Allahabad Bank

Allahabad Bank  Home Loan

Apply Allahabad Bank  Home Loan

About Allahabad Bank Home Loan

Allahabad Bank is a premier nationalised bank established by a group of Europeans on 24th April 1865. Allahabad Bank was among the first 14 banks to be nationalised on 19thJuly 1969. By 2011, all branches of the Bank were under CBS (Core Banking System) platform. Allahabad bank offers a variety of loan products, the most prominent of which is the Allahabad Bank Home Loan. The Bank offers a range of Home Loan products to suit every requirement of the Indian customer.

Allahabad Bank Home Loan

Interest rate

8.25%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 751 Per Lakh

Why Allahabad Bank Home Loan?

Being a nationalised bank, Allahabad Bank is a frontrunner in the implementation of the Pradhan Mantri Awas Yojana. The bank offers Home Loans for construction of houses and flats. It also provides loans for the purchase of ready made and second-hand houses. The bank offers Home Loans for furnishing and renovation of your homes. The highlights of Allahabad Bank Home Loans are the attractive rates of interest and transparency in the services it provides.

Following are some of the key reasons for why you should go for Allahabad Bank Home Loan:

  • Over 3500 branches throughout the country give you better access to the financial products and services.
  • Loan for several needs like:
    • Construction of a home for residential purpose on the land owned by the borrower
    • Purchase of either home or flat for residential purpose
    • Renovation of the existing home and flat
    • Acquisition of another property for residential purpose
  • Quick documentation and approval
  • Simple eligibility norms

Features and Benefits of Allahabad Bank Home Loan

Allahabad Bank Home Loans come with the following features and benefits:

  • Loans available for a variety of purposes such as purchasing ready or second-hand houses, construction of homes and flats, renovations and repairs to existing houses, furnishing of homes, and so on.
  • Takeover of housing loans from other banks, non-banking financial companies (NBFCs), or housing finance companies (HFCs) is possible.
  • Finance for acquiring second residential units available
  • Attractive rate of interest linked to the Marginal Cost of Funds Based Lending Rate (MCLR) of the Bank.
  • Affordable repayment schedules that extend up to a maximum tenure of 30 years
  • Sufficient moratorium period up to 24 months for the purchase of flat under construction
  • Maximum loan amount up to 5 Crores
  • Easy eligibility norms
  • Facility to apply for Home Loans online
  • You can track your loan applications

Allahabad Bank Home Loan Interest Rates

The Home Loan interest rates of Allahabad Bank are dependent on the 1-year MCLR of the bank. As on date, the 1-year MCLR of Allahabad Bank is 8.25% (w.e.f. 10.04.2019).

Here is the interest rate table for Allahabad Bank Home Loans and its different variants.

Name of Product Loan Amount Slab Rating Effective Rate of Interest as on 18.04.2019
  • ALL Bank Ashiana Scheme
  • Housing Finance Scheme for NRI/PIO
  • Premium Housing Finance Scheme for HNI (High Net Worth Individuals)
  • Housing Loan Scheme for Pensioners
  • Housing CRE Scheme

Up to 75 Lakhs

AB-01 and AB-02

1Y-MCLR + 0.20%: 8.45%

AB-03 and AB-04

1Y-MCLR + 0.30%: 8.55%

AB-05 and AB-06

1Y-MCLR + 0.40%: 8.65%

Above 75 Lakhs and up to 5 Crores

AB-01 and AB-02

1Y-MCLR + 0.25%: 8.50%

AB-03 and AB-04

1Y-MCLR + 0.45%: 8.70%

AB-05 and AB-06

1Y-MCLR + 1%: 9.25%

Above 5 Crores

AB-01 and AB-02

1Y-MCLR + 0.40%: 8.65%

AB-03 and AB-04

1Y-MCLR + 0.60%: 8.85%

AB-05 and AB-06

1Y-MCLR + 1%: 9.25%

House Furnishing Scheme

All loan amounts

AB-01 and AB-02

1Y-MCLR+1.50%: 9.75%

AB-03 and AB-04

1Y-MCLR+2%: 10.25%

AB-05 and AB-06

1Y-MCLR+3%: 11.25%

Loan for Payment of Application Money Raised by the Housing Board or Development Authority for allotting Residential Plot/ House/ Flat

All loan amounts

AB-01 and AB-02

1Y-MCLR+3.50%: 11.75%

AB-03 and AB-04

1Y-MCLR+4%: 12.25%

AB-05 and AB-06

1Y-MCLR+5%: 13.25%

ALL Bank Home Plus/ ALL Bank Credit Loyalty Benefit Scheme

All loan amounts

AB-01 and AB-02

1Y-MCLR+1%: 9.25%

AB-03 and AB-04

1Y-MCLR+1.50%: 9.75%

AB-05 and AB-06

1Y-MCLR+2.50%: 10.75%

For Officers, Employees of Allahabad Bank (who are serving, retired, or took voluntary retirement)

1Y-MCLR irrespective of

rating (subject to eligibility and repayment criteria)

*These interest rates are updated on 18.04.2019

Allahabad Bank offers the following concessions in interest rates for specific types of customers under different Housing Loan Schemes based on gender, occupation, maintenance of margin, and CIBIL scores.

Type of Scheme Category of Borrowers Concession
  • ALL Bank Ashiana Scheme
  • Housing Finance Scheme for NRI/PIO
  • Premium Housing Finance Scheme for HNI (High Net Worth Individuals)
  • Housing Loan Scheme for Pensioners

Women and salaried persons

0.05%

Customers with CIBIL Score 750 and above

0.10%

Customers who maintain a margin of 20% and above for loans up to 30 Lakhs

0.05%

Customers who maintain a margin of 30% and above for loans more than 30 Lakhs and up to 75 Lakhs

0.05%

Housing CRE Scheme

Under this scheme, the applicable interest rate will be 0.25% above the applicable interest rate on housing loan.

Above mentioned applicable concession pertaining to CIBIL Score, Women, Salaried customers, and/or Margin will be provided.

Above mentioned applicable concession

Loan for Payment of Application Money Raised by the Housing Board or Development Authority for allotting Residential Plot/ House/ Flat

Applicable in the case where interest for 6 months is paid upfront

0.50%

Types of Home Loan Offered by Allahabad Bank

ALL Bank Ashiana Housing Loan

  • Purpose of the Loan
    • Constructing a residential house on the land owned by you
    • Purchasing a house or flat for residential purpose
    • Repairing/ Renovating/ Extending your existing house
    • Takeover of housing loans from other banks and financial institutions
    • Acquiring a second residential unit
    • Supplementary finance due to the increase in your income to enable you to carry out repairs/alterations/additions to the house or flat
    • Furnishing of your flat
  • You can avail the maximum Home Loan amount of up to 5 Crores
  • Maximum loan to value available is up to 90% of the value of the property
  • Maximum loan repayment tenure is 30 years subject to the borrower attaining the age of 70 years
  • A maximum of 18 months is permissible as a moratorium in case of the loan availed for construction of a house on the land you own. In case of purchase of flat under construction, the maximum moratorium is 24 months. In the case of a loan for repairing or furnishing the house, the maximum holiday period is 3 months.

ALL Bank Home Plus

  • This loan can be availed for general purposes by
    • Existing Allahabad Bank Home Loan borrowers
    • Borrowers switching over to Allahabad Bank on the takeover of Home Loan subject to compliance of all the conditions applicable to the takeover
    • The borrower should have regular repayment record of a minimum of 12 months
  • The maximum loan amount available is as follows:
    • The existing Home Loan and the proposed loan under this product put together should not be more than 80% of the market value of the property.
    • The maximum loan amount is 75 Lakhs
  • The maximum loan repayment period is 25 years or the remaining period up to the borrower attaining the age of 70 years whichever is less.

ALL Bank Housing & Furnishing Loan

  • This loan can be availed for furnishing and/or repairing of existing or new flats/ houses.
  • The maximum loan amount available is as follows:
    • Cost of furniture as per proforma invoice OR cost of repairs as per estimate from architect or Civil Engineer subject to a maximum of 5 Lakhs.
    • Take home pay norms - The total deduction including the instalment for the proposed loan should not be more than 60% of the monthly income as per IT return.
    • The maximum loan amount is 5 Lakhs
    • For existing Home Loan borrowers, the disbursement of this loan will be after the full disbursement of the Home Loan subject to utilization of margin money of Home Loan.
  • The maximum loan tenure is 10 years with no moratorium

All Bank Housing Finance Scheme for NRI /PIO

  • Purpose
    • Construction of a house on land owned by the applicant
    • Purchase of a plot of land and construct house thereon
    • Buy a new flat or house
    • Repair/Renovate/Extend the existing residential house
    • Purchase unfinished house under construction and repair/renovate/extend the same
    • Balance takeover of loan from other banks and financial institutions
  • The loan can be availed by
    • Non-Resident Indians (NRIs) holding an Indian passport
    • Persons of Indian Origin (PIOs) holding a foreign passport, singly or jointly
    • NRI/PIO can apply for a Home Loan together with resident provided the co-applicant is a close relative (spouse, parents, siblings) and has a future interest in the property.
  • The maximum loan amount available is as follows:
    • The minimum amount of loan shall be 5 Lakhs
    • The maximum amount can go up to 5 Crores
    • Total deductions including the EMI of the proposed housing loan should not exceed 50% of the income.
  • The maximum loan repayment tenure is 10 years or borrower attaining the age of 60 years whichever is earlier.
  • Moratorium Period
    • Construction of a house or flat: 18 months from the date of the first disbursement OR 1 month after completion whichever is earlier
    • Other cases: 3 months after disbursement
    • In all cases, the borrowers should service the interest during the moratorium period

Allahabad Bank Home Loan - Eligibility Criteria

ALL Bank Ashiana Housing Loan

  • All persons having a regular source of income to service the loan
  • The minimum age should be 21 years at the time of applying for the loan
  • The maximum age at the maturity of the loan should not exceed 70 years
  • Salaries employees who have availed housing loan from their respective organisations can also avail housing loan from Allahabad Bank
  • This housing loan product is not available for HUF (Hindu Undivided Families)

ALL Bank Home Plus

  • Existing Home Loan borrowers of Allahabad Bank
  • Fresh borrowers switching over to Allahabad Bank on account of Balance Transfer of Home Loan
  • Borrowers with regular repayment record of 12 months

ALL Bank Housing & Furnishing

  • All existing borrowers who have availed Home Loan from Allahabad Bank
  • Persons having a regular source of income and owning flats or houses free from all encumbrances
  • Borrowers should satisfy take-home pay norms

All Bank Housing Finance Scheme for NRI /PIO

  • The loan can be availed by
    • Non-Resident Indians (NRIs) holding an Indian passport
    • Persons of Indian Origin (PIOs) holding a foreign passport, singly or jointly
    • NRI/PIO can apply for a Home Loan together with resident provided the co-applicant is a close relative (spouse, parents, siblings) and has a future interest in the property.
  • The minimum age is 21 years at the time of application
  • The age at the maturity of the loan should not be more than 60 years
  • Salaried individuals and self-employed business persons staying abroad for a minimum of 1 year
  • Minimum Gross Income should be equivalent to 3 Lakhs per annum OR Minimum gross remittance 3 Lakhs in the NRO/NRE/FCNR during the previous 3 years.

Allahabad Bank Home Loan - Documents Required

  • KYC Documents:
    • Identity proof
    • Age proof
    • Address proof
  • Income proof: Documents that prove that the applicant receives regular income by way of salary or otherwise
  • Property documents

Other Products by Allahabad Bank Home Loan

Apart from the housing products mentioned above, Allahabad Bank also offers the following products and services:

Housing Appliance Finance Scheme

Property Loan

Rent Loan

 

Reverse Mortgage Scheme

All Bank Doctor Plus

All Bank Cash

Dream Car

Mobike Loan

Education Loan

AB Fleet Finance Scheme

Commercial Vehicle Finance Scheme

Trade Loan

Gyan Deepika Scheme

Saral Loan

Overdraft Facility in SB Acc

Loan Against NSC/ KVP

Skill Loan Scheme

Shakti

Normal Savings

Premium Savings

Three in One

Vikash Savings

Saral Savings

Savi Fix

Mahila Sanchay

Salary Premium

AllBank Senior

Fixed Deposit

Double Deposit Plan

Monthly Income Plan

Sishu Mangal Deposit Scheme

Flexi Fixed Deposit

Recurring Deposit

AllBank Monthly Plus

MACT & MACAD Account

Debit Card

Prepaid Gift Card

PMJJBY

PMSBY

Universal Sompo General Insurance

LIC

Sovereign Gold Bond

Public Provident Fund

Sukanya Samriddhi Yojna

New Pension Scheme

Atal Pension Yojna

PMJDY

Capital Gains Accounts Scheme

NRI Deposit Accounts

Remittance Facility

Current Account

Current Plus Deposit

Premium Current Accounts

Trade Finance Scheme

MSME Banking

Corporate Banking

International Banking

Akshay Krishi

Potato Growers Credit Card

Financing for Tractor

Artisan Credit Card

Weavers Credit Card

Laghu Udhyami Credit Card

Mudra Scheme

Stand-Up India

Pradhan Mantri Awas Yojana

AllBank HealthCare

Digital Banking

How to Calculate Your Allahabad Bank Home Loan EMI?

Visit the official website of MyMoneyMantra and access the EMI Calculator under Financial Tools to calculate your Allahabad Bank Home Loan EMI. Enter the following information to determine your prospective Home Loan EMI:

  1. Proposed Loan Amount
  2. Rate of Interest (Refer to the interest rate table)
  3. Proposed Loan Tenure

Allahabad Bank Home Loan - Processing Fees and Other Charges

Name of Product Processing Fees Prepayment Penalty

ALL Bank Ashiana Housing Loan

 

ALL Bank Housing Finance Scheme for NRI/ PIO

 

Premium Housing Finance Scheme for HNI

  • For loans up to 1 Crore: 0.40% of the loan amount (Maximum 15,000)

 

  • For loans above 1 Crore: 0.24% of the loan amount (Maximum 50,000
  • NIL: For ALL Bank Ashiana Housing Loan and Housing Finance for NRI and PIO

 

  • For Premium Housing Finance Scheme for HNI: 2.25% of the outstanding balance in case of takeover of loan

ALL Bank Housing & Furnishing

  • 0.53% of loan amount (Minimum 256)
  • NIL for Allahabad Bank Employees

In case of takeover of loan: 2.25% of the outstanding balance

Documentation and Mortgage Charges

Loan Amount Documentation Charges Mortgage Charges

Up to 50,000

NIL

NIL

> 50,000 and up to 2 Lakhs

890

890

> 2 Lakhs and up to 5 Lakhs

2,670

2,670

> 5 Lakhs and up to 20 Lakhs

6,230

6,230

> 20 Lakhs and up to 1 Crore

13,350

13,350

Over 1 Crore

17,800

22,250

Inspection and Supervising Charges

Loan Amount Charges

Up to 2 Lakhs

NIL

> 2 Lakhs and up to 10 Lakhs

445 per quarter for all centres

> 10 Lakhs and up to 1 Crore

1335 per quarter for all centres

> 1 Crore and up to 5 Crores

3560 per quarter for all centres

More than 5 Crores

7565 per quarter for all centres

Allahabad Bank Home Loan - Customer Care

  • Access the official website of Allahabad Bank and send a message on the Contact Us page. The bank will contact you with its clarifications.
  • You can also drop an email at customercare@allahabadbank.in and seek the information required.
  • The address of the head office of the bank is:

2, N.S. Road, Kolkata 700001

Ph No: 033-22420863, 033-22420915, 033-22420869, 033-22103777, 033-22420900, 033-22420883

Allahabad Bank Home Loan Latest News

Allahabad Bank has announced a net loss of 1944.37 Crores for Q-1 FY 2018-19

In a recent press release, Allahabad Bank has announced that they have posted a net loss of 1944.37 Crores for the first quarter of the financial year 2018-19. This loss is due to the additional provisioning on the non-performing assets of the bank that stood at 15.97% of the total advances. The Bank has reported an operating profit of 829.82 Crores for the period in question.

The Government of India has increased its stake in Allahabad Bank by 7.6%

The Government of India has infused additional capital to the tune of 1,790 Crores into Allahabad Bank. Allahabad Bank has carried out a preferential allotment of shares to the Government against this infusion. As on date, the shareholding of the Government has increased by 7.6% to reach 79.41%.

Allahabad Bank is next in the line for mergers in PSU banks

The Government of India has announced the first round of bank mergers between Bank of Baroda, Vijaya Bank, and Dena Bank. The second round of mergers is likely to include the prominent banks from the eastern part of the country, namely Allahabad Bank, UCO Bank, and United Bank of India. All these banks are languishing under the corrective measures initiated by the Reserve Bank of India to improve their overall health.

The CBI (Central Bureau of Investigation) court grants bail to ex-MD Usha Ananthasubramanian

A special CBI court in Mumbai has granted bail to ex-MD of Allahabad Bank, Ms. Usha Ananthasubramanian for her alleged role in the Punjab National Bank/Nirav Modi scam. She was the MD and CEO of Punjab National Bank at the time of the fraud.

The Government has appointed Mr. S.S. Mallikarjana Rao as MD and CEO of Allahabad Bank

In a recent reshuffle, the Government of India has appointed the heads of 10 state-run banks. Mr. S.S. Mallikarjana Rao, ED of Syndicate Bank will now take charge as MD and CEO of Allahabad Bank.

Frequently Asked Questions

Why should I take a Home Loan from Allahabad Bank?

Allahabad Bank offers attractive rates of interest starting at 8.45%, one of the lowest rates in the industry. The bank also offers concessions in the rate of interest depending on the gender, CIBIL score, and other factors. The bank has a variety of Home Loan products to suit the requirements of the public. You get transparent services at Allahabad Bank. These factors should influence your decision to avail Home Loan from Allahabad Bank.

How can I enhance my Home Loan eligibility?

You can enhance your Home Loan eligibility in the following manner:

  1. Bring in an eligible co-applicant having documented source of income
  2. Show other documented income such as rent received and so on
  3. Close some of your existing loans to increase the amount available for deduction of EMI
  4. Opt for longer Home Loan tenure

What is the mode of repayment of Allahabad Bank Home Loan?

You are eligible for a moratorium or holiday period in case you go for a loan for construction of a house or purchasing flat under construction. Under such circumstances, the bank allows a moratorium of a maximum of 18 months. Your regular EMI will commence one month after completion of construction or at the end of the moratorium period whichever is earlier. In the meanwhile, you have to pay the interest every month.

What is the pre-EMI concept?

You come across the pre-EMI concept in case of loans taken for readymade purchase of houses. Usually, your EMI will start on a pre-determined date. The interest for the period between the date of disbursement and the start of the EMI is the pre-EMI instalment.

Who can be an eligible co-applicant?

Your spouse is the ideal co-applicant. You can also ask close relatives such as parents and siblings to be co-applicants subject to the satisfaction of certain conditions.

Will the rate of interest change with increase or decrease in the MCLR?

Yes, all the rates of interest on loans are linked to the MCLR. Hence, your Home Loan interest rates go up and down along with the MCLR?

Will my EMI undergo any change?

Usually, your EMI will not change as the banks prefer to reduce or enhance the loan repayment tenure in case of changes in the interest rate.

How can I save on the Home Loan interest?

One way of saving on the Home Loan interest payment is to pay amounts exceeding the regular EMI. The ideal way is to pay 13 instalments annually instead of 12. You end up saving a lot of interest over the entire tenure of the loan.

What are the margin requirements if I decide to take a loan for the purchase of plot?

The margin requirement for a loan for the purchase of plot is 25% of the cost of the land. If you wish to take a loan to construct a house thereon, the loan for the purchase of land should not exceed 60% of the total loan.

Does Allahabad Bank sanction Home Loans under the Pradhan Mantri Awas Yojana?

Yes, Allahabad Bank is a nationalized bank. It sanctions Home Loans under the Pradhan Mantri Awas Yojana.

Why Apply for Allahabad Bank Home Loan on MyMoneyMantra?

You can apply for Allahabad Bank Home Loan online by utilising the services of Home Loan service providers MyMoneyMantra.

We help you to:

  • Determine your loan eligibility on the strength of the income documents you provide
  • Suggest you the best alternative available based on your eligibility
  • Assist you throughout the loan process from application till disbursement
  • Calculate the prospective loan EMI
  • Compile the documents necessary for the processing of your Home Loan

The advantage of applying for the Home Loan through us is that you can compare the various products offered by Allahabad Bank as well as other lenders on a single screen. You can also check out the rate of interest and the service charges before you apply for the Home Loan.

How to Apply for Allahabad Bank Home Loan on MyMoneyMantra?

Here are the steps to be followed to avail Allahabad Bank Home Loan from MyMoneyMantra's online platform:

  • Visit our website and go to the Home Loan page which is mentioned under Loans section
  • Provide details about your gender, city of residence, amount of loan required, your income, employment details, mobile number, and email address.
  • We will confirm your identity by sending an OTP to your mobile number
  • Enter the OTP at the appropriate place and access the information you need about Home Loans
  • As you are looking for Allahabad Home Loans, you can choose your loan provider as Allahabad Bank
  • We help you procure and compile the documents necessary for the Home Loan
  • On applying for the loan, you need to submit the documents along with the application form duly completed in all respects.
  • Allahabad Bank will do its due diligence and proceed with the processing of your loan
  • On sanction of the loan, you have to complete the documentation formalities, avail disbursement, and create the equitable mortgage

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