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Allahabad Bank Loan Against Property

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Allahabad Bank Loan Against Property

For any major requirements such as funds for business plans, higher education or medical treatment etc, getting a loan against property could be a feasible option to manage the situation. Understanding the scenario, Allahabad Bank, one of the leading banks in India, allows you to pledge your property to meet the goals or requirements.

Obtaining an Allahabad Bank loan against property is simple as the process is quicker and approvals are done faster. With flexible repayments, this loan is preferable and affordable by all.

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Key Highlights of Allahabad Bank Loan Against Property

Loan AmountLoans up to Rs.2 crore
EligibilitySalaried or Self-employed
Loan TenureUp to 9 years
Interest RateStarts from 11%

What is Loan Against Property?

Loan Against Property is taken to meet the financial needs of an individual using mortgage of property. This is also known as ‘Home Equity Loans’ as taken against the security of the house you own. The funds obtained from the mortgage can be used to expand your business, pursuing education in foreign universities, funding medical treatments, for consolidating debts etc.

Introduction to Allahabad Bank Loan Against Property

Allahabad Bank, one of the leading private banks in India, offers loans against your residential or commercial property. The borrowers can get funds up to 60% value of the property from Allahabad Bank loan against property. With customised loan options, Allahabad Bank provides competitive interest rates and flexible repayment options. Allahabad Bank loan against your home could be the perfect solution for all your financial needs as the approvals are done in 3 days. Door-step services are offered, and the loan processing is done quickly and easily.

Advantages of Allahabad Bank Loan Against Property

  • Long tenure with small EMIs
  • Attractive interest rates
  • Hassle-free documentation
  • Quick processing
  • Loans for both commercial and residential properties

Features of Allahabad Bank Loan Against Property

Purpose: The main objective of Allahabad Bank loan against property is to provide finance to individuals who have various financials goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.

Loan Amount: The borrowers can get up to Rs.2 crores

Repayment Options: The customers can opt for low EMIs and longer tenure or overdraft facility on Allahabad Bank loan against property.

Loan Processing: No hidden charges are levied on processing the loan and all the charges are communicated up front.

Customised Loan: One of the major benefits is that self-employed professionals can get their loans customised based on their needs. This is to facilitate better easy repayment and manage their business as well.

Prepayment charges: 2.25% will levied for outstanding loan amount

Processing Fee: For up to Rs.25 Lac: 1.06%, Min Rs.2670. Above Rs.25 Lac to Rs.150 Lac: 0.53%, Min Rs.26700. Above Rs.150 Lac: 0.27%, Min Rs.80100 the loan amount is levied for processing the loan and all the charges are communicated up front

Overdraft Facility: You can avail overdraft facility against property which allows you to use the loan amount up to an approved limit and pay interest only to the amount you have used.

Eligibility Criteria for Allahabad Bank Loan Against Property

To apply for a Allahabad Bank loan against property, you must be either a self-employed professional or a salaried employee working in a reputed private company or government organisations.

Allahabad Bank Loan Against Property Interest Rate 

The borrowers can choose either fixed or floating type of interest rate and the charges differ accordingly.

Fixed Interst Type: For residential properties, the interest rate starts from 11% per annum
Floating Intrest Type: Allahabad Bank does not provide loan against property at floating interest rates.

Allahabad Bank Loan Against Property Balance Transfer

The customers can transfer the loan against property from another bank to Allahabad Bank for Lower interest rate. This can significantly reduce the loan burden and monthly outgo on EMIs.

Documents Required to get Allahabad Bank Loan Against Property

The documentation is easy and hassle free. The following documents are required to get Allahabad Bank loan against property along with the application.

For Salaried Individuals

Application form with photograph

Any one of the following as proof of residence

  • Aadhar card
  • Ration card
  • Telephone bill
  • Electricity bill
  • Voter ID card

Any one of the following as proof of identity

  • Voter ID
  • Driving Licence
  • Aadhar card
  • Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

From 16 for the past 2 years

For Self-Employed Individuals

Certified financial statement for the previous 3 years

Any one of the following as proof of residence

  • Aadhar card
  • Ration card
  • Telephone bill
  • Electricity bill
  • Voter ID card

Any one of the following as proof of identity

  • Voter ID
  • Driving Licence
  • Aadhar card
  • Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

Benefits of Allahabad Bank Loan Against Property

Using the funds acquired from Allahabad Bank loan against property, you can fulfil your immediate and long-term needs such as business needs, marriage, medical expenses and other personal needs. The repayment is easy as you can get long tenure with small EMIs at attractive interest rates. The documentation is easy and hassle free and processed quickly. With the overdraft facility, the customers can pay interest to the amount you have used. The customers can avail the services from anywhere in India.

How to Apply for Allahabad Bank Loan Against Property?

Applying for an Allahabad Bank loan against property is simple. You can either apply online or visit a nearby Allahabad Bank branch.

Applying Online

You can visit the official website of Allahabad Bank and select ‘Apply Now’ option under ‘Loan Against Property’ page. It will be directed to another page where you need to fill up the personal and income details. After completing the application form, you can submit it which will be validated by the lender. A representative from the bank will call you for documentation following which it will be sent for approval.

Allahabad Bank Loan Against Property FAQ

1. What are that properties that can be considered as collateral for Allahabad Bank loan against property?

Self-occupied residential properties and commercial properties such as shops and offices are considered collateral.

2. What is the maximum loan amount I can get from Allahabad Bank loan against property?

You can get up to Rs.2 crore as the loan amount.

3. Can I pre-close my loan against property account?

Yes, you can. You need to submit a written request to the nearest Allahabad Bank branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.

4. Can I make part-prepayment on Allahabad Bank loan against property?

Yes, you can make part-prepayment and no charges are levied on floating interest type.

5. How can apply for Allahabad Bank loan against property?

You can either apply online or visit the nearby Allahabad Bank branch or through CreditMantri official website.

6. Will I be charged a penalty for not paying my EMI on Allahabad Bank loan against property?

Yes, you will be charged 2.25% of the EMI amount as penalty.

7. Can I get overdraft facility against my property?

Yes, you can avail overdraft facility against your property as a term loan.

8. What is the interest rate range to avail Allahabad Bank loan against property?

The interest rate starts from 11%

9. What is the processing fee on Allahabad Bank loan against property?

The processing fee is for Rs.25 Lac: 1.06%, Min Rs.2670. Above Rs.25 Lac to Rs.150 Lac: 0.53%, Min Rs.26700. Above Rs.150 Lac: 0.27%, Min Rs.80100

10. Can I top up the Allahabad Bank loan against property?

Yes, you can top up loans under adjustable rate which is linked to Allahabad Bank’s retail prime lending rate.

11. Can I get Allahabad Bank loan against property without any income proof?

No, you cannot get it without showing income proof.

12. In what cities Allahabad Bank loan against home and land available?

Allahabad Bank loan against property is available in Kolkata, Chennai, Mumbai, Bangalore, Pune etc. The loan can be availed after submitting land or home documents to the bank as collateral.

About Allahabad Bank

Allahabad Bank was founded in 1865 in Allahabad. Headquartered in Kolkata, it is the oldest joint stock bank in India. The bank has over 2,500 branches across India. It provides a wide range of banking products and financial services to its customers.

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