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Home Loan

Andhra bank is one of the foremost Public sector bank offering home loan products across India to both resident and non-resident customers. Headquartered in Hyderabad, Andhra Bank proffers a notable network of more than 2500 branches and has an eminent presence in 25 states and three Union Territories across India.

Andhra Bank Home Loan Interest Rate
Interest Rate 8.75% onwards
Processing Charges 0.5% &  1% of loan amt.
Loan Tenure Upto 30 years
Loan Amount Rs. 10 crores
Lowest Emi  Rs.787 per Lakh
Prepayment or Foreclosure Charges Nil if floating, upto 2% for fixed rate 


Andhra Bank offers all-inclusive and customer-centric home loan solutions to cater the financial needs of those who are looking for those who aspire to own a house. The home loan products from Andhra Bank are perfectly blended with apposite features, lucrative interest rates and customer friendly processing. The Andhra Bank Home Loans are crafted for the borrowers who are looking for some smart investment in property. The Andhra Bank Home Loan comes in two variants (a) The Regular Home loans (b) NRI- Home loans for the NRIs. The home loans are offered for multiple purposes which are:


1) The Purchase/construction a house/flat.
2) Purchase of any residential plot on which the borrower shall construct a house thereafter eventually.
3) For the repairs or renovation of an existing house property.


Features & Benefits of Andhra Bank Home Loans

  • Andhra bank home loans cover multitude territories such as any metro, urban, semi-urban or rural location wherein the branches of Andhra bank are offering their services.
  • Dedicated service desk for NRI customers looking to borrow home loan products, wherein all the specific concerns pertaining to home loan application, documentation, and disbursal is addressed.
  • Andhra bank is one of the foremost Public sector bank offering home loan products across India to both resident and non-resident customers. Headquartered in Hyderabad, Andhra Bank proffers a notable network of more than 2500 branches and has an eminent presence in 25 states and three Union Territories across India
  • Higher quantum of finance i.e. loan amount up to 90% of the property value for home Loan and loan amount up to Rs.2,50,000 is offered for NRI home loans.
  • For repair and renovation home loans, the Loan amount offered is up to 10 lakhs for property aged 5 years or lesser and up to 15 lakhs for property aged more than 5 years till 25 years.
  • The payout tenure is offered upto a maximum of 30 years.
  • The Applicable margin for amount upto Rs.30 lakhs is 10%,for loan amount between 20 lakhs to 75 lakhs is 20% and thereafter  25%

 

1. Home loan for purchase/ Construction of new house /flat

  • Available to salaried individuals with or without pension either singly or jointly with family members.
  • Also, the loan is available for Agriculturists, Business & Self-employed persons with a regular flow of income from agriculture/business/industry/rents.
  • Loan eligibility is based on monthly basis
  • Available for the customer between the age group of 21 years to 60 years.
  • Maximum repayment term as 30 years or the date of retirement whichever is earlier.
  • In case of a joint applicant, the maximum repayment is offered.
  • For salaried individuals without pension benefit, the loan term shall co-terminate at the age of superannuation.
  • The minimum margin is kept at 10%, 20% and 25% for loan amount up to Rs.30 lakhs, over Rs.30 lakhs to Rs.75 lakhs and more than Rs.75 lakhs respectively.
  • The loan amount is based on the repayment capacity of the borrower.
  • In case of the joint applicant, the repayment capacity shall be computed on a consolidated basis.
  • The processing fee is charged @ 0.50 % of loan amount or Rs.10000/- whichever is higher.
  • Nil prepayment is charged for home loan on floating rate of interest.
  • An administrative charge is levied quarterly which is Rs.100 for loan amount up to 10 lakhs and Rs 150/- for loan amount above 10 lakhs to 15 lakhs. For loan amount more than 15 lakhs, the administrative charge is Rs 250.

 

2. Home loan for Purchase of Plot

  • The plot should be located in residential areas within Municipal/Corporation limits in urban and metro areas.
  • Plot Loan is also available for the purchase of plots being sold by state-owned agencies like Housing Boards etc. in urban and metro areas.
  • The maximum time period allotted for completion of construction is 12 months. Non-adherence shall lead to declassification from housing loans and commercial rate of interest shall be charged. Available to salaried individuals with or without pension either singly or jointly with family members.
  • Also, the loan is available for Agriculturists, Business & Self-employed persons with a regular flow of income from agriculture/business/industry/rents.
  • Loan eligibility is based on the monthly repayment capacity of the borrower. Moreover, the loan eligibility amount shall be computed on the consolidated value of plot and construction together.
  • Available for the customer between the age group of 21 years to 60 years.
  • Maximum repayment term as 30 years or the date of retirement whichever is earlier.
  • In case of a joint applicant, the maximum repayment is offered.
  • For salaried individuals without pension benefit, the loan term shall co-terminate at the age of superannuation.
  • The minimum margin is kept at 10%, 20% and 25% for loan amount up to Rs.30 lakhs, over Rs.30 lakhs to Rs.75 lakhs and more than Rs.75 lakhs respectively.
  • The loan amount is based on the repayment capacity of the borrower.
  • In case of the joint applicant, the repayment capacity shall be computed on a consolidated basis.
  • The processing fee is charged @ 0.50% of loan amount or Rs.10,000/- whichever is higher.
  • Nil prepayment is charged for home loan on floating rate of interest
  • An administrative charge is levied quarterly which is Rs.100 for loan amount up to 10 lakhs and Rs 150/- for loan amount above 10 lakhs to 15 lakhs. For loan amount more than 15 lakhs, the administrative charge is Rs 250.

 

3. Home loan for repairs and renovation

  • The maximum loan amount for property aged 5 years is Rs. 10 lakhs.
  • The maximum loan amount for property more Above 5 years and up to 25 years is Rs. 15 lakhs.
  • Available to salaried individuals with or without pension either singly or jointly with family members.
  • Also, the loan is available for Agriculturists, Business & Self-employed persons with a regular flow of income from agriculture/business/industry/rents.
  • Loan eligibility is based on the monthly repayment capacity of the borrower. Moreover, the loan eligibility amount shall be computed on the consolidated value of plot and construction together.
  • Available for the customer between the age group of 21 years to 60 years.
  • Maximum repayment term as 30 years or the date of retirement whichever is earlier.
  • In case of a joint applicant, the maximum repayment is offered.
  • For salaried individuals without pension benefit, the loan term shall co-terminate at the age of superannuation.
  • The minimum margin is kept at 10%, 20% and 25% for loan amount up to Rs.30 lakhs, over Rs.30.00 lakhs to Rs. 75 lakhs and more than Rs.75 lakhs respectively.
  • The loan amount is based on the repayment capacity of the borrower.
  • In case of the joint applicant, the repayment capacity shall be computed on a consolidated basis.
  • The processing fee is charged @ 0.50% of loan amount or Rs.10,000/- whichever is higher.
  • Nil prepayment is charged for home loan on floating rate of interest
  • An administrative charge is levied quarterly which is Rs.100 for loan amount up to 10 lakhs and Rs 150/- for loan amount above 10 lakhs to 15 lakhs. For loan amount more than 15 lakhs, the administrative charge is Rs 250.

 

4. Home Loan for NRI

  • Available for non-resident Indians with minimum one year of service abroad.
  • Non-resident Indians and persons of Indian origin can apply either individually or jointly with resident close relatives.
  • The EMI can also be repaid from NRO account NRO account or from rental income obtained from renting out the property.
  •  Loans can also be repaid by the borrower’s close relative through their account in India by crediting the borrower’s loan account.
  • Applicant has to submit a copy of Passport, VISA, Work permit, Agreement with present employer.
  • Power of Attorney if issued abroad should be attested by Indian Consulate/High Commissioner and later on registered in India within three months of execution
  • For the power of attorney issued in India the same has to be registered locally.
    the loan could be availed for purchase or construction of house/Flat or repairs/renovation of existing house/flat in their own name
  • For purchase or construction of house/flat, the Maximum quantum of the loan amount is Rs.250.00 lakhs, however, subject to property value and repayment capacity of the borrower.
  • For repair and renovation of flat, the loan amount depends on the age of the property. For property aged up to 5 years, the maximum loan amount is Rs 2 lakhs and for property aged between 5 to 25 years, the loan amount sanctioned could be Rs. 8 lakhs.
  • The margin for repair/renovation is 25%.
  • Maximum repayment term as 20 years or the date of retirement whichever is earlier.
  • In case of a joint applicant, the maximum repayment is offered.
  • For salaried individuals without pension benefit, the loan term shall co-terminate at the age of superannuation.
  • The minimum margin is kept at 10%, 20% and 25% for loan amount up to Rs.30 lakhs, over Rs.30 lakhs to Rs.75 lakhs and more than Rs.75 lakhs respectively.
  • The loan amount is based on the repayment capacity of the borrower.
  • In case of the joint applicant, the repayment capacity shall be computed on a consolidated basis.
  • The processing fee is charged @ 0.50% of loan amount or Rs.10000/- whichever is higher.
  • Nil prepayment is charged for a home loan on floating rate of interest.
  • The loan can be sanctioned for maximum 20 years excluding gestation period payable in monthly installments (EMI)
  • An administrative charge is levied quarterly which is Rs.100 for loan amount up to 10 lakhs and Rs 150/- for loan amount above 10 lakhs to 15 lakhs. For loan amount more than 15 lakhs, the administrative charge is Rs 250.

 

5. Home Loan for NRI – Dubai

  • A special home loan scheme exclusively for Dubai based Non-resident Indians.
  • Person(s) residing in DUBAI, UAE, Sharjah, either individually or jointly with
    Resident close relative are eligible for this loan.
  • Non-resident Indians and persons of Indian origin can apply either individually or jointly with resident close relatives.
  • Any Investment in immovable property in India by Non-Resident India is subject to FEMA guidelines and hence should comply with the same.
  • The EMI shall be paid in form of remittance from outside India or through NRE, FCNR accounts or out of rental income.
  • The EMI can also be repaid from NRO account NRO account or from rental income obtained from renting out the property.
  •  Loans can also be repaid by the borrower’s close relative through their account in India by crediting the borrower’s loan account.
  • Applicant has to submit a copy of Passport, VISA, Work permit, Agreement with present employer.
  • Power of Attorney if issued abroad should be attested by Indian Consulate/High Commissioner and later on registered in India within three months of execution
  • For power of attorney issued in India the same has to be registered locally
  • The loan could be availed for purchase or construction of house/Flat or repairs/renovation of existing house/flat in their own name
  • For purchase or construction of house/flat, the Maximum quantum of the loan amount is Rs.250.00 lakhs, however, subject to property value and repayment capacity of the borrower.
  • For repair and renovation of flat, the loan amount depends on the age of the property. For property aged up to 5 years, the maximum loan amount is Rs 2 lakhs and for property aged between 5 to 25 years, the loan amount sanctioned could be Rs. 8 lakhs.
  • The margin for repair/renovation is 25%.
  • Maximum repayment term as 30 years or the date of retirement whichever is earlier.
  • In case of a joint applicant, the maximum repayment is offered.
  • For salaried individuals without pension benefit, the loan term shall co-terminate at the age of superannuation.
  • The loan can be sanctioned for maximum 20 years excluding gestation period payable in monthly installments (EMI)
  • The minimum margin is kept at 10% , 20 % and 25 % for loan amount up to Rs.30 lakhs, over Rs.30.00 lakhs to Rs.75 lakhs and more than Rs.75 lakhs respectively.
  • The loan amount is based on the repayment capacity of the borrower.
  • In case of the joint applicant, the repayment capacity shall be computed on a consolidated basis.
  • The processing fee is charged @ 0.50 % of loan amount or Rs.10000/- whichever is higher.
  • Nil prepayment is charged for home loan on floating rate of interest
  • An administrative charge is levied quarterly which is Rs.100 for loan amount up to 10 lakhs and Rs 150/- for loan amount above 10 lakhs to 15 lakhs. For loan amount more than 15 lakhs, the administrative charge is Rs 250.

Andhra Bank Home Loan Eligibility

  • Andhra bank adopts an uncomplicated and hassle-free processing and thus offers its home loans so as to make the loans available to a wider section of the customer base. However, there are few mandatory requirements for the applicant to avail the home loan scheme by Andhra Bank.

  • Available to salaried individuals with or without pension either singly or jointly with family members.
  • Also, the loan is available for Agriculturists, Business & Self-employed persons with a regular flow of income from agriculture/business/industry/rents.
  • Person(s) residing in DUBAI, UAE, Sharjah, either individually or jointly with
    Resident close relative.
  • The applicant should be aged between 21 years to 65 years.
  • The loan can be offered to a maximum term, wherein the applicant has attained the age of 75 years.
  • Andhra Bank Home loans are offered to Resident Individuals / Non-Resident Individuals on either single or in combination with any family members as a joint applicant.
  • The property should not be aged more than 25 years for an independent house, 20 years for flat etc.
  • Andhra Bank Home loans are available for NRI applicants who have served at least 1 year as part of their employment abroad.

Interest rates

  • The MCLR effective from 15.07.2016 is 9.55% for one year.

a. For unrated account and loan amount less than 10 lakhs
 

SLAB

Rate Of Interest

Up to 30 lakhs

MCLR+0.05 % 

Above 30 lakhs and up to 75 lakhs

MCLR+0.05 % 

Above 75 lakhs

MCLR+0.25 %


b. For repair and renovation loans the interest rate will be MCLR+1.05 %.

Documents

  • Personal Documents
     
  • Duly filled application form along with photographs.
  • ID proof
  • Address proof
  • 6 months bank account statement. For salaried person, the statement of account with salary credit is mandatory
  • Salary Slip & Form 16 issued by the employer for salaried individuals.
  • For Professional or self-employed, the Income proof for the last 3 years , ITR , Assessment Orders and financial statements attested by CA  is required
  • For agriculturists, the income proof could be Income Certificate duly certified by competent Revenue Authority.
  • Property related documents
     
  • Documents required in case of purchase
    • Sale Agreement between vendor and purchaser.
    • Name and address of the vendor and purchaser.
    • Tax receipts along with the photocopies of title deed of the said property in possession of the vendor.
    • Original payment receipts for payments done to builder/vendor.
    • Approved plan copy.
    • Valuation & life Certificate duly approved by Engineer
    • Lay out plan approval.
       
  • Documents required in case of construction
     
    • Approved plan copy.
    • Cost estimation of the property with each detail.
    • Original title deeds of the proposed site.
    • Agreement for Development of property signed between the owner of the site and builder.
    • House/Flat Allotment letter issued by Housing Board.
    • NIL Encumbrance Certificate.
    • Bank may require any other additional document as stipulated by empanelled Legal Advisor / Sanctioning authority
       
  • Plot related documents

  • Sale Agreement between vendor and purchaser.
  • Name and address of the vendor and purchaser.
  • Tax receipts along with the photocopies of title deed of the said property in possession of the vendor.
  • Original payment receipts for payments done to builder/vendor.
  • Approved plan copy.
  • Valuation & life Certificate duly approved by Engineer
  • Lay out plan approval.
     
  • Documents in case of repairs and renovation

  • Duly filled application form along with photographs.
  • ID proof
  • Address proof
  • 6 months bank account statement. For salaried person, the statement of account with salary credit is mandatory
  • Salary Slip & Form 16 issued by the employer for salaried individuals.
  • For Professional or self-employed, the Income proof for the last 3 years , ITR , Assessment Orders and financial statements attested by CA  is required
  • For agriculturists, the income proof could be Income Certificate duly certified by competent Revenue Authority

Documents

  1. Personal Documents
     
  1. Duly filled application form along with photographs.
  2. ID proof
  3. Address proof
  4. 6 months bank account statement. For salaried person, the statement of account with salary credit is mandatory
  5. Salary Slip & Form 16 issued by employer for salaried individuals.
  6. For Professional or self employed, the Income proof for the last 3 years , ITR , Assessment Orders and financial statements attested by CA  is required
  7. For agriculturists, the income proof could be Income Certificate duly certified by competent Revenue Authority.


Plot related documents
 

  • Sale Agreement between vendor and purchaser.
  • Name and address of the vendor and purchaser.
  • Tax receipts along with the photocopies of title deed of the said property in possession of the vendor.
  • Original payment receipts for payments done to builder/vendor.
  • Approved plan copy.
  • Valuation & life Certificate duly approved by Engineer
  • Lay out plan approval.

Andhra Bank Home loan EMI Calculator

  • PaisaBazaar offers EMI calculator for the convenience of its applicant. The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. One may know how much saddle the upcoming loan EMI is going to put on their monthly budget.
  • Any Interested applicant may login to www.paisabazaar.com. The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details such as Loan Amount, Rate of Interest and Tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the personal Loan.

Applying for a Home Loan
 

  • The bank offers Home Loan application through the Paisabazar.com website. Any customer wanting to avail of any of the Home Loans offered by Andhra Bank can visit the mentioned website, fill up the required details and apply for the loan.