Allahabad Bank Home Loan Details 

Customers apply for the Allahabad bank home loan to buy their dream homes at the lowest interest rates for a tenure of up to 30 years.

Several rewards and benefits are offered by the bank that makes it one of the most feasible home loans available in the country at the moment.

There are several schemes and offers that are offered to the customers by the Allahabad bank when it comes to home loans. You can compare and analyze these schemes before applying for one that suits your demands the best.

In order to understand which loan suits you the best, make sure you use the Allahabad bank home loan online EMI calculator. You don't have to visit the bank.

You can visit the bank's official page in order to calculate your EMI beforehand. It will help you make informed financial decisions in the future and make a solid strategy to manage your expenses during your repayment tenure.

Also Check - Home Loan Tax Benefits

Why Allahabad Bank Home Loan?

There are other leading banks in India that offer home loans as well. However, Allahabad bank is known for offering the best possible home loan schemes and offers with the lowest interest rates. The tenure that is offered to the customers can go up to 30 years. You can compare and analyse different schemes before going for a home loan that will suit your demands the best.

The Allahabad Bank home loan interest rate remains around 8.25% for salaried and self-employed individuals.

Go through the chart for the details of the Allahabad Bank home loan schemes.

Age

21 years - 60 years for salaried people;

21 years - 65 years for self-employed individuals

Interest Rate8.25% (average)
Processing FeeUp to 0.40%
Penal Interest RatesContact the bank
Maximum Tenure30 years
Interest Rate Linked toRLLR
Lowest EMI per lakh852

Also Check - Tax Benefit on Second Home Loan

Features and Benefits of Allahabad Bank Home Loan

The Allahabad bank offers a plethora of benefits when it comes to home loans. The major features and benefits of the Allahabad Bank home loan include:

  • Allahabad bank loan interest rates always remain on the lower side compared to the other interest rates offered by several leading banks in India. The interest rates start from 6.70% based on your credit history and other details, the interest rates differ.
  • You can take a home loan of up to 5 crores depending on your demands.
  • A processing fee of up to 0.40% i.e. maximum of 50,000/- is charged when you take that Allahabad bank home loan.
  • Tenure of 5 years to 30 years is offered to the customers. You can go for a duration that fits your affordability.
  • Your monthly EMI increases when you choose a shorter tenure and vice versa.
  • If you are looking at repaying the entire loan amount in the middle of your tenure, no prepayment charges will be applied unlike some of the leading banks in India. However, this only applies when it comes to floating-rate loans.
  • No foreclosure charges are applied if you decide to shift your lender in the middle of your tenure and take a loan at some other bank.

These are the major benefits that make the Allahabad bank home loan unique and one of the most feasible options in the country.

Also Check - 5 Benefits of Taking a Home Loan

Allahabad Home Loan Schemes and Offers

When it comes to the Allahabad home loan, a variety of loan schemes are offered to customers by the bank. You can compare and analyse different schemes in order to figure out which one is the ideal scheme for you. 

The Allahabad bank housing loan interest rate differs from one scheme to the other. Go through the chart to figure out which scheme would be the ideal one for you.

Interest RateHome Loan Schemes
9.55%-10.25%Furnishing and Housing Loans
9%-10.50%AllBank Home Plus
8.25%-8.85%Housing Loan (AllBank Ashiana)

The interest rate varies from one scheme to the other based on several factors. Make sure you do your research before applying for one loan so that you can make informed financial decisions in the future during your repayment tenure.

Also Read - How to Apply for Home Loan with Low Income?

Different types of home loans offered by Allahabad Bank

The major 4 Allahabad bank home loan schemes are listed below:

  1. Housing Loan (AllBank Ashiana)
  • This loan is mainly utilised by the customers for construction, renovation, and repair purposes.
  • An interest rate of 8.25% to 8.85% is applied to the customers.
  • The maximum loan amount that you can borrow goes up to 5 crores. 
  • Moratorium period is of up to 2 years
  • HUFs are not applied for this loan.
  • The processing fee for a loan amount of up to 1 crore remains around 0.40%.
  • For a loan of 1 crore and above, a processing fee of 0.24% is applied.

        2. Housing & Furnishing Loans

  • This loan can be used for repairs or furnishing purposes of your already existing homes or new apartments.
  • The interest rate remains around 9.55% to 10.25%.
  • Only existing home loan borrowers can apply for this Allahabad bank home loan scheme.
  • The maximum loan amount remains around five lakh based on different factors.
  • The maximum tenure for this loan goes up to 10 years.
  • A processing fee of 0.53% is applied when you take the loan.

        3. AllBank Home Plus

  • Only existing home loan customers are eligible to apply for this loan.
  • The interest rate remains around 9% to 10.50%.
  • You will only be eligible to apply for this loan if you have already paid around 12 EMIs on time.
  • The maximum loan amount goes up to 5 lakh.
  • The maximum tenure goes up to 10 years.

         4. All Bank Housing Loans for NRIs and PIOs

  • NRIs with valid passports and PIOs can apply for this loan.
  • The maximum loan amount goes up to 5 crores.
  • The interest rate for this loan scheme remains around 8.50% to 9.10%.

Also Read - Types of Home Loans Offered by SBI

Documents required for Allahabad Home Loan

Before you apply for the Allahabad bank home loan, make sure you go through all the necessary documents that you will need to provide to the bank.

The list of the essential documents required to apply for the home loan schemes is mentioned below:

  1. Duly filled application form with three attested photographs.
  2. Identity proof- PAN card, Aadhar card, Voter ID, driving license, passport 
  3. Address proof- Utility bills such as your electricity bill, water bill, gas bill, telephone bills.
  4. Your property papers- stamped agreement papers, registered agreement for sale, maintenance and electricity bills, and property tax receipts.
  5. Bank account statements for the last six months
  6. For salaried individuals, income proof, as in your salary certificates or salary slips for the last three months, should be provided to the bank.
  7. For self-employed applicants, address proof of your business, income tax returns for the last three years, balance sheets that reflect your loss and profit for the last three years, business license papers should be presented to the bank when you apply for the Allahabad bank home loan.

Also Check - Documents Required for SBI Home Loan

Allahabad Bank Home Loan - Processing Fees and Charges

When it comes to the processing fees and charges of the Allahabad home loan schemes, a variety of charges are applied to customers based on their background and other details.

  • On average, a processing fee of 0.24% to 0.40% is applied when you apply for the home loan scheme.
  • For the housing and furnishing loan, a processing fee of 0.53% is applied for an interest rate of 9.55% to 10.25%.
  • For the housing loan, a processing fee of 0.40% is charged when you take a loan of up to 1 crore. 
  • For housing loans of 1 crore and above, a processing fee of 0.24% is applied.
  • No prepayment or foreclosure charges are applied for Allahabad bank home loan schemes.
  • For bank employees, no processing fees are applied

Also Read - 5 Home Loan Providers in India That Charge Zero Processing Fees

Allahabad Bank Home Loan - Customer Care

In order to contact Allahabad Customer Care, dial their toll-free number- 1800 572 2000.

You can also reach out to their call centre number- 2242091522420869, or 2210377722420900.

You can also send an email stating all your queries to customercare@allahabadbank.in

Also Check - SBI Home Loan Customer Care

How to Apply for Allahabad Bank Home Loan?

In order to apply for the Allahabad bank home loan and money mantra, a few simple steps need to be followed.

  • Visit the official website of MyMoneyMantra and select the loan option.
  • Go to the home loan option.
  • You will be asked to put your name and email address.
  • Put the other personal details such as your gender, employment details, and other details as per the instructions.
  • Your present employer details will be asked next.
  • After that, he will need to provide your income details along with your location details.
  • Add your phone number.
  • Wait for a few hours. The MyMoneyMantra team will call you and let you know the details of the loan and the best quotes as per your details.

Tip - Check Cibil Score before applying for a home loan.

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FAQs

✅Can I apply for an Allahabad Home Loan online?

Yes, you can visit the official page of MyMoneyMantra to apply for the Allahabad bank home loan from the comfort of your home.

✅What is the minimum salary to apply for an Allahabad Bank home loan?

Allahabad Bank does not have a particular rule regarding the monthly income of the applicants for the home loans. However, if you have a monthly income of at least 25,000 or above, it will be easier for you to get home loans easily.

✅How much loan can I get on a 35000 salary?

You can take a home loan of up to 40 lakh with a monthly income of 35,000.

✅How much home loan can I get on a 50000 salary?

With a monthly salary of Rs.50,000, you can get a home loan of up to 57,00,00 from the Allahabad bank.

✅Can I transfer my home loan from another bank to Allahabad Bank?

Yes, you can easily transfer your loan from another bank to the Allahabad bank in the middle of your tenure. Salaried employees and women get a concession of up to 0.5% for bank transfer loans. If you want to repeat the entire amount during the tenure, no prepayment charges will be applied by Allahabad Bank.

✅Does Allahabad bank check CIBIL before providing a home loan?

Allahabad bank checks your credit score to determine whether or not you are eligible to apply for a home loan. CIBIL score is one of the essential factors influencing your application when applying for an Allahabad bank home loan

A minimum CIBIL score of 650 is required to apply for a home loan. A low CIBIL score reduces your chances of getting a home loan from the Allahabad Bank.

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

Allahabad bank allows you to repay the loan through an electronic clearing system. They also offer the option of issuing post-dated cheques from the salary accounts.

✅How can I enhance my Home Loan eligibility?

Make sure you maintain a good credit score of 700 and above to increase your chances of getting home loans easily.

Choose a longer tenure. The EMI will be lower, which will increase your home loan eligibility. You can also add a co-applicant who has a good credit score to increase your home loan eligibility.

Make sure you pay all your monthly bills, debts, EMIs, and other bills on time to maintain a good credit score.

✅Why should I take a Home Loan from Allahabad Bank?

The Allahabad bank is one of the most reputed banks in India that offers the lowest interest rates to customers. Other financial benefits and awards are also offered to customers based on their background. You can choose a tenure of up to 30 years and repay your loan at your own pace. Women get a concession of 0.05% for home loans.