Allahabad Bank Home Loan

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About Allahabad Bank Home Loan

Allahabad Bank Home Loan

Eligibility for Allahabad Bank Home Loan:

Salaried persons, Professionals & Self-Employed and Businessmen having regular income to liquidate the Loans


  1. Minimum: 21 years
  2. Maximum: Age of retirement for salaried class & 70 years for others.


  1. For the construction of residential house on land already owned.
  2. For the purchase of plot and construction of house thereon
  3. For the renovation / extension / repair of residential house already owned.

Loan Amount:

For salaried persons:Up to 60 times of monthly gross salary.For others: Up to 4 times of gross annual Income

Nature of Loan: Term Loan


For loans up to Rs 20.00 Lacs – 25% of Project cost. For loans above Rs 20.00 Lacs – 20% of Project cost.

Project cost consists of:

  1. Purchase price of land/house/flat.
  2. Cost of construction/renovation/extension (if applicable)
  3. Stamp duty and registrations charges as applicable.
  4. Accrued interest amount of the moratorium period, if proposed to be capitalized
  5. Premium of Loan Insurance.

Security: Allahabad Bank Home Loan

Primary: Equitable / Registered Mortgage of the property. Or Pari-Passu / Second charge over the property if the borrower (salaried person) has already availed loan from his/her organization.

Repayment Period for Allahabad Bank Home Loan:

  1. Salaried Persons: Length of remaining service, Maximum 25 years
  2. Others: Remaining period in attaining the age of 70, Maximum 20 years
  3. Repayment period will be exclusive of the moratorium period.
  4. Moratorium Period:Maximum 18 months

Special Features of Allahabad Bank Home Loan:

  1. Repayment option for salaried persons.To extended repayment period upto 5 years after retirement
  2. Bullet Payment – To deposit some Lump Sum amount from future cash flows and to amend repayment schedule accordingly
  3. Progressive Monthly Installments (PMI) Options -Under this, the initial monthly installments for the first 5 years shall be kept lower i.e. @ 80% of normal EMI, for financial comfort that will be increased gradually.
  4. Take over of housing loans from other finance companies / financial institutions / banks.
  5. For acquiring 2nd residential unit.
  6. Supplementary Finance for carrying out alterations/ additions/repairs to the house/flat or for finishing
  7. Supplementary/ Additional finance to individuals who have availed housing loans from their employer on the basis of pari-passu charge / Second Charge
  8. Insurance cover to the extent of loan liability for the entire repayment.
  9. 3rd Party Guarantee not required

Other Leading Home Loan Providers

  1. Axis Bank Home Loan
  2. ICICI Bank Home Loan
  3. PNB Home Loan
  4. HDFC Bank Home Loan
  5. SBI Home Loan
  6. CitiBank Home Loan
  7. Bank of Baroda Home Loan
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