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  • All Bank Pre-approved Limit (APPL) for Housing Loan

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    All Bank Pre-approved Limit (APPL) for Housing Loan

    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:

    • Id proof and address proof (KYC)
    • Proof of income

    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%

    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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