Allahabad Bank Home Loan

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Allahabad Bank Home Loan

Allahabad Bank Home Loan Key Features

Feature Value
Interest Rate 6.90% onwards
EMI / Lakh Rs. 662
Loan Tenure Up to 30 years
Loan Amount Percentage based on property value
Loan to Value Ratio Up to 90% of property value
Loan Available on the Following Types of Property
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
Special Offer for Women Interest rate concession of 0.05%
Processing Fee Up to 0.5% of loan amount excluding GST
Prepayment Charges No prepayment charges for floating rates
Part Payment Charges Nil
Guarantor Required Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.


Allahabad Bank Home Loan Interest Rate

Allahabad Bank Home Loan Schemes Interest Rate For Women Interest Rate for Others
Allahabad Bank Home Loan 6.90% – 7.95% 7.00% – 8.00%
Allahabad Bank Reach Loan 8.75% – 14.00% 8.75% – 14.00%
Plot Loan 7.05% – 8.05% 7.10% – 8.10%
Rural Housing Loan 6.90% – 8.70% 7.00% – 8.70%
Home Improvement Loan 6.90% – 7.95% 7.00% – 8.00%
Home Extension Loan 6.90% – 7.95% 7.00% – 8.00%
Home Loan Top Up As per home loan slabs As per home loan slabs
Home Loan Balance Transfer 6.90% onwards 6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.


Allahabad Bank Home Loan Eligibility Criteria 

Salaried Individual:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  3. Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Allahabad Bank Home Loan. This includes everybody who is a:

  • Traders
  • Commission agent
  • Contractors

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the Allahabad Bank Home Loan. This includes everybody who is a:

  • Doctors
  • Lawyers
  • Charted Accountant
  • Architect
  • Consultant
  • Engineer
  • Company Secretary

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Additional Criteria for Co-applicants:

  • Co-applicant must be a family member of the primary applicant.
  • All co-applicants are not required to be the co-owners of the property.

For more information on home loan eligibility, click on the given link.

Allahabad Bank Home Loan Documents Required

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Latest Salary Slips from the last 3 months.
  • Latest Form-16 and IT returns
  • Employment Contract/Appointment Letter if the current employment is less than a year old.

Property Related Documents:

  • A cheque for processing fee favouring ‘Allahabad Bank.’
  • Copy of the Buyer Agreement/Allotment Letter
  • Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Business Profile and Previous 3 years Income Tax returns (Both self and business)
  • Previous 3 years Profit/Loss Account and Balance Sheet.

Proof Of Business: 

  • Educational Qualifications Certificates
  • Business achievements (Certificate or awards if any)

Property Related Documents:

  • A cheque for processing fee favouring ‘Allahabad Bank.’
  • Copy of the Buyer Agreement or Allotment Letter 
  • Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any Driving License/Voter ID/Passport

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

  • A cheque for processing fee favouring ‘Allahabad Bank.’
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across

For more information on home loan documents required, click on the given link.

Allahabad Bank Home Loan Interest rates and offers May 2021

Loan Amount Interest rates
25 lakhs 8.25%
25-75 lakhs 8.25%
75 lakhs- 5 crores 8.25%
above 5 crores 8.25%

Different Home Loan Schemes By Allahabad Bank

Allahabad Bank Home Loan – For Resident Indians

This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for Home Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Allahabad Bank Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

  • Purchase a flat, row house, bungalow in India from private developers in approved projects.
  • Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
  • Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
  • Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.

Allahabad Bank Plot Loans – For Buying a New Plot

This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for Plot Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Allahabad Bank Top Up Loans – For Allahabad Bank Home Loan Borrowers

This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.

Specific Information for Top-Up Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate New Customer – 8.30% onwards

Existing Customer – As per Home Loan Slabs

Processing Fee  Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Allahabad Bank Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for Home Extension Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 20 years

Allahabad Bank Home Loan Balance Transfer – For All Home Loan Borrowers

Allahabad Bank Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.

Specific Information for Home Loan Balance Transfer Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to Rs. 50 Lakhs
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Allahabad Bank Home Loans under Pradhan Mantri Awas Yojana Subsidy 2021

This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount No Cap
Interest Subsidy 3.00% onwards
Maximum Subsidy Up to Rs. 2.67 Lakhs
Loan Tenure 20 years

Allahabad Bank Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for Reach Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 2% of the loan amount + GST
Loan Tenure 30 years

Allahabad Bank Rural Housing Loans – For Indians Living in Rural Areas

This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!

Specific Information for Rural Housing Loan Scheme
Eligible Profiles Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST

Loan Tenure 30 years

Allahabad Bank Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for Home Improvement Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount New Customer – Up to 90% of the estimates from improvements.

Existing Customer – Up to 100% of the estimates from improvements.

Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Advantages of Allahabad Bank Home Loan

Allahabad Bank Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:

  • A huge variety of home loan schemes.
  • The most helpful Pradhan Mantri Awas Yojana is also available.
    Allahabad Bank Home Loan
  • Provide a 0.05% concession to women to encourage them for their own homeownership.
  • Provide several repayment methods to choose from and opt for the one best suited to you.
  • Full transparency as Allahabad Bank promises no hidden costs and fees.
  • Easy application with minimum documentation and paperwork.
  • Provides loan approval prior to the selection of the property.

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Allahabad Bank Home Loan Charges and Fees

Particulars Charges
Processing Fees Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges No prepayment charges for floating rates
Check dishonor charges Up to Rs. 200
List of documents Up to Rs. 500
Photocopy Of documents Up to Rs. 500
PDC Swap Up to Rs. 200
Disbursement cheque cancellation charges post disbursement Up to Rs. 200
Increase/Decrease in the loan term Up to Rs. 500
Re-appraisal of loan post 6 months from sanction Up to Rs. 2,000

Please Note: The above figures are only indicative and are subject to change without any prior notice.


 Compare Allahabad Bank Home Loan with Other Banks

Particulars Allahabad Bank SBI HDFC
Interest rates 8.25-8.80% 6.70-7.00% 6.75-8.20%
Processing Fee 50,000 10,000 3000
Tenure Time 20 years 30 years 30 years
Max Loan Amount 10 crores 7 crores 5 crores
Age 21-65 years 18-70 years 24-65 years

Allahabad Bank Home Loan Customer Care

Allahabad Bank has customer care that is available 24/7. The toll-free number for Allahabad Bank is 1800-22-6061. You can clarify all your doubts about availing of Home Loans. You can know about the interest rates and the loan amount and a lot more from these home loans. You can just contact them they can help you in finding the best home loans. You can also use Dialabank for availing of these Home Loans. You can call Dialabank customer care: Dialabank: 9878981166

Allahabad Bank Home Loan Procedure

  • Visit Dialabank for a Home Loan.
  • Go to the Allahabad Bank Home Loan page.
  • Check out all the eligibility and document criteria for a Home Loan.
  • Fill out all the details required in the Home Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

Common Documents for Salaried and Self Employed

You can use documents for Home Loans. These documents are required for home loans. There are many common documents for salaried and self-employed. Some of them are income documents, property-related documents. Some of the proof of address and proof of identity is also used as a common document for salaried and self-employed.

Allahabad Bank Home Loan EMI Calculator

Loan EMI Calculator 

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Other Loan Products from Allahabad Bank

Allahabad Bank Personal Loan Allahabad Bank Gold loan Allahabad Bank Car Loan
Allahabad Bank Education Loan Allahabad Bank Two Wheeler Loan

Allahabad Bank Home Loan FAQ

How to repay my Allahabad Bank home loan?

There are different payment methods through which you can repay your Allahabad Bank home loan, this can be done:

  • By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
  • By opting for direct deduction of monthly instalments by your employer.
  • By issuing post-dated cheques from your salary account.

When can you apply for Allahabad Bank’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

✅ In the case of prepayment is made, is there any change in home loan EMI?

Allahabad Bank accepts a prepayment at nil charges in case of floating rate home loans. When a prepayment is made, the outstanding balance of the principal amount on your home loan gets reduced.

What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.

What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates, the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

How DialaBank can help you get a Home Loan?

Dialabank is a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through if you choose to search and applying by own.

✅ How the rate of interest will change if the interest rate is linked to PLR?

Home Loan Interest Rate is linked to PLR, and any change in PLR will lead to a change in rates of interest on the home loan. Interest rates on home loan account will rise or fall with the increase or decrease of PLR, proportionately.

Who is a Co-obligate or Guarantor?

Co-obligate or guarantor is an individual who undertakes to re-pay the bank loan in case the principal borrower fails. The amount of his liability will be the same as that of the principal borrower and the Bank can take strict actions against him for recovery along with the principal borrower. Guarantor can’t say that his liability will start only after the remedies against the principal borrower are exhausted.

Is there an option for pre-closure of a loan account?

A pre-closure option is also available and charges will be levied at rates as decided by the lender

Does missing an instalment effects CIBIL?

Non-payment of EMIs as per terms and conditions will adversely affect the credit rating of the borrower.

Are there any penalty Charges?

Penalty charges of 2% will be levied on the instalment amount unpaid.

How is the calculation of interest rates is done?

Interest rates are charged on a daily balance method and are debited once a month in your loan account. A 2% penalty on the unpaid Installment amount will be charged.

What is the interest rates for Allahabad Bank?

The interest rate for Allahabad Bank is 8.25%.

Allahabad Bank Home Loan News Snippets

Allahabad Bank Home Loan Interest rates declines

The interest rates for these Home Loans in Allahabad Bank is decreasing these days. The interest rates for these banks varies based on the loan amount and other things. The interest rates in the last year are 9% and it is declined to 7%. The interest rates are drastically decreased.

Allahabad Bank success with Indian Bank

The Allahabad Bank has merged with the Indian banks. And after that, the bank has got huge success. The success of these banks is based on various loans. And the home loans in these banks is increasing these days. So in this way, the Allahabad bank has huge success along with the Indian Bank.

Allahabad Bank Home Loans 

Allahabad is offering various Home Loans and these home loans are of various interest rates. These home loan interest rates range between 7-9 per cent. So use all these home loans in the banks that are useful. Allahabad bank is offering cheap home loans and interest rates.

Allahabad Bank Gold Loans

Allahabad Bank is also offering various Gold Loans and these gold loans interest rates and the gold loan’s rates are also cheap and the interest rates are also decreasing these days and these interest rates are useful for various home loans and other car loans and other gold loans.


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