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  • Andhra Bank NRI Home Loan

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Andhra Bank NRI Home Loan

    Founded in 1923, Andhra Bank was founded by Dr. Bhogaraju Pattabhi Sitaramayya, the freedom fighter. The Bank began with an authorised capital of Rs 10 lakhs and a paid up capital of just Rs 1 lakh.Home Loans for NRI is only one of the many financial products that the bank offers

    Eligibility for Andhra Bank NRI Housing Loan:

    • Applicants must be between the ages of 21 years and 65 years.
    • Applicants must be Non Resident Indians with a minimum of one year of service outside India.

    AB NRI Home Loan Documentation:

    • Duly filled out application form
    • Applicant's’ property statements
    • The proposed house/flat’s location sketch
    Type of employment Proof of income
    Salaried employees IT Returns/ Form 16 which is issued by the employer/ Assessment orders

    Last pay certificate

    Professionals/self employed last 3 years’ income proof in the form of financial statements that has been signed by a Chartered Accountant ( assessment orders / income tax returns)

    In case of purchase:

    • Name & address of the seller
    • Copy of link documents that are in the vendor’s possession. As well as the tax receipts
    • Sale agreement between purchaser and vendor
    • Original receipts of payment to builder/vendor
    • Documents of title to the property
    • Authorization letter to receive original title deeds on registration from Registrar of Assurances.
    • Receipt of delivery to deliver the original title deeds (issued by Registrar of Assurance).
    • Copy of the approved plan
    • Proof of age of the flat/house
    • Agreement for construction.
    • Approved Engineer’s certificate stating the condition, present value etc of the flat/house.
    • Original deed of conveyance of land

    In Case Of Construction:

    • Approved plan’s copy
    • The Housing Board’s Allotment letter of the flat/house.
    • Original/copy title deeds of the site
    • Estimate of construction in detail
    • Development Agreement between the builder and owner of the site
    • A minimum of 13 years’ NIL Encumbrance Certificate
    • Any other document which is specified by Sanctioning Authority/ Legal Advisor

    Additional Documents which must be submitted by NRIs:

    • Passport (Due date, Date of issue, endorsements)
    • Copy of agreement from the applicant’s employer.
    • Status of the applicant (Person of Indian origin/ NRI)
    • Naturalization process
    • Work permit from the country where the applicant works
    • Due date and status of VISA
    • Proof of Income (Income Tax returns/ Salary Certificate)
    • If the transactions are to be through the applicant or through a resident Indian, in which case the proof of Power of Attorney needs to be submitted.
    • Declaration that the loan is not to be used to acquire agricultural land etc. Also that it abides by the terms, rules and regulation of FEMA 99.

    Features of Andhra Bank NRIs Housing Loans:

    Amount of Loan:

    • The amount of loan one can avail depends on the residual life of the flat/house as certified by our approved engineer. It should be certified that it is at least 10 years more than the repayment tenor which is proposed for the loan.
    • In Urban and Metro areas: Rs 150 lacs
    • In Semi Urban areas: Rs 75 lacs
    • In Rural areas: Rs 25 lacs
    • The proportion of EMI to net income ratio will decide the maximum amount one will be eligible to.
    • In the case of Salaried Employees, the maximum amount of EMI that will be allowed is 50% of the employee’s net salary (as per the applicant’s latest salary statement). Net Salary does not take into account temporary incomes such as arrears.
    • In the case of non-salaried individuals, 65% of last three years’ monthly average income will be calculated (as reflected by I.T. Returns).

    Mode of Repayment:

    • The RBI’s terms and conditions must be abided by.
    • Repayment can be done by way of inward remittance by debit to NRE/FCNR (B)/NRO account, through normal banking channel or can be repaid from the rental income received from the property. The borrower’s close relatives in India can also repay the amount from their account.

    Repayment:

    • Maximum period of 30 years to make the full repayment.
    • In the case of salaried employees, the term for repayment ends at the age when the applicant retires.

    Andhra Bank Home Loan Interest Rate for NRIs:

    Floating rates of interest depends on the base rate. Check the official website to check the base rate.

    Repayment Period Five Years and Below Five to ten years Above 10 Years to 20 Years
    Above 30 lacs Base rate+1.75 Base rate+2.00 Base rate+2.25
    25-30 lacs Base rate+1.00 Base rate+1.25 Base rate+1.50
    Up to 25 lac Base rate+0.75 Base rate+1.00 Base rate+1.25

    Loans taken out for repairs, the interest rate will be 1% above the rate of interest which is applicable to Housing Loans.

    FAQs:

    1. Will I be charged if I decide to prepay the amount?

      No, there are no prepayment charges as long as the amount is from the applicant’s own sources.

    2. What mode of repayment can I do?
      • The RBI’s terms and conditions must be abided by.
      • Repayment can be done by way of inward remittance by debit to NRE/FCNR (B)/NRO account, through normal banking channel or can be repaid from the rental income received from the property. The borrower’s close relatives in India can also repay the amount from their account.
    3. What is the maximum term I can take for repayment?
      • Maximum period of 30 years to make the full repayment.
      • In the case of salaried employees, the term for repayment ends at the age when the applicant retires.

    Andhra Bank NRI Home Loan Reviews

    • andhra Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My home loan experience with Andhra bank was very good, the loan amount was for Rs 20 lakhs with the rate of interest of 8.5% which is nominal when compared to other banks. The process was smooth and i received my loan amount on time. Customer service was good and they followed up on time. The tenure of this loan is 20 years and it was a overall a good service from Andhra bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 08, 2018
    • andhra Bank Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Andhra Bank and it was an amazing loan experience. The loan amount was for Rs 30 lakhs with the rate of interest of 8% which is the best rate in the market. The process was very smooth and i received my loan amount within a day. Customer service was fine, they collected documents on time and followed up correctly. The tenure of this loan is 30 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 04, 2018
    • 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
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