Established in 1965, Abhyudaya Co-operative Bank is an urban multi-state co-operative banking organization. With headquarters located in Mumbai, the bank currently has 111 branches spread out in 3 states – Maharashtra, Gujarat and Karnataka. It offers a range of financial products and services which include internet banking, demat services, mortgages, loans, deposits, forex and trade.
Among its various loan related products, Abhyudaya Bank also offers home loans to help you with financing of your dream home. This loan may be used for the purpose of purchasing a flat, constructing a house, extending an existing flat/house or to take over an existing housing loan with another financial organization / bank.
The Abhyudaya Co-operative Bank Housing Loan, with its customer friendly terms, makes it one of the popular loans for home financing needs. Read on to find out more about this loan and what it has to offer.
|Loans up to Rs 25 lakh||One surety with gross income/salary above Rs 10,000 per month|
|Loans above Rs 25 lakh||One surety with gross income/salary above Rs 20,000 per month OR Two sureties with gross income/salary above Rs 10,000 per month.|
|Loan Amount||Loan Eligibility|
|Up to Rs 25 lakh||85% of Agreement Value|
|Above Rs 25 lakh||80% of Agreement Value|
You must furnish the following documents in order to apply for this home loan.
The Prime Lending Rate for this home loan is 13.50%. Interest rates applicable on this home loan are dependent on various factors like loan sanction date, loan disbursal date and loan amount. For more information on interest rates, you may contact the nearest Abhyudaya Bank branch in your area.
Home loan repayment is a considerable part of one’s budget. It is a decision which must be made after due consideration of finances. However, you can evaluate the affordability of your home loan with the help of a tool known as an EMI calculator. After providing inputs like loan amount, applicable rate of interest and tenure of loan, you can easily find out the Emi which you shall be required to pay each month.
Moratorium / holiday period may be granted under the following two conditions:
This loan may be availed for a maximum amount of 70 lakhs.
For loan amounts below and up to Rs 25 lakh, one may avail 85% of the agreed loan value. For loan amounts exceeding Rs 25 lakh, applicants may avail a loan amount that is 80% of the agreement value.
This loan may be repaid within a maximum period of 20 years.
No, there are no pre-payment charges involved if the applicant closes the loan prior to the due date. This includes switching over of the Abhyudaya Bank housing loan to another bank or financial institution.