Allahabad Bank is offering housing loan in india at attractive rates along with many special advantages very quickly with low documentation in a simple, easy and hassle free process for all their customers in helping them to own their dream house.
Purpose:
- For construction of residential house on land already owned.
- For purchase of plot by salaried persons from Govt. Agency / Development Authority or any Govt. recognized agency (viz., HUDA, HOUSEFED) and construction of residential house thereon.
- For purchase of house/flat to be used for residential purpose.
- For renovation / extension / repair of residential house already owned.
- For purchase of unfinished / old house(maximum 20 year old) and
- Renovation /extension / repair of the same.
- For taking over of housing loans from other finance companies / financial institutions / banks.
Allahabad Bank Housing Loan Eligibility Criteria:
Housing Loan may be sanctioned to those who have regular income sufficient enough to liquidate the loan alongwith interest within stipulated period of repayment.The employees who have availed of housing loan from their own organisations may also avail of loan from the Bank under this scheme if they are having regular income sufficient to liquidate the loan within the stipulated period and are able to comply with other stipulations of the scheme.
Nature of Loan: Term Loan
Loan amount:
- In case of salaried persons: The loan amount will be restricted to 60 times of monthly gross salary last drawn subject to the condition that it is within the project cost less stipulated margin and Total deductions including EMI of proposed loan should not exceed 40% of the Gross monthly salary of the applicant.
- In case of others: The loan will be restricted up to 4 times of gross Income average shown in last 3 years Income Tax Assessment Order/ acknowledged copy of income tax return subject to the condition that it is within the project cost less stipulated margin and Total deductions including EMI of proposed loan should not exceed 40% of the Gross monthly income of the applicant as per IT Returns.
Margin:
- 25 % of project cost and
- in case of repairing / furnishing 25% in all categories (including salaried class)
Project cost will consist of :
- Purchase price of land/ house/ Flat, plus
- Cost of construction/ renovation/ extension (if applicable) plus
- Stamp duty and registrations charges, as applicable plus Accrued Interest amount of moratorium period, if proposed to be capitalized
- It will be ensured that margin at all stages has been contributed by the borrower upfront where disbursement is to be made in phases.
Repayment Period:
- For construction of House &/ or Purchase of House/ Flat/Residential Plot: For salaried Persons– Maximum 25 years or length of remaining service, whichever is less. For Others — Maximum 20 years or remaining period in attaining an age of 65, which ever is earlier.
- For Repairing/ Furnishing of House/ Flat: For salaried Persons– Maximum 7 years or length of remaining service, whichever is less. For Others — Maximum 7 years or remaining period in attaining an age of 65, which ever is earlier.
Prepayment Penalty:
- If liquidated within 1 year: 2% of outstanding balance·
- If liquidated after 1 year: 1.50% of outstanding in case of takeover.
