A "low interest" loan shouldn't mean you have very little interest in paying it back!
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 8.10% p.a. to 9.00% p.a.
*These interest rates are effective from 1 December 2022
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.
Salaried individuals with a regular income source, self-employed individuals, businessmen, and professionals are eligible to apply for home loans from the bank.
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.
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.
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.
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.
One surety is required if you are applying for a loan for repairs/renovation of flat or houses.
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