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    Allahabad Bank Housing Finance Scheme for NRI / PIO

    Allahabad Bank is one of the leading banks across the globe that offers great financial services and products. The housing finance scheme offered by this bank for the NRI and PIOs comes with great flexibility and innovation. It is designed to meet the needs and requirements of the customers.

    Target Audience:

    • NRIs (Non-Resident Indians) who have their Indian Passports or PIOs (Persons of Indian origin) who have their foreign passport, jointly or singly.
    • Close relatives of Non-Resident Indians and Persons of Indian origin like mother, father, daughter, son, and spouse can be joint borrowers if they are Indian residents who have future interest in purchased property.

    Eligibility for Allahabad Bank Housing Finance Scheme for NRI / PIO:

    Particulars Description
    Age The age of the applicant must be at least 21 years. The borrower’s age when added to the period of repayment should not be more than 60 years.
    Income / Remittances The gross income of the applicant per year must be at least Rs.3 lakh OR, The gross remittance of the applicant must be equal to Rs.3 lakh in his/her FCNR / NRE / NRO during past 3 years
    Employment status The applicant must be self-employed, employed, or have his/her own business unit while staying abroad at least for a period of 1 year.

    Purpose of the loan:

    The Allahabad Bank Housing Finance Scheme for NRI / PIO can be used for different purposes that are mentioned below:

    • Construction of a residential house on a piece of land that has already been purchased.
    • Purchase of land or plot so that a house can be constructed there.
    • Purchase of a flat or house.
    • The loan can be used for repair, extension, and renovation of a house that is already owned by the borrower.
    • The loan amount can also be used for purchasing an unfinished house, old house or renovation, repair, and extension of the same.
    • This loan can be used to take over home loans from other banks or financial institutions.

    Loan Amount:

    • The minimum loan amount that can be availed under this housing loan scheme stands at Rs.5 lakh.
    • The maximum amount of loan that can be availed under the Allahabad Bank home loan scheme stands at Rs.5 crore.
    • The total amount of deductions including the equated monthly instalments of the loan must not go beyond 50% of the amount considered for the calculation of eligible amount of loan.

    Need based housing finance that is dependent on capacity of repayment, subject to the following:

    If the borrower’s age or the co-borrower’s age on the application date is less than 45 years:

    • For all the salaried applicants, the maximum loan amount will be capped at 72 times of their gross income or salary per month.
    • For all the other home loan borrowers, the amount of loan will be capped at a maximum amount of 6 times of the annual income (gross) as per audited financials or Income Tax Returns.

    If the borrower’s age or the co-borrower’s age on the application date is equal to or above 45 years:

    • For all the salaried applicants, the maximum loan amount will be capped at 60 times of their gross income or salary per month.
    • For all the other home loan borrowers, the amount of loan will be capped at a maximum amount of 5 times of the annual income (gross) as per audited financials or Income Tax Returns.

    For assessment of the loan, IT Returns for the past 2 years is mandatory for all the applicants whose income is considered. There shouldn’t be any abnormal increase in the income.

    Financing for the land purchase:

    The loan amount can be availed for purchasing the piece of land and then constructing the house on that plot. However, the loan utilisation for land purchase is restricted to maximum of 75% of the land cost or 60% of the loan amount that is permissible, whichever is lower.

    Margin:

    Loan amount LTV Ratio in percentage Risk Weight in percentage Margin in percentage
    Up to an amount of Rs.30 lakh Less than or equal to 80 35 10
    Greater than 80 and less than or equal to 90 50
    Above Rs.30 lakh and up to an amount of Rs.75 lakh Less than or equal to 75 35 20
    Greater than 75 and less than or equal to 80 50
    Above an amount of Rs.75 lakh Less than or equal to 75 75 25

    Period of repayment:

    The repayment period that can be availed under this particular loan scheme is the time till the borrower reaches the age of 60 years. However, the maximum repayment period is capped at 10 years.

    Moratorium Period:

    • In case of a new house construction or a flat construction, the moratorium period stands at 18 months. It starts from the disbursement date or a month after project completion, whichever comes earlier.
    • In all other cases, the moratorium period starts after a period of three months from disbursement date of the loan.
    • The interest is applicable during the moratorium period.

    Security for Allahabad Bank NRI Home Loan Scheme :

    • Registered or Equitable Mortgage of property.
    • Spouse’s personal guarantee (if not a co-borrower and staying in India) along with another individual’s guarantee who resides in India. These must be acceptable by Allahabad Bank. In case of resident Indians, third party guarantee can be waived on merit of the case by the Sanctioning Authority.
    • In case of a delay in the equitable mortgage creation, the bank requires securities in the form of personal guarantee, immovable property or financial securities.
    • If the loan is sanctioned and disbursed on Power of Attorney basis, then guarantee of the Power of Attorney holder must obtained.

    Rate of Interest for Allahabad Bank NRI Home Loan Scheme

    If the Non-Resident Indians and Persons of Indian origin are not available for submission of the documents required for the home loan or for availing the housing loan, a Power of Attorney (irrevocable) executed by the housing finance borrower must be in favour of an individual staying in India. The document must be stamped according to the local laws prevalent in this country. The Power of Attorney must be attained at the initial stage.

    Allahabad Bank NRI Home Loan Scheme Interest Rate

    Loan Amount Rate of Interest
    Loan amount up to Rs.75 lakh MCLR + 0.05%
    Loan amount above Rs.75 lakh and up to Rs.3 crore MCLR + 0.15%
    Loan amount above Rs.3 crore and up to Rs.5 crore MCLR + 0.40%
    Loan amount above Rs.5 crore MCLR + 0.55%

    Processing Fee for Allahabad Bank NRI Home Loan Scheme

    Loan Amount Processing Fee
    Loan of up to Rs.25 lakh Processing fee of 1.06% (Minimum amount Rs.2,670
    Loan of above Rs.25 lakh and up to Rs.150 lakh Processing fee of 0.53% (Minimum amount Rs.26,700
    Loan amount above Rs.150 lakh Processing fee of 0.27% (Minimum amount Rs.80,100)

    Documentation Procedure for Allahabad Bank NRI Home Loan:

    • Two recent passport sized photos of applicant(s).
    • Xerox copy of passport with a valid visa stamp.
    • Legal work permit.
    • Job contract duly attested by company, consulate and/ or embassy.
    • Latest salary slip in original and copy of company ID card.
    • Income proof papers (overseas bank statements, ITR filings etc.) if the applicant is an entrepreneur or businessman.
    • Details of preceding job.
    • Photocopy of Continuous Discharge Certificate (CDC) for applicants working in the merchant navy.
    • Irreversible Power of Attorney from applicants who wish to consent a third person to complete the documentation process and other formalities before availing the loan.
    • Sale Deed/Agreement for Sale.
    • Copy of approved building plans or approvals in respect of proposed construction/ purchase/ extension.
    • Non Encumbrance Paper.
    • Photocopy of the land tax receipt or the building tax receipt.
    • Photocopy of the Allotment letter of Housing Board, Builder or Co-operative Society.
    • Detailed Cost Estimate, Assessment Report from approved valuer (if the customer is buying an existing house or apartment outright).
    • Other paperwork as requested by the Bank housing loan scheme.

    Features and Benefits of Allahabad Allahabad Bank Housing Loan for NRI/ Pios:

    Particulars In Detail
    This scheme is designed for Non Resident Indians (NRIs) having an Indian passport or Persons of Indian origin (PIOs) having a foreign passport. The loan applicant can choose to have the account singly or jointly. A close family member of the NRI or PIO (spouse, parent and/ or child (with some kind of future interest in the asset) can be the co-applicant even if they are residing in India.
    Purpose of the Allahabad Home Loan Product for NRIs or PIOs To build a house for residential purpose on a plot the customer already holds. To buy a piece of land (properly established) located in a (developed or upcoming) residential area for the purpose of constructing a home. To buy a house, apartment or villa. To renovate, extend, repair a residential property you already possess. To buy an under-construction property. To buy an old house and refurbish, renovate, extend or repair it. To re-finance or take over an existing home loan from other bank or financier.
    Eligibility Criteria Eligibility (Employment status) Eligibility (Income/ Remittances) Eligibility (Age)
    The applicant must be: a. salaried, b. entrepreneurial, or c. have a business unit and live abroad for more than a year The applicant should have at least INR 3 lacs of gross yearly income. The applicant must be of age 21 and above. Age of the debtor should not be above 60 at maturity.
    The applicant should have at least INR 3 lacs per year of gross remittance in his NRE/NRO/FCNR during past three years.
    Home Loan Sum One must apply for at least INR 5 lacs as loan. The candidate can apply for up to INR 5 Cr under this scheme.
    Eligible Loan Amount Salaried Individuals: (a) 48 times of gross remuneration per month (b) Four times of gross income per year as specified in the job contract and/ or ITR filed in the residing nation. Professional or self Employed People: (a) More than three times of Gross Income per year as mentioned in the ITR filed in the residing country. (b) Two times of minimum yearly Inward Remittances in NRE/NRO/ FCNR account during the past three years. Net deductions counting the EMIs of home loan must not be more than 50 percent of the sum taken for computing eligible housing loan amount.
    Financing for Purchase of Plot The candidate can avail the loan as a package for buying a plot of land as well as building a house on it (within the stipulated period). But, using this loan to buy the land will be limited to 75 percent of the actual price of the plot or 60 percent of the allowable amount of overall loan, whichever is lesser.
    Repayment You can take up to seven years to settle the loan
    Moratorium Period With respect to building of a new house or apartment, the moratorium period starts 18 months from the day of first payment or 30 days post completion of construction, (whichever is early) In other cases, it is three months post the final payment Interest is to be served during this period.
    Security Equitable or Registered Mortgage of the asset: · Personal Guarantee from spouse (if he/ she is not a co-applicant and living in India) and another person with sufficient means living in India (accepted by the bank). · Third party guarantee of resident Indians might be exempted by the Sanctioning Authority as per the merit from case to case). If creating equitable mortgage of the property is delayed: · Collateral security to the extent of the loan amount in the shape of any other secure property or financial securities or personal guarantee of one extra person with sufficient means (accepted by the bank). · If the home loan is approved or paid out based on the Power of Attorney, personal guarantee of power of attorney holder must also be acquired. · In cases where the NRI or PIO is not personally available for processing and documentation, an irreversible Power of Attorney accordingly implemented by the Borrower (NRI/ PIO) in favour any close relative in India can be submitted in the initial phase.
    Rate of Interest 9.70 percent
    Processing Charges Up to INR 3 Cr MCLR
    Amount between INR 3 Cr and INR 5 Cr MCLR + 0.25 percent
    Margin The minimum permissible margin will be 25 percent of the cost of the Project. Cost of the Project will entail: a. Price for which the land, apartment or house is bought b. Cost of building, restoration or extension (whichever applicable) c. Stamp duty and registrations charges as pertinent. d. Accumulated interest sum of the moratorium period, if planned to be capitalized. e. Premium of Allahabad Bank Griha Mangal Scheme.
    Mode of Repayment of the loan Transfer of funds from overseas via usual banking channels Out of funds in NRE/FCNR/NRO accounts Transmittal out of local funds by close family member or authorized person From the rent earned from letting/ leasing out the house or the apartment bought from bank house loan

    Home Loan Reviews

    • 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? 2
      , 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? 4
      , 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? 2
      , 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
    • 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 the month of June. They were asking for all the necessary documents. There is no issue or hassle with them while submitting the documents. Interest rate offered by them was floating rate processing is fine. Its a nationalized bank . I can check the part payment options on line.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • Allahabad Bank Home Loan
      "Has to follow CITI Bank"
      0.5 4.0/5 "Great!"
      I am holding this Allahabad housing loan for a period of 3 to 4 years. I am getting my certificate of interest on time. I am getting SMS for the payment on time. I am not happy with their service and it is not as good as CITI Bank. I would suggest Allahabad to follow CITI Bank.
      Was this review helpful? 1
      , kolkata
      Reviewed on Oct 07, 2015
    • Allahabad Bank Home Loan
      "Everything Went Well...."
      0.5 4.5/5 "Excellent!"
      Allahabad bank has given me a home at an interest rate of 9.4%. They did not ask me too much of documents. The very first day they gave me a checklist in which I mentioned about the papers which I had and alternatives were made for the one which I was not having. Within 10 days my loan got approved. Being a nationalized bank they have shown a good response.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 25, 2015
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