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Allahabad Bank Housing Loans

 

Allahabad Bank offers affordable and flexible housing loans for purchase or construction of a flat/house, for renovation and extension of your existing home, or for purchase of a plot for the purpose of building your dream house within a predefined time period. Interest rates on Allahabad housing loans are very competitive and the process is fast and hassle free. The bank has around 2,500 branches in all major cities and towns of India.

 

Why Allahabad Bank Housing Loans?

 

  • Affordable interest rates starting at 10.25% per annum for floating category.

  • Higher loan amount upto 60 times gross monthly salary for salaried person and upto 4 times of gross income income for self-employed/business person.

  • Flexible repayment terms and tenure upto 25 years for salaried and upto 20 years for others.

  • Provision of extended repayment period upto 5 years after retirement for salaried.

  • Provision of Bullet Repayment where you can pay a big amount and amend your repayment schedule accordingly.

  • Option of Progressive Monthly Installments where monthly EMI is kept lower for the first 5 years and then increased gradually.

  • No 3rd party guarantee is required to avail Allahabad housing loans.

  • Insurance cover to the extent of loan liability for entire repayment term.

 

 

Eligibility and Documentation

 

  • Professionals, salaried employees, businessmen and self-employed persons who have a steady source of income are eligible for Allahabad housing loans.

  • The person should be minimum of 21 years and maximum of 70 years of age to avail the loan. For salaried class the age of retirement is the maximum age.

 

Documentation

 

 

  • Loan application form with 2 passport size photos of applicant.

 

  • Copy of the approved plan for the proposed construction / extension / addition.

 

  • Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board.

 

  • Salary Certificate and Form No.16 (in case of salaried persons).

 

  • IT Returns filed for the past two years (in case of non-salaried persons).

 

  • A brief note on the nature of business, year of establishment, type of organization

(in case of self-employed).

 

  • Balance sheet and profit and loss account for the past 3 years (in case of self-employed).

 

Allahabad Housing Loan Interest Rates

 

Type

Loan Amount (Rs.)

Rate of Interest*

Floating Rate

Upto Rs. 20 Lac

10.25% - 11.25%

>Rs. 20 lac - Rs. 50 lac

11.00% - 12.00%

Loans greater than Rs. 50 lac

11.50% -12.50%

 

Upto Rs. 20 Lac

11.00% - 12.25%

Fixed Rate

>Rs. 20 lac - Rs. 50 lac

11.75% - 12.25%

 

Loans greater than Rs. 50 lac

12.00% -12.75%

 

* Rates vary as per the loan tenure. Base Rate at 10% w.e.f. 6th May 2011.

 

 

Allahabad Housing Loan Calculator