Allahabad Bank Home Loans | Interest Rates | Information

Allahabad Bank Home Loan – lowest Interest Rates, EMI home loans from Allahabad bank.
Project cost consists of :

  • For construction of residential house on land already owned.
  • For purchase of New / Old / Unfinished house/flat and renovation /extension /repair of the same.
  • For purchase of plot and construction of house thereon
  • For renovation / extension / repair of residential house already owned.

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Home Loan Interest Rates of Allahabad Bank Housing Loan -

Loan Tenure

Rate of Interest

Upto Rs. 3 Crore

10.25%

Above Rs. 3 Crores

10.50%

or salaried persons: Up to 60 times of monthly gross salary (Maximum: Rs. 200 Lac)

For others: Up to 4 times of gross annual Income (Maximum: Rs. 200 Lac)

Processing fess of Allahabad Bank home loan:

  • Loan amount up to 30 lac – 0.60% of the loan amount subject to max. Rs.12000/-
  • Loan amount above 30 lac up to 75 lac – 0.45% of the loan amount  subject to max. Rs.24000/-
  • Loan amount above 75 lac up to 300 lac – 0.35% of the loan amount  subject to max. Rs.60000/-
  • Loan amount above 300 lac – 0.25% of the loan amount subject to max. Rs.70000/-

Margin:

  • For loans up to Rs. 20.00 Lacs – 15% of Project cost.
  • For loans above Rs. 20.00 Lacs – 20% of Project cost.

Project cost consists of :

  • Purchase price of land/house/flat.
  • Cost of construction/renovation/extension (if applicable)
  • Stamp duty and registrations charges as applicable.
  • Accrued interest amount of moratorium period, if proposed to be capitalized
  • Premium of Loan Insurance
  • Repayment Period:
    • Salaried Persons : Length of remaining service, Maximum 25 years
    • Others : Remaining period in attaining the age of 70, Maximum 20 years
    • Repayment period will be exclusive of moratorium period.

    Moratorium Period :

    • Maximum 18 months : In case of loan for construction of house where land is already owned or purchased.
    • Maximum 24 months : In case of loan for purchase of Flat under construction.

    Special Features :

    • Repayment option for salaried persons – To extended repayment period up to 5 years after retirement
    • Bullet Payment – To deposit some Lump Sum amount from future cash flows and to amend repayment schedule accordingly
    • Progressive Monthly Installments (PMI) Options – Under this, the initial monthly installments for the first 5 years shall be kept lower i.e. @ 80% of normal EMI, for financial comfort which will be increased gradually/.
    • Take over of housing loans from other finance companies / financial institutions / banks.
    • For acquiring 2nd residential unit.
    • Supplementary Finance for carrying out alterations/ additions/repairs to the house/flat or for finishing
    • Supplementary / Additional finance to individuals who have availed housing loans from their employer on the basis of pari-passu charge / Second Charge
    • Insurance cover to the extent of loan liability for entire repayment.
    • 3rd Party Guarantee not required

Available Products of Allahabad Bank :-

Source: Allahabad Bank Website

 

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Disclaimer: This information is sourced from Bank's Website to help customers to gain information on Banks product.