Andhra Bank Home Loan

Established in the year 1923, Andhra Bank is one of the leading public sector banks of India. Andhra Bank Home Loan products and services reflect experience and expertise which makes it one of the most simple and attentively customer-centric bank. The bank has successfully developed a strong presence in the Indian Banking world, and continues to grow with 2800 branches, and has an eminent presence in more than 25 states and 3 union territories. Andhra Bank has always tried to exceed the expectations of its customers by giving them the best experience ever and delighting the customers through their services.

Andhra Bank Home Loan Rates

For an applicant, it is very important to know about the monthly EMIs he or she would be paying to the bank to repay their home loan. While applying for a home loan, you need to keep home loan rates in your mind. It is essential to understand the overall cost and breakup of contribution from the bank and your side. Andhra Bank offers 8.40% interest rate for loan amount up to INR 75 Lakhs for male applicants, and 8.35% for female applicant’s i.e. 0.05% concession. For loan amount above INR 75 Lakhs, the bank offers a 8.50% of interest rate, maintain the same concession of 0.05% to female applicants. The low-interest rate, with higher repayment tenure, is generally calculated on the daily reducing balance model.

One Year MCLR – 8.30% effective from 15.10.2019.

SLAB  Rate of interest (Women) Rate of interest (Others)
Up to 75 lakhs One Year MCLR + 0.05% One Year MCLR + 0.10%
Above 75 lakhs One Year MCLR + 0.15% One Year MCLR + 0.20 %
Home loans repairs /Modifications One Year MCLR + 1.20% One Year MCLR +1.20 %

Andhra Bank Home Loan Eligibility

Different Banks have a different set of rules when it comes to eligibility criteria for home loans. To avail Andhra Bank Home Loan, it is mandatory to be an Indian Citizen first or a person of Indian origin. The Bank assesses your repayment potential by examining your past financial position and present standard of living. Although Andhra Bank offers a lot of flexibility, still there are certain criteria which need to be matched in order to become eligible for a home loan.

Age:  An applicant age should be in between the age group of 21 to 65 years which clearly reflects that while applying for home loan, your minimum age should be 21. At the time of loan maturity, an applicant’s age must not exceed 75 years. The loan is available to both salaried and self-employed possessing a regular flow of income.  Andhra Bank adopts an uncomplicated hassle-free process to make the loans available to a wider section of the customer base.

Andhra Bank Home Loan Eligibility for NRI applicants slightly differ, hence, a borrower must have served for one year in abroad as part of their employment.

The property you wish to purchase should not be aged more than 25 years for an independent house, and 20 years for flat.

Monthly Income:  An applicant must have a regular source of monthly income and to prove that you have to present your salary slip, bank statement which reflects your financial status. Salaried employees should furnish ITR, Form 16 that shows the continuity of employment. In the case of self-employed, an applicant needs to submit financial statements like balance sheet, profit and loss statement to prove the continuity of business.

Current Obligations: Banks take your existing loan into account to evaluate your eligibility for home loan.

Property Value: When it comes to Andhra Bank Home Loan Eligibility, the Bank run a background check on the property you shortlisted to know whether it is free from any discrepancies or not i.e. “a verification process”.

Andhra Bank Home Loan Documents

Here is a list of important documents which need to be submitted while applying for home loan from Andhra Bank.

  • Loan application form with recent passport size photograph duly signed
  • Age, Residential and Identity Proof of applicant, co-applicants
  • Last six months of Bank Statement
  • Salary Slip of last three months
  • Processing Fee Cheque
  • Form 16/Income Tax Return
  • Property Statement of an applicant, co-applicant and a letter stating recovery of the home loan installments debited from the account.
  • A declaration from the applicant indicating his or her financial status, and a No Objection certificate (NOC) from the authorities
  • A copy of No Encumbrance Certificate

Process of Applying

ApnaLoan offers you the simplest option to apply for home from the comfort of your home or you can contact to the Andhra Bank directly. Availing a home loan through an online market-place improve your chances of getting best Andhra Home Loan Rates, a low processing fee etc. After filling the online application form, the Andhra Bank representatives will get in touch with you to begin the further process. After this, you will need to submit all your documents pertaining to it and bank will initiate the verification process which includes stringent measure like checking your CIBIL Score, the value of a short-listed property, legal checks, etc. Accordingly, the bank will give you the result based on the assessment.

ApnaLoan advisor will assist you to make sure that all the lending process for your home loan is smooth and quick. After applying online, you can check the real-time status of your Andhra Bank Home Loan application.

Resource link – https://www.andhrabank.in/english/ABHousingLoans.aspx