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.
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.