Allahabad Bank Housing Finance Scheme for NRI / PIO
Allahabad Bank offers the AllBank Housing Finance Scheme for NRI/PIO, a home loan scheme designed specifically for non-resident Indians. You can use the loan for a variety of property-related purposes, including construction of house, purchase of house or plot, and renovation of an existing house, among others. You can get a minimum loan of Rs.5 lakh with this financing scheme. The interest rate on the loan is pegged to their 1-year MCLR (Marginal Cost of Fund-based Lending Rate. The current 1-Year-MCLR of the bank stands at 8.60%.
Interest Rates and other Particulars
Interest Rates
8.60% to 9.60% p.a.
Loan Tenure
Up to 10 years
Loan Amount
Minimum: Rs.5 lakh
Maximum: Rs.5 crore
Processing Fees
Loan amount up to Rs.1 crore: 0.4% of the loan amount (max. Rs.15,000)
Loan amount above Rs.1 crore: 0.24% of the loan amount (max. Rs.50,000)
Eligibility Criteria
Age: Minimum of 21 years and maximum of 60 years.
Should be an NRI or PIO (persons of Indian origin holding a foreign passport).
Type of employment: Salaried or self-employed individuals staying abroad for a minimum period of 1 year.
Minimum income requirement: Rs.3 lakh p.a.
Documents Required
Here are the documents that are usually required to process your application:
Identity proof
Overseas residential address proof
Address proof in India
Latest salary slips
Latest bank statements
Profit and loss statements certified by a Chartered Accountant
Income Tax Returns proof
Features of the Loan
Loan can be used for a variety of property-related purposes - purchase of flat/land/plot/unfinished house, construction of house, renovation/extension of an existing house.
Financing up to 75% of the cost and a maximum LTV (loan-to-value) ratio of 90%, depending on the type of loan and loan amount.
Competitive interest rates starting from the MCLR rate of the bank.
In case of joint applications – family members including spouse, parents, and children who have an interest in the said property can be co-borrowers of the loan.
FAQ’s
1. How much financing can I get if I want to purchase a plot of land?
As per the bank’s norms, utilisation of the financing will be restricted to 75% of the total cost of the concerned plot or 60% of the sanctioned amount.
2. If Iwant to make a joint application, can my co-borrower be an NRI/PIO?
No, your co-applicant has to be a resident of India to qualify as a joint borrower.
3. Is there any moratorium period?
For construction of a new house, the moratorium period is 18 months from the first disbursement. For other scenarios, it’s 3 months after the last disbursement. Note that you have to pay interest during the moratorium period.
4. What’s the mode of repayment?
Repayments can be done through normal banking channels. You can use NRE, NRO, or FCNR account to make payments. You could also make payments through your close relatives’ local accounts, or from the rent made from letting out the property.
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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.
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SIDDHARTHA GOEL
, vadodara
Reviewed on May 25, 2019
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.
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1
MOHAMMAD WAQUAR AHMAD
, noida
Reviewed on May 17, 2019
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.
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1
ANOOP VIDHYADHARAN NAIR
, bangalore
Reviewed on Apr 08, 2019
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.
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6
SRINIVASA SHAMMANNA BS
, bangalore
Reviewed on Nov 21, 2018
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.
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6
ASHOK KUMAR PATHAK
, kolkata
Reviewed on Oct 05, 2018
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.
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2
SANDEEP KUMAR
, ahmedabad
Reviewed on May 25, 2018
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.
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.
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.
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.
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3
SRIDHAR GUNDA
, hyderabad
Reviewed on Sep 30, 2017
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.
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....
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.
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.
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.
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KAMLA J CSHETRI
, ghaziabad
Reviewed on Jun 04, 2016
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.
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1
SAUMITRA CHATTERJEE
, ranchi
Reviewed on Apr 07, 2016
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.
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1
PURBASHA HALDAR
, kolkata
Reviewed on Feb 24, 2016
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.
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3
SRINIVASAN RANGANATHAN
, coimbatore
Reviewed on Jan 04, 2016
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.
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1
ABHISHEK MISHRA
, lucknow
Reviewed on Dec 09, 2015
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.
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1
DEEPAK KATIYAR
, ghaziabad
Reviewed on Oct 20, 2015
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