Current Location : Delhi/NCR (Change)
Welcome Guest | Login | Register
Allahabad Bank
Allahabad Bank
0 on 5 from 0 ratings

Loan Details

Loan Amount
0 lakhs -
30 lakhs
30 lakhs -
100 lakhs
Effective Interest Rate p.a.
10.2%
10%

About the Allahabad Bank Home Loan

Allahabad Bank

rn

Allahabad Bank is the Oldest Joint Stock Bank of the Country,rnAllahabad Bank was founded on April 24, 1865 by a group of Europeans atrnAllahabad. At that juncture Organized Industry, Trade and Banking startedrntaking shape in India. Thus, the History of the Bank spread over three centuries.rnBank ensures anywhere and anytime banking for the customer with latestrnstate-of-the-art technology and by developing effective customer centricrnrelationship and to emerge as a world-class service provider through efficientrnutilization of Human Resources and product innovation.

rn

Home Loans:

rn

Allahabad bank provides great range of products and services tornits customers. Bank provides home loans for construction of self owned land/rnpurchase of old, new, unfurnished house/ extension and renovation of house/rnpurchase of a plot of land and construction of house thereon/ renovation andrnextension or repair of residential house already owned by the borrower.

rn

Loan Amount:

rn

For salaried persons:rnUp to 60 times of monthly gross salary (Maximum: Rs.rn500 Lac)
rnForrnothers: Up to 5 times of gross annual Income (Maximum: Rs. 500 Lac)

rn

Eligibility:

rn

Age

rn

Minimum: 21rnyears
rnMaximum: Age of retirement forrnsalaried class & 70 years for others.

rnMargin:
rn
For loans up to Rs. 20 Lacs - 15%rnof Project cost.
rnFor loans above Rs. 20 Lacs - 20% ofrnProject cost.
rn
rnProject cost consists of:

rn
    rn
  • Purchasern price of land/house/flat.
  • rn
  • Costrn of construction/renovation/extension (if applicable)
  • rn
  • Accruedrn interest amount of moratorium period, if proposed to be capitalized
  • rn
  • Premiumrn of Loan Insurance.
  • rn
rn

Housing Loan Scheme for NRI'srn/PIO's


rn

This housing loan scheme is designed to suite the need of Non-ResidentrnIndians (NRIs) holding Indian passport or Persons of Indian origin (PIOs)rnholding foreign passport, singly or jointly. This scheme can availed by Closernrelative of NRI / PIO like – Spouse, Father, Mother, Son and daughter can bernthe joint borrower even if they are the resident of INDIA having futurerninterest in the property.
rn

rn

Eligibility:

rn

Employment status:  Must be employed/self-employed orrnhaving a business unit and staying abroad at least for 1 year.

rn

Income / Remittances: Minimumrngross annual income should be equivalent to Rs. 3 Lacs per annum or home loanrnseeker should have minimum gross remittance equivalent to Rs. 3 Lacs per annumrnin his NRE/NRO/FCNR during last three year.

rn

Age: Age minimum agern21 years. Age of the borrower plus repayment period should not be beyond 60rnyears of age.

rn

Eligible loan amount

rn
    rn
  • Salaried Persons – (i) 48 timesrn of monthly gross salary or (ii) 4 times of Gross annual Income asrn per employment contract / Income Tax return filed in the overseas country.
  • rn
  • Professional or self Employed Persons –rn Eligible loan amount will be higher of any of the following.
    rn a) 3 times of Gross Annual Income as per Income Tax return if filed inrn that Country.
    rn b) 2 times of minimum yearly Inward Remittances in NRE/NRO/ FCNR accountrn during the last three year.
  • rn
  • Total deductions including EMI ofrn proposed loan should not exceed 50% of the amount taken for calculatingrn eligible loan amount.
rn

NRI’s can avail this loan for:

rn
    rn
  • Constructionrn of residential house on land already owned.
  • rn
  • Purchasern of plot (Plot must be located in developed / developing residentialrn locality and properly demarcated) and construction of residential housern thereon.
  • rn
  • Purchasern of house/flat.
  • rn
  • Renovationrn / extension / repair of residential house already owned.
  • rn
  • Takingrn over of housing loans from other financial institutions / banks.
rn

Financing for Purchase ofrnLand:


rnThis scheme has a utility, as a package, for purchasing a plot of land andrnconstruction thereon also. However, utilization of loan for purchase of land isrnrestricted to 75% of therncost of land or 60%of thernpermissible amount of total loan, whichever is lower.
rn

Loan Amount:

rn
    rn
  • Minimumrn loan amount: Rs. 5 lacs
  • rn
  • Maximumrn loan amount : Rs. 500.00 lacs

rnRepayment Period: Up to attainment of 60 years of age, Maximum 10 years.

rn

For more details about the loan products terms andrnconditions it is advisable to contact bank.

Roof On Top Review

 
EMI Calculator

EMI
Rs 0