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 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:
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.
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.
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.
|Rate of Interest||Base Rate + 2.00% / MCLR + 2.00%|
|Maximum Repayment Period||10 years|
|Margin||20% of the estimated costs|
The eligibility criteria to avail a housing furnishing scheme are:
The following documents are required when applying for the Furnishing Loan:
Allahabad Bank grants up to 20% of the estimated costs as margin under the Furnishing loan scheme.
No, the bank does not charge any prepayment penalty for the Housing Finance Scheme for Furnishing.
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