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    APPL (AllBank Pre-approved Limit) for Housing Loan

    Allahabad Bank has introduced the APPL (AllBank Pre-approved Limit) for Housing Loan to create a good loan experience. This loan facility can be availed for the purchase of villas, flats or already constructed houses. This is a preferable loan facility as it provides comfort and confidence to borrowers. The APPL allows them the freedom to look for property with a pre-approved limit in advance.

    Features of APPL for Housing Loan:

    The following features or steps highlight the APPL facility:

    • The specific Allahabad Bank branch chosen by the applicant first verifies and issues the letters of the housing loan arrangement, which states the eligible loan amount.
    • Applicant is required to deposit the margin proposed into the branch bank account.
    • A processing fee of 10% is charged by Allahabad Bank towards issuance of bank’s authorization letters.
    • Validity period of APPL is six months, however an extension of another six months can be requested. An extension fee of 10% is charged by the bank. Any additional charges paid to the bank is adjusted with the housing loan’s processing fees.
    • Post approval of APPL, borrower can take up to one year to look for the house or property.
    • After finalization of property, the applicant must submit the property papers to the Bank for verification. The bank checks the papers for legal verifications and sanctions the loan based on the same.
    • Borrowers can avail the facility by visiting any of Allahabad Bank home loan branch or even by applying online.

    Documents Required for Allahabad Bank Pre Approved Home Loan:

    The following documents are required for the issuance of APPL from Allahabad Bank:

    • Income Proof: Salary slip, employment certificate, Income tax returns or Form 16.
    • Identity Proof: PAN card, Passport, Driving License or any other government issued IDs.
    • KYC Documents: ID and Address Proof.

    FAQs:

    1. How much time will I have once I get an approval for APPL from Allahabad Bank?

      You can take up to a year to zero in on your house or property, post approval of APPL.

    2. Will I be charged any fee for the authorization letters from the bank for the issuance of APPL?

      Yes, Allahabad Bank charges 10% of the processing fee for issuing the authorization letters for APPL.

    3. What is the validity of the Allahabad Bank APPL?

      The APPL issued by the bank is valid for up to six months.

    4. Can I extend the validity period of the APPL If I am unable to finalize on the property even within that period?

      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.

    5. What are the documents required to be submitted to the bank while applying for APPL?

      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.

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