|Allahabad Bank Home Loan 2020|
|Interest Rate||8.25% onwards|
|Loan Tenure||Up to 30 years|
|Loan-to-Value Ratio||Up to 80% of the property value|
|Processing Charges||Up to 0.40% of the loan amount|
Allahabad Bank offers home loans at a generous interest rate starting from 8.25%. The bank offers various housing schemes to cater to the needs of customers. The maximum loan amount offer by the bank is Rs. 5 crore for a tenure of up to 30 years.
Features and Benefits of Allahabad Bank Home Loan
- Longer repayment period
- High loan-to-value ratio of up to 80%
- Fast loan approval
- Low processing charges
- Tax benefits on home loan
- Available to be used for various purposes such as construction, purchase, repair, improvement etc.
- Home loan balance transfer facility to shift current outstanding home loan to a new lender offering lower rate
Allahabad Bank Interest Rates
The rate of interest offered by Allahabad Bank Home Loan is directly linked with the External Repo Linked Lending Rate (ERLLR), which currently stands at 5.15%. The total interest rate applicable on a home loan is the combination of ERLLR and the spread determined on the basis of a customer’s rating. Mentioned below are the interest rates offered under various home loan schemes.
|Home Loan Scheme||Interest Rate|
|AllBank Housing Loan||8.25% onwards|
|AllBank Home Plus Loan||9.00% onwards|
|Home Furnishing Loan||9.55% onwards|
Check Also: Home Loan Interest Rates
Allahabad Bank Processing Fee and Other Charges
|Processing Fee||Up to 0.40% of the loan amount; subject to a maximum of Rs. 15,000|
|Prepayment Charges||Nil (except for Home Furnishing Loan)|
*Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Allahabad Bank Home Loan EMI Calculator
Allahabad Bank Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Allahabad Bank home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Allahabad Bank home loan EMI.
Allahabad Bank Home Loan EMI Calculation
The table below shows Allahabad Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||30 years|
|Rs. 30 lakh||8.25%||Rs. 29,104||Rs. 25,562||Rs. 22,538|
|Rs. 60 lakh||8.55%||Rs. 59,260||Rs. 52,259||Rs. 46,348|
|Rs. 90 lakh||9.00%||Rs. 91,284||Rs. 80,975||Rs. 72,416|
|Rs. 1 crore||9.55%||Rs. 1,04,724||Rs. 93,540||Rs. 84,450|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Allahabad Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Allahabad Bank.
|Eligible Profiles||● Persons having regular income to liquidate the loans|
Note: Housing loan to HUF will not be considered
|Loan Amount||Up to 80% of the property value; subject to a maximum of Rs. 5 crore|
|Age||Minimum: 21 years|
Maximum: 70 years (60 years for NRI customers)
Check Also: Home Loan Eligibility Calculator
Allahabad Bank Home Loan Documents Required
Following are the documents required to successfully apply for Allahabad Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
Allahabad Bank Home Loan Schemes
Considering the distinct requirements of a varied customer base, Allahabad Bank offers customized home loan schemes to suit the needs of every applicant.
- AllBank Housing Loan:This scheme is available to all eligible persons having a regular source of income. It can be used for various purposes such as:
- AllBank Home Plus Loan:This is a top-up home loan scheme available to existing housing loan customers with a successful repayment record of at least 12 months. The maximum loan amount available under the scheme can go up to Rs. 25 lakh for a tenure of up to 10 years.
- Home Furnishing Loan: This scheme is available to customers for furnishing and/or repairing of existing /new flats/houses. The maximum loan amount available under the scheme can go up to Rs. 5 lakh for a tenure of up to 10 years.
- AllBank Housing Finance Scheme for NRI /PIO: This scheme is available to Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport, singly or jointly. It can be used for various purposes such as:
- To purchase/construct house/flat
- To renovate/extend/repair existing house/flat
- To construct a residential house on land already owned
- To take over housing loans from other finance companies/financial institutions/banks
- Pradhan Mantri Awas Yojana (PMAY):It is a government scheme launched to provide housing to all urban and rural poor across India. Under the scheme, the government offers interest subsidy of up to Rs. 2.67 lakh on home loans availed for buying, constructing, extending or renovating homes. Allahabad Bank extends the affordable housing benefits of Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to all the customers eligible for this scheme. Click to learn more about PM Awas Yojana.
Check Also: Types of Home Loan
Apply for Allahabad Bank Home Loan on Paisabazaar.com
Customers can apply online for Allahabad Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Allahabad Bank Home Loan Customer Care Details
Customers can reach out to Allahabad Bank on the below-mentioned contact number to get their home loan-related queries addressed.
- Toll-free Phone:1800 57 22 000
Q1. What is the maximum loan amount offered by Allahabad Bank?
The maximum loan amount offered by the bank varies from scheme to scheme. However, under a regular housing loan scheme, i.e. AllBank Housing Loan, the loan amount can go up to Rs. 5 crore.
Q2. Is insurance of the property mandatory?
Yes. The property acquired/constructed must be insured in the joint names of the bank and the applicant. It is important to note that the Premium of the insurance shall be borne by the applicant.
Q3. Is it mandatory to have a co-applicant to apply for a home loan?
A co-applicant is not required to apply for a home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is mandatory to include them as co-applicants. For NRI applicants, close relatives like spouse, father, mother, son and daughter can be joint borrowers even if they are the resident of India, having future interest in the property.
Check Also: Joint Home Loan
Q4. What is the security required to avail a home loan?
The security required to avail a home loan from Allahabad Bank is equitable/registered mortgage of the property being financed.