application.

Eligibility Criteria for ABFL NRI Home Loan

To be eligible for an ABFL NRI home loan, you should meet the following criteria:

• Age: Applicants should be between 18 and 70 years old.
• Nationality: Open to Indian nationals, Non-resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs), excluding individuals from certain countries.
• Work Experience: A minimum of two years with your current employer is required.
• Co-applicant Requirement: An Indian resident must co-sign, whether as a co-applicant, co-borrower, or property co-owner.

Fees and Charges for ABFL NRI Home Loan

Here’s a concise overview of the fees and charges applicable to an NRI home loan from Aditya Birla Finance Limited (ABFL):

Processing Fees: Up to 1% of the loan amount.

Part Payment/Pre-Closure Charges:

• Floating Rate Loans for Individuals: No charges.
• Fixed Rate Loans for Individuals (Closed with Own Funds): No charges.
• Other Home Loans for Individuals: 2% on the principal amount paid early.

Penal Interest Rate for Defaults: 24% per annum or 2% monthly.

Tax Benefits of ABFL NRI Home Loans

Here’s a simplified overview of the tax advantages you can leverage with ABFL NRI Home Loans:

• Section 24(b) Benefits: You can claim deductions up to ₹2 lakhs on interest payments for a house that’s either self-occupied or rented. Remember, the property has to be in your name.
• Pre-Construction Interest: If your home is under construction, you can claim the interest paid once construction is complete over five equal instalments, capped at ₹2 lakhs.
• Principal Repayment Under Section 80C: Once the construction is finished, deductions on the principal amount of up to ₹1.5 lakhs per annum, including stamp duty and registration charges, are available.
• Section 80EEA Additional Deduction: On top of Section 24(b), claim up to ₹1.5 lakhs for homes valued at ₹45 lakhs or less, provided the loan was sanctioned between April 1, 2019, and March 31, 2022, and you don’t own any other home at the time of loan sanction.
• Joint Home Loan Advantages: Co-borrowers who own the property can each claim interest deductions up to ₹2 lakhs and principal deductions up to ₹1.5 lakhs, amplifying their savings.
• Second Home Benefit: Interest paid on loans for a second property can be fully deducted, providing a pathway to additional tax savings.