Everyone has different dreams and expectations for their home. For some a big lavish home is just right for their stylish living, whereas for others it might be small and budget home. If you are looking for a villa, apartment or even a two BHK and you don’t have enough funds, then you will either look for money from your family or take a home loan. Earlier, people were not very comfortable in taking the loan, but now it is a common phenomenon. Almost all banks and housing finance companies offer you a home loan to make that big purchase. You should buy a home that fits into your budget.
You can apply for a home loan to any lender. But you should not apply in a hurry. Before applying, take out some time for doing primary research about the real-estate market and loan to find out which type of home is within your budget? Allahabad Bank offers customized home loan product to meet the financial requirements of the customers. Under home loan under AB Aashiana Scheme. the bank offers home loan of upt o ₹500 lakhs to the customers. You can take a home loan for buying a flat/apartment. Moreover, the loan is available for renovation and reconstruction of the property. Here, we are discussing the Allahabad Bank home loan’s feature and benefits in detail for your understanding.
Allahabad Bank Home Loan Interest Rate
| Particulars | Details |
|---|---|
| Interest Rate | 8.75% - 9.90% |
| Loan Amount | Customized |
| Tenure | 30 Years |
| Processing Fee | Nil |
Age and Eligibility of Allahabad Bank Home Loan
- The minimum age to avail the home loan is 21 years and the maximum age is 70 years at the time of maturity of the loan.
- You should have a regular source of income
- HUFs are not eligible for a home loan.
- The employees who have availed of housing loan from their own organizations may also avail of housing loan from the bank
Allahabad Bank Home Loan EMI Calculator
Are you interested in knowing that? If yes, you can easily calculate the same with the help of an EMI calculator. Yes, this calculator allows you to know your EMI by doing all the calculations for you. This tool takes into the account, your loan amount, interest rate, and tenure, and gives you the results in return. You just need to enter these fields into a calculator, it will give you the results instantly. Well, to make you understand below is the calculation done by the calculator for your home loan:
Here is an example for the loan amount ₹15,00,000 at the interest rate of 8.50% per annum for the tenure of 15 years:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 15,00,000 | 8.50% | 1 | ₹ 1,30,830 | ₹ 69,956 | ₹ 15,69,956 |
| ₹ 15,00,000 | 8.50% | 2 | ₹ 68,184 | ₹ 1,36,404 | ₹ 16,36,404 |
| ₹ 15,00,000 | 8.50% | 3 | ₹ 47,351 | ₹ 2,04,647 | ₹ 17,04,647 |
| ₹ 15,00,000 | 8.50% | 4 | ₹ 36,972 | ₹ 2,74,678 | ₹ 17,74,678 |
| ₹ 15,00,000 | 8.50% | 5 | ₹ 30,775 | ₹ 3,46,488 | ₹ 18,46,488 |
| ₹ 15,00,000 | 8.50% | 6 | ₹ 26,668 | ₹ 4,20,066 | ₹ 19,20,066 |
| ₹ 15,00,000 | 8.50% | 7 | ₹ 23,755 | ₹ 4,95,397 | ₹ 19,95,397 |
| ₹ 15,00,000 | 8.50% | 8 | ₹ 21,588 | ₹ 5,72,467 | ₹ 20,72,467 |
| ₹ 15,00,000 | 8.50% | 9 | ₹ 19,919 | ₹ 6,51,255 | ₹ 21,51,255 |
| ₹ 15,00,000 | 8.50% | 10 | ₹ 18,598 | ₹ 7,31,742 | ₹ 22,31,742 |
| ₹ 15,00,000 | 8.50% | 11 | ₹ 17,530 | ₹ 8,13,906 | ₹ 23,13,906 |
| ₹ 15,00,000 | 8.50% | 12 | ₹ 16,651 | ₹ 8,97,720 | ₹ 23,97,720 |
| ₹ 15,00,000 | 8.50% | 13 | ₹ 15,918 | ₹ 9,83,159 | ₹ 24,83,159 |
| ₹ 15,00,000 | 8.50% | 14 | ₹ 15,299 | ₹ 10,70,195 | ₹ 25,70,195 |
| ₹ 15,00,000 | 8.50% | 15 | ₹ 14,771 | ₹ 11,58,797 | ₹ 26,58,797 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 51,737 | ₹ 1,25,515 | ₹ 14,48,262 |
| 2 | ₹ 56,311 | ₹ 1,20,942 | ₹ 13,91,951 |
| 3 | ₹ 61,288 | ₹ 1,15,965 | ₹ 13,30,662 |
| 4 | ₹ 66,705 | ₹ 1,10,547 | ₹ 12,63,956 |
| 5 | ₹ 72,601 | ₹ 1,04,651 | ₹ 11,91,354 |
| 6 | ₹ 79,019 | ₹ 98,234 | ₹ 11,12,335 |
| 7 | ₹ 86,003 | ₹ 91,249 | ₹ 10,26,331 |
| 8 | ₹ 93,605 | ₹ 83,647 | ₹ 9,32,725 |
| 9 | ₹ 1,01,879 | ₹ 75,373 | ₹ 8,30,845 |
| 10 | ₹ 1,10,885 | ₹ 66,368 | ₹ 7,19,960 |
| 11 | ₹ 1,20,686 | ₹ 56,567 | ₹ 5,99,274 |
| 12 | ₹ 1,31,353 | ₹ 45,899 | ₹ 4,67,920 |
| 13 | ₹ 1,42,964 | ₹ 34,289 | ₹ 3,24,956 |
| 14 | ₹ 1,55,601 | ₹ 21,652 | ₹ 1,69,354 |
| 15 | ₹ 1,69,458 | ₹ 7898 | ₹ 0 |
For Salaried
The loan amount is limited to 60 times of gross monthly salary last drawn provided that the amount is within the project cost minus the stipulated margin. Overall deductions involving EMI of proposed home loan should not be more than 40% of the gross monthly emolument of the applicant.
For Self-employed and Others
Self-employed and others can get a loan amount up to 4 times of average gross income shown in the Income Tax Assessment Order/ acknowledged copy of income tax return in the last 3 years. However, the amount must remain within the project cost less stipulated margins. Overall deductions comprising EMI of proposed loan must remain within 40% of the gross monthly income of the applicant.
Home Loan Processing Fee
The processing fee on a home loan is presently 0%. This is a limited period offer valid till 31.12.2018.
Allahabad Bank Home Loan Documents
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Aadhar Card/Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Aadhar Card/Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | Aadhar Card/PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs | Aadhar Card/PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs |
| Income Proof | Form 16 for last 2 years, Latest Salary Slip, bank statements of last 3 years | IT returns for the last 3 years along with audited balance sheet, P&L account statement for last 3 years, bank statement for last 3 years |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Signature Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
| Property Purchase Agreement | Yes | Yes |
Features and purpose of Allahabad Bank home loan
You can take a home loan for construction of residential house on land already owned You can borrow the loan for purchase of flat/apartment for residential use Home loan can be taken for renovation/repair/extension of residential house Home loan is also available for under-construction properties Taking over the housing loans from other finance companies/banks/financial institutions, etc.
Allahabad Bank Home Loan Application Form
In order to avail the home loan from Allahabad Bank, firstly you need to fill in the application form provided by the bank. Filling an application form is the first step to get the home loan from any lender. The best thing is that you can either fill in this form online or visit your nearest branch for the same. Through these two ways, you can easily apply for a home loan in Allahabad Bank.
Allahabad Bank Home Loan Customer Care
In case, you have any queries related to your home loan, feel free to get in touch with the bank through its toll-free customer care number-1800 22 6061. You can dial this toll-free number anytime in order to be in touch with the bank, which basically helps in solving all your queries or concern. The bank executives are always there to help and guide you in the best way possible.
