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Allahabad Bank Allahabad Bank Aashiana Home Loan
Interest Rate
8.95% - 9.3%
Processing Fee
0%
Loan amount
100000 - 50000000
Tenure
Get loan for construction of residential house on land already owned, purchase of house/flat to be used for residential purpose, renovation / extension / repair of residential house already owned, purchase of unfinished / old house and renovation /extension / repair of the same, taking over of housing loans from other finance companies / financial institutions / banks, acquiring 2nd residential unit or Supplementary Finance due to increased income for carrying out alterations/ additions/repairs to the house/flat or for finishing.

Apply for loan amount as high as Rs. 5 Crores.

10% margin for loan amount up to Rs. 30 Lacs. 20% for loan amount above Rs. 30 Lacs to up to Rs. 75 Lacs and 25% for loan amount above Rs 75 Lacs.

Equitable / Registered Mortgage of the property as security. Or, Pari-Passu / Second charge over the property if the borrower (salaried person) has already availed loan from his/her organization.

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. 25 Crores, repayment period of 30 years in EMIs, Allahabad Bank is easily the number one choice for all home loan borrowers.

Allahabad Bank Home Loan at a glance
Annual Interest Rate 8.85% - 11.65%
Loan Term Maximum 30 Years
Loan Amount Maximum Rs. 25 Crores
Pre-Closure Charges Nil

Salient Features


Relaxed Eligibility Criteria

All those individuals with a regular source of income are eligible for the loan. The maximum age to avail Allahabad Home Loan is 70 years.

Loan Amount

Entirely depending on your eligibility, the maximum home loan amount the borrowers can avail is Rs. 5 Crores.

Repayment Period

The bank allows up to 30 years’ repayment tenure for loan repayment made in EMIs. The loan borrowers have the convenience of choosing the tenure while signing up for the loan.

Interest Rate

The bank offered by the bank is as low as 8.50%.

Allahabad Bank Home Loan Rate of Interest


Personal Loan Type Applicable Interest Rate
AllBank Pre-Approved Housing Loan 8.65% per annum
AB Ashiana Housing Loan 8.85% - 9.65% per annum
AllBank Housing Loan for NRI / PIO 8.85% - 9.65% per annum
AllBank Housing Loan for High Networth Individuals 9.05% - 9.65% per annum
AllBank Housing Finance for Furnishing 10.15% - 11.65% per annum
AllBank Housing Loan for Pensioners 8.85% - 9.65% per annum

Allahabad Bank Home Loan Eligibility


Eligibility Criteria
Age 21 Years to 70 Years
55 to 64 Years for Pensioners
FOIR Minimum 70% of Gross Income

Salaried/ Self-Employed

  • Regular Income
  • Minimum age: 21 years
  • Maximum Age i.e. the age by which the loan should be fully repaid should be 70 years.
  • Loan amount of 60 times of his/her gross monthly income.

NRI / PIO

  • Must be employed/self-employed or having a business unit.
  • Staying abroad for a minimum of 1 Year.
  • Minimum gross annual income equivalent to Rs. 3 Lacs per annum. OR, must have minimum gross remittance equivalent to Rs. 3 Lacs per annum in his NRE/NRO/FCNR during last three years’.
  • The borrower’s minimum age should be 21 years.
  • Age of the borrower plus repayment period should not be beyond 60 years of age.
  • Loan is available for all types of housing requirements such as home construction, purchase, refurbishing, and balance transfer.
  • Minimum loan amount offered is Rs. 5 Lacs and maximum loan amount is Rs. Crores.
  • Margin is quite minimal and it depends on the loan amount.

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

  • After the borrower has received the approval for AAPL, he/she can take a time period of up to 1 year to search a potential property or house.
  • The borrower is supposed to deposit the margin proposed into the branch bank account.
  • The borrowers have the facility of availing the facility by visiting any branch of Allahabad Bank or even by applying online.
  • The bank charges a processing fee of 10% for issuing authorization letters.
  • Once the property is finalized, the borrower has to submit the property papers to the bank for verification purpose. The bank checks the documents for legal verifications and on the basis of this verification, the loan is sanctioned.

Eligibility

  • All those borrowers with a regular source of income can avail the home loan.
  • The minimum age should be 21 years.
  • Hindu Undivided Family (HUF) cannot avail this home loan, only an individual is allowed.
  • If the borrower has availed a home loan from his/her own company, then also he/she can avail Allahabad Bank Home Loan.

Interest Rates

  • The borrowers can avail a home loan at an interest rate of 8.65%.

Documentation

  • Proof of Identity – PAN Card, Driving License, government issued IDs, and Passport.
  • Proof of Income – IT Returns, salary slips, employment certificate, or Form 16.
  • KYC Documents – Address Proof and ID.

AB Ashiana Housing Loan


Key Features

  • If the borrower is interested in constructing a residential house on an already owned land.
  • If the borrower is interested in buying a house/flat to be used for the residential purposes.
  • If the borrower is interested in refurbishing/repairing/extension of an already owned residential house.
  • If the borrower is interested in purchasing unfinished/old house and extension/renovation/repair of the same.
  • If the borrower wants to finance for acquiring second residential unit.

Eligibility

  • In order to liquidate the loans, the borrowers should have a regular source of income.
  • Housing Loans to HUF (Hindu Undivided Family) cannot avail the loan.
  • Minimum age should be 21 years and maximum age should 70 years.
  • If the borrower has availed a home loan from his/her own organizations, then also he/she can avail Allahabad Bank Home Loan.

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

  • In the event where the loan is taken for the purchase of a semi-finished house/old house & finishing/modification/repair of the house – maximum 12 months.
  • In the event where the loan is bought for the purchase of flat under construction – maximum of 24 months.
  • In the event where the loan is taken for the construction of a house, where the land was already owned or bought – maximum 18 months.
  • In the event where the loan is taken for refurbishing of the house/flat – 3 months.
  • In the event where the loan is taken for buying ready built house/flat – 3 months.

AllBank 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.

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

  • The loan can be availed to purchase a house/flat.
  • The loan can be availed to construct a residential house on an already owned land.
  • The loan can be availed to take over housing loans from other FIs/banks.
  • The loan can be availed to buy a plot and construct a residential house thereon.
  • The loan can be availed to renovate/extend/repair an already owned residential house.
  • The loan can be availed to buy unfinished/old house and renovate/extend /repair the same.

Loan Amount

  • The borrowers can avail a minimum loan amount of Rs. 5 lacs.
  • The maximum loan amount is Rs. 500.00 Lacs.
  • Total deductions comprising EMI of the proposed loan should not surpass 50% of the amount taken for the calculation of the eligible loan amount.

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

  • As on the date of application, the age of the borrower/co-borrower is below 45 years. Then, for salaried individuals, the loan amount will be limited to 72 times of the monthly gross salary.As for the other borrowers, the loan will be limited to 6 times of the gross annual income.
  • As on the date of application, if the age of the borrower/co-borrower is 45 years or above. Then, for salaried individuals, the loan amount will be limited to 60 times of the monthly gross income. As for the others, the loan will be limited to 5 times of gross annual income.

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

The minimum allowable margin is 25% of the project’s cost. Cost of the project will comprise of –

  • Price at which the house is purchased.
  • Total cost of the building, extension/restoration.
  • Stamp duty & registration charges.
  • Accrued interest sum of moratorium period.
  • Premium of Allahabad Bank Griha Mangal Scheme.

Repayment Period

  • Upto attainment of 60 years of age of the borrower, maximum 10 years.

Moratorium Period

  • In connection with the construction of a new house/flat – 18 months from the date of the first disbursal or 1-month post completion, whichever is earlier.
  • The borrower has to serve the interest during the moratorium period.
  • In other cases – 3 months post last disbursement.

AllBank 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

  • A borrower can use the loan for multiple purposes such as - purchase a plot, refurbishing an existing property, building/construction a home, buying a constructed flat, etc.
  • The rate of interest for this loan is quite competitive and it depends on the MCLR i.e. 9%.
  • The loan is designed to meet the varied needs of the elite class, therefore the loan ranges between Rs. 5 Crores to Rs. 25 Crores.
  • As far as the margin is concerned, it will depend on the amount the borrower is borrowing. Generally, it ranges between 10% and 25% of the loan amount.
  • The loan can be paid through flexible EMIs with a repayment period of 7 years.
  • The processing fee is high and it ranges around 10% of the loan amount.

Eligibility

In order to avail the loan, the borrower need to satisfy the following eligibility criteria -

  • The minimum age of the borrower should be 21 years.
  • The maximum age of the borrower should be 70 years.
  • The borrower should have apt income to repay the loan, such as EMIs do not exceed 70% of the gross income.

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

The loan can be used for the construction of residential house on an already owned land.

  • The loan can be availed to purchase a house/flat to be used for residential purpose.
  • The loan can be availed to take over housing loans from other FIs/banks.
  • The loan can be availed to buy a plot and construct a residential house thereon.
  • The loan can be availed to renovate/extend/repair an already owned residential house.
  • The loan can be availed to buy unfinished/old house and renovate/extend /repair the same.
  • The loan can be availed for taking over housing loan from other Financial Institutions, banks, and finance companies.

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

  • As on the date of application, the age of the borrower/co-borrower is below 45 years. Then, for salaried individuals, the loan amount will be limited to 72 times of the monthly gross salary. As for the other borrowers, the loan will be limited to 6 times of the gross annual income.
  • As on the date of application, if the age of the borrower/co-borrower is 45 years or above. Then, for salaried individuals, the loan amount will be limited to 60 times of the monthly gross income. As for the others, the loan will be limited to 5 times of gross annual income.

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

  • For the purpose of constructing a house/flat where the land is already owned - maximum 18 months.
  • For buying semi-finished house/old house and modifications/repair of the house - maximum of 12 months.
  • For buying of flat under construction - maximum of 24 months.
  • For buying an already built house/flat - maximum of 3 months.

AllBank 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

  • As per this home loan scheme, the borrower can avail a loan amount of Rs. 5 Lakh.
  • Being an existing home loan borrower, he/she can avail this home loan scheme following the full disbursal of the loan and the margin money of the housing loan is utilized.
  • The loan requires the borrower to provide additional mortgage of the property or equitable mortgage as security.
  • Currently, for the calculation of Housing Finance Scheme for Furnishing rate, base rate of 9.50% is being used. In order to have to latest rate, the borrowers can visit their nearest branch of Allahabad Bank.
  • The borrowers don’t have to pay any penalty fee in case of early payment of the loan. In case of late fee charges, it will depend on the agreement as per the bank.

Purpose

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

Documentation

  • Duly filled application form.
  • Proof of identity.
  • Proof of residence.
  • Last 2 years’ Form 16 or income tax returns.
  • Last 6 months’ bank statements.
  • 6 months’ salary slips.

Eligibility

  • It is important that the borrower owns his/her own house or a flat.
  • In order to be eligible for Housing Finance for Furnishing, the borrower should also be a current housing loan customer of Allahabad Bank.
  • Total monthly deduction, along with the loan instalment, should not go beyond 60% of the borrower’s monthly salary.

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

  • All the pensioners up to the age of 65 can avail a loan up to Rs. 2 Lakhs.
  • The loan amount to be availed, as per this scheme, is equal to 10 months’ pension of the borrower. However, the age of the borrower will be considered from the date the loan gets sanctioned.
  • Total deductions should not be more than 50% of the total pension of the borrower, including the present loan instalment.
  • All those pensioners above the age of 65 can avail a loan amount of Rs. 1 Lakhs.The minimum amount to be availed under this scheme is Rs. 25,000.
  • Total deductions should not more than 50% of the monthly pension, including the existing loan instalment.
  • The maximum repayment period offered is 48 months.
  • In the event of death of the pensioner, his/her family have to provide personal guarantee of repaying the loan amount.

Purpose

  • The loan can be availed for the construction of residential house in an already owned land.
  • The loan helps the borrowers in renovating, extending, and repairing an already owned residential house.
  • The borrower can take the loan for taking over of housing loans from finance companies, banks, and financial institutions.
  • The loan can assist in the purchase of the land and construction of the house thereon. However, if the loan is used for buying land then it is restricted to 85% of the land cost or 60% of the allowed amount of the total loan, whichever will be lower.
  • For buying house/flat to be used for residential purpose.

Eligibility

  • The age of the pensioner should be at least 55 years.
  • The maximum age, set by Allahabad Bank, at which the loan should be availed is 64 years.
  • In case the spouse and the kids become co-owner of the house property, then they can also be made co-borrower.

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 lakhs.

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

  • For construction of the house once the land has been owned - maximum 12 months.
  • For taking over of Housing Loans -None.
  • For buying ready built house - Maximum 3 months.
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