Hello,
Guest!
Axis Bank Kwik Rupay Credit Card
Axis Bank MY ZONE Credit Card
Axis Bank SELECT Credit Card
IndianOil Axis Bank Credit Card
Axis Bank Magnus Credit Card
Flipkart Axis Bank Credit Card
Axis Bank Vistara Credit Card
Axis Bank Rewards Credit Card
Axis Bank Vistara Infinite Credit Card
Axis Bank Neo Credit Card
Samsung Axis Bank Signature Credit Card
Axis Bank Aura Credit Card
Axis Bank Vistara Signature Credit Card
Axis Bank Privilege Credit Card
Samsung Axis Bank Infinite Credit Card
Axis Bank Reserve Credit Card
Axis Bank Airtel Credit Card
Axis Bank Insta Easy Credit Card
Axis Bank Freecharge Credit Card
Axis Bank Forex Card
Axis Bank Rupay Credit Card
Axis Bank Burgundy Private Credit Card
Axis Bank Credit Card Interest Rates
Axis Bank Credit Card Pin Generation
Axis Bank Credit Card Offers
Axis Bank Credit Card Types
HDFC Freedom Credit Card
HDFC Indian Oil Credit Card
HDFC MoneyBack Credit Card
HDFC Infinia Credit Card
HDFC Diners Club Black Credit Card
HDFC Swiggy Credit Card
HDFC Regalia Credit Card
HDFC Millennia Credit Card
HDFC Business MoneyBack Credit Card
HDFC Regalia Gold Credit Card
HDFC Regalia First Credit Card
HDFC UPI Rupay Credit Card
Paytm HDFC Bank Credit Card
HDFC MoneyBack+ Credit Card
Tata Neu Plus HDFC Bank Credit Card
Shoppers Stop HDFC Bank Credit Card
Flipkart Wholesale HDFC Bank Credit Card
6E Rewards IndiGo Credit Card
HDFC Times Platinum Credit Card
HDFC Bank Corporate Platinum Credit Card
HDFC Rupay Credit Cards
HDFC Forex Cards
HDFC Virtual Credit Card
Best HDFC Credit Cards
Standard Chartered Smart Credit Card
Standard Chartered Manhattan Platinum Credit Card
Standard Chartered Platinum Rewards Credit Card
Standard Chartered EaseMyTrip Credit Card
Standard Chartered Credit Card Login
Standard Chartered Credit Card Customer Care
Standard Chartered Credit Card Bill Payment
Standard Chartered Bank Credit Card Statement
HDFC Personal Loan
IDFC First Bank Personal Loan
Moneyview Personal Loan
Prefr Loan
Kreditbee Loan
SmartCoin Loan
Kotak Personal Loan
Bajaj Finserv Personal Loan
Tata capital Personal Loan
Yes Bank Personal Loan
L&T Finance Consumer Loan
Instant Loan Apps
Instant Loan Without Cibil
Lowest Personal Loan Interest Rates
Cashe Loan
KreditBee Business Loan
Moneyview Business Loan
Prefr Credit Business Loan
LendingKart Business Loan
Protium Business Loan
IIFL Business Loan
SBI Business Loan
Bank Of Baroda Business Loan
Kotak Business Loan
ICICI Bank Business Loan
NeoGrowth Business Loan
Women Business Loans
Unsecured Business Loans
Working Capital Loan
CGTMSE Scheme
MSME Loan
PSB Loans in 59 Minutes
SBI E Mudra Loan
PMEGP Loan
Mudra Loan
Startup Business Loan
Saksham Yuva Yojana
Bank of Baroda MSME Loan
MUDRA Loan Eligibility
Bajaj Finserv Business Loan
Loan Against Property Interest Rate
HDFC Loan Against Property
Federal Bank Loan Against Property
Kotak Loan Against Property
IDFC First Loan Against Property
SBI Loan Against Property
Home First Loan Against Property
PNB Housing Loan Against Property
Bajaj Finance Loan Against Property
Loan Against Property without Income Proof
SBI Loan Against Property Interest Rates
Loan Against Property Eligibility
Bank of Baroda Loan Against Property
Canara Bank Loan Against Property
LIC Loan Against Property
Blog
HDFC Credit Card Customer Care
Axis Bank Credit Card Customer Care Number
SBI Credit Card Customer Care
AU Bank Credit Card Customer Care Number
American Express Credit Card Customer Care
Standard Chartered Credit Card Customer Care Number
Yes Bank Credit Card Customer Care
IDFC Credit Card Customer Care Number
HSBC Credit Card Customer Care
Bajaj Finance Personal Loan Customer Care
SBI Personal Loan Customer Care
Indiabulls Personal Loan Customer Care
Kotak Bank Personal Loan Customer Care
HDFC Personal Loan Customer Care
MoneyTap Customer Care
Money View Customer Care
Mpokket Loan Customer Care
Cashe Customer Care
HDB Personal Loan Customer Care
IIFL Personal Loan Customer Care
Abhyudaya Cooperative Bank Home Loan Interest Rate
Apply online for Abhyudaya Co-operative Bank home loan for purchase, construction, or extension of house at attractive interest rates of 6.90% to 7.15% p.a. The maximum loan amount is up to Rs. 70 Lakhs and repayment tenure is up to 20 years, including the one month moratorium.
Latest News: Check Budget 2022-2023: Key Highlights and Expectations from it.
Abhyudaya Cooperative Bank Home Loan Details
Abhyudaya Cooperative Bank offers a variety of loan products such as education loans, gold loans, personal loans, and Home Loans. The bank has a history of catering to the marginalised class of society. Hence, it is a prominent player in PMAY in Maharashtra, Gujarat, and Karnataka. The controlling institution for Abhyudaya Coop Bank is HUDCO. The bank forwards the subsidy claims under PMAY to HUDCO for sanction and disbursal.
Abhyudaya Coop Bank offers Home Loans for various purposes ranging from construction of a house to takeover of existing loans from other banks. Some of the salient characteristics of Abhyudaya Coop Bank Home Loan are its competitive interest rates and relaxed eligibility norms.
Table of Contents: Svatantra Micro Housing Finance Home Loan Interest Rates[Hide]
- Abhyudaya Cooperative Bank Home Loan Features and Benefits
- Abhyudaya Cooperative Bank Home Loan Interest Rate
- Abhyudaya Cooperative Bank Home Loan Interest Rate - Points to Note
- Abhyudaya Cooperative Bank Home Loan - Method of Calculation of Interest
- Method of Calculation of EMI
- Method of Repayment
- Abhyudaya Cooperative Bank Home Loan - Different Ways to Apply
- Abhyudaya Cooperative Bank Home Loan - PMAY
- Abhyudaya Cooperative Bank - Home Loan Service Charges
Abhyudaya Cooperative Bank Home Loan Features and Benefits
| Purpose |
|
| Target group |
|
| Quantum of loan | The maximum amount of Home Loan is 70 Lakhs |
| Margin requirements |
|
| Repayment tenure | A maximum of 240 months including moratorium of 18 months for houses under construction. |
| Rate of interest | Competitive rates of interest |
| Service charges | As applicable |
| Share linkage | As per bank norms |
Abhyudaya Cooperative Bank Home Loan Interest Rate
Abhyudaya Cooperative Bank is a cooperative bank established under the Cooperative Societies Act. It does not qualify as a commercial bank. Hence, it does not subscribe to the MCLR, Base Rate, or RLLR interest rate structure that commercial banks follow. Abhyudaya Cooperative Bank has an independent interest structure linked to its Prime Lending Rate.
The PLR of Abhyudaya Cooperative Bank depends on market fluctuations like the MCLR structure of other banks. Hence, any change in the market rates can influence the Home Loan interest rates payable by individual borrowers.
Abhyudaya Cooperative Bank announces its PLR regularly. The latest such revision is with effect from January 01, 2019. Abhyudaya Cooperative Bank links its Home Loan and other loans interest rates with the PLR by either adding a premium of deducting a discount depending on its priority.
Home Loans form an integral aspect of priority sector finance. Hence, Abhyudaya Cooperative Bank applies a discount on the PLR while determining the Home Loan interest.
The Prime Lending Rate of Abhyudaya Cooperative Bank with effect from January 01, 2019, is 13%.
| Home Loan Product | Rate Spread | Effective rate |
| Housing Loan | ||
| Up to 28 Lakhs | PLR - 4.40% | 8.60% |
| Above 28 Lakhs | ||
| Women borrowers | PLR - 4.30% | 8.70% |
| Other borrowers | PLR - 4.20% | 8.80% |
| Loans for repairs and renovations to an existing borrower - Maximum Loan is 10 Lakhs | PLR - 2% | 11% |
| Loans for repairs and improvements to other borrowers - Maximum Loan is 10 Lakhs | PLR - 1% | 12% |
Abhyudaya Cooperative Bank Home Loan Interest Rate - Points to Note
- Abhyudaya Cooperative Bank offers a floating rate of interest on Home Loans
- The rates change whenever the bank changes its PLR
- The PLR is linked to market rates
- PMAY borrowers have the same rate structure
Abhyudaya Cooperative Bank Home Loan - Method of Calculation of Interest
Abhyudaya Cooperative Bank calculates interest on the daily reducing balances like all other commercial banks do. Hence, the borrowers get the benefit of interest on the EMI they pay during the month.
Method of Calculation of EMI
Abhyudaya Cooperative Bank does not have an EMI Calculator on its website. However, customers can use the EMI calculator provided on the MyMoneyMantra site to determine the Home Loan EMI.
- Access MyMoneyMantra.com
- Go to Financial Tools
- Select EMI Calculator
- Input your loan amount, rate of interest and repayment tenure to get the EMI
- This calculator helps to determine the break-up of interest and principal repayment portion across the entire loan tenure.
Method of Repayment
Abhyudaya Cooperative Bank account holders can repay their Home Loan in the following manner:
- Submit post-dated cheques for the EMI amounts
- Set up a standing instruction authorising the bank to recover your loan EMI
- Pay cash at the bank branch
- Use internet banking facility to repay the loan amount
Other bank customers can adopt these ways to repay the Abhyudaya Cooperative Bank Home Loan:
- Submit PDCs in advance
- Register for an ECS mandate
- Pay cash at Abhyudaya Cooperative Bank branches
- Use their net banking facility and remit the instalment through NEFT/IMPS/RTGS
Abhyudaya Cooperative Bank Home Loan - Different Ways to Apply
There are no facilities to apply or register your interest for a Home Loan online on the Abhyudaya Cooperative Bank website. Thus, the best way to apply for a Home Loan is to visit the bank branch in person.
Abhyudaya Cooperative Bank Home Loan - PMAY
Abhyudaya Cooperative Bank is an active lender in PMAY. PMAY loans are similar to regular Home Loans in many ways. However, there are restrictions concerning the eligibility of the borrowers. Similarly, the entire loan amount is not eligible for the upfront interest subsidy. Various factors decide the subsidy amount.
Eligibility of Borrowers under PMAY
The annual family income of the applicants decides the category to which the borrowers belong. The maximum loan amount eligible for the subsidy also depends on the category to which the borrowers belong.
| Category of Borrower | Maximum annual family income |
| Economically Weaker Section - EWS | 3 Lakhs |
| Low-Income Group - LIG | 6 Lakhs |
| Middle-Income Group-I MIG-I | 12 Lakhs |
| Middle-Income Group-II MIG-II | 18 Lakhs |
The following factors decide the subsidy amount:
| Category of borrower | EWS/LIG | MIG-I | MIG-II |
| Maximum loan amount eligible to get a subsidy | 6 Lakhs | 9 Lakhs | 12 Lakhs |
| Rate of subsidy | 6.50% | 4% | 3% |
| Maximum amount of grant | 2.67 Lakhs | 2.35 Lakhs | 2.30 Lakhs |
Treatment of PMAY Subsidy
- PMAY subsidy is an upfront interest subsidy
- Abhyudaya Cooperative Bank registers its claim for a subsidy with HUDCO, its Central Nodal Agency.
- On receipt of the grant, it is credited to the Home Loan account immediately
- As a result, the Home Loan EMI of the borrower reduces considerably
Abhyudaya Cooperative Bank - Home Loan Service Charges
| Type of Service Charges | Amount of Service Charges |
| Preliminary sanction letter | 500 |
| Processing charges for legal expenses to check the genuineness of title | 3,000 per property |
| Processing charges for Home Loans | 0.60% of the loan amount |
| Processing charges for home repair loans | 0.60% of the loan amount |
Lowest Interest Rate
Home loan interest rates are the lowest ever in the past 15 years. With raining Best offers on home loan, currently you can avail of the best interest rate on home loans starting @ 8.50% p.a for all loan amounts.
Affordable EMI plans
You can now avail the lowest Home Loan EMI at just Rs. 769/- per lakh with maximum repayment flexibility. Some options are Step-Up EMIs, Step Down EMIs, Moratorium, OD facility, balance transfer, top up and more.
No Foreclosure Charge
Home Loans at floating interest rate (linked to repo rate) offer you ultimate prepayment flexibility. There is no part or full prepayment charge. You can prepay early & reduce interest cost as per your cash flows.
Home Loan Popular Offers
View and improve your credit score - for free.
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
Related Blogs
Abhyudaya Cooperative Bank Home Loan - FAQs
How does Abhyudaya Cooperative Bank determine my Home Loan eligibility?
Like all banks, Abhyudaya Cooperative Bank has a well-defined policy for deriving at your Home Loan eligibility. The method is as described hereinbelow:
A - Eligibility depending on Agreement Value (90% of agreement value for loans up to 28 Lakhs and 80% of agreement value for loans above 28 Lakhs).
B - Eligibility as per Repaying Capacity
- Repayment capacity depends on the minimum take-home pay
- Minimum take-home pay is equal to 40% of the net income with a minimum of 8,000 and a maximum of 20,000.
- Repayment Capacity = Net Monthly Income - Minimum take-home pay - Other loan deductions
- Eligibility = Repayment Capacity X 1,00,000 / EMI for 1,00,000
The individual loan eligibility is the lower of the two calculations, A and B.
What is the repayment tenure in the case of Abhyudaya Cooperative Bank Home Loan?
The repayment tenure in Abhyudaya Cooperative Bank loans is as follows:
- Fully disbursed Home Loan for direct purchase of a home: 240 months including a one-month moratorium.
- Loans for property under construction: Holiday period is 18 months, and total repayment should not exceed 240 months including the holiday period.
- Balance takeover: The maximum repayment tenure is 240 months. If the residual mandate is less than 240 months, the repayment tenure in Abhyudaya Cooperative Bank will vary accordingly.
Is it compulsory to purchase shares of Abhyudaya Cooperative Bank to avail Home Loans?
Yes, it is compulsory to do so. The number of shares depends on the Bank's internal policies.
Do you need to provide sureties for your Abhyudaya Cooperative Bank Home Loan?
Yes, the surety norms are as listed below:
- Up to 10 Lakhs: No Surety is necessary
- Above 10 Lakhs: One surety with net income of 30,000 or two sureties with a minimum income of 20,000 each.
- In the case of Gram Panchayat property: surety is necessary as described above, irrespective of the loan amount.
- If the housing loan is in joint names with both employed in reputed organizations, no guarantor is required for Home Loans up to 25 Lakhs.
- All loans above 25 Lakhs need surety as described above
Does Abhyudaya Cooperative Bank charge foreclosure penalty on Home Loans?
No bank or housing finance company can charge foreclosure penalty if the borrower opts for a floating rate of interest. Abhyudaya Cooperative Bank offers a floating rate of interest on Home Loans. Hence, it does not charge any foreclosure penalty on Home Loans.
How does the bank treat my EMI in case of a rate revision?
Abhyudaya Cooperative Bank provides the option to the borrower to decide how to treat the EMI in the case of a rate revision. The borrower should exercise the option at the time of availing the loan. In the absence of an alternative, the bank reserves its right to maintain the EMI constant and change the tenure accordingly.
What is the maximum loan eligibility in the case of a PMAY loan account?
The loan eligibility depends on the income and the repayment capacity of the borrower. The value of the property is also a vital aspect.
There is no connection between the loan eligibility and subsidy eligibility. The subsidy eligibility is defined clearly in the scheme. Any loan amount above the imposed ceiling is an unsubsidised loan.
Does Abhyudaya Bank offer interest rate concessions to women borrowers?
An interest rate concession is available to women borrowers under the following conditions.
- Loans up to 28 Lakhs: No concession
- Loans above 28 Lakhs: A concession of 0.10%
This concession is available only if the woman is a co-owner of the property. As a co-owner, she automatically becomes a co-borrower.
Who can be a co-borrower in an Abhyudaya Cooperative Bank Home Loan?
Specific conditions should be satisfied for a person to become a co-borrower.
- All co-owners of the property automatically become co-borrowers to the Home Loan
- The ideal co-borrower is the spouse of the applicant. In case the spouse is a working individual, the income of the spouse can also be added to the applicant's income to determine the overall eligibility.
- Parents can become co-borrowers under specific circumstances. Similarly, a son or a daughter can also become a co-borrower provided they satisfy specific conditions.
- The bank usually does not accept siblings as co-borrowers unless they are co-owners of the property.
Do you get income tax benefits on the Home Loan principal and interest repayment in the case of Abhyudaya Cooperative Bank Home Loan?
Yes, income tax benefits are permissible/available as per the IT Act. Borrowers can claim a maximum of 2 Lakhs under Sec 24B of the Act for interest repayment. Similarly, the principal repayment amount is eligible for tax concessions under Sec 80C of the Act.
