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Allahabad Bank Home Loan

  • Introduction
    Cherish your dream of owning a house with Allahabad bank housing finance scheme. Bank gives loan for purchasing house from Development Authority of any Govt. recognized agency i.e. HUDA, HOUSEFED and construction of residential house thereon. Loan can also be availed to furnish unfinished or old house (maximum 20 years old), renovation or addition of another floor to the existing house, etc. The bank extends special facility for the salaried class like extension of the repayment period beyond the date of their retirement. The service is available under the Public Housing Loan Scheme offered by the bank for a period up to 5 years after the date of retirement. There is an availability of Progressive monthly installments (PMI) options under the public housing loan scheme.

    Highlights
    Interest Rate 12.5%
    Loan Amount Min. – Rs 100000
    Max. – Rs 2000000
    Tenure Min. – 5 Yrs.
    Max. – 20 Yrs.
    Time to Process Loan 7 days

    Interest Rates
    Tenure Interest Type Interest Rate Offer
    15 – 20 Yrs. Floating 8.25 %
    10 – 15 Yrs. Floating 8.25 %
    5 – 10 Yrs. Floating 8.25 %
    1 – 5 Yrs. Floating 8.25 %
    15 – 20 Yrs. Fixed 11 %
    10 – 15 Yrs. Fixed 11 %
    5 – 10 Yrs. Fixed 11 %
    1 – 5 Yrs. Fixed 11 %
    20 – 25 Yrs. Floating 9 %
    20 – 25 Yrs. Fixed 11.5 %

    Fees & charges

    Fees & charges
    Processing Fee 0.5 %
    Pre-Payment Charges 2 %

    Eligibility Criteria

    Eligibility Criteria
    Salaried

    Salaried:
    Annual Income Rs 140000
    Age Min.: 25 Yrs. Max.: 55 Yrs.
    Documents Required:
    ID Proof Yes
    Residence Proof Yes
    Income Proof Yes
    Telephone Yes
    Photograph Yes
    Bank Statement Yes
    Signature Proof Yes

    Security

    Security
    Primary:
    Equitable/ Registered mortgage of the property or
    Pari- passu charge over the property if the borrower (salaried person) has already availed loan from his organisation.
    Collateral Security:
    Personal Guarantee of one person of means and standing acceptable to the Bank will be taken in all cases.
    However, in case of delay in creation of mortgage Personal Guarantee of two person of means and standing will be taken, where delay over 6 months in creation of equitable mortgage of the property to be financed by the Bank is expected.
    In case of delay in creation of equitable mortgage of the property beyond 6 months, collateral security to the extent of loan amount in the shape of immovable property or financial securities or personal guarantee of two persons of means & standing acceptable to the Bank will be taken.
    However, the same will not be needed where a property is being purchased from seller/builder as mentioned hereunder: Housing Board/ Development Authority /Govt agency
    Good rated /reputed housing company / builder/developer well known at national / state level (VIZ: Ansal, Gujarat Ambuja, Bengal Ambuja, Bengal Peerless, Sahara Housing).
    List of such reputed housing companies/ developers will be circulated by respective Zonal Offices after its careful scrutiny and a copy will be endorsed to Retail Credit Section, Head Office.
    Approved Housing Societies notified by Zonal Offices.
    Builders/Developers whose project has been approved by the Bank as per bank’s guidelines. (Approval of housing projects for the purpose of tie-up arrangement for loan to their prospective buyers where builder/developer is not seeking finance from the bank for the housing project may now be accorded by the Zonal Head).

    Published on August 4, 2010 · Filed under: Allahabad Bank Home Loan, Home Loan;
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