A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Who Are High-Net-Worth Individuals And Why They Require Loans:

    India is home to a growing economy, which has resulted in wealth generation across spectrums, raising the overall quality of life and giving birth to High-Net-Worth Individuals (HNIs). Individuals who have an investment capacity of Rs 2 crore and above are considered to be part of this bracket, and while we might think that they have sufficient funds to finance their dreams, there are times when they too need financial aid.

    Allahabad Bank offers a unique housing loan designed to cater to the monetary requirements of these individuals, providing high quantum loans to construct/purchase land to build a house. With the cost of real estate spiralling in the country, this is an ideal tool for members who wish to cash in on the boom, thereby enhancing their wealth.

    Features of Allahabad Bank Housing Loan for High-Net-Worth Individuals:

    Some of the keys features which distinguish Allahabad Bank’s Housing Loan for HNIs from other products are mentioned below.

    • High loan amount – Designed to cater to an elite class, loans ranging between Rs 5 and 25 crore can be availed through this plan, subject to certain conditions.
    • Multipurpose – A loan can be used to either build/construct a home, purchase a plot, renovate an existing property, buy a constructed flat, etc.
    • Flexible repayment – The loan can be repaid through flexible EMIs, with a 7 year repayment period offered by Allahabad Bank.
    • Competitive interest rates – Allahabad Bank charges a competitive interest rate on this loan, making repayment light on the pocket.
    • Processing fee – The processing fee charged on this loan is marginally on the higher side, ranging around 10% of the loan amount.
    • Margin – The margin ranges between 10 and 25% of the loan amount, depending on the amount being borrowed.
    • Security – Security in the form of property papers need to be pledged with the bank in order to avail this loan.

    Eligibility Criteria for Allahabad Bank Housing Loan for High-Net-Worth Individuals:

    HNIs who wish to avail this loan to build/buy a home need to satisfy a few basic eligibility criteria.

    Minimum Age 21 years
    Maximum Age 70 years
    Income Sufficient income to repay the loan, such that EMIs do not exceed 70% of gross income

    Interest Rate Charged By Allahabad Bank:

    Being a high quantum loan, Allahabad Bank doesn’t charge an extremely high rate of interest on it. The interest rate payable by a borrower depends on the Marginal Cost Based Lending Rate or MCLR, which is currently 9.6% per annum.

    An additional 0.5% is added to this MCLR, taking the final applicable interest rate to 10.10% per annum.

    Note: Interest rates mentioned above are as of May 2016 and are subject to change at the sole discretion of Allahabad Bank. Applicants should check interest rates prevailing at the time of application.

    Documents required to avail Allahabad Bank Housing Loan for High-Net-Worth Individuals:

    The following documents need to be submitted by HNIs in order to avail a housing loan.

    • Mortgage papers of the property
    • Valid ID/address proof (PAN card, DL, Passport, etc.)
    • Copy of income proof

    FAQs:

    Q. Is this loan available only to a certain section of the population?

    A. This loan caters to the needs of a particular section of the population, offering financial aid to those from the high income category. This being said, individuals who meet the criteria of the bank can avail a housing loan even if they do not belong to the HNI category per se.

    Q. Can a joint loan be taken under this scheme?

    A. Yes, a joint loan can be taken, subject to both borrowers meeting the eligibility criteria established by the bank.

    Q. Can different income sources be clubbed to calculate the loan amount an individual is eligible for?

    A. Yes, borrowers can club the income of their immediate family members, i.e., parents, and children to calculate the amount they are eligible for.

    Q. Is there a moratorium period under this loan scheme?

    A. Yes, a moratorium period ranging between 3 months and 18 months is applicable, subject to the use of a loan (whether to construct a house or purchase a readymade flat).

    Q. Within how many years should the loan be repaid?

    A. Borrowers have a maximum of 7 years within which they are expected to repay the loan completely.

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    Home Loan Reviews

    • Allahabad Bank Home Loan
      "Customer friendly with low interest charges & great service"
      0.5 5.0/5 "Blown Away!"
      I have home loan with Allahabad bank, the process was customer friendly. They sanctioned the loan amount within 10 days, the rate of interest is nominal as compared to other banks. I took the loan amount of Rs.25 lakhs for the duration of 15 years.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 25, 2019
    • Allahabad Bank
      Allahabad Bank Home Loan
      "Need improvement on the customer support"
      0.5 5.0/5 "Blown Away!"
      I took home loan from ALLAHABAD BANK they gave me lowest interest in the market, it was around 8.7% for the loan amount of Rs.33.5 lakhs for the duration of 25 years., the process was easy but the customer support is not that great they need improvement on that part.
      Was this review helpful? 0
      , noida
      Reviewed on May 17, 2019
    • Allahabad Bank Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the home loan with the ALLAHABAD BANK the documentation process was simple, the documents has submitted by self in the branch for the process, I got the loan on time without hassle process. The loan amount was good with nominal rate of interest.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 08, 2019
    • Allahabad Bank Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Allahabad bank and the experience was good, the loan amount was for Rs 42 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. Tenure period for this loan is 20 years.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 21, 2018
    • Allahabad Bank Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a very good experience i had with this Home loan, the loan amount also had been good and the interest rate with them has been nominal as well. There has been some processing fee which they had charged and there was no additional charges which they had made. Their customer support also had been good as well where they had been helpful at times.
      Was this review helpful? 5
      , kolkata
      Reviewed on Oct 05, 2018
    • Allahabad Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The overall experience i had with them had been very good, the whole process had been very good. It has taken only two weeks for the loan amount to get sanctioned and it has been very easy during the document submission and through the process it has been very convenient. The rate of interest which they have been provided had been low as compared with the market rate.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on May 25, 2018
    • Allahabad Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost three months back, the rate of interest which they have been providing was good. The service which they have been providing has been excellent, there has been no issues during the process. It has been very easy and smooth process. It took just ten days for me to get this loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 22, 2018
    • Allahabad Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan from Allahabad bank and my experience was good, the loan amount was for Rs 16-17 lakhs with nominal interest rate when compared to other banks. Customer service was good and they collected documents on time. The tenure period for this loan is 23 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 18, 2018
    • Allahabad Bank Home Loan
      "Good"
      0.5 2.0/5 "Expected more"
      My home loan was taken with ALLAHABAD bank which was taken 6 years back .The loan amount was 10 lakhs and the interest rate was high before , after pressurizing they have reduced to 8.65% which was disappointing . The customer service and responses was not satisfactory but the loan process was easy and hassle free.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 01, 2017
    • Allahabad Bank Home Loan
      "Home loan with ALLAHABAD BANK"
      0.5 4.0/5 "Great!"
      I have applied for a home loan application with ALLAHABAD BANK. The provided rate of interest was 8.5 percentage for 10 lakhs. ALLAHABAD BANK provides good service and response and without any delay the provide the loan for the customers.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Sep 30, 2017
    • Allahabad Bank Home Loan
      "GOOD SERVICE"
      0.5 3.0/5 "Satisfactory"
      The loan amount which ALLAHABAD BANK offered me was good. The customer services and representatives where very helpful. They contacted me and informed me the details. I was fine with the interest rate which was 8.5. Overall I can say it was good service.
      Was this review helpful? 2
      , kolkata
      Reviewed on Sep 23, 2017
    • Allahabad Bank Home Loan
      "Excellent interest rate"
      0.5 4.0/5 "Great!"
      I have taken a homeloan from ALLAHABAD bank and its been one and a half years. They gave me the amount what I applied for. I am paying it back with an interest rate 9.5% have to pay it for 117 months, and provided me with the pre closure option....
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 22, 2017
    • Allahabad Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The rate of interest offered by Allahabad for the housing loan is very good. Its very much beneficial for me .I am holding this housing loan from 2010. They were asking for all the necessary documents. There is no issue or hassle with them while submitting the documents The loan amount I have opted for 6.5 laks with ROI is 9.5% with nil processing fee.
      Was this review helpful? 2
      , kolkata
      Reviewed on May 05, 2017
    • Allahabad Bank Home Loan
      "Good home loan process"
      0.5 4.0/5 "Great!"
      Allahabad housing loan process is good, it is a public sector bank the service provided by them is very lengthy . They were in need of too many documents may be because of perfection I guess they were in need of more documents perhaps they ware trying to follow the guidelines set by RBI.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 17, 2017
    • Allahabad Bank Home Loan
      "Need to improve in online service"
      0.5 3.0/5 "Satisfactory"
      I have closed the housing loan with Allahabad Bank and the interest rate was floating based. Processing charges were nominal one and the loan amount got disbursed within thirty days of time. The money got disbursed on a single payment. I want them to improve the online services by the way so that it will be really helpful for customers.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 04, 2016
    • Allahabad Bank Home Loan
      "Very friendly staff and excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a Home loan running with Allahabad Bank which I took recently. The documentation was very minimal and the processing was quite easy as the Branch manager was very helpful and friendly. I was offered an interest rate of 11.25% and the processing fee was waived off which was a nice gesture. The process took only about 12 hours.
      Was this review helpful? 1
      , ranchi
      Reviewed on Apr 07, 2016
    • Allahabad Bank Home Loan
      "Satisfactory..."
      0.5 5.0/5 "Blown Away!"
      ALLAHABAD BANK people were very cooperative. Just because of the interest rate I transferred my Home loan to SBI Bank. They use to provide every thing instantly. I was completed my 3 years loan but I never faced any issues with them. Their loan process and interaction with their customers every thing was good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 24, 2016
    • Allahabad Bank Home Loan
      "too fast...."
      0.5 5.0/5 "Blown Away!"
      In 13 working days the Allahabad bank has sanctioned the home loan and the amount is about 17lakhs. However when I asked for a credit card they did not process. Allahabad bank is certainly very fast in sanctioning the home loan. Customer service, response and their services are more than expected level. Interest rate is good. I visited the bank post 4pm and still they helped me to pay the due.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Jan 04, 2016
    • Allahabad Bank Home Loan
      "Amazing "
      0.5 5.0/5 "Blown Away!"
      I got the home loan with allahabad bank and the experience was very awesome like within a couple of day the loan was disbursed which was the bigger amount . The staffs of the bank are good. Interest rate charged was 9.70% without any processing fee.
      Was this review helpful? 1
      , lucknow
      Reviewed on Dec 09, 2015
    • Allahabad Bank Home Loan
      "No satisfied..."
      0.5 2.0/5 "Expected more"
      It is a government bank and they are good in terms of interest rate. Allahabad bank is not good in customer service and in a paper works. The agents are not good. I was very frustrated at that time of process as every time they asked for new documents. They also asked papers from seller side to process the home loan.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Oct 20, 2015
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