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Certainty about loan sanction time and certainty about eligible amount of loan are the most important factors that create a great home loan experience for the borrowers.
Allahabad Bank offers an amazing housing loan experience under All Bank Pre-approved Limit (APPL). Under this particular scheme, borrowers can avail pre-approved loans for buying ready to move houses, villas or flats.
It gives a lot of comfort and confidence to the borrowers as they can choose to look for a property that comes with a pre-approved limit. Several property builders or developers prefer customers having pre-approved home loans.
At the time of All Bank Pre-approved Limit (APPL) issuance, the following documents are needed:
The applicant of the loan can choose to select the branch that is convenient for him/her. That particular Allahabad Bank branch will carry out the necessary verification process. It will also issue the letters for Home Loan Arrangement that will contain the eligible amount of loan.
The proposed margin must be deposited by the applicant in his/her account in the Allahabad Bank branch. Authorization Letter issuance has a charge associated to it, which is 10% of the processing fee. The All Bank Pre-approved Limit or APPL is valid for a period of 6 months. It can be extended for another 6 months. However, the applicant will have to pay another 10% of processing fee for the extension. The applicant will be able to avail a period of one year to look for his/her dream house.
After the property has been finalised, the applicant must submit the proposed property papers to Allahabad Bank. If all the papers are in place, the loan is sanctioned and disbursed.
This particular facility can be availed online or at the nearest Allahabad Bank branch.
|All Bank Pre-approved Housing Loan 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%|
The following features or steps highlight the APPL facility:
The following documents are required for the issuance of APPL from Allahabad Bank:
You can take up to a year to zero in on your house or property, post approval of APPL.
Yes, Allahabad Bank charges 10% of the processing fee for issuing the authorization letters for APPL.
The APPL issued by the bank is valid for up to six months.
Yes, the bank allows another six months extension on the validity period of the APPL. However, 10 % of the processing fee is charged for the same.
Documents serving as income proof such as salary slip, employment certificate or ITR and Form 16 and KYC documents including ID and address proof needs to be submitted in order to avail APPL.