Andhra Bank offers best interest rates to NRI’s for Home Loans in India. Get details on Eligibility, Documents, Processing charges. Calculate EMI for loans online with Calculator.
Andhra Bank offers loans For purchase/construction, repairs/renovation of House/Flat
Non Resident Indians with minimum one year of abroad service between the age of 21 years to 65 years
Home Loan applications received for rupees ₹ 419,027 crores till 23 October 2020
Amount of Loan
— Rs 25 lakhs in Rural and Semi urban areas.
— Rs 100 lakhs in Urban and Metro Areas.
Subject to 4 times Gross annual proven income (48 times Gross monthly salary income) –( 50% of expected rent will be added to the applicant’s income to arrive at the eligible loan amount.) or 75% of cost of construction, whichever is less.
Loans beyond 100 lacs may also be considered for sanction basing on the need/eligibility.
Documents Required for Loans in India:
- Prescribed application (which may be down loaded from our site) duly filled in.
- Property statements of applicants and co-obligant.
- Location sketch of the proposed house/flat. 4) Minimum of 12 post dated cheques.
In case of purchase
- Agreement for sale between vendor and purchaser
- Name and address of the vendor
- Copies of documents of title to the property and link documents in possession of the vendor along with tax receipts
- Authorization letter to receive original title deeds on registration from Registrar of Assurances.
- Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds.
- Original receipts for the payment to builder/vendor
- Copy of the approved plan and a letter from the vendor about the age of the house/flat
(The age of the house should be below 25 years in case of independent house or 20Years in case of Flat/Apartment)
- Certificate from the Approved Engineer about Present value, condition and life of the house/flat.
- Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction.
- Lay out approval Plan.
In case of construction
- Copy of the approved plan.
- Detailed estimate of construction
- Allotment letter of the house/flat issued by the Housing Board.
- Original title deeds of the site
- Development Agreement between the owner of the site / Builder
- NIL Encumbrance Certificate for a minimum period of 13 years.
- Any other document stipulated by Legal Advisor / Sanctioning Authority
Proof of Income:
- Salaried: Last pay certificate, Form 16 issued by the employer/ IT Returns/ Assessment orders
- Prof. & self employed: Income proof for the last 3 years supported by financial statements signed by Chartered Accountant – income tax returns /assessment orders
Margin: 25% of construction cost or registration value of the flat. (The cost of land standing in the name of the applicant can be treated as margin) 15% in the case of out-right purchase.
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