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 Loan Amount||Minimum Margin||ROI||LTV|
|Up to 30 lacs||10.00%||MCLR+0.10 %||90.00%|
|30 lacs to 75 lacs||20.00%||MCLR+0.10 %||80.00%|
|Above 75 lacs||25.00%||MCLR+0.20 %||75.00%|
|Repairs /Modifications||25.00%||MCLR+1.05 %||75.00%|
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.
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-
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-
Note that this is a general list and the bank can request for additional details and qualifications to deem you eligible for the loan.
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.
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|
At the loan application stage, the applicant is required to submit the following documents as append and proof to substantiate his/her loan request-
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.
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.
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.
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.
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.
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.
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