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  • Allahabad Bank Aashiana Loan Reviews

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  • Overview:

    Housing is one of the most important needs in life as it not only ensures shelter for loved ones but also acts as an investment apparatus whose value will only multiply as time passes by. Investing in a house or a plot is something we all look forward to, in life. Whether it's buying a flat or a plot for construction or even renovating an existing unit, it comes at a certain cost. The costs involved in the project may not be affordable outright since realty prices are always heading north. In such situations, it makes perfect sense to rely upon a loan to fulfill this requirement and payback in installments over pre-defined terms.

    The AB Aashiana Scheme is one such housing loan scheme from Allahabad bank which has been helping millions of customers in India to avail a home loan to fulfill a plethora of housing needs. The purpose of this loan has been provided below.

    • Towards construction of a house for residence on a plot of land owned by the borrower
    • For purchasing a flat/house for residence
    • For home improvement of an existing residential unit
    • For completing the construction of an unfinished residential house
    • Towards taking over (balance transfer) housing loans held with other banks or financial institutions.
    • Towards acquiring a second residential unit
    • Supplementary finance for carrying out additional works

    Features of Allahabad Bank Aashiana Housing Loan Scheme

    Simple Eligibility Criteria:

    This loan scheme is open to all individuals with a stable and regular income, implying its availability to both salaried and self-employed applicants. There is no cap set on the minimum income requirement as a whole, which will be determined on case to case basis. This loan is not available for HUFs.

    Maximum Age Limit:

    The minimum entry age for an an applicant to avail a housing loan under this scheme is just 21 years with an upper cap of 70 years or up to the extent of the loan tenure, making it an popular loan available for various age groups.

    High Loan Quantum:

    Allahabad bank offers a loan amount of up to Rs.5 crore, determined on the basis of the project costs and the applicant's eligibility. With such a high loan quantum on the offer, you don’t have to look for alternate or additional sources for funding since its all available in a single window.

    No External Collateral Required:

    The property for which the loan has been availed is mortgaged until loan repayment. Allahabad bank does not require additional monetary security in any other form to secure the loan amount. In case of salaried borrowers, second charge over the property is required if they he/she has availed a loan from their organization.

    Repayment Period:

    You’re free to choose a repayment tenure as per your convenience since Allahabad bank offers up to 7 years as repayment period. The borrowed loan amount is payable in EMIs (Equated Monthly Installments) along with the applicable interest charges.

    Affordable Interest Rates:

    Allahabad bank follows the RBI mandated MCLR (Marginal Cost Based Lending Rate) to determine the applicable interest rates for all its retail loan products which includes housing loans, making it an affordable deal. The interest rate slabs have been provided below.

    • Loan amount up to Rs.300 lacs - MCLR only
    • Loan amount above Rs.300 lacs- MCLR + 0.25%

    The MCLR as of 17.05.2016 is 9.60 percent, subject to revision at frequent intervals.

    Optimum loan margin

    The bank maintains slab based loan margins to ensure minimal burden on you. The table below offers further details on the margin of finance.

    Loan Amount Margin
    Up to Rs.30 lacs 10%
    From Rs.30 lacs to Rs.75 lacs 20%
    Above Rs.75 lacs 25%

    FAQs:

    1. What is the upper age limit for applicants who wish to avail a housing loan under the AB Aashiana home loan scheme?

      The maximum age limit is 70 years. The loan tenure cannot exceed the maximum set age for the borrower to avail the loan. This clause is applicable for all types of requirements.

    2. What is the moratorium period for loan availed for a flat under construction?

      The maximum moratorium period under this scenario is 24 months.

    3. Is this loan available for home improvement as well?

      Yes, Allahabad also extends this loan for various home improvement needs such as renovation, repair, extension and other related tasks.

    4. Am I required to provide a third party security to secure the loan amount at the time of application?

      The property in question remains mortgaged until full repayment of the loan and therefore, there is no requirement of any other form of security. 

      

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