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  • Allahabad Bank Pensioners Housing Loan Reviews

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  • The older you are, the more difficult it is for an individual to avail a home loan. For pensioners, it is almost an impossible task. However, Allahabad bank has a housing loan scheme for pensioners. Mentioned below are the details of the mortgage scheme.

    What can the Loan be Availed for?

    • For construction of a house
    • For purchase of a house
    • For renovation, repair or extension of a house already owned
    • For refinancing a home loan
    • For purchasing of land - The loan may be obtained to purchase land or construct a house thereon. However, the loan is restricted to 85% of the cost of land or 60% of the permissible loan amount

    Eligibility:

    • The pensioner should be at least 55 years old
    • The pensioner cannot be over the age of 64
    • The loan should be repaid by the age of 70

    In case children or spouse is made co-borrower, there is no limitation on the age. However, if they are made co-owners, the minimum age should be 45 years and the loan should be repaid by the time they turn 70 years.

    Loan Amount

    • The minimum loan amount that can be borrowed is Rs.5 lakh
    • The borrower should pay a margin of 40% of the property cost

    Repayment Period

    • The maximum repayment period is 15 years
    • The loan should be repaid by the pensioner by the time he attains the age of 70

    Moratorium Period

    • If the pensioner already owns the land and wishes to construct a house, the maximum moratorium period is 12 months
    • For a purchase of a ready built house/flat, the maximum moratorium period is 3 months
    • In case of refinancing, there is no moratorium period

    Interest Rate for the Home Loans for Pensioners

    Home Loan Interest Rate for Pensioners
      Minimum Maximum Mean Interest Rate
    Housing Loan Scheme For Pensioners 8.50% 9.10% 8.80%

    Note: Zero processing fee for this home loan scheme.

      

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