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  • Home loans from Abhyudaya Co-operative Bank

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  • Abhyudaya Bank offers two types of home loans – a housing loan and a loan for repairs or renovation of your house/flat. You can apply for a loan amount of up to Rs.70 lakh with a tenure of up to 20 years. The interest rates on the loans are pegged to the bank’s Prime Lending Rate (PLR) and start from 8.60% p.a.

    Abhyudaya Bank Home Loans Schemes

    Housing Loan

    Key Highlights
    • Can be used for purchase of new/resale flat, construction of a house, extension of an existing house, and refinancing of home loan.
    • Maximum loan amount of Rs.70 lakh with financing up to 90% of the agreement value.
    • Maximum tenure of 20 years.
    Interest Rate 8.60% p.a. – 8.80% p.a.
    Processing Fees Contact the bank

    Loans for Repairs/Renovations of Flat/House, Shops & Galas

    Key Highlights
    • Can be used for renovation of flats/houses.
    • Maximum loan amount of Rs.10 lakh.
    • Maximum repayment of 120 EMIs (equated monthly instalments).
    Interest Rate 11% p.a. – 12% p.a.
    Processing Fees 0.60% of approved amount + GST

    Abhyudaya Bank Home Loan EMI Calculator

    It is important to have an idea of what your EMIs would look like when you apply for this home loan. It will help you better manage your finances and repayments on your loan. In order to know what your EMIs could be, all you need to do is enter a few loan-related details on the BankBazaar Abhyudaya Bank Home Loan EMI Calculator.

    Enter your loan amount, tenure, rate of interest, and the processing fees. Click on the ‘Calculate’ button you see on the screen and your EMI will be displayed. You will also get a detailed amortisation table which will tell you how your EMIs are split between the principal and interest components of your loan. This breakup is available for the monthly and yearly basis.

    Eligibility Criteria

    Salaried individuals with a regular income source, self-employed individuals, businessmen, and professionals are eligible to apply for home loans from the bank.

    Documents Required for All Home Loan Applicants Under Abhyudaya Bank

    • ID proof documents.
    • Address proof documents.
    • Income proof documents.
    • Property documents – the applicant must be the owner of the property.
    Abhyudaya Bank Home Loan FAQs
    1. Is there a moratorium period offered on the housing loan?

      Yes. There is a one-month moratorium period offered on the housing loan. However, this period will be inclusive of the maximum tenure of 20 years.

    2. Is the same moratorium period applicable on flats under construction?

      No. You could get a moratorium period of up to 18 months from the Sanctioning Authority if your flat is under construction. But, your tenure including this holiday period cannot exceed 20 years.

    3. Do I need a co-applicant to apply for a Housing Loan from Abhyudaya Bank?

      Yes. A co-applicant is a must to apply for a loan from this co-operative bank. However, if you have a joint agreement, then the owners will be the borrowers of this loan. Hence, in this case, a co-applicant will not be required.

    4. Who can be my co-applicant when applying for a housing loan?

      Your co-applicant can be your spouse, children, or parents. Your sibling may also be a co-applicant; however, their income will not be taken into consideration while determining your loan amount.

    5. Do I need to provide a surety to apply for a home loan from the bank?

      One surety is required if you are applying for a loan for repairs/renovation of flat or houses.

    6. Does the bank offer preferential rates to applicants applying for a loan for repairs/renovation of flat/houses if they already have an existing housing loan?

      Yes. If you are an existing housing loan customer, you will be charged an interest rate of 11% p.a. on your loan for repairs/renovations. If you are a new customer, you will be charged, 12% p.a.

    7. What is the bank’s current PLR?

      The current Prime Lending Rate (PLR) of the bank is 13%.

      

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    Abhyudaya Co-operative Bank Home Loan Reviews

    • review Home Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I am having the home loan Abhyudhya cooperative bank and the rate of interest is around 8.25% and it was huge one. Customer service is better and the processing rate is really a huge one with the Abhyudhya cooperative bank for the home loan..
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 08, 2017
    • review
      review Home Loan
      "Good Bank..."
      0.5 5.0/5 "Blown Away!"
      I have a home loan from Abhyudaya bank. The processing was good. They had a good follow up. I am really happy with them. The EMI date is on 15th of every month, it is very much convenient. Customer service is good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 21, 2015
    • review Home Loan
      "Good!!!"
      0.5 4.0/5 "Great!"
      Within 10 days I got my home loan disbursed to my account. The service of Abhyudaya Coop Bank was good. Interest rate was reasonable. I was not charged anything. The documentation was correct, according to the rules it was collected. Since I had all the documents ready once it is collected I got my amount.
      Was this review helpful? 2
      , pune
      Reviewed on Jul 23, 2015
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