Allahabad Bank Home Loan: Interest Rates, Loan Amounts & More

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Embarking on the journey of owning a home is a significant milestone in one's life. To help you realize this dream, Allahabad Bank offers a range of Home Loan solutions tailored to suit your individual needs. Whether you're a salaried professional, a seasoned businessman, a self-employed individual, or a pensioner, Allahabad Bank's Home Loan options cater to diverse financial backgrounds. With competitive interest rates, flexible repayment plans, and various loan packages, you can take confident steps towards acquiring or constructing your dream home.

Allahabad Bank Loan Details

Explore interest rates, loan amounts, processing fees, prepayment charges, maximum tenure, and rate packages available.

  • Target Group: Salaried class, businessmen, professionals, self-employed individuals, and pensioners can apply.
  • Entry Age: Applicants must be at least 18 years old.
  • Purpose of Loan: Use the loan for purchasing, constructing, renovating, or taking over a home loan. Various options are available for different needs.
  • Employment/Business Experience: Salaried individuals need a minimum of 3 months' salary statement. Non-salaried individuals require 3 years of business, professional, or self-employment experience.
  • Quantum of Loan: The loan amount depends on the Net Take Home Pay criteria. Income determines eligibility for different loan amounts.
  • Margin: Loan margin varies based on the loan amount, starting from 10% for loans up to Rs.30 lakhs.
  • Repayment Period: General Home Loan: Up to 30 years. Takeover or Balance transfer can extend beyond the original period, but not exceeding 30 years.
  • Repayment Types: Choose from Equated Monthly Installment (EMI), Progressive Monthly Instalment (PMI), or Negotiated Repayment options.

Allahabad Bank Home Loan Interest Rates

Product NameInterest Rate Range
Home Loan
Home Loan for Elite Customers (Rs.15 lakhs & above) 8.50% to 8.95%
Home Loan for Elite Customers (Rs.15 lakhs & above) – Takeover 8.50% to 8.75%
Home Loan (CRE) for Elite Customers (Rs.15 lakhs & above) 9.00% to 9.45%
Home Loan for General Customers 9.20% to 9.40%
Home Loan CRE for General Customers 9.70% to 9.90%
Home Loan Premium
Home Loan Premium 9.00% to 9.20%
Home Loan to Corporate Entity
Home Loan for Corporate Entity 8.60% to 10.10%
Home Advantage
Home Advantage for Elite Customers (Rs.15 lakhs & above) – Term Loan 8.50% to 8.95%
Home Advantage for Elite Customers (Rs.15 lakhs & above) – Overdraft 9.50% to 9.95%
Home Advantage for General Customers – Term Loan 9.20% to 9.40%
Home Advantage for General Customers – Overdraft 10.20% to 10.40%
Plot Loan
Plot Loan for Elite Customers (Rs.15 lakhs & above) 9.70% to 9.95%
Plot Loan for General Customers 10.20% to 10.40%
IB Home Improve
Home Improve for Elite Customers (Rs.15 lakhs & above) 9.00% to 9.45%
Home Improve for General Customers 9.70% to 9.90%
Home Enrich
Home Enrich 9.40% to 9.95%
Home Loan Plus
Home Loan Plus for Elite Customers (Rs.15 lakhs & above) 9.00% to 9.70%
Home Loan Plus for General Customers 9.70% to 10.15%

Allahabad Bank Home Loan EMI Calculator

Calculating your Equated Monthly Installments (EMIs) is essential to understand how much you'll be repaying each month. The EMI comprises both the principal loan amount and the interest, divided over the loan tenure. To calculate your EMI:

1. Loan Amount:

Enter the amount you wish to borrow from Allahabad Bank.

2. Interest Rate:

Input the applicable interest rate for your chosen Home Loan scheme.

3. Loan Tenure:

Specify the duration over which you plan to repay the loan.

Once you input these details, the EMI calculator will provide you with an estimated monthly instalment. Remember that while the EMI gives you an overview, it's also essential to consider other costs like processing fees and prepayment charges.Use Allahabad Bank's Home Loan EMI calculator as a helpful tool to plan your finances effectively and choose a loan that fits your budget and requirements.

Allahabad Bank Home Loan Schemes

Allahabad Bank offers a variety of home loan schemes to cater to a diverse range of borrowers, providing flexibility and customization to fulfill housing dreams. Explore the detailed descriptions of Allahabad Bank's home loan schemes:

Allahabad Bank Home Loan

Designed to cater to a diverse range of borrowers, the Allahabad Bank Home Loan offers flexibility and customization to fulfil your housing dreams. This scheme is accessible to various target groups, including salaried individuals, businessmen, professionals, and pensioners. With a minimum entry age of 18 years, this loan covers a spectrum of purposes such as purchasing or constructing a new house/flat, buying a house under construction, undertaking repairs, and more.

Eligibility criteria encompass the applicant's employment status and income level. Salaried applicants require salary statements from reputable employers, while non-salaried individuals need a minimum of three years of business experience. Pensioners must demonstrate sufficient income to service the loan.

The loan amount is determined based on the Net Take Home Pay (NTHP) criteria, with specific margin requirements for various loan categories. The repayment period varies depending on the purpose of the loan and can extend up to 30 years.

    Interest Rates for Allahabad Bank Home Loan:

    • IB Home Loan to Elite Customers (Rs.15 lakhs & above): 8.50% to 8.95%
    • IB Home Loan to Elite Customers (Rs.15 lakhs & above) – Takeover: 8.50% to 8.75%
    • IB Home Loan (CRE) to Elite Customers (Rs.15 lakhs & above): 9.00% to 9.45%
    • IB Home Loan to General Customers: 9.20% to 9.40%
    • IB Home Loan CRE to General Customers: 9.70% to 9.90%
    • Home Loan Premium: IB Home Loan Premium: 9.00% to 9.20%

    Allahabad Bank Home Loan Combo

    This unique package offers an array of benefits to eligible customers. Combining various loan products, such as IB Vehicle Loan, IB Clean Loan (to Salaried Class), IB Pension Loan, and IB Home Improve, this combo provides concessional interest rates and processing charges.

    Eligibility for the combo is subject to fulfilling the criteria of the individual loan products, repayment capacity, and other requirements. While the package offers reduced interest rates and processing charges, applicants must adhere to the prescribed security arrangements for each loan. Additionally, the Equitable Mortgage established for the Home Loan extends to cover the other loans sanctioned under the combo.

    With Allahabad Bank's Home Loan schemes and combos, you can choose a financing solution that aligns with your housing aspirations and financial capabilities.

      Allahabad Bank Home Improve

      This scheme is tailored for existing and prospective Home Loan borrowers, including residents, non-residents, and staff members. It supports various purposes, from purchasing household furniture and appliances to installing solar systems.

      With a quantum of loan up to 36 times the Gross Monthly Income (maximum Rs.300 lakhs), this scheme offers competitive interest rates and a margin of 15% of the purchase cost. Repayment spans up to 120 months, and prepayment charges are not applicable.

        Interest Rates:

        • IB Home Improve to Elite Customers (Rs.15 lakhs & above): 9.00% to 9.45%
        • IB Home Improve to General Customers: 9.70% to 9.90%

        Security

        • An extension of the Equitable Mortgage of the property mortgaged for the Home Loan or the property for which the facility is availed. CERSAI registration is also required.

        Allahabad Bank NRI Home Loan

        Designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), this scheme caters to various housing needs, from purchasing to repairing or altering existing properties. Eligibility criteria include gainful employment with a residual contract period of at least 3 more years. The maximum age at the time of application is 50 years, and the end of the repayment period is 60 years. Enjoy a quantum of loan up to 60 times the Gross Monthly Income, with flexible margins based on the loan amount. Repayment can extend up to 20 years, including a holiday period of 18 months. Prepayment charges are not applicable.

          Interest Rates:

          • Interest rates vary based on the borrower category.

          Security

          • Equitable Mortgage of the property purchased or constructed using the loan proceeds. CERSAI registration is required.

          Allahabad Bank Home Advantage

          This scheme caters to resident individuals with a steady source of income, including salaried individuals, businessmen, professionals, and self-employed people. It's also available to pensioners with adequate income. Staff members and spouses of the staff can avail of this scheme, with the spouse's guarantee being compulsory. The eligibility criteria vary based on the borrower's age and income. The loan quantum is calculated using a tiered method, depending on the borrower's age and income category. This scheme also offers an overdraft (OD) portion for added flexibility.

            Allahabad Bank Home Enrich

            Designed for repairing and renovating residential dwelling units, this scheme offers a loan quantum ranging from a minimum of Rs.1.00 lakh to a maximum of Rs.10.00 lakhs. It's available to individuals with different income levels. Repayment periods extend to up to 10 years, and a holiday period is allowed until the repairs/renovation are completed or up to 3 months from the loan disbursement date, whichever is earlier. This scheme is secured against assets like bank term deposits, NSCs, and LIC policies.

            These Allahabad Bank Home Loan schemes provide tailored solutions to meet diverse financial needs, whether you're looking to enhance your home or take advantage of exclusive benefits.

              Allahabad Bank Home Loan Eligibility Requirements

              Eligibility for Home Loan

              To be eligible for a Home Loan from Allahabad Bank, you must be 18 years or older. Additionally, you should fulfil the following criteria:

              • Have availed the Home Loan from Indian Bank
              • Serviced the Home Loan satisfactorily for at least one year after the Holiday Period
              • Created an Equitable Mortgage
              • Maintain regular Home Loan account repayments
              • Have the Home Loan account in Standard Category

              Eligibility for Home Loan Combo

              The eligibility criteria are the same as for a Home Loan. You need to meet the following requirements:

              • Have availed the Home Loan from Indian Bank
              • Serviced the Home Loan satisfactorily for at least one year after the Holiday Period
              • Created an Equitable Mortgage
              • Maintain regular Home Loan account repayments
              • Have the Home Loan account in Standard Category

              Eligibility for Home Improve

              To be eligible for the Home Improve scheme, you need to be an existing Home Loan borrower, whether resident or non-resident, including staff members of Allahabad Bank. This scheme is also open to prospective Home Loan borrowers who are salaried individuals, professionals, business class, or pensioners.

                Eligibility for NRI Home Loans

                NRI Home Loan eligibility requirements include:

                • NRIs gainfully employed with a residual contract period or service of at least 3 more years to run
                • NRI professionals with regular monthly income
                • Maximum permissible age at the time of applying is 50 years, and at the end of the repayment period is 60 years

                Eligibility for Home Advantage Loan

                This scheme is available to resident individuals with a steady source of income, including salaried individuals, businessmen, professionals, self-employed individuals, and pensioners. Staff members and their spouses can also avail of this loan, with the spouse's guarantee being compulsory.

                  Eligibility for Home Enrich Loans

                  This scheme is open to resident individuals and NRIs who own a residential dwelling unit in their name. Eligibility criteria include having a steady source of income and a minimum period of confirmed service/experience of 3 years.

                    Documents Required for Allahabad Bank Home Loans

                    To apply for an Allahabad Bank Home Loan, you need to submit the following documents:

                    1. Completed Application Form

                    • The application form provides essential personal and financial details required to process your Home Loan request.

                    2. Proof of Identity (POI)

                    • Valid proof of identity documents, such as an Aadhaar card, passport, voter ID, or driver's license.

                    3. Proof of Address (POA)

                    • Documents that establish your current residential address, such as an Aadhaar card, passport, utility bills, or rental agreement.

                    4. Proof of Age

                    • Birth certificate, school leaving certificate, passport, or any official document that verifies your age.

                    5. Proof of Income

                    • Documents that demonstrate your income sources and ability to repay the loan:
                    • Salaried Individuals: Salary slips, Form 16, employment certificate, and bank statements showing salary credits.Self-Employed Professionals/Businesspersons: Income tax returns (ITR) with computation for the last 2-3 years, financial statements, business license, and GST returns.Agricultural Income: Land records, receipts, and certificates from competent authorities.Rental Income: Rental agreement, bank statements showing rental credits.Other Income Sources: Interest income certificates, dividend statements, etc.

                    6. Property Documents

                    • Agreement of Sale/Sale Deed: A legal agreement detailing the sale of the property.Approved Building Plan: Official approval from relevant authorities for construction.Title Deed Documents: Proof of ownership, chain of title documents for the property.Encumbrance Certificate: Verification of existing loans/mortgages on the property.Land Records: Records indicating land ownership and legal status.Property Tax Receipts: Proof of payment of property taxes.Bank Statements: Bank statements of the last 6-12 months to show your financial stability and transactions.

                    7. Employment/Business Documents

                    • Salaried Individuals: Employment certificate, joining letter, salary slips.
                    • Self-Employed Professionals/Businesspersons: Business registration documents, partnership deed (if applicable).

                    8. Photographs

                    • Passport-sized photographs of all applicants.

                    9. Equitable Mortgage Documents

                    • Documents related to creating an equitable mortgage on the property, such as mortgage deeds, property valuation reports, and encumbrance certificates.

                    10. Other Documents

                    • Any additional documents requested by the bank as per their policies and requirements.

                    Note: The documents mentioned above are indicative. Additional documents may be required based on Allahabad Bank's credit policies and requirements at the time of loan application.

                    Documents Required for NRI Home Loan Application

                    The documents required for processing an NRI Home Loan application include:

                    1. Completed Application Form with passport-size photograph

                      2. Salary Certificate

                        3. Proof of other income (rent, interest, etc.)

                          4. Balance Sheet for the past three financial years (for Professionals, Businessmen & Self-employed)

                            5. Income Tax / Wealth Tax Returns for the past 3 years

                              6. Various property-related documents, including Agreement of Sale / Sale Deed, Approved Building Plan, Title Deed Documents, Proof of title in Revenue Records, etc.

                                7. Passport copy with visa stamping, work permit copy, employment contract copy, identity card issued by the employer, continuous discharge certificate (for merchant navy applicants)

                                  8. Statement of overseas Bank account for the last six months

                                    9. Specific irrevocable Power of Attorney (if applicable)

                                      10. Address proof from the overseas country

                                        Please note that the documents mentioned above are part of an indicative list. Additional documents may be required based on the bank's credit policies and requirements at the time of the NRI Home Loan application.

                                        How to Apply for Allahabad Bank Home Loan

                                        Applying for an Allahabad Bank Home Loan is a straightforward process, and you can easily do it online through the NoBroker platform. Follow these steps to initiate your Home Loan application:

                                        1. Visit the NoBroker Platform:

                                        Go to the NoBroker website and navigate to the Home Loan section.

                                        2. Choose Allahabad Bank:

                                        Select Allahabad Bank as your preferred lender from the list of available options.

                                        3. Fill in Details:

                                        Provide essential information such as your name, contact details, income, employment/business details, and the desired loan amount.

                                        4. Submit Documents:

                                        Upload the necessary documents, including proof of identity, address, income, property details, and more.

                                        5. Submit Application:

                                        Review the application form and documents, then submit your application.

                                        6. Wait for Verification:

                                        Allahabad Bank will verify your application and documents. You might be contacted for any additional information.

                                        7. Receive Approval:

                                        Once your application is approved, you'll receive an approval letter or communication from the bank.

                                        8. Loan Disbursement:

                                        After completing all formalities, the bank will disburse the approved loan amount to your designated account.

                                        By following these steps, you can smoothly complete the Allahabad Bank Home Loan application process via the NoBroker platform.

                                        Allahabad Bank Home Loan Customer Care

                                        Head Office DepartmentsE-Mail Address
                                        Accounts Department hoaccounts@indianbank.co.in, tds@indianbank.co.in, gst@indianbank.co.in
                                        Bank Assurance Centre basc@indianbank.co.in
                                        Banking Operations Department hobod@indianbank.co.in
                                        Board Department ibboard@indianbank.co.in, boardsect@indian-bank.com
                                        Branch Expansion Cell hobec@indianbank.co.in
                                        Cell For Govt Transactions hocgt@indianbank.co.in
                                        Cmd Secretariat cmdsec@indian-bank.com
                                        Compliance Department hocompliance@indianbank.co.in
                                        Corporate Communications Dept hoccd@indianbank.co.in
                                        Credit Card Centre creditcard@indianbank.co.in
                                        Credit Monitoring Cell creditmonitoring@indianbank.co.in
                                        Customer Service Cell customercomplaints@indianbank.co.in
                                        Development Department hodevelopment@indianbank.co.in
                                        Ed Secretariat edsect@indianbank.com, ed2sect@indianbank.com
                                        Expenditure Department hoexpenditure@indianbank.co.in
                                        Hrm Department hohrm@indianbank.co.in
                                        Ind Retail Vertical hopbd@indianbank.co.in
                                        Information Systems Security Cell [ISSC] issc@indianbank.co.in
                                        Inspection Department hoinspection@indianbank.co.in
                                        International Division hoid@indianbank.co.in
                                        Investors Service Cell investors@indianbank.co.in
                                        Marketing Department indianbank@indianbank.co.in
                                        Legal Department holegal@indianbank.co.in
                                        Mis Department homis@indianbank.co.in
                                        New Initiatives Department ibhobdfp@indianbank.co.in
                                        O & M Department oandm@indianbank.co.in
                                        Official Language Cell hoolc@indianbank.co.in
                                        Planning Department planning@indianbank.co.in
                                        Recovery Department horecovery@indianbank.co.in
                                        Risk Management Dept riskman@indianbank.co.in, creditrisk@indianbank.co.in, oprisk@indianbank.co.in
                                        Rtgs Cell rtgscell@indianbank.co.in rtgs@indian-bank.com
                                        Rural Banking Department horbd@indianbank.co.in
                                        Security Department hosecurity@indianbank.co.in
                                        Small & Medium Enterprises Dev Dept hosmed.policy@indianbank.co.in
                                        Dbd – Atm Card Hot Listing atmhotlist@indianbank.co.in
                                        Vigilance Department hovigilance@indianbank.co.in
                                        Treasury Branch treasury@indianbank.co.in

                                        Conclusion

                                        In conclusion, securing an Allahabad Bank Home Loan is a convenient way to realize your dream of owning a home. Their diverse range of Home Loan schemes, flexible eligibility criteria, and competitive interest rates make them a preferred choice for many. By following the simple online application process, you can embark on your homeownership journey with ease.

                                        FAQs
                                        1. What are the eligibility criteria for an Allahabad Bank Home Loan?
                                        Allahabad Bank extends Home Loans to salaried individuals, businessmen, professionals, and pensioners. The eligibility criteria include factors such as age, income, employment/business experience, and more.
                                        2. How can I calculate my EMI for an Allahabad Bank Home Loan?+
                                        You can use the EMI calculator available on the Allahabad Bank's official website. This tool helps estimate your monthly installment based on factors such as the loan amount, interest rate, and tenure.
                                        3. Can I include my spouse's income for eligibility calculation?+
                                        Yes, you can include your spouse's income to calculate the eligible loan amount, provided they are co-applicants on the loan. This allows for a combined assessment of the household income.
                                        4. What is the maximum tenure for an Allahabad Bank Home Loan?+
                                        The maximum repayment tenure for Allahabad Bank Home Loans varies based on the type. General Home Loans have a maximum tenure of 30 years, while Home Loans under Commercial Real Estate may have slightly shorter tenures.
                                        5. Is there a prepayment penalty for Allahabad Bank Home Loans?+
                                        No, Allahabad Bank does not charge prepayment penalties on Home Loans. This policy provides borrowers with the flexibility to pay off their loans faster without incurring additional charges.
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