Andhra Bank home loans – Find details on Documents, processing fees, approval, loan amount, eligibility, lowest emi.
Highlights of Andhra Bank Home Loan
|Interest Rates||8.75% – 9.00%|
|Processing Fees||0.50 % or Rs.10000/-|
|Pre payment Charges||Nil|
|Loan Amount||50 lakh|
|Lowest EMI||Rs. 787|
|Min. Income||Rs.12500/- p.m|
|Loan Repayment||1 to 30 years|
About Andhra Bank:
Andhra Bank is a medium-sized public sector bank, with a network of 2900 branches, 4 extension counters, 38 satellite offices and 2232 automated teller machines as on 31 Mar 2015 and planning to open 300+ branches by 31 March 2016.
Andhra Bank offers Housing Loans: In any area like rural, semi-urban, urban and metro etc.
Some general information about andhra bank home loan:
Minimum margin 10% for limits up to Rs.20 lacs, 20% for limits over Rs.20.00 lacs to Rs.75.00 lacs and 25% for limits more than Rs.75.00 lacs.
Andhra Bank home loan emi calculator
Eligibility Criteria for Andhra Bank Home Loan
For purchase of plot:
1. the plot is to be situated in residential areas within Municipal/Corporation limits in urban and metro areas.
2. Finance shall also be considered for purchase of sites offered for sale by state owned agencies like Housing Boards etc. in urban and metro areas
3. Maximum time limit to complete construction of house stipulated is 12 months from the date of loan for purchase of plot. Failure to comply with will result in declassifying the account from housing loans and charging commercial rate of interest.
4. Assessment of eligible amount of loan is is based on repayment capacity for both the components of loan – i.e. for plot and construction together.
Documents required for Andhra Bank Home Loan
✓ Agreement for sale between vendor and purchaser.
✓ Name and address of the vendor and purchaser.
✓ Copies of link documents of title to the property in possession of the vendor along with tax receipts.
✓ Original receipts for payment s made to builder/vendor.
✓ Copy of the approved plan.
✓ Certificate from Approved Engineer about the present value, condition and life of the house/flat.
✓ Lay out approval.
Documents required in case of construction
✓ Copy of approved plan.
✓ Detailed estimate of construction.
✓ Original title deeds of the site.
✓ Development Agreement between the owner of the site and builder.
✓ Allotment letter of the house / flat issued by Housing Board.
✓ NIL Encumbrance Certificate.
✓ Any other document stipulated by Legal Advisor / Sanctioning authority.
Charges for Andhra Bank Home Loan
✓ 0.50 % of loan amount subject to maximum of Rs.10000/- + applicable tax.
Prepayment Charges for floating rate of interest:
✓ No prepayment charges for loans with floating rate of interest
✓ For loans up to Rs.10.00 lacs – Rs.100 per quarter.
✓ For loans above 10 .00 lacs to 15.00 lacs Rs.150 per quarter
✓ For loans above Rs.15.00 lacs Rs.250 per quarter.