Allahabad Bank Home Loans

Allahabad Bank Aashiana Home Loan

Processing Fee
0

Loan Amount
₹ 5 Crores Max.
Tenure
1 - 30 Years

Description:

Allahabad Bank Home Loan
 

Loan Amount

Up to Rs. 25 Crores

Interest Rate

8.45% - 9.45%

Tenure

Maximum 30 Years

Processing Charges

0.50% of Loan Amount or Minimum Rs. 10,000 plus tax.

Pre-closure Charges

Nil

 

Allahabad Bank offers customized home loan products to meet varied needs & requirements of every borrower. Along with relaxed eligibility criteria, maximum loan amount up to Rs. 5 Crores, repayment period of 30 years in EMIs, Allahabad Bank is easily the number one choice for all home loan borrowers.

 

Salient Features –

Salaried/ Self-Employed -

 

NRI / PIO

 

Allahabad Bank Home Loan Products

 

AllBank Pre-Approved (APPL) for Housing Loan – This facility, offered by Allahabad Bank, is offered to all those home loan borrowers for buying house/flat/villa or ready built houses. It certainly makes things easier for the home loan borrowers as they have pre-approved limit in hand. Most of the builders/developers give leverage to all those borrowers with pre-approved limits.

 

Key Features –

 

Eligibility

 

Interest Rates – The borrowers can avail a home loan at an interest rate of 8.50%.

 

Documentation –

 

AB Ashiana Housing Loan

The borrowers can avail this scheme for the following purposes –

 

Eligibility –

 

Loan Amount – A borrower can avail a maximum loan amount of Rs. 500 Lacs.

 

Interest Rate -

Amount

Women & Salaried Employee

Others

Upto Rs.75 Lacs

8.45%

8.50%

Above Rs.75  Lacs & Up to Rs. 300 Lacs

8.55%

8.60%

Above Rs. 300 Lacs up to Rs. 500 Lacs

8.80%

8.85%

Above Rs. 500 Lacs

8.95%

9.00%


 

Repayment Period – The repayment period is up to the attainment of 70 years age, maximum of 30 years.  

 

Moratorium Period –

 

Housing Loan for NRI / PIO

All those people who are spending their better part of their lives in some foreign country, they can invest in real estate so that one day they can come back to their homeland once they get retired. Keeping this in mind, Allahabad Bank offers home loan product – Home Loans for NRIs/PIOs.

 

Designed for –

This home loan scheme is for NRIs (non-resident Indians) and PIOs (Persons of Indian Origin) with a foreign passport. The borrower can have the account singly or jointly. A family member of NRI or PIO such as – kids spouse, parent can become a co-applicant despite of being residing in India.

 

Interest Rate -
 

Amount

Women & Salaried Employee

Others

Upto Rs.75 Lacs

8.45%

8.50%

Above Rs.75  Lacs & Up to Rs. 300 Lacs

8.55%

8.60%

Above Rs. 300 Lacs up to Rs. 500 Lacs

8.80%

8.85%

Above Rs. 500 Lacs

8.95%

9.00%

 

Purpose –

 

Loan Amount –

 

Need-based finance will entirely depend on the borrower’s repayment capacity, subject to the following –

1- As on the date of application, the age of the borrower/co-borrower is below 45 years.

 

2- As on the date of application, if the age of the borrower/co-borrower is 45 years or above –

 

Financing for the purchase of the land – The loan borrower can avail the loan as a package for buying a plot of land as well as constructing a house on it. However, if the borrower is using the loan in order to purchase the land, then in that case it will be limited to 75% of the plot’s price or 60% of the permissible amount of the overall loan, whichever is lesser.

 

Margin –

Repayment Period – Upto attainment of 60 years of age of the borrower, maximum 10 years.

 

Moratorium Period –

 

Housing Loan for High Networth Individuals (HNIs)

This home loan scheme from Allahabad Bank is for all the people belonging to high income group. As per this scheme, a loan amount of Rs. 5 Crores to Rs. 25 Crores is offered. The loan can be used for varied housing needs such as - construction, refurbishing, purchasing, etc.

 

Salient Features -

 

Eligibility -

 

Interest Rate - The interest rate will depend on MCLR, which is 9.6%. There will be an addition of 0.5% to the MCLR, making it 10.10% per annum.

 

Purpose -

Need-based finance will entirely depend on the borrower’s repayment capacity, subject to the following –

1- As on the date of application, the age of the borrower/co-borrower is below 45 years.

 

2- As on the date of application, if the age of the borrower/co-borrower is 45 years or above –

 

Repayment Capacity - Total deduction of the proposed loan (including EMI) is up to 70% of the gross income.  

 

Margin - The margin for Housing Loan for High Networth Individuals (HNIs) is 25%.

 

Moratorium Period -

 

 

Housing Finance for Furnishing

As per Allahabad Bank’s Housing Finance for Furnishing scheme, the borrowers can take the loan for furnishing of the house, repairing of existing or new house/flats. The borrower’s take home salary will play a major role in deciding the loan amount.

 

Salient Features -

 

Purpose - The loan can be used for furnishing and repairing of the existing/new flats/houses.

 

Documentation -

 

Interest Rate - The rate of interest for Housing Finance for Furnishing is MCLR +3.00%.

 

Eligibility -

 

Loan Amount - The maximum loan amount is subjected to take home criteria as applicable to the housing loan schemes. The borrower can avail a maximum loan amount of Rs. 5 Lakhs.

 

Repayment Period - The repayment period offered by Allahabad Bank is a maximum of 10 years.

 

Housing Loan for Pensioners

 

If the borrower is a pensioner and he/she is looking to meet any emergency financial expense, then Allahabad Bank Loan for Pensioners can be availed. With the help of this loan, everything from wedding expenses to medical bills can be met. Above all, the interest rate are quite competitive as compared to other banks.

 

Key Features -

 

Purpose -

 

Eligibility -

 

Interest Rate - The interest rate charged for Housing Loan for Pensioners is MCLR+3.00%.

 

Loan Amount - The minimum loan amount the pensioners can borrow is Rs. 5 lakh.

 

Margin - The margin is 40% of the project cost.

 

Repayment Period - The repayment period offered, to the pensioners, by Allahabad Bank is 15 years. This period will include moratorium period as well.

 

Moratorium Period -

 

 

Marginal Cost Lending Rate (MCLR)

The applicable Marginal Cost of Funds Based Lending Rate (MCLR) for home loans w.e.f 1st September, 2017 is 8.45% (1-Year MCLR)

In terms of the guidelines of Reserve Bank of India, our Bank has moved to Marginal Cost of Funds Based Lending Rate (MCLR) for pricing of loans w.e.f. 1st April, 2016. Bank reviews the M.C.L.R on monthly basis and the rates are published on 1st of every month. Accordingly, the tenor based MCLR w.e.f. 1st September, 2017 are as under:

 

Tenor

MCLR (In %)

Overnight MCLR

7.95%

1-Month MCLR

8.05%

3-Months MCLR

8.25%

6-Months MCLR

8.35%

1-Year MCLR

8.45%

2-Year MCLR

8.65%

3-Year MCLR

8.70%

 

FAQs

How will I receive the disbursed amount?

The loan amount will be fully disbursed to you. The loan will be disbursed in not more than three installments, if the property is under construction.

 

Where am I allowed to use the disbursed loan amount of Aashiana Home Loan?

You have the freedom of using the loan amount for residential construction on owned land, purchasing a house or a flat for residential purposes, extending/repairing/renovating an already owned residential house, buying of unfinished / old house and refurbishing/extending/repairing of the same, acquiring housing loan from various finance companies/financial institutions/banks, acquiring second residential unit or Supplementary Finance because of increased income for accomplishing alterations/additions/repairs/finishing or the house/flat.

 

What happens if a customer misses the payment on the due date?

In the event if a customer fails to make the payment on the due date, he/she will have to pay a late payment fee of 2% on the overdue amount.

 

Is there any special benefit or concession in interest paid on Aashiana Home loan?

Get 0.05% concession, applicable to Women & Salaried employee.