Andhra Bank Home Loans

Andhra Bank Housing Loan

8.65% - 9.70% p.a.

Fixed/Floating

Processing Fee
0

Loan Amount
₹ -
Tenure
1 - 30 Years

Description:

Andhra Bank Home Loan

Loan Amount

1 Lac to 75 Lacs or above

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

 

Along with expansive set of features, easy application process, relaxed tenure, and affordable interest rates Andhra Bank is a certainly one of the leading names in the home loan arena. Andhra Bank comes in two variants - Regular Home Loan and NRI Home Loan. The borrowers can use these loans for multiple purposes such as - constructing/buying a house/flat, buying a residential plot, and for renovating/repairing of the existing house.

 

Main Features & Benefits -

Margin applicable on the loan amount is as follows -

Salaried Borrowers -

Eligibility -


Documentation -

General Documents -

 

Income Documents -

 

KYC Documents -

Proof of Employment -

Property Documents -

 

Self-Employed Borrower -

General Documents -

 

Income Documents -

 

Proof of Employment -

 

NRIs

Eligibility

Documents required in case of purchase of the property


Andhra Bank Home Loan Products
 

Andhra Bank Housing Loan

Andhra Bank really extends financial assistance if any borrower is looking for construction or purchase of a house/flat in any area like rural, semi-urban, urban and metro etc. The maximum repayment  period of the housing loan is 30 years.

Minimum margin 10% for limits up to Rs.30 lacs, 20% for limits over Rs.30.00 lacs to Rs.75.00 lacs and 25% for limits more than Rs.75.00 lacs.

 

Eligibility of loan amount is based on repayment capacity.

For purchase of a plot:

 

For repairs and renovation:


 

Margin, Loan to Value Ratio & Interest Rate

SLAB

LTV

Minimum Margin

 Rate of interest (Women)

Rate of interest (Others)

Up to 30 lakhs

90%

10%

8.45% (1 Year MCLR + 0.10)

8.50% (1 Year MCLR + 0.10)

Above 30 lakhs and up to 75 lakhs

80%

20%

8.45% (1 Year MCLR + 0.10)

8.50% (1 Year MCLR + 0.10)

Above 75 lakhs

75%

25%

8.55% (1 Year MCLR + 0.20)

8.60% (1 Year MCLR + 0.20)

Home loans repairs /Modifications

75%

25%

9.45% (1 Year MCLR + 1.05)

9.45% (1 Year MCLR + 1.05)


 

Salaried Class

Salaried class with pension facility:

Agriculturists, Business & Self-Employed Persons


 

Documents required in case of purchase


 

Documents required in case of construction

Charges

Administrative charges:

 

Certificate for tax exemption – The applicant can have the certificate for claiming tax benefits and it is only issued once in a year by Andhra Bank.

 

Loan Liability Insurance – You can get your loan liability insured upon payment of applicable one-time premium and submission of health declaration etc.

 

Co-applicant – The loan borrower’s spouse or his/her children can become co-applicant.

Andhra Bank Housing Loan for NRIs/PIOs

Along with relaxed repayment tenure, competitive interest rates, varied modes of repayment, Andhra Bank offers housing loans for NRIs/PIOs. The loan can be availed for buying or constructing, repairing/renovating a house/flat.

The borrower can pay the instalment through remittance from outside India or out of funds in his NRE, FCNR accounts or out of rental income. The borrower need to submit copy of Passport, VISA, Work permit, Agreement with his/her present employer.

Age of the Building/Flat -

Issuance of Power of Attorney: 

 

The PA should be specific PA to execute the documents and to execute Debt Acknowledgement.


 

NRI – Dubai (Specific for Dubai located NRIs)

People residing in DUBAI, UAE, Sharjah, either individually or jointly with resident close relative (resident). NRI a/c holders and valued constituents having at least one year abroad service. Investment in immovable property in India by an NRI is liable to FEMA guidelines.

 

Documents -

If loan is availed for purchase of the property

 

If loan is availed for construction

 

Additional Documents

Repayment of the Loan of up to maximum 30 years. For salaried class: Loan shall co-terminate at the age of superannuation i.e. the age of retirement.


Moratorium Period of 30 months.

Mode of Repayment –

 

Mode of Repayment is liable to the terms and conditions decided by RBI. The borrower can repay the loan by way of inward remittance through standard banking channel or by debit to NRE/FCNR (B)/NRO account or by rental income earned by renting out the property. The loan can repaid by the borrower’s close relative using their account in India by crediting the loan account of the borrower.


 

 

Margin, Loan to Value Ratio & Interest Rate

SLAB

LTV

Minimum Margin

 Rate of interest (Women)

Rate of interest (Others)

Up to 30 lakhs

90%

10%

8.45% (1 Year MCLR + 0.10)

8.50% (1 Year MCLR + 0.10)

Above 30 lakhs and up to 75 lakhs

80%

20%

8.45% (1 Year MCLR + 0.10)

8.50% (1 Year MCLR + 0.10)

Above 75 lakhs

75%

25%

8.55% (1 Year MCLR + 0.20)

8.60% (1 Year MCLR + 0.20)

Home loans repairs /Modifications

75%

25%

9.45% (1 Year MCLR + 1.05)

9.45% (1 Year MCLR + 1.05)

 

The cost of land standing in the name of the applicant can be treated as margin. Relaxation may be sanctioned in deserving cases.

Processing Charges – 0.50% of the amount maximum Rs. 10,000.

 

Prepayment Charges – There are no prepayment charges in case the repayment has been made from income from their own sources/windfall gains.

 

FAQs

How much can I borrow?

There is no cap applicable on the maximum loan amount.

 

What documents are required to apply for Andhra Bank Housing Loan in case of purchase of a house or flat?

In case of purchase a house/flat, you need to arrange the following documents –

 

I want to build my home. What are the documents required to apply for the homeloan?

Here are the list of the documents you may need in order to apply for Andhra Bank Housing Loan to build your home –

 

Who can be a co-applicant?

Applications of individuals can be considered jointly with spouse and major children for sanction of housing loan.

 

Can I get my loan liability insured?

Yes, you can get your loan liability insured upon payment of applicable one time premium and submission of health declaration etc.

 

When will I get the certificate for tax exemption?

The certificate for claiming tax benefits will be issued by the bank once in a year.