Andhra Bank Home Loan: Your Path to Affordable Homeownership

Standard Home Loan:

Provides stability with fixed interest rates throughout the loan term, ensuring consistent monthly payments.

Floating Rate Home Loan:

Offers flexibility with interest rates that adjust based on market conditions, taking advantage of rate fluctuations.

Special Schemes:

Exclusive schemes with unique interest rates cater to specific borrower categories or property types, tailored to diverse financial situations.

Customizable Rate Packages:

Borrowers can negotiate interest rates based on their financial profiles and specific loan needs, shaping their borrowing experience.

1. Loan Amount:

Begin by entering the total loan amount you intend to borrow from Andhra Bank.

2. Interest Rate:

Input the applicable interest rate that corresponds to your chosen home loan scheme.

3. Loan Tenure:

Specify the duration for which you plan to repay the loan. This is usually measured in months.

Andhra Bank Union Home Loan

This versatile scheme caters to diverse housing needs, including purchasing new or existing homes, constructing on non-agricultural plots, or even combining plot acquisition with residential construction (composite project). It covers repairs, improvements, extensubDescsions, and loan transfers from other institutions for smooth transitions.

• Eligibility: Open to Indian citizens and NRIs, aged 18 to 75, applying individually or jointly.
• Loan Quantum: No upper limit; based on repayment capacity and property value. Maximum Rs. 30 lakhs for repairs.
• Moratorium Period: Up to 36 months for purchase/construction, up to 12 months for repairs, and up to 48 months for Composite Home Loans.
• Repayment: Up to 30 years for purchase/construction, 15 years for repairs.
• Repayment Methods: Offers various methods including EMI, EQI (for agriculture borrowers), Step-Up, Balloon, FLIP, and Bullet Payment.

Andhra Bank Union Awas Loan

The Andhra Bank Union Awas Loan offers affordable housing and property improvements for rural and semi-urban residents.

Crafted to suit their unique needs, this specialized scheme fosters homeownership and property enhancements.

• Eligibility: Targets rural/semi-urban residents, school/college employees, and farmers with an annual income of Rs. 48,000+. Age: 18-75. Repayment capacity evaluated through income certificate from Tehsildar/Mandal Revenue Officer.
• Loan Quantum: Supports purchase/construction and repairs/improvements. Semi-urban: up to Rs. 10 lakhs or Rs. 5 lakhs. Rural: up to Rs. 7 lakhs or Rs. 5 lakhs. Eligibility based on repayment capacity and property value.
• Moratorium Period: Purchase/construction up to 36 months; repairs/renovation up to 12 months for smoother financial transitions.
• Repayment: Purchase/construction up to 30 years; repairs/renovation up to 15 years. Agriculture borrowers can choose Quarterly, Half-Yearly, or Annual Installments for aligned repayment.

Andhra Bank Plot Purchase Loan

Andhra Bank's Plot Purchase Loan offers a tangible opportunity for aspiring homeowners. The scheme covers a wide range of scenarios for buying residential plots from various sources, including government authorities and private developers. Key features:

• Purpose: Purchase plots from diverse sources, government or private, registered under RERA. Includes renowned developers like DLF, as well as government development authorities.
• Eligibility: Open to bank customers with satisfactory history, new customers, NRIs, and bank employees. Maximum entry age: 60 years.
• Loan Quantum: Based on repayment capacity. Ranges:
• Security & ROI: Equitable mortgage of the plot, personal guarantees. Interest as per Union Home Scheme.
• Repayment/ Tenure: Without home loan for construction: Up to 120 months or age 70.With home loan for construction: Up to 360 months or till age 70 at plot loan closure (whichever is earlier). No moratorium.
• Processing Charges: 0.50%, max Rs. 15000. Staff under the scheme exempt.

Andhra Bank Builder Tie-Ups (Approved Projects) Loans

Andhra Bank collaborates with builders across multiple locations for its Builder Tie-Ups (Approved Projects) Loans, streamlining the path to homeownership. This scheme offers several benefits:

• Quick Processing: Accelerated loan processing and sanctioning reduce waiting times.
• Fee Waivers: Legal and valuation charges are waived, easing financial burdens.
• No Interim Security: Exemption from interim security requirements simplifies the application process.
• Available Cities: The scheme is accessible in vibrant cities including Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chennai, Hyderabad, Jaipur, Kolkata, Lucknow, Mangaluru, Mumbai, Pune, Ranchi, Varanasi, and Vijayawada.

Andhra Bank Union Home - Smart Save Loan

The Andhra Bank Union Home - Smart Save Loan revolutionizes home loans by prioritizing financial efficiency and flexibility. It optimizes interest savings and controlled withdrawals.

• Loan Structure: Like traditional Union Home loans, Smart Save follows norms with regular EMIs/EQIs. Its uniqueness lies in surplus fund management.
• Surplus Fund Management: Smart Save handles excess payments differently. Extra funds reduce the outstanding balance, lowering interest. Surplus funds can be withdrawn, unlike traditional loans.
• Withdrawal and Overflow: Excess deposited funds can be withdrawn, limited to the amount exceeding scheduled repayments. Outstanding balance decreases with deposits and rises with withdrawals.
• EMI Continuation: Regular EMIs continue as scheduled.
• Limitations and Closure: Outstanding balance must remain above 10% of scheduled outstanding. On loan closure, credit is provided for total outstanding.
• Security and Documentation: Requires Union Home (Smart Save) Agreement and Modified Letter of Continuity: AD 09M, in addition to standard security documents.
• Switch Over and Conversion: Borrowers can switch between Smart Save and regular home loans twice. Conversion fee: 0.25% of outstanding or max Rs. 5000+GST. New account opens for conversion.

Citizenship

Indian citizens and NRIs are eligible to apply.

Age Range

The minimum entry age is 18 years, and the maximum exit age can extend up to 75 years.

Co-applicants

Individuals may apply singly or jointly with other eligible applicants.

Income Assessment

Loan eligibility hinges on the borrower's repayment capacity and the property's value.

Employment

Salaried individuals, self-employed professionals, and businessmen are eligible.

Credit History

A positive credit history enhances eligibility.

Income Stability

A steady source of income is a key determinant.

1. For Salaried Individuals

• Identity Proof (PAN card, Aadhar, Passport)
• Address Proof (Aadhar, Passport, Utility Bills)
• Income Proof (Salary slips, Form 16)
• Employment Proof (Appointment letter)
• Bank Statements (Last 6 months)
• Passport-sized Photographs

2. For Self-Employed Professionals/Businessmen

• Identity Proof (PAN card, Aadhar, Passport)
• Address Proof (Aadhar, Passport, Utility Bills)
• Income Proof (Income Tax Returns, Balance Sheets)
• Business Proof (Business Registration documents)
• Bank Statements (Last 6 months)
• Passport-sized Photographs

1. Visit the NoBroker Website:

Go to the NoBroker website.

2. Navigate to the Home Loan Section:

Find and navigate to the Home Loan section on the NoBroker platform.

3. Provide Basic Details and Loan Requirements:

Fill in your basic details and loan requirements as prompted on the application form.

4. Receive Customized Loan Options:

Andhra Bank will provide you with customized home loan options based on the information you provided.

5. Compare and Choose:

Compare the offered options and choose the one that best suits your needs and preferences.

6. Complete the Application Form Online:

Fill out the online application form with accurate details.

7. Upload Necessary Documents Securely:

Securely upload all required documents as specified in the document checklist.

8. Track Your Application's Progress:

Utilize the application tracking feature to monitor the progress of your home loan application.

9. Await Approval and Disbursal:

Wait for the approval process to complete, and once approved, the loan amount will be disbursed accordingly.