A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • loading

    Andhra Bank Home Loan

    We found 1 Andhra Bank Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.7% - 9.7% Fixed
    0.5%(max. ₹10,000) + S.T
    30 Years
    Response Time Within 30 minutes
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Andhra Bank Home Loan is Rated as "Great!" by 28 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    Andhra Bank is a medium-sized public sector bank, with a network of 2000+ branches, 15 extension counters, 38 satellite offices and 1563 automated teller machines as on 30 Nov 2013. The products and services provided by the bank mainly categorised into businesses of Retail, Corporate, NRI, MSME, and Agricultural industries. Under the Retail Business, the bank offers deposits, loans, cards, DMAT services, insurance, and mutual funds to individual customers. Under the Corporate Business, the bank offers loans & advances, project appraisals, and loan syndication. Under the NRI business segment, the bank offers Deposit schemes, loans, remittance services, and investment services to the non-resident Indians. Andhra Bank provides exciting home loan offers for all your needs. It provides housing loan for any area like rural, semi-urban, urban and metro etc. Read on to learn about the eligibility and documentation requirements for the loan you avail.


    You’re probably eligible for an Andhra Bank Home Loan if you are

    Andhra Bank Home Loan Minimum Age

    At least 21 years old

    Andhra Bank Home Loan Maximum Age

    Less than 65 years old

    Andhra Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Andhra Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Andhra Bank Home Loan amount eligibility is based on these factors

    Andhra Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Andhra Bank Home Loan Maximum Loan to property value

    Loan capped @ 75% of property value

    Andhra Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Andhra Bank Home Loan amount by these steps

    Andhra Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Andhra Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Andhra Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an Andhra Bank Home Loan

    • 1. Signed application form with photograph
    • 2. Processing fee Cheque
    • 3. Latest bank statements
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income


    Andhra Bank Home Loan Interest RatesUpdated on 30 Apr 2017

    Andhra Bank Home Loan Details
    Interest Rate 8.70% to 9.70%
    Loan Tenure 30 years
    Processing Charges 0.50 % of loan amount subject to maximum of Rs.10000/- + applicable tax
    Pre-closure Charges Nil


    Andhra Bank Home Loan:

    Comprehensive, simple and intently customer centric, the home loan from Andhra Bank is a feature rich product that spells out the experience and expertise commanded by this apex public sector bank. The Andhra Bank Home Loan comes in two forms, the usual housing loan and home loans for the NRIs. These home loans can be utilized for a multitude of purposes- 1) The construction or purchase of a house/flat, 2) The purchase of a residential plot wherein a house will be constructed eventually, and 3) For the repairs and/or renovation of an existing house. The Andhra Bank Home Loans in India are designed for the smart investor and is an enduring customer favorite.

    Home Loans from Andhra Bank:

    As mentioned before, the primary distinction between the two types of home loans from Andhra Bank is in terms of the targeted customer base. While the primary offering deals with the construction/purchase/repairs and renovation of property in any urban, metro, semi-urban and rural Indian location, the home loan offered to the Non-Resident Indians (NRIs) addresses specific concerns faced by NRIs as they attempt to purchase/construct/repair or renovate property in India. In the latter case, the bank is particularly partial to prospects living in Dubai or Sharjah in the UAE.

    Home Loan is a premier product in Andhra Bank’s arsenal of retail loan products. The bank itself is a popular entity with presence in 25 Indian states and three Union Territories. Headquartered in Hyderabad, Andhra Bank commands an impressive network of 2507 branches that eagerly bring forth its customer oriented home loan product to all parts of India.

    Features and Benefits of Andhra Bank Home Loan:

    Boasting of an impressive set of features and some truly customer friendly benefits, the home loan offering from Andhra Bank is committed to bringing the very best of housing loans to its customers. This product walks the fine line between a potential customer’s express requirements and specific limitations. Summing up, the features and benefits are listed below-

    1. Loan is intended for the construction/ purchase of house or flat. Loans are also provided for purchase of plots wherein a residential house will be built at a later date. Also, for repairs and renovation of existing property.
    2. Maximum loan offered is 90% of the actual cost of construction or outright purchase value of the property. For NRI applicants, the maximum loan amount offered is Rs.2,50,000.
    3. Repayment tenure extends upto a maximum of 30 years.
    4. Applicable margin on the loan amount is as follows- 10% (loan amount upto Rs.20 lakhs), 20% (loan amount above Rs.20 lakhs to Rs.75 lakhs), 25% (loan amounts above Rs.75 lakhs).
    5. Loans taken for repairs and/or renovation follow these guidelines- Maximum loan amount will be Rs.10 lakhs if the property is upto 5 years old. For property above 5 years and upto 25 years, a maximum loan amount of Rs.15 lakhs will be sanctioned.

    Who Can Apply for Andhra Bank Housing Loans?

    The applicant (as also the property to be purchased/constructed) must qualify against the following requirements to be eligible for a housing loan from Andhra Bank-

    1. The applicant must not be younger than 21 years or older than 65 years.
    2. At loan maturity, the applicant’s age must not exceed 75 years.
    3. Individuals can either apply on their own or in conjunction with their family members.
    4. The age of the property to be purchased (Eg: independent house-25 years, flat- 20 years etc.) must not exceed a specified age as related by the bank at the point of loan application.
    5. NRI applicants must have served a minimum of 1 year as part of their employment abroad.

    Note that this is a general list and the bank can request for additional details and qualifications to deem you eligible for the loan.

    Andhra Bank Home Loan Interest Rate:

    The Andhra Bank Home Loan interest rate varying for different loan amounts is as follows:

    Loan Amount LTV Minimum Margin Interest Rates
    Up to 30 lakhs 90.00% 10.00% MCLR+0.05 %
    30 lakhs to 75 lakhs 80.00% 20.00% MCLR+0.05 %
    Above 75 lakhs 75.00% 25.00% MCLR+0.25 %
    Repairs /Modifications 75.00% 25.00% MCLR+1.05 %

    For a clear idea of the interest rates applicable to your loan and details on how it is linked to the MCLR, contact your nearest Andhra Bank branch. The low interest rates, alongside a long repayment tenure and floating interest rate that is calculated on the daily reducing balance model, ensures that Andhra Bank will always be a major draw when home loans in India are talked about.

    Andhra Bank Home Loan MCLR:

    The Base Rate of Andhra Bank for home loans is 9.70%. The MCLR announced by Andhra Bank as on January 3, 2017 are given in the table below.

    Loan Tenor Existing MCLR Rates New MCLR Rates
    Overnight 9.30% 8.45%
    1 month 9.35% 8.50%
    3 months 9.40% 8.55%
    6 months 9.45% 8.60%
    1 year 9.55% 8.65%

    Documentation Required for Andhra Home Loan:

    At the loan application stage, the applicant is required to submit the following documents as append and proof to substantiate his/her loan request-

    1. Completed loan application form with necessary attestation and photographs.
    2. Identity proof of applicant and co-applicants.
    3. Address proof of applicant and co-applicants.
    4. Passport sized photographs of applicant and co-applicants.
    5. Income proof of applicant and co-applicants. These include-
      • Pay slips
      • Form 16
      • Undertaking letter issued by the employer
      • Income certificate
      • IT Returns
      • Financial statements attested by CA (if applicant is a business or self-employed individual)
    6. Postdated cheques for a minimum of 12 months.
    7. Bank statements pertaining to the last 6 months that are without any serious red flags.
    8. Undertaking from the applicant that he/she isn’t contracted to another similar home loan from Andhra Bank or any other bank.
    9. Associated documents detailing the property to be purchased, constructed or renovated.
    10. NRI applicant must supply a copy of his/her Passport, VISA, Work permit and Agreement with present employer.

    Note that the above list is truncated to include only the most important documents required at the loan application stage. The bank, in its individual capacity, can request you for additional proof and documents.

    How to Apply for Andhra Bank Home Loan on BankBazaar.com?

    In the quest to bring you the best home loan options out there, Andhra Bank has joined hands with BankBazaar.com as a cherished partner and is offering its home loan product off the latter’s intuitive web portal. How can you apply for the Andhra Bank Home Loan on BankBazaar.com? Read on…

    1. For starters, log into the BankBazaar.com website.
    2. On the top navigation panel seek out the LOANS menu item. Next, select the ‘Home Loan’ option off the drop-down menu table.
    3. Spread before you is a celebration of technology- an intelligent wizard that seeks out the best home loan options available to you, in response to your simple inputs. Kindly follow the instructions listed by this wizard and provide the requisite details.
    4. The resultant page lists all the home loan options that best complies with your specific requirements and individual limitations. Seek out the home loan from Andhra Bank by browsing through this list.
    5. Clicking on the links provided will help you know more about the housing loan from Andhra Bank. On the bank’s page, a simple ‘Apply’ button allows you to directly apply for this loan. Click on the same and follow the simple, resultant wizard as before.
    6. Next, all the details provided by you are shared by BankBazaar.com with the concerned home loan provider, Andhra Bank. From this point on, representatives from the bank will contact you within 24-48 hours to touch bases and continue the loan application procedure.
    7. You will be routinely intimated about the status of your loan application via SMS and email notifications. For further concern and queries, you can contact BankBazaar’s expert customer support team.

    As mentioned above, the process is as simple, fast and error-free as can be. Apply for your home loan, TODAY!!

    Andhra bank Home Loan FAQ

    1. If not BankBazaar.com, where else can I avail the Andhra Bank Home Loan from?

      BankBazaar offers the simplest option to apply for this loan from the comfort of your home or office. If not, you can walk into any Andhra Bank branch across the country and enquire for the same.

    2. Who can I sign-on as my co-applicant(s)?

      Herein, members of your immediate family can be considered as potential co-applicant(s). Usually, the applicant’s spouse and/or major children form the ideal partners when applying for a home loan from Andhra Bank.

    3. What are the interest rates like?

      Andhra Bank charges a floating interest rate on its home loan product. This rate is directly linked to the bank’s base lending rate (Base Rate) and is charged per the daily reducing balance model.

    4. What type of tax benefits apply with the housing loan from Andhra Bank?

      Resident Indians are eligible for suitable tax benefits in line with the Government stipulations that control such matters. Andhra Bank issues an annual tax claim certificate to help the home loan owner in this regard.

    5. What are the additional charges applicable on my home loan?

      A nominal processing fee is charged upfront and equally miniscule administrative charges are charged at the end of each quarter. These are the only additional charges and they don’t collectively amount to much.

    News About Andhra Bank Home Loan

    • Andhra Bank sets a fresh overnight MCLR rate

      Andhra Bank, one of the most popular banks in South India, released its new overnight MCLR rate last week.

      The rate which is set at 9.25% will be seen in effect from the 15th of October 2016. Also, the bank set rates for other different tenors too and the rates are as follows.

      For one month the rate stands at 8.30 percent, for three months the rate stands at 9.30 percent, while rates for six months and one year stand at 9.4% and 9.45%.

      This new rate has been set in accordance with the repo rate cut and is expected to rope in more customers during the festive season.

      Soon after this announcement was made, Andhra Bank’s stock rose by 0.25 (0.45%) to 56 from previous closing of 55.75.

      26th October 2016


    Compare Home Loan Offers from Top Lenders. Apply Online and Get e-Approved Instantly.

    Andhra Bank Home Loan Reviews

    Common Loader Icon
    This Page is BLOCKED as it is using Iframes.