A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Allahabad Bank Home Loan Reviews

    Common Loader Icon

    Allahabad Bank Home Loan is Rated as "Excellent!" by 15 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. Allahabad Bank creates a good Housing Loan experience to the Housing Loan Borrowers by way of APPL. It has introduced the facility of APPL (Allahabad Bank Preapproved Limit) for the Housing Loan Borrowers for purchase of Flats / Villas or Ready Built Houses. It certainly gives confidence / comfort to the Borrowers as they can search for property with a pre approved limit in hand. Many property developers / builders prefer customers who are having pre-approved limits in hand. Read on to know more:


     

    You’re probably eligible for an Allahabad Bank Home Loan if you are

    01
    02
    03
    04
    Allahabad Bank Home Loan Minimum Age

    At least 21 years old

    Allahabad Bank Home Loan Maximum Age

    Less than 70 years old

    Allahabad Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Allahabad Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Allahabad Bank Home Loan amount eligibility is based on these factors

    01
    02
    03
    Allahabad Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Allahabad Bank Home Loan Maximum Loan to property value

    Loan capped @ 60 times of gross monthly income

    Allahabad Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Allahabad Bank Home Loan amount by these steps

    01
    02
    03
    Allahabad Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Allahabad Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Allahabad Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Allahabad Bank Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee Cheque
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Allahabad Bank Home Loan Interest RatesUpdated on 27 Sep 2016

    Allahabad Bank Home Loan Details
    Interest Rate 9.55% to 9.80%
    Processing Fees For LA upto Rs.100 lacs - 0.40% of the LA, Maximum Rs.17,250
    For LA above Rs.100 lacs - 0.25% of the LA, Maximum Rs.57,500
    Pre Closure Charges Nil
    Loan Tenure 30 years

     

    Allahabad Bank Home Loan Overview:

    Allahabad bank offers a variety of home loan products under its retail lending portfolio. Led by the AB Asiana Scheme, you can consider a loan from this bank to fund your housing loan requirement since it comes at attractive rates and a wide range of benefits. The purpose of this scheme is to provide loans for the following housing requirements.

    • For purchasing a house or flat for residence
    • For construction of a house on a plot of land for residence
    • Towards renovation/repair or extension of an existing house
    • Towards completion of construction of an unfinished house
    • For balance transfer of outstanding loans from other banks or finance institutions
    • To acquire a 2nd residential house

    Features & Benefits of Allahabad Home Loan:

    Simple eligibility criteria:

    Loan aspirants with income from regular sources are eligible to apply. The age limit is relaxed to 70 years, slightly higher when compared to other banks offers in the loan market.

    Loan amount:

    The advantage of applying for a loan with Allahabad bank is that you can look forward to getting a loan amount of your choice since the loan amount offered is up to Rs.5 crores, depending on your eligibility. If you’re looking to buying a premium property, this can be the right loan offer for you. For purchasing a plot, the utilization of loan for land purchase is restricted at 85% of the costs involved or 60% of the permissible portion of the total loan (whichever is lower).

    Repayment period:

    Allahabad bank offers up 7 years repayment period for loan payment in EMIs (Equated Monthly Installments). You can choose a tenure as per your convenience at the time of signing up for the loan.

    Moratorium period:

    The Moratorium period depends on the type of property for which the loan is availed. The table below provides a break up of the available periods.

    Type of property Moratorium period
    Construction of house on a plot already owned by the borrower Up to 18 months
    Flat under construction Up to 24 months
    Purchasing a completed house/flat 3 months
    Semi finished house/repair/modification Up to 12 months
    Repair or house furnishing 3 months

    Allahabad Bank Home Loan Interest Rate @ 9.55%:

    Allahabad bank uses the MCLR (Marginal Cost Based Lending Rate) for setting home loan interest rates for home loans. It earlier was based on the loan amount and has been reduced since July, 2016, from 9.60% to 9.55%. The MCLR rates keep changing based on periodic revisions. It is always a good idea to check the bank’s portal for the latest rates for more accuracy because of the revisions that take place. This rate is subject to periodic revisions. Make sure to refer to the bank’s website for latest rates.

    Scheme Name for Housing Finance Interest Rate Calculation
    All Bank Ashiana Scheme and Housing Finance Scheme for NRI/PIO
    • Interest rate for Home Finance of up to Rs.3 crores is calculated as the MCLR only.
    • Interest rate for Home Finance amount ranging between from Rs.3 crores to Rs.5 crores is calculated at (MCLR + 0.25%).
    Premium Housing Scheme for HNIs meant for loan amounts over Rs. 5 crore
    • Interest rate for Home Finance amount for over Rs.5 crores is calculated at (MCLR + 0.50%).
    House Furnishing Scheme
    • Interest rate is calculated as (MCLR + 2.00%)
    Application Money Raised by Housing Board or by Development Authority for Allotment of Residential Plot, house or apartment
    • When interest is a paid on a monthly basis the interest is computed as (MCLR+3.00%),.
    • If 6 months of interest is paid upfront the interest is computed as (MCLR+2.50%).

    Eligibility Criteria for Allahabad Bank Home Loans:

    • The applicant should be at least 21 years old with an upper cap of 70 years (age before which the term of the loan should end with loan being completely paid).
    • The applicant should be earning regular income by way of salary, self-employment or profession.
    • HUF (Hindu Undivided Family) is not not eligible for a loan under this scheme

    In addition to the regular home loan scheme as detailed above, the following loan schemes are also offered by Allahabad bank in its housing loan portfolio.

    Allahabad Bank Pre-approved limit housing loan (APPL):

    A one of its kind housing loan available to borrowers for purchasing house/flat or villas that comes pre-approved and gives confidence to the borrower to search for a property since he/she is armed with a certain loan amount.

    Benefits:

    • The documentation process is simple. The applicant is required to produce KYC documents and income proof only.
    • All the applicant needs to do is deposit the margin amount at the designated branch and get an authorization letter. A fee of 10% of the processing fee is applicable.
    • The validity of the pre-approved loan is 6 months. It can be extended for another 6 months for a fee.
    • The fee paid for authorization and extension will be adjusted in the processing fee component once the loan is availed.
    • Upon finalization of the property, the applicant needs to furnish the required paperwork for loan release.

    Allahabad Bank Housing Finance for NRI/PIO:

    This scheme is aimed at providing loans to the Non Resident Indian (NRI) and Person of Indian Origin (PIO) class. Eligible NRIs should be holding an Indian passport while PIOs should have a foreign passport. This loan is available for single as well as joint applicants.

    Details:

    • The applicant should be salaried or self-employed and should have resided abroad for at least an year. The gross annual income requirement is just Rs.3.00 lacs per annum.
    • The minimum entry age is 21 years with an upper cap of 60 years before which the repayment should be completed.
    • The loan is available for all types of housing needs such as construction, purchase, renovation and balance transfer.
    • The minimum loan amount offered is Rs.5 lacs with a maximum of Rs.5 crores.
    • Loan repayment is made in EMIs and the term offered is up to 7 years.
    • The margin is quite minimal and is dependent on the loan amount involved (refer to the relevant section under AB Asiana Scheme for more details).
    • Interest rates: For loan of up to Rs.3 crores - MCLR only and loan amount from Rs.3 crores to Rs.5 crores - 10.85% (MCLR + 0.25%)
    • If the NRI/PIO is not available for execution of the loan documents or absent during various phases of loan processing or disbursal, a POA (Power of Attorney) can be executed in the name of a person residing in India.

    Housing Loan for HNI (High Net Worth) Individuals:

    An exclusive loan scheme for individuals falling in the high income group which offers a loan amount in tune of Rs.5 crores to Rs.25 crores. This loan is available for a variety of housing needs such as construction, purchase, renovation and take over from other banks.

    Details:

    • The entry age for the applicant is 21 years with an upper cap of 70 years before loan maturity. In case of joint borrowing, age of the co-borrowers should fall in the same range.
    • The maximum loan amount will be capped at 5 times the gross annual income. Income of immediate relatives such as spouse can be included in the application to enhance the loan amount.
    • A repayment term of up to 7 years is available for payment of the loan in equated EMIs.
    • The present rate of interest is 10.10% (MCLR + 0.50%), making it an affordable deal.
    • The moratorium period is provided on the basis of the property involved.

    Housing Finance Scheme for Furnishing:

    Allahabad Bank also offers financing for furnishing, repair and other home improvement services for the flat/house owned. This scheme is not only available to existing home loan customers of the bank, but also to applicants with an established source of income. The amount of loan approved depends on the income of the applicant.

    Details:

    • The maximum loan offered under this scheme is Rs.5 lacs, subject to income and other criteria fulfilled at the time of availing the loan.
    • The margin for the borrower is fixed at 20% of the estimate which implies up to 80% of the project cost is funded by Allahabad Bank.
    • The rate of interest is determined by the base rate system linked to MCLR. The billable rate is MCLR + 2%.
    • One can choose to pay in installments of up to 10 years in the equated form consisting of principal amount plus applicable interest charges.
    • The repayment starts a month after disbursement. Moratorium period is not available in this scheme.

    Frequently Asked Questions:

    1. I am an NRI looking forward to applying for a housing loan with Allahabad Bank. Is there a limit on how much you can borrow on the basis of income earned?

      The loan amount is capped to 72 times of gross monthly income in case of salaried individuals who are less than 45 years. For all other professionals and self-employed applicants, the amount is restricted to 6 times of gross annual earnings as per the last IT returns filed.

      If the age of the primary borrower is more than 45 years, the maximum loan amount salaried borrowers can draw is 60 times of gross monthly income and 5 times of gross annual income as per the IT returns filed for all other types of borrowers.

    2. What is the maximum amount one can avail under the housing loan scheme from Allahabad bank for HNI individuals?

      NHI individuals can avail up to Rs.25 crores as home loan. However, the loan amount is capped at 5 times of gross annual income shown in the latest ITR (Income tax returns).

    3. How much is the moratorium period provided on construction loan for resident Indians?

      The moratorium period provided in this case is up to 18 months. Further details will be provided in the loan contract.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.