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Allahabad Bank Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
AllBank Housing Loan 8.80% - 9.10% 0.40% of loan amount up to Rs 500 lakhs 30 years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Copies of documents related to the property that has been finalized for purchase
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • Lower Interest Rates
  • No Hidden Charges
  • Easy equated monthly instalments which are easy on the borrower's pockets
  • Tenure of loan is spread over a long period of 30 years
Eligibility

  • The applicant should be a resident Indian.
  • The minimum age of the applicant should be 21 years.
  • The maximum age of the applicant should not be more than 70 years at the time of repayment of the loan.
  • Home loan for Hindu Undivided Family will not be considered.
  • The applicant should have a regular source of income.
Other Details

  • The maximum amount of loan available under all bank housing loan is up to Rs 500 lakhs
  • The loan can be availed for the construction of a residential house on land which is already owned by the applicant.
  • The loan can also be availed for renovation/extension/repair of the existing residential house which is owned by the applicant.
  • One can even apply for the loan to acquire a second residential loan.
All Bank Home Plus MCLR + 1.25% per annum 0 up to Rs 75,00,000 up to 25 years
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Copies of documents related to the property that has been finalized for purchase
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • Lower Interest Rates
  • Tenure of loan is spread over a long period of 25 years
  • No Hidden Charges
  • Easy equated monthly instalments which are easy on the borrower's pockets
Eligibility

  • The applicant should be an Indian citizen
  • The applicant should have housing availed loan from Allahabad Bank and should have paid at least 12 regular monthly instalments.
  • The minimum age of the applicant should be 21 years
  • The applicant should have a regular source of income to repay the loan
  • The applicant should repay the loan up to the attainment of 70 years of age or 25 years (starting from the disbursement of the loan) whichever is less
Other Details

  • This loan is available to those existing customers of Allahabad Bank who have already taken a loan and has paid at least 12 months of EMI on a regular basis.
  • The rate of interest stands at MCLR + 1.25% per annum
  • The maximum amount of loan availed is Rs 75,00,000

FAQs

Q: What are the documents required to avail home loan from Allahabad Bank?

A: The following documents are required to avail a personal loan from Allahabad bank :

  • Filled application form.
  • Identity proof and address proof.
  • 3 Passport size photographs.
  • Last six months bank account statement.
  • For salaried applicants: form 16 and Last 3 months salary payslips.
  • For self-employed applicants: Bussiness proof and Last 3 years IT-returns.

Q: What interest rates do Allahabad Bank provide for home loan borrowers?

A: Allahabad Bank offering home loan with lowest interest rates.

The interest rate range is from 8.70% to 9.25%.

Q: Can I get tax benefit on home loan from Allahabad Bank?

A: As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a home loan under the Section 24 and Section 80C of Income Tax Act.

Q: What is the eligibility criteria to apply for a home loan in Allahabad bank?

A: Before applying for Allahabad Bank Housing Loans, you need to check whether you are eligible to apply for an Allahabad Bank Home loan:

  • The individuals who have a regular income are eligible for taking Allahabad Home loan.
  • The employees who have availed of housing loan from their own organisations are also eligible for availing housing loan from Allahabad Bank.
  • The minimum age is 21 years required to avail loan from Allahabad Bank. The Maximum age for salaried employees is based on their retirement and for self-employed applicants, the maximum age is 70 years.

Q: Can I add my spouse income while applying for a home loan?

A: Yes, you can add the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property.

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