Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India. It is one of the oldest joint stock banks in our country. It offers excellent experience of borrowing to its customer with its Allahabad Bank property loan. A loan against property is exactly what the name implies. It is a loan which is disbursed against any kind of commercial or residential property. This loan is given as certain percentage of the property market value usually around 40% to 60%. This loan against property in Allahabad Bank certainly gives comfort and confidence to the borrower as they can get this loan sanctioned for any business or personal need.
Allahabad Bank Provides many types of loan to its customers for their various needs and wants and Property loan is one of them. Loan against property is provided by the Bank against the Property of the applicant. Any person who wants to take a loan under this scheme can avail the loan against property scheme against their property. Individuals who include salaried or self-employed or Businessman or agriculturist can avail loan under this scheme. Even a firm or trust or society is eligible for a loan against their property. An applicant can take loan for the purpose of meeting personal or business need but not for speculative purpose. Allahabad Bank provides minimum loan of 5 lakh which may extend to up to Rs. 20 lakh. Following are the features of the Allahabad Property Loan which are stated below:
A. An individual can either singly or jointly take the loan, which includes salaried persons, professionals, self-employed, agriculturist, firms, company, trust or societies registered under Society Act.
B. Trusts or societies can also avail loan under this scheme for those activities which are covered under the trust or society deed.
C. However, any loan to Hindu Undivided Family i.e. HUF is not permitted under this scheme of loan against property.
D. The individual should have a minimum age of 21 years. So anyone who is aged 21 years and above can easily avail the loan if he or she matches the other mandated criterion and at the time of sanction of loan he or she should not be more than 70 years of age. In a nutshell, an Individual should be between 21 to 70 years of age, at the time of sanctioning the loan in order to avail loan under this scheme.
E. In case of trust or firms or society, it should be at least 5 years old, which means it should take loan after 5 years of its incorporation or formation. Before the expiration of 5 years of its incorporation or formation it is not eligible to take loan under this scheme.
F. An applicant can take loan for the purpose of meeting personal or business need but not for speculative purposes. The loan amount can be used for any personal or business need but an applicant cannot use the amount for speculative purposes like gambling. In case the loan is taken by a firm or a company, the loan amount can be used for the existing business purpose only.
G. Nature of loan provided under this scheme is in the form of a term loan and it falls under secured category of loan where the borrower gives a guarantee by using his property as collateral.
H. The main purpose of availing this loan should be to meet specific business and personal needs. The purpose should be genuine. The loan can be given to companies / firms for business requirements that they can meet with the loan. For instance, you can avail an Allahabad Bank property loan for future business expansions by using them as capital expenditure.
I. You can also repay the property loan from Allahabad in equated monthly instalments. EMI on property loan will be reduce the burden of repaying a huge amount of money in one go. You can calculate the EMI using a specific tool called a loan against property EMI calculator. There are various calculators available on the net for you to get to this figure.