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Andhra Bank Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Andhra Bank Housing Loan One Year MCLR + 0.05% - One Year MCLR + 1.20% 0 - 30 Years
Details
Documents Required

  • Salary slip of the applicant
  • Duly filled in application form
  • Passport sized photographs of applicant, co-applicant and co-obligants
  • Income proof of applicant, co-applicant and co-obligants
  • Property statement of applicant, co-applicant and co-obligants
  • Proforma Invoice
  • Documents for KYC compliance
  • PAN Card
  • Election ID Card
  • Aadhaar Card
  • Proof of Residential Address
  • Post dated cheques for 12 months (minimum)
  • Credit information report from CIBIL
  • Copy or original title deed of the sight or property
  • Certification of inspection of security
  • Copy of NIL encumbrance certificate in case of the immovable property proposed to be purchased
  • Location sketch of the proposed flat or house
Benefits

  • Attractive interest rates
  • Longer tenure to repay the loan amount
  • Lower interest rates for women borrowers
  • Easy equated monthly instalments which are easy on borrowers pockets
Eligibility

  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant should be 65 years
  • The minimum age of the applicant on the due date of loan should not be more than 75 years
  • The eligibility of loan amount is based on the repayment capacity
Other Details

  • For repair and renovation purpose
  • Max loan amount availed is Rs 10 lakhs if the age of the property is up to 5 years
  • Max loan amount availed is Rs15 lakhs if the age of the property is more than 5 years and up to 25 years
  • The loan can also be availed to purchase a flat or house
  • Individual borrowers alone or jointly with family members can avail home loan
Housing Loans to NRIs One Year MCLR + 0.05% - One Year MCLR + 1.20% 0 maximum above Rs 75,00,000 5 years - 25 years
Details
Documents Required

  • Duly filled in application form
  • Proof of Residence
  • Proof of Income
  • PAN Card
  • Aadhaar Card
  • Property statement of the applicant / co-obligant
  • Location or sketch of the proposed house or flat
  • Minimum 12 post dated cheque
  • Passport Details
  • Work Permit
  • VISA Details
  • Agreement with current employer
Benefits

  • Lower interest rates
  • Women borrowers will get a loan at lesser interest rates
  • The gestation period of 30 months
  • Get maximum tenure for repaying loan amount – 360 months
Eligibility

  • The applicant should have worked for a minimum of one year abroad
  • Instalment amount should be paid by remittance either from outside India or out of funds from his/her NRE, FCNR accounts or out of the rental income.
  • Issuance of Power of Attorney
  • Abroad: The power of attorney should be attested by Indian consulate/high commissioner and should be registered in India within a period of three months.
  • India: The power of attorney should be registered.
Other Details

  • The loan can be availed to either purchase a house or for construction or for repair or renovation of house or flat.
  • Individuals who reside in UAE, Dubai, Sharjah, either individually or jointly can apply for a loan
  • The applicant can get a loan amount of up to Rs 10,00,000 for a tenure of 5 years in case of repairs.
  • Applicants can get a loan amount of up to Rs 15 lakhs if the tenure for the repayment of the loan is between 5 years to 25 years.
Top Up Loan 9.50% up to 1% of loan amount maximum of Rs 50,00,000 same as outstanding home loan tenure
Details
Documents Required

For Salaried Individuals:

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card, PAN Card, Aadhaar Card
  • Proof of Residence: Utility Bills including Electricity bill, water bill, telephone bill, Passport, Aadhaar Card, Election Voters ID, Driving License,
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Last 6 months Bank statement showing salary credits, latest Form 16 and Income Tax Returns, Recent 3 months Salary Slips
  • Bank statements for the last 6 months

For Self Employed Individuals:

Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card, PAN Card, Aadhaar Card
Proof of Residence: Utility Bills including Electricity bill, water bill, telephone bill, Passport, Aadhaar Card, Election Voters ID, Driving License,
Duly filled in application form along with recent passport size photographs
Proof of Income: Income Tax returns for the last 2 years along with the computation of income certificate by a Chartered Accountant
Bank statements for the last 6 months which includes details of both personal and business transactions.

For Professionals:

Professionals who are eligible to secure a home loan from Axis Bank includes Doctors, Architects, Dentists, Engineers, Chartered Accountant, Management Consultants, Company Secretariat and so on.
Proof of Identity: Aadhaar Card, Passport, Driving License, Election ID Card, PAN Card
Proof of Residence: Utility Bills including Electricity bill, water bill, telephone bill, Passport, Aadhaar Card, Election Voters ID, Driving License
Duly filled in application form
Recent photographs
Proof of Income: Income Tax returns for the last 2 years along with the computation of income certificate by a Chartered Accountant

Benefits

  • Get high loan amount of up to Rs 50,00,000
  • Applicants can use the loan for multiple purposes either for construction in a residential plot or in commercial premises after securing permission.
  • One can repay the top up loan along with home loan
  • Get top up a loan at attractive interest rates
Eligibility

For Salaried Individuals:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 60 years or superannuation (whichever is earlier)
  • Individuals should be permanent employees in either a government organization or reputed companies.

For Professionals:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 65 years or less at the time of home loan maturity
  • Professionals like Architects, Doctors, Engineers, Cost Accountants, Management Consultants, Company Secretary, Dentists and so on can avail home loan.

Self Employed Individuals:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant at the time of maturity of home loan should not exceed 65 years
  • Individuals who file Income Tax Returns can also apply.
  • Applicants should have a self-owned business to secure the loan.
  • Applicants should have a regular source of income.
  • Applicants should be in business for a minimum of 2 years.
Other Details

  • Interest rates will be based on floating rates.
  • Loan processing charges are up to 1% of the loan amount (minimum of Rs 10000)
  • Late payment charges for delay in EMI is applicable.
  • The borrowers have to pay 2% of the outstanding loan amount for changing interest rates from fixed to floating.
  • The borrowers will be charged 1% on the outstanding principal (minimum of Rs 10,000) for changing the interest rates from floating to fixed.
FAQs

Q: What rate of interest does Andhra bank offers for home loan borrowers?

A: Andhra Bank offers home loans at competitive interest rates.

The lowest Rate of interest offered by Andhra Bank on Home Loan is 8.75%. Interest rates range starts from 8.75% to 8.90% based on the applicant's profile.

Q: Is there any tax benefit on home loan from Andhra 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. Andhra Bank issues an annual tax claim certificate to help the home loan owner in this regard.

Q: Can I transfer my house loan from another bank to Andhra Bank?

A: Yes, Andhra Bank gives you the facility to transfer your existing loan with the free process. Availing loan transfer to Andhra Bank can give benefits you to save interest, pay lower EMIs and save money.

Q: How to increase my loan eligibility on Andhra Bank housing loan?

A: If your spouse or family member is earning well, you can add your spouse or family member as a co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

Q: How the interest rate will change on Andhra Bank housing loan in future?

A: 1. Floating rate on Andhra Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.75%. The bank offers a home loan at 8.80%, it applies a premium of 0.05% to its MCLR Rate to arrive at this home loan rate.

2. When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

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