About Allahabad Bank Home Loan
Eligibility for Allahabad Bank Home Loan:
Salaried persons, Professionals & Self-Employed and Businessmen having regular income to liquidate the Loans
- Minimum: 21 years
- Maximum: Age of retirement for salaried class & 70 years for others.
- For the construction of residential house on land already owned.
- For the purchase of plot and construction of house thereon
- For the renovation / extension / repair of residential house already owned.
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:
- Purchase price of land/house/flat.
- Cost of construction/renovation/extension (if applicable)
- Stamp duty and registrations charges as applicable.
- Accrued interest amount of the moratorium period, if proposed to be capitalized
- 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:
- Salaried Persons: Length of remaining service, Maximum 25 years
- Others: Remaining period in attaining the age of 70, Maximum 20 years
- Repayment period will be exclusive of the moratorium period.
- Moratorium Period:Maximum 18 months
Special Features of Allahabad Bank Home Loan:
- Repayment option for salaried persons.To extended repayment period upto 5 years after retirement
- Bullet Payment – To deposit some Lump Sum amount from future cash flows and to amend repayment schedule accordingly
- 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.
- Take over of housing loans from other finance companies / financial institutions / banks.
- For acquiring 2nd residential unit.
- Supplementary Finance for carrying out alterations/ additions/repairs to the house/flat or for finishing
- Supplementary/ Additional finance to individuals who have availed housing loans from their employer on the basis of pari-passu charge / Second Charge
- Insurance cover to the extent of loan liability for the entire repayment.
- 3rd Party Guarantee not required
Other Leading Home Loan Providers
- Axis Bank Home Loan
- ICICI Bank Home Loan
- PNB Home Loan
- HDFC Bank Home Loan
- SBI Home Loan
- CitiBank Home Loan
- Bank of Baroda Home Loan
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