Hello,

Guest!

Updated:

Andhra Bank Home Loan Details

Loan AmountUp to 90% of property Value
Rate of Interest7.40% p.a onwards
TenureUp to 30 years
Lowest EMIRs 692 per lakh
Processing FeeMaximum Rs 15000, up to 0.5% of loan
Foreclosure/ Prepayment ChargeNil

Features & Benefits of Andhra Bank Home Loans

Union Bank subsumed Andhara Bank in 2020. Some of the noteworthy features of Andhra Bank home loans can be summarised as:

  • Customised home loan schemes for purchase, construction or renovation of a residential unit/ plot.
  • Resident as well as non-residents can apply.
  • No capping on maximum loan amount.
  • Apply for loans up to 90% of property value (LTV).
  • Currently borrowers can avail lowest interest rate offer at 7.40% p.a.
  • Optional moratorium up to 3 years is available for home loan borrowers.
  • Lowest Home EMI is Rs 692 per lakh.
  • Apply online or offline as per choice.
  • Balance transfer & top up options are also available.

Additional Info: Also check Andhra Bank Balance Enquiry Toll-Free Number

Andhra Bank Home Loan Interest Rates

Andhra Bank Home Loan Interest Rate is calculated according to Union Bank of India Interest Rates Stack. Floating home loans are linked to external benchmark i.e. RBI’s repo rate. Currently repo rate is 4.90%.

Home loans are linked to EBLR i.e. External benchmark lending rate which is currently 7.40% p.a.

Spread charged by AB/UBI is 2.80%

Andhra Bank Home Loan Interest Rates for different home loan products:

 SalariedSelf Employed
Floating Home Loan Rates (Up to Rs 30 Lakh7.40% to 7.50%7.40% to 7.50%
Floating Home Loan Rates (Above Rs 30 Lakh)7.40% to 7.50%7.40% to 7.50%
Fixed Rate Home Loans11.40% - 12.65%11.40% - 12.65%
Smart Save Home Loan7.75% - 8.15%7.75% - 8.20%
Home Loan Overdraft9.40% - 9.75%9.45% - 9.80%

Andhra Bank Home Loan - Processing Fee and Other Charges

Being a PSU, there are transparent terms & conditions. Here is the list of costs involved:

ValuationUp to Rs. 10,000
Title Search ReportRs. 1,000 to Rs 1,500
Vetting of DocumentsRs. 750 to Rs. 1,000
Relaxation charges

0.10% of loan amount

(Rs. 500 to Rs. 5,000)

Copy of document500 per set

Types of Home Loans Offered by Andhra Bank

You can apply or home loan according to your specific needs. There are several options available to cater maximum customer base.

Andhra Bank Home Loan:

  • Regular Andhara Bank Housing Loan product for a variety of home loan needs.
  • Borrowers get option to apply for a floating home loan or a 5 year fixed to floating variant.
  • Both residents & non-residents can apply.
  • Attractive home loan interest rate applicable.
  • No limit on maximum home loan amount for purchase of a house.
  • Limit of Rs. 30 Lakhs is place for repairs and renovation loan.
  • Home Loan tenure can be extended up to 30 years for purchase or construction loan.
  • For renovation, tenure limit is 15 years.
  • Optional moratorium of 12- 36 months, according to loan purpose & borrower’s profile.
  • Property Insurance is mandatory for home loan.

Home Smart Save

  • Home Loan overdraft facility.
  • Opt for this option if you have surplus funds.
  • Park surplus amount in the loan account & save interest cost.
  • You can switch to regular option or vice versa two times during the loan duration.

Home Loan- Awas

  • Affordable home loan scheme for Semi-Urban/ Rural regions.
  • Borrowers can apply for home loans up to Rs. 10 Lakhs for semi-urban & up to Rs. 7 Lakhs for rural areas.
  • For repairs & renovations, loan limit is placed at Rs. 5 Lakhs.
  • LTV limit is up to 90% for purchase & construction and up to 80 % for repairs.
  • Maximum repayment tenure of 30 years home loan & up to 15 years for repair & renovation.

Andhra Bank Home Loan Eligibility Criteria

  • Resident & non-resident Indians can apply.
  • Applicant’s age should be in the range of18- 75 years.
  • Borrower’s current income, existing loans, repayment capacity & collateral value collectively determine the eligibility for a home loan.
  • One can avail maximum Andhra Bank Home Loan eligibility for up to 90% of property value.
  • There is no loan amount limit put on home loans for purchase & construction.
  • Maximum loan amount approval for renovation is for Rs 30 Lakhs.

Documents Required for Andhra Bank Housing Loan

SalariedSelf Employed
Duly filled & self-attested home loan application form + 3 passport size photographs

KYC documents:

Identity: PAN/ Passport/ Employee ID/ Any other ID

Address: Any utility bill or rent reciept

Age proof: Cass X certificate, Birth certificate

Income proof:

Salary slip of  last 3 months

Form 16/ letter from employer

ITR of last 1 year

Income Proof:

ITRs for last 3 years

Financial statements such as Balance Sheet, Profit & Loss Account audited by CA.

Bank statement of last 6 monthsBank statements of last 12 months
Title documents of the property/ copy of approved plan from respective authority

Documents Required by NRIs for Andhra Bank Housing Loan

Besides KYC, income proof & property documents, NRIs are required to attach following documents along the application:

  • Latest work permit
  • Copy of Visa duly stamped on Passport
  • Employment contract in English

Andhra Bank Home Loan Customer Care

You can contact Andhra Home Loan Customer Care by calling on following numbers:

Toll Free All-India Numbers:

1800 22 22 44

1800 208 2244

Paid Numbers: 080-61817110

Dedicated number for NRIs: +918061817110

Write your queries here: customercare@unionbankofindia.com

You can also visit any of the nearest bank branches for queries & feedback.

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

chart_15f235bf64 (1).svg

The best offers from India’s most
trusted banks

DMI-Housing-Finance.png
PNB-HFL.png
HDFC-ltd.png
Bajaj-Finserv.png

Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

Andhra Bank Home Loan FAQs

✅ How to Calculate Andhra Bank Home Loan EMI?

image

To calculate Andhara Bank Home Loan EMIs, all you need to do is share loan amount, interest rate & tenure in the home loan EMI calculator. You will instantly get home loan EMI and interest liability on your home loan.

✅ Who can be a co-applicant of the avail Home Loan?

image

All property co-owners can become a co-applicant for a home loan. Further family members such as parents, spouse, siblings or adult kids with income source can become co-applicants for a home loan. Adding a co-applicant enhances loan eligibility.

✅ Does Andhra Bank offer any no rejection loans?

image

Applying for pre-approved home loans, ensure that you do not get rejection on the loan. Further, good credit score and eligible EMI to net monthly income ratio assures approval on the loan application.

✅ What type of tax benefits come with the housing loan from Andhra Bank?

image

Tax benefits on home loans are universal across the lenders. You can avail tax deduction up to Rs 2 Lakh on repayment of loan interest u/s 24 & loan principal up to Rs 1.5 Lakh u/s 80C.

✅ What are the additional charges applicable on my andhra bank housing loan?

image

There are no hidden charges. The fees & charges are as per Union Bank of India home loan policy. The details are listed on the bank’s website.

✅ What is the maximum home loan amount offered by Andhra loan?

image

Andhara bank offers home loans up to 90% of property value. There is no upper limit placed on the loan amount.

✅ What is the minimum home loan amount offered by Andhra Bank?

image

You can avail home loan according to your requirement. There is no capping whatsoever.

✅ How much housing loan can I get on a 40000 salary?

image

Your home loan eligibility is basis your current fixed obligations to income ratio. Use Home Loan Eligibility calculator to assess the loan eligibility.

✅ Where can I apply for Andhra bank home loan?

image

Andhra bank merged with Union Bank of India, effectively from April 1, 2020. So to apply for Andhara Bank Home Loan, you basically need to now apply for Union Bank of India Home Loan. You get choice of applying online or offline, lowest interest rate, low processing fee, customer friendly terms & easy eligibility with Union Bank.