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Allahabad Bank Home Loan
Max Tenure
nil*
Best Rate
8.50%
Processing Fee
nil*
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About Allahabad Bank
Allahabad Bank was founded in 1865 in Allahabad. Headquartered in Kolkata, it is the oldest joint stock bank in India. The bank has over 2,500 branches across India. It provides a wide range of banking products and financial services to its customers.
How to Apply for Allahabad Bank Home Loan?
What Is a Home Loan?
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
An Introduction to Allahabad Bank Home Loans
Allahabad Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Allahabad Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Allahabad Bank Home Loans are tailor made, catering to the needs of various customers.
Advantages of Allahabad Bank Home Loans
- Attractive interest rates with floating and fixed type based on your preference
- Low processing fees
- Less paperwork
- No prepayment charges
- Easy home loan balance transfer
- Transparent application process
- Flexible repayment options
Key Highlights
| Eligibility Criteria | Salaried and Self-Employed |
|---|---|
| Loan Tenure | Up to 30 years |
| Loan Amount | Up to 5 crores |
| Interest Rate | 8.50% |
| Processing Fees | 0.40% of the loan amount or up to INR 50,000 |
| Prepayment Charges | Nil |
Features of Allahabad Bank Aashiana Home Loan
Objective:
Allahabad Bank home loan aims to help millions of people achieve their dream of owning a house.
Loan Amount:
Up to 5 crores
Loan Tenure:
Up to 30 years of repayment period is available under Allahabad Bank home loan scheme.
Prepayment Charges:
No penalty is levied on prepayment.
Processing Fees:
0.40% of the loan amount or maximum of INR 50,000.
Interest Type:
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Allahabad Bank at ease.
Interest Rate on Allahabad Bank Ashiana Home Loan
| Loan Amount | Interest Rate |
|---|---|
| Up to 75 Lakhs | MCLR+0.05% |
| Above 75 Lakhs to 300 Lakhs | MCLR+0.15% |
| Above 300 Lakhs to 500 Lakhs | MCLR+0.40% |
| Above 500 Lakhs | MCLR+0.55% |
Women and salaried employees get concession of 0.05% on the interest rate.
Eligibility Criteria:
To avail the home loan from Allahabad Bank, you need to have the following eligibility criteria.
- You should be over 21 years of age.
- Steady source of income
Features of Allahabad Bank NRI Home Loan
Objective:
Allahabad Bank home loan aims to help Non-Resident Indians build their dream house.
Loan Amount:
Up to 5 crores
Loan Tenure:
Up to 30 years of repayment period is available under Allahabad Bank home loan scheme.
Prepayment Charges:
No penalty is levied on prepayment
Processing Fees:
0.40% of the loan amount or maximum of INR 50,000.
Interest Type:
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Allahabad Bank at ease.
| Loan Amount | Interest Rate |
|---|---|
| Up to 75 Lakhs | MCLR+0.05% |
| Above 75 Lakhs to 300 Lakhs | MCLR+0.15% |
| Above 300 Lakhs to 500 Lakhs | MCLR+0.40% |
| Above 500 Lakhs | MCLR+0.55% |
Women and salaried employees get concession of 0.05% on the interest rate.
Eligibility Criteria:
To avail the home loan from Allahabad Bank, you need to have the following eligibility criteria.
- Salaried or Self-employed NRI
- Steady source of income with minimum of INR 3 Lakhs per annum
Features of Allahabad Bank Home Loan for Pensioners
Objective:
Allahabad Bank home loan aims to help pensioners build their dream house.
Loan Amount:
Up to 5 crores
Loan Tenure:
Up to 15 years of repayment period is available under Allahabad Bank home loan scheme.
Prepayment Charges:
No penalty is levied on prepayment
Processing Fees:
NIL
Interest Type:
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Allahabad Bank at ease.
| Loan Amount | Interest Rate |
|---|---|
| Up to 75 Lakhs | MCLR+0.05% |
| Above 75 Lakhs to 300 Lakhs | MCLR+0.15% |
| Above 300 Lakhs to 500 Lakhs | MCLR+0.40% |
| Above 500 Lakhs | MCLR+0.55% |
Women and salaried employees get concession of 0.05% on the interest rate.
Eligibility Criteria:
To avail the home loan from Allahabad Bank, you need to have the following eligibility criteria.
- Pensioners should be above 55 and should be 70 or below at the time of loan maturity.
- Pensioners drawing through the bank
Top Up Home Loan
Allahabad Bank allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.
Documents Required to Apply for Allahabad Bank Home Loans
Important documents to be submitted while applying for home loan with Allahabad Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
- Property tax receipt
- Proof of business address for non-salaried individuals
- Personal assets and liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
EMI Payment Methods
Your Allahabad Bank home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Allahabad Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Allahabad Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Allahabad Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Allahabad Bank account at your nearest Allahabad Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
How to Apply for Allahabad Bank Home Loan?
You can either apply online or visit a nearby Allahabad Bank branch for the application. You can also download the home loan application form from the Allahabad Bank official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
Summary of Allahabad Bank Home Loans
With attractive interest rates and low processing fees, Allahabad Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Allahabad Bank home loan without any penalty. Allahabad Bank home loan is the best option to buy or construct your dream house.
Allahabad Bank Home Loan FAQs
1. What are processing fees on Allahabad Bank Home Loans?
The processing fee is 0.40% of the loan amount sanctioned and maximum of INR 50,000.
2. Is there penalty for prepaying the Allahabad Bank Home Loan?
No penalty is levied for prepaying the Allahabad Bank Home Loan.
3. Can I top up my existing Home Loan?
Yes, you can get additional funding on your existing home loan.
4. What is the maximum loan repayment period for Allahabad Bank Home Loans?
The maximum repayment period is up to 30 years.
5. How Can I apply for Allahabad Bank home loan?
You can either apply online or visit a nearest Allahabad Bank branch and take the help of the bank’s representative.
6. What is the maximum loan amount provided by Allahabad Bank?
The maximum loan amount is 5 crores.
7. Does Allahabad Bank facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to Allahabad Bank.
8. Can I get tax benefits from Allahabad Bank Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.