A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 Andhra Bank Home Loan
    Bank Name
    Interest Rate Range
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    8.75% - 8.85% Floating
    0.5%(max. ₹10,000) + applicable tax
    -
    30 Years
    Response Time : Within 30 minutes
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    Andhra Bank Home Loan is Rated as "Great!" by 31 Users

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    Andhra Bank Home Loan

    Andhra Bank Home Loan Interest RatesUpdated on 25 Nov 2017

    Andhra Bank Home Loan Details
    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%

     

    Andhra Bank Housing 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

       

    Andhra Bank Home Loan Reviews

    • andhra Bank Home Loan
      "It is good overall"
      0.5 5.0/5 "Blown Away!"
      Andhra Bank is overall good on the home loan process. The customer services are good and there was no inconvenience in the paper work and in the disbursement as well. They were responsive. I also got a good deal on the interest rate and charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 18, 2017
    • andhra Bank Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The customer support is average with Andhra bank . I got the home loan with Andhra bank around 6 years ago. They have approved and disbursed my loan amount within 1day of time. The required loan amount has not approved but few the request they have accepted to give the required loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 08, 2017
    • andhra Bank Home Loan
      "Recommandable home loan"
      0.5 4.0/5 "Great!"
      I took Home loan at 2012 from Andhra bank, they gave 9.5% of interest it was nominal interest at the time.I took home loan of Rs.10 lakhs, to purchase the residential house. Still my loan is running without any hassle. Its a good bank recommend to all for home loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 28, 2017
    • andhra Bank Home Loan
      "Its Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      Andhra bank is a reputed bank, I am banking with them for past 15 years, I have taken two home loans from Andhra Bank, one loan got closed and another loan is running, They responded very well on application, I have taken home loan amount of Rs. 3 Lakhs with the floating interest rate 10.25% with tenure of 15 years.
      Was this review helpful? 0
      , tirupati
      Reviewed on Mar 09, 2017
    • andhra Bank Home Loan
      "Make customer's to learn about loan from Andhra Bank"
      0.5 5.0/5 "Blown Away!"
      I really appreciate the Andhra Bank service was excellent, My loan was in Sundaram Finance, But Andhra Bank Manger came to place helped to compare the various interest. He himself help transfer them housing loan from Sundaram Finance to Andhra bank. Without any charges and Loan got transfered with the tenure of 10 years.
      Was this review helpful? 0
      , salem
      Reviewed on Dec 30, 2016
    • andhra Bank Home Loan
      "Can be better"
      0.5 4.0/5 "Great!"
      Let me start by saying that the builder has got a tie up with Andra bank housing loan. It was all well organized. The property inspection, valuation everything was done on time. On the other hand there are two major short fall. The first one would be, they follow a manually process. The second one would be the site which is outdated and old fashioned. It would be great if they work on the above two drawbacks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 24, 2016
    • andhra Bank Home Loan
      "Old fashioned"
      0.5 4.0/5 "Great!"
      Andhra bank follows a conventional way of banking. They are not up when it comes to technology, technology wise they have to improve a lot. The charges are quite similar to other banks. Also they dont provide upcoming offers, they just stick to their old offers, where as other banks come up with attractive schemes at regular intervals for instance SBI, as SBI does that.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 26, 2016
    • andhra Bank Home Loan
      "Needs to be improved "
      0.5 3.0/5 "Satisfactory"
      The service provided was average with andhra bank related to the home loan process since its a government bank.They have got good technology but they do have a legacy mindset.The rate applied was around 10.25% which was on the higher side and I may not recommend the service as well.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 20, 2016
    • andhra Bank Home Loan
      "Pretty easy norms!"
      0.5 4.0/5 "Great!"
      Andhra Bank executives collected minimal documents as per the bank norms. Interest rate offered for the home loan was diminishing and it was 10.25% per annum. Home loan was processed within a month's time and they have provided the loan on the exact time of requirement.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 18, 2016
    • andhra Bank Home Loan
      "transparent process "
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan through the Andhra bank. This bank was recommended by one of my colleague. Rate of interest availed was quite high and it could be negotiated. The processing of loan was very fast as it got credited in my account within 3 days.
      Was this review helpful? 5
      , nagpur
      Reviewed on Mar 31, 2016
    • andhra Bank Home Loan
      "Systematic Processing!"
      0.5 5.0/5 "Blown Away!"
      Interest rate will be regulated according to the RBI norms. The customer can blindly rely on them regarding the interest rate. Verification was done thrice by the executives. I felt very secured in taking the home loan with Andhra bank. Process was very much smooth with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 04, 2016
    • andhra Bank Home Loan
      "Satisfied....."
      0.5 4.0/5 "Great!"
      Andhra bank is very cooperative but the rate of interest is very high. 9.75% of rate is somewhat high for the home loan. In all the aspects they are also good but rate seems high. Andhra bank has taken 40 thousand as charge for the home loan amount of 26 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 02, 2016
    • andhra Bank Home Loan
      "Not to take home loan"
      0.5 4.0/5 "Great!"
      I did not face any issue with the andhra bank while taking the home loan.I easily approach with the bank manager. When i took the loan before five year the interest rate was high but now it has come down . The verification of the property was fine but i feel that the sbi bank is better. .
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 10, 2016
    • andhra Bank Home Loan
      "Needs to improve web portal"
      0.5 4.0/5 "Great!"
      The only best part about Andhra bank with regards to home loan is that they have the option of part payment immediately after taking up the loan and they provided me a very nominal rate of interest. Also I was very happy that my loan amount got disbursed within 5 days of applying for the home loan. They need to improve the web portal which I feel they are very much behind all the other banks.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 17, 2015
    • andhra Bank Home Loan
      "good process for home loan "
      0.5 4.5/5 "Excellent!"
      I took the home loan with andhra bank they approved the loan within 20 days the delay was only because there was some deviation in the property. Interest rate charged was 10.5% when i took before five years and now it has been reduced to 9.75%The processing fee was 0%.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 14, 2015
    • andhra Bank Home Loan
      "Has to improve on the service"
      0.5 3.5/5 "Pretty good"
      ANDHRA Bank housing loan is fine . It would be great if they improvise on their customer service. I have called their customer service I we have to hold the line for a long time and their IVRS states that its under maintenance always. However they have to do maintenance during the night time or during the week end.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Dec 12, 2015
    • andhra Bank Home Loan
      "Easy to get the loan "
      0.5 4.0/5 "Great!"
      Its a quick process to get the Home loan with Andhra bank.They have taken around a weeks time to process the loan.They have required very simple document in the loan process.The interest rate offered was around 10.25%.SBI have offers better rate compared with Andhra Bank.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 14, 2015
    • andhra Bank Home Loan
      "Loan as per necessity"
      0.5 5.0/5 "Blown Away!"
      My property dealer has tie up with Andhra Bank and via my dealer I have applied for Home Loan to Andhra Bank. Documents were collected on time from me and application is under process. Bank offered me loan as per my requirement and even the interest rate applicable is at par with the market.
      Was this review helpful? 1
      , delhi
      Reviewed on Sep 24, 2015
    • andhra Bank Home Loan
      "Golden Bank "
      0.5 5.0/5 "Blown Away!"
      My Home Loan was taken from Andhra bank. I will call it as a Golden bank to me because they processed my application with in 4 day to me. Basically I am from Andhra pradesh so I always preferred this bank. Rate of interest is very less with them when compared with other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 11, 2015
    • andhra Bank Home Loan
      "Good!!!"
      0.5 5.0/5 "Blown Away!"
      My home loan is in the process with Andra Bank. The documentation and evaluation was done. It is in the final stage now. I am joint account with my parents. I deal with the bank manager, he was very helpful till now and already few of my family members have taken loan through him. As per the discussion I found the interest rate what they offer is normal. The pre closure is done without any charges. It going on smoothly with Andra Bank.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 02, 2015
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