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.
Explore interest rates, loan amounts, processing fees, prepayment charges, maximum tenure, and rate packages available.
|Interest Rate Range
|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 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 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%
|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%
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:
Enter the amount you wish to borrow from Allahabad Bank.
Input the applicable interest rate for your chosen Home Loan scheme.
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 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:
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.
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.
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.
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.
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.
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.
To be eligible for a Home Loan from Allahabad Bank, you must be 18 years or older. Additionally, you should fulfil the following criteria:
The eligibility criteria are the same as for a Home Loan. You need to meet the following requirements:
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.
NRI Home Loan eligibility requirements include:
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.
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.
To apply for an Allahabad Bank Home Loan, you need to submit the following documents:
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.
The documents required for processing an NRI Home Loan application include:
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.
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:
Go to the NoBroker website and navigate to the Home Loan section.
Select Allahabad Bank as your preferred lender from the list of available options.
Provide essential information such as your name, contact details, income, employment/business details, and the desired loan amount.
Upload the necessary documents, including proof of identity, address, income, property details, and more.
Review the application form and documents, then submit your application.
Allahabad Bank will verify your application and documents. You might be contacted for any additional information.
Once your application is approved, you'll receive an approval letter or communication from the bank.
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.
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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.