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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.
Prepayments Charges, Documentation Charges, Mortgage Charges & Inspection & Supervision Charges all are NIL
Home Loan Interest Rates of Allahabad Bank Housing Loan -
Rate of Interest
Upto Rs. 3 Crore
Above Rs. 3 Crores
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/-
- 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
Here’s Past Trend of Allahabad Bank 5 Years on Base Rates Changes for Customer or Borrowers Prospective:
|Date||Change by RBI||New Repo Rate||Date of Change||New Base Rate of Allahabad Bank|
|Rate Cut||Allahabad Bank|
Available Products of Allahabad Bank :-
Source: Allahabad Bank Website
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