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    Allahabad Bank Home Furnishing Loan

    Bank Name
    Interest Rate Range
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    Home Loan BYTES FROM OUR KITCHEN

    Overview:

    Founded in 1865, Allahabad Bank is the oldest joint stock bank of India, started by a group of Europeans. At Allahabad Bank, you can apply for property home loans, both new and resale property. The bank offers you the Allahabad Bank Housing Finance Scheme, under which there are many categories of loans, ranging from housing loans for furnishing, for high networth individuals, for NRIs and PIOs, APPL (AllBank Pre-approved Limit) housing loan, and AB Aashiana Scheme.

    The Allahabad Housing Finance Scheme for Furnishing is granted by the bank to borrowers for purposes such as furnishing of house or repair of existing or new houses and flats. The loan amount in this scheme depends on the take home salary of the borrower.

    The Allahabad Housing Finance Scheme for Furnishing can be availed by:

    • Individuals owning house or flats that are free from any liability.
    • Individuals who have a regular income to be able to liquidate the loan amount.
    • Existing borrowers with loans under Allahabad Bank Housing Finance Scheme.

    Features of Allahabad Bank Home Furnishing Loan:

    Given below are some of the main features of the loan scheme:

    Maximum Loan Amount:

    Borrowers can avail a maximum loan amount of Rs.5 lakh under the Housing Finance Scheme for Furnishing from Allahabad Bank.

    Loan Disbursement:

    Existing home loan borrowers can avail the Housing Finance Scheme for Furnishing once the housing loan is fully disbursed and the margin money of housing loan is utilized.

    Loan Security:

    Furnishing loan at Allahabad Bank requires you to provide supplemental mortgage of property or equitable mortgage as security.

    Furnishing Loan Interest Rate:

    At present, base rate of 9.50% is used to calculate Allahabad Bank’s Furnishing Loan rate. You can find out the rate by visiting the branch nearest to you.

    Late Fee and Prepayment Charges:

    There is no prepayment penalty charged by Allahabad Bank for early payment of the furnishing loan. Late fee charges depends on the agreement as per Allahabad Bank.

    Other Features:

    Rate of Interest Base Rate + 2.00% / MCLR + 2.00%
    Maximum Repayment Period 10 years
    Margin 20% of the estimated costs
    Moratorium Period Nil
    Discretionary Authority
    • Scale I – Nil
    • Scale II Onward – Rs.5 lakh

    Allahabad Bank Home Furnishing Loan Eligibility:

    The eligibility criteria to avail a housing furnishing scheme are:

    • Borrower should be an existing housing loan customer of Allahabad Bank.
    • Borrower should own a house or a flat.
    • Total monthly deduction along with the loan installment should not exceed 60% of the monthly salary.

    Documents Required for Allahabad Bank Home Furnishing Scheme:

    The following documents are required when applying for the Furnishing Loan:

    • Duly filled application form.
    • Identity proof.
    • Address proof.
    • Previous two year’s Form 16 or ITR.
    • Six months’ salary slip.
    • Last 6 months bank statements.

    FAQs:

    1. Will I have to be an existing home loan customer of Allahabad Bank to be eligible for the Furnishing Loan Scheme?Yes, only existing Allahabad Bank home loan customers are eligible for the Furnishing Loan.

    2. What is the margin that the bank grants under the Housing Finance Scheme for Furnishing?

      Allahabad Bank grants up to 20% of the estimated costs as margin under the Furnishing loan scheme.

    3. If I decide to make the loan payment before the end of the loan tenure of the Furnishing Loan Scheme, will I be charged a penalty?

      No, the bank does not charge any prepayment penalty for the Housing Finance Scheme for Furnishing.

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