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Andhra Bank Home Loan

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Best Rate

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About Andhra Bank

Andhra Bank is a medium-sized public-sector bank (PSB) of India, with a network of 2803 branches, 4 extension counters, 38 satellite offices and 3636 automated teller machines (ATMs). The bank now operates in 25 states and three Union Territories. Andhra Bank has its headquarters in Hyderabad, Telangana, India.

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What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Andhra Bank Home Loans

Being one of the largest bank in India, Andhra Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Andhra Bank Home Loans are tailor made catering to the needs of various customers.

Advantages of Andhra Bank Home Loans

  • Low interest rate
  • No hidden costs and administrative charges
  • Low processing fees
  • No security needed
  • Less paperwork
  • No prepayment penalties

Features of Andhra Bank Home Loans

Objective

Providing home loans for the applicants from in any area like rural, semi-urban, urban and metro etc.

Eligibility Criteria

To avail the personal loan from Bank of Maharashtra(BOM), you need to have the following eligibility criteria.

Individual salaried employees (with a permanent job for the period of minimum 1 year in current organization of State /Central Government/ Public / Private Sector Companies of repute), Self-Employed Professionals, Businessman, Pensioners (subject to having pension account with us & sufficient disposable income)

To avail the personal loan from Andhra Bank, you need to have the following eligibility criteria.

  • You should be 21 years old or above
  • Maximum age on due date of loan is not to be more than 75 years
  • Steady income
  • Salary slip of last 3 months
  • Proper Address Proof and Identity proof

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 there on should be completed within 30 months from the date of disbursement of first instalment of loan for purchase of plot. Failure to comply with will result in declassifying the account from housing loans and charging commercial rate of interest.
  • Assessment of eligible amount of loan is is based on repayment capacity for both the components of loan – i.e. for plot and construction together.

For repairs and renovation:

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

Loan Amount

Eligibility of loan amount is based on repayment capacity

Loan Tenure

Repayment maximum period is 30 years

Prepayment Charges: As applicable

Processing Fees: As applicable

Interest Rates

SLABLTVMinimum MarginRate of interest (Women)Rate of interest (Others)
Up to 30 lakhs90%10%One YearOne Year
Above 30 lakhs and up to 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 loans repairs /Modifications75%25%One Year MCLR + 1.20%One Year MCLR +1.20 %

Documents Required to Apply for Andhra Bank Home Loans

Important documents to be submitted while applying for personal loans with Andhra Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Andhra Bank Home loans for NRIs

Eligibility

  • Minimum service of one year abroad.
  • Non-resident Indians and persons of Indian origin individually or jointly with resident close relatives.
  • Installment shall be paid by remittance from outside India or out of funds in his NRE, FCNR accounts or out of rental income.
  • Applicant has to submit copy of Passport, VISA, Work permit, Agreement with present employer.
  • Issuance of Power of Attorney: 
  • Abroad: The PA should be attested by Indian Consulate/High Commissioner and registered in India within three months.
  • India: The PA should be registered.
  • The PA should be specific PA to execute the documents and to execute Debt Acknowledgement.
  • All other guidelines as applicable to general housing scheme.
  • Purpose: for purchase or construction, repairs/renovation of house/flat.

Documents Required

  • Application
  • Property Statements of the Applicant/Co-Obligant.
  • Location (Sketch of the proposed house/flat 
  • Minimum 12 Post Dated Cheques
Andhra Bank Home Loan
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Tenure

Maximum: 360 months

Gestation: 30 months

Margin and Rate of Interest

SLABLTVMinimum MarginRate of interest (Women)Rate of interest (Others)
Up to 30 lakhs90%10%One Year MCLR + 0.05% One Year MCLR + 0.10 %
Above 30 lakhs and up to 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 loans repairs /Modifications75%25%One Year MCLR + 1.20%One Year MCLR +1.20 %

EMI Payment Methods

Your Andhra Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):If you are an existing account holder with Andhra Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Andhra Bank account you specify.

Electronic Clearing Service (ECS):This mode can be used if you have a non-Andhra Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-Andhra Bank account at your nearest Andhra Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Andhra Bank Home Loan?

You can either apply online or visit a nearby Andhra Bank branch for the application. You can also download the home loan application form from the Andhra Bank official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Andhra Bank Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

Andhra Bank Home Loan FAQs

1. What are processing fees on Andhra Bank Home Loans?

Processing fees are as per bank norms

2. Is there penalty for prepaying the Andhra Bank Home Loan?

Penalty is levied for prepaying the Andhra Bank Home Loan as per norms

3. Can I get Andhra Bank Home Loan without a Guarantor?

No need of a guarantor

4. What is the maximum loan repayment period for Andhra Bank home loans?

The maximum repayment period is 30 years

5. How Can I apply for an Andhra Bank home loan?

You can either apply online or visit a nearest Andhra Bank branch and take the help of the bank’s representative.

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