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Andhra Bank Home Loan Interest Rate

There are many reasons why you should consider buying your own home. Why continue paying rent when you could buy a home of your own in easy EMIs? With the wide variety of home loan options given the high competition, it is easier than ever to own a home. The price of real estate continues to increase every year (on a general basis), and therefore, purchasing real estate is one of the safest long-term investments.

Whether you are only thinking about buying a property, or have already started looking at properties, the deciding factor when considering various home loan options is typically the interest rate. For each home loan applicant, the interest rate would vary based on their eligibility and various other factors. To become eligible for Andhra Bank home loan, you must fulfil all their prescribed eligibility criteria.

Andhra Bank Home Loan Eligibility

Eligibility criteria play an important role in determining the interest rate of the home loan. Below are the eligibility criteria that are required to qualify for Andhra Bank home loans.

  • You must be at least 21 years of age on sanction of the loan
  • You must be a maximum of 65 years of age.
  • You must be salaried or self-employed with a regular source of income
  • Individuals either singly or jointly with family members can apply.

Andhra Bank Home Loan Interest Rate

Below is the interest rate on Andhra Bank’s home loans applicable to different loan amounts. Women borrowers get interest concession of 0.05%.

Loan AmountLTVMarginRate of Interest for WomenRate of Interest for Others
Up to Rs. 30 lakhs90%10%One Year MCLR + 0.05% One Year MCLR + 0.10%
Above Rs. 30 lakhs and up to Rs. 75 lakhs80%20%One Year MCLR + 0.05% One Year MCLR + 0.10%
Above 75 lakhs75%25%One Year MCLR + 0.15% One Year MCLR + 0.20 %
Home Loan Repairs /Modifications75%25%One Year MCLR + 1.20%One Year MCLR +1.20 %

Factors That Affect Andhra Bank Home Loan Interest Rate

Age: Minimum age requirement for Andhra Bank home loan is 21. If you apply at the earlier stage of your career, you will be automatically be eligible for longer repayment period. This in turn makes the lender believe that you will be able to repay the loan while you earn. Considering that factor, you have a chance of getting a reduced interest rate.

Income: The home loan amount is determined by your monthly income. If you have a good salary, you have higher chances of bagging a low interest loan as the lender assumes that you have a good repayment ability. When you are able to establish a better repayment ability, the lender gives the loan at reduced interest rate.

Credit Score: Most banks approve home loans as they have the advantage of the collateral. But getting low interest rate is challenging as you need to be in a good credit health. If you have a good credit score, you are very likely to get a low interest home loan.

Down Payment: If you are able to make a decent down payment over the margin, you have reduced the borrowing risk to the lender. This in turn shows an impact on your home loan interest as well. You can get a low interest rate on your home loan.

Andhra Bank Home Loan Overview

Whether you are looking for a property, or wish to construct your own house, you could perhaps consider Andhra Bank home loans. Some of the features and benefits include:

  • Flexible repayment tenure up to 30 years.
  • Balance transfer facility
  • Attractive interest rate
  • Hassle-free documentation
  • Loans available for the salaried and self-employed aged 21 to 65 years.
  • Maximum age at the loan maturity should not be more than 75 years.

Andhra Bank home loans can be availed for the following purpose:

For purchase of plot:

  • The plot is to be situated in residential areas within Municipal/Corporation limits in Metro, Urban and Semi Urban areas.
  • Finance shall also be considered for purchase of sites offered for sale by state owned agencies like Housing Boards etc. in Metro, Urban and Semi Urban areas.
  • The construction has to be commenced within 12 months from the date of first disbursement of loan for purchase of plot and the construction should be completed within 30 months from the date of disbursement of first instalment of loan.

For repairs and renovation:

  • Up to 5 years of age of the property - Max loan Rs.10.00 lakhs
  • Above 5 years and up to 25 years - Max loan Rs.15.00 lakhs

How to calculate Interest/EMI on Andhra Bank home Loan

Using a home loan EMI calculator takes the guesswork out of figuring out what kind of loan you can afford. There is no need to manually calculate the cost of different loan products offered by various lenders. It is quick, simple, accurate, and you need to know only three things when using the home loan calculator: the loan amount, the interest rate and the tenure. The home loan calculator will do the hard number crunching and present you with a breakup of the EMI amount. The whole process of calculating your EMI only takes a few minutes.

You can use CreditMantri’s Home Loan EMI calculator to calculate the exact amount that you will need to pay on a monthly basis provided that you enter all the amounts correctly. The tool will show you a detailed break up that includes the amount borrowed, the amount of interest payable and the processing fee. Using an EMI calculator will help you gauge an understanding of the actual amounts involved in an EMI.

Andhra Bank Home Loan Status

Once you submit your application with your complete contact details and employment history, an Andhra Bank representative will collect the required documents from you. Upon the successful verification of your documents, and if you are found eligible, Andhra Bank will make a loan offer.

You can check your Andhra Bank home loan status by contacting your branch and referencing the application number. You can also contact Andhra Bank customer care for help with tracking your application.

Andhra Bank Home Loan FAQs

1. Who is eligible to avail a home loan from Andhra Bank?

Salaried individuals, self-employed professionals and self-employed individuals are eligible to apply for a home loan from Andhra Bank.

2. What is the maximum loan term that I can avail by taking a home loan from Andhra Bank?

The maximum loan tenure offered by Andhra Bank on its home loan is 30 years.

3. Is there a prepayment charge on Andhra Bank home loan

You can make a full or part payment towards paying off your loan before your tenure. This is subject to penalty charges. It is best to contact the bank directly for the most up to date charges.

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