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Home Loan

Allahabad Bank Home Loan Interest Rate

Interest Rate 8.65% onwards
Processing Charges Upto 1% of loan amt.
Loan Tenure Upto 20 years
Loan Amount Upto Rs. 5 crores
Lowest EMI Rs. 877perLakh
Cheque / Instrument Swap Charges Rs.500 per instance
Prepayment or Foreclosure Charges Nil if floating, upto 2% for fixed rate 

Allahabad Bank offers four types of home loan to different kinds of the applicant which are discussed below:


1. Allahabad Bank Aashiana Scheme:


Purpose:
 

Loans offered by Allahabad Bank Aashiana Scheme can be used for any of the following purposes which are listed below:
 

  1. For the construction of a residential house on a land already owned by him or her. It means that if an applicant already has their own land they can construct a residential house on the land by taking Allahabad Bank Home loan under this scheme.
  2. If the applicant wants to purchase any flat or house for residential purpose, he or she can easily avail this scheme.
  3. If he or she already owns a residential house and if they want to renovate or extend or repair that residential house or flat, then they can easily opt for the home loan schemes
  4. If the applicant wants to purchase any unfinished house or old house or a resale house or wants any renovation or extension on the same property then they can take loan from Allahabad bank under this scheme.
  5. Allahabad Bank Home loan offers the facility of taking over housing loans from other Finance companies or financial institutions or banks.
  6. If an applicant wants finance for acquiring 2nd residential unit, they can move to the Bank for Aashiana Scheme.
  • This scheme can also be taken for supplementary finance due to increased income for carrying out alterations or additions or repairs to the house or flat or for furnishing.


​​​2. Housing Finance Scheme for NRI or PIO – Allahabad Bank NRI Home Loan


Target Group:
 

The Allahabad Bank NRI Home Loan is applicable only to specific applicants that include NRIs and PIOs i.e. Non-Resident Indians and Persons of Indian Origin, who hold an Indian passport.


Purpose:
 

An applicant can apply for Allahabad Bank home loans Scheme for any of the following purposes which are listed below:
 

  1. For construction of residential house on a land already owned by him or her
  2. If the applicant wants to purchase any flat or house for residential purpose, he or she can easily avail this scheme.
  3. If he or she already owns a residential house and if they want to renovate or extend or repair that residential house or flat, then they can easily opt for the scheme under Allahabad bank.
  4. If applicant wants to purchase any unfinished house or old house or a resale house or wants any renovation or extension on the same property then they can take loan from Allahabad bank under this scheme.
  5. Loan under this scheme can be availed for taking over of housing loans from other Finance companies or financial institutions or banks.
  6. If the applicant wants to purchase a plot and wants to construct any flat or house for residential purpose thereon, he or she can easily avail this scheme.

3. Housing Loan for High Net-worth Individuals:


Purpose:
 

An applicant can apply for the loan Scheme for any of the following purposes which are listed below:
 

  1. For construction of residential house on a land already owned by him or her
  2. If the applicant wants to purchase any flat or house for residential purpose, he or she can easily avail this scheme.
  3. If he or she already owns a residential house and if they want to renovate or extend or repair that residential house or flat, then they can easily opt for the scheme under Allahabad bank.
  4. If the applicant wants to purchase any unfinished house or old house or a resale house or wants any renovation or extension on the same property then they can take loan from Allahabad bank under this scheme.
  5. Loan under this scheme can be availed for taking over of housing loans from other Finance companies or financial institutions or banks.
  6. If applicant wants to purchase a plot and wants to construct any flat or house for residential purpose thereon, he or she can easily avail this scheme.

Amount of loan taken as Loan under this scheme:
 

Maximum of Rs.500 lacs can be taken as Allahabad Home Loan.
 

For Salaried Applicant: A salaried person can take Allahabad Home loan amount of 60 times of his gross monthly salary. He or she can take home income as follows:


If Allahabad Home loan is taken for up to Rs.2 crore, the deducted amount should not be more than 60% of gross monthly income after all deductions which also includes the proposed loan instalments, which means after paying off his or her EMIs and deducting other deductions, one must not take home income which is less than 60% of his gross monthly salary.


If loan amount is more than Rs.2 crore the deducted amount should not be more than 70% of gross monthly income after all deductions which also includes the proposed loan instalments, which means after paying off his or her Allahabad Bank Home Loan EMIs and deducting other deductions, one must not take home income which is less than 70% of his gross monthly salary.


For Other Applicant:  As per the Income Tax Return of applicant, he or she can take Allahabad Home loan amount of maximum of 5 times of the Gross Annual income.

Allahabad Bank Home Loan Eligibility

Before applying for Allahabad Bank Housing Loans, you need to check whether you are eligible to apply for a Allahabad Bank Home loan. There are necessary criteria to be fulfilled before the home loan available at Allahabad Bank is granted and every applicant is required to match the stipulated criteria. Below is a list of eligibility criteria required for the applicant to match so that he or she will be eligible to seek a Allahabad Bank Home loan.
 

  1. Any individual having a regular income are eligible for taking Allahabad Home loans
  2. Hindu Undivided Family ((HUF) are not eligible for Allahabad Home Loans. Only an Individual can avail the Allahabad Bank Home loan.
  3. The employees who have availed of housing loan from their own organisations are also eligible for availing housing loan from Allahabad Bank.
  4. The individual should be at least 21 years old. So anyone who is aged 21 years and above can easily avail the Allahabad Home loans if he or she matches the other mandated criterion.
  5. Maximum age by which Allahabad Bank Home loan should be fully repaid as per bank’s policy is as under:

For Salaried Applicant:Maximum age for a person who is in employment i.e. who draws a fixed salary every month is the age of retirement, it means they should repay the Allahabad Bank Home loan before their retirement.


For Other Class of Applicant: Maximum age is 70 years.


Home Loan Eligibility for NRI or POI


Applicant must be employed with a fixed income or he or she may be self-employed earning income or may be having a business unit, and he or she must be staying in abroad for at least 1 year.


Eligibility (Income/Remittances):
 

One of the following conditions should be fulfilled in order to become eligible:
 

  1. NRI must have a minimum gross annual income which should be equal to or greater than Rs.3 lakhs per annum
  2. A minimum gross remittance of Rs.3 lacs in his or her NRE/NRO/FCNR during last 3 years should be made

Eligibility (Age):
 

The individual should be between 21-60 years of age. So anyone who is aged 21 years and above can easily avail the loan if he or she matches the other mandated criterion. However, the upper limit on age is 60 years and for salaried people.

Allahabad Bank Housing Loans Interest Rate

 Allahabad Bank’s MCLR rate of interest is 9.55% per annum. Interest rates changes with different amount of loan taken.
 

SL. NO.

SCHEME

RATE OF INTEREST

1.

ALL BANK AASHIANA SCHEME (Home Loan Product)

Up to Rs.300 Lakhs - MCLR

Above Rs.300 Lakhs up to Rs.500 Lac- MCLR+0.25%

 

2.

HOUSING FINANCE SCHEME FOR NRI/PIO

Up to Rs.300 Lakhs -

MCLR

Above Rs.300 Lakhs up to Rs.500 Lac-

MCLR+0.25%

3.

PREMIUM HOUSING FINANCE SCHEME FOR HIGH NET WORTH INDIVIDUALS (HNIs)

(for loan amount above Rs.500 Lakhs)   

MCLR+0.50%

4.

HOUSE FURNISHING SCHEME

MCLR+2.00%

5.

LOAN FOR APPLICATION MONEY RAISED BY HOUSING BOARD / DEVELOPMENT AUTHORITY FOR ALLOTMENT OF RESIDENTIAL PLOT / FLAT / HOUSE

MCLR+3.00%, in cases where interest charged on monthly basis

MCLR+2.50%, in cases where interest is charged for 6 months paid upfront


Processing Fee:
 

The following table records the processing fee under the loan
 

 

Amount of Loan

 

Processing fee

 

Upto 30 lacs

 

.60% of the loan amount, maximum Rs. 12000/-

 

30- 75 lacs

 

.45% of the loan amount, maximum Rs. 24000/-

 

75-300 lacs

 

.35% of the loan amount, maximum Rs. 60000/-

 

 

300-500 lacs

 

.25% of the loan amount, maximum Rs. 70000/-


Margins:
 

Amount of Allahabad Home loan taken

 

Margin

Upto 20 lacs

 

10% of the Project Cost

More than 20 lacs but less than equal to 75 lacs

 

20% of the Project Cost

More than 75 lacs

 

25% of the Project cost


Security:
 

In order to take home loan from Allahabad bank, an applicant needs to keep something expensive or valuable as security. It is an assurance from the point of view of bank, in case applicant is not able to pay off its instalments or EMIs, then bank has an option, they can easily sell off the properties in order to get their money back. An applicant has to mortgage its property being it’s Equitable or registered mortgage.In case loan is taken by any salaried person who has already availed loan from his or her organisation the he or she has to give second charge over the property.


Financing for purchase of land:
 

An applicant can avail the Allahabad Home loan amount for purchasing of a plot of land and constructing a house thereon also. Either for purchasing of land or for construction of a house or a piece of land, in both the cases loan can be taken from Allahabad bank. However loan amount for purchase of land is restricted to the following conditions:
 

  1. 85% of the cost price of the land, or
  2. 60% of the permissible amount of total loan

Lower of the above points can be utilized for purchasing of land.


Allahabad Bank Home Loan Repayment Period:
 

For Salaried Person: Loan should be paid within the period of his service. i.e. loan tenure will be the length of remaining services to a maximum of 25 years


For others: Age left for attaining 70 years and maximum of 25 years.


Moratorium Period:
 

The bank provides different periods for each type of purpose, which are stated below:


Maximum period of 18 months in case an applicant has taken loan for construction of house, if land is already purchased or owned.


Maximum period of 24 months in case an applicant has taken loan for purchase of flat which is under construction.


Maximum period of 3 months in case an applicant has taken loan for purchase of flat or house which is ready.


Maximum period of 12 months in case an applicant has taken loan for purchase of semi-finished house or old house and finishing or modification or repair of home.


Maximum period of 3 months in case an applicant has taken loan for repairing or furnishing of house.

Amount of loan taken as Loan under NRI home loans by Allahabad Bank

Minimum of Rs.5 lacs and Maximum of Rs.500 lacs can be taken as Loan. Total deductions including EMI of proposed loan should not exceed 50% of the amount taken for calculating eligible loan amount.
 

For Salaried Applicant: A salaried person can take loan amount of 48 times of his gross monthly salary or 4 times of gross annual income as per employment contract / IT Return filed in the overseas country.


For other Applicant:  Loan amount will be higher of the following:
 

  1. 3 times of gross annual income as per IT return filed in that country.
  2. 2 times of minimum yearly inward remittance in NRE/NRO/FCNR account during the last 3 years.

Personal Guarantee of the spouse (if not made co-borrower and is residing in India) and one other person of means and standing and residing in India acceptable to the Bank. (Third party guarantee of  resident Indians may be waived by the Sanctioning Authority on the merit of the case)


In case of delay in creation of equitable mortgage of the property Collateral security to the extent of the loan amount in the shape of any other immovable property or financial securities or personal guarantee of one additional person of means and standing acceptable to the Bank will be taken.


In case the home loans sanctioned/ disbursed on the basis of Power of attorney personal guarantee of power of attorney holder should also be obtained.


Power of Attorney:
 

In cases where the NRI/PIO is not personally available for execution of loan documents or for availing disbursement of entire loan or instalments of loan, an irrevocable Power of Attorney duly executed by the Borrower (NRI/PIO) in favour of any person residing in India and stamped as per local laws in India should be obtained at the initial stage itself.

Apply for Housing Loan Scheme

This is the All-Bank Pre-approved Limit for housing loans which defines a pre-approved loan limit for the individuals even before the house or the property to be purchased is finalized. This enables the customers to search for a property having the approved loan limit in mind. The developers or the builders offering the property are also ensured of the customer’s ability to arrange finance for the property if the Allahabad Bank pre-approved loan limit is known beforehand. To avail the Allahabad Bank Pre-approved home loan limit, the applicant is required to fulfil the basic documentation criteria. The main documents for home loans which are required are the KYC documents which include the proof of identity and the proof of residence of the applicant. Along with the KYC documents, an income proof will also be required to avail this facility. After the documents are submitted, the bank would issue the Home Loan Arrangement Letters which depict the pre-approved loan limit.


The applicant is then required to deposit the margin for the home loan scheme in his account maintained with the Allahabad bank. A charge equivalent to 10% of the home loan processing fee would be payable by the applicant for the bank to issue the Authorization Letters. The APPL would be valid only for a period of 6 months from the date of issuance. If the applicant wishes, he or she can extend the APPL for another 6 months but this extension would be granted only after paying an additional 10% of the processing fee as paid initially. This charge paid, either once or twice, would be adjusted with the processing fee payable at the time of applying for Allahabad Bank Housing loan. The applicant could then avail of a one year period to search for a desirable property. After finalizing the property, the required property papers would have to be submitted to the bank after which the bank would disburse the home loan.