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Allahabad Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Allahabad Bank 2021

Last Updated 15th Nov 2021

Eligibility CriteriaAllahabad Bank Home Loan
Eligible Age of Borrower21 - 60 years

Allahabad Bank has merged into Indian Bank on April 1, 2020. The interest rates of Indian Bank will now be applicable on Allahabad Bank Home Loan.

Home Loan Eligibility Calculator

What is Allahabad Bank Home Loan Eligibility?

Allahabad Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Allahabad Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Allahabad Bank home loan using the Allahabad Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Allahabad Bank?

Allahabad Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Allahabad Bank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Allahabad Bank home loan age limit to get a Allahabad Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Allahabad Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Allahabad Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Allahabad Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Allahabad Bank, the loan amount that you will be eligible for would be ₹ 26,49,760 to ₹ 38,14,260 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 52,99,520 to ₹ 76,28,520 for the same property at the same rate depending on your age at the time of loan application. However, Allahabad Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years38.14 Lakh57.21 Lakh76.29 Lakh
30 years38.14 Lakh57.21 Lakh76.29 Lakh
35 years38.14 Lakh57.21 Lakh76.29 Lakh
40 years38.14 Lakh57.21 Lakh76.29 Lakh
45 years33.50 Lakh50.25 Lakh67 Lakh
50 years26.50 Lakh39.75 Lakh53 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Allahabad Bank home loan eligibility.

  • Nature of employment: Allahabad Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Allahabad Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Allahabad Bank based on Value of Property

  • Value of property: Allahabad Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Allahabad Bank's legal team.

The housing loan eligibility calculator of Allahabad Bank can be a useful tool to assess your eligibility for the loan.

Allahabad Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Allahabad Bank to determine your home loan eligibility. Allahabad Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Allahabad Bank home loan is 0.65. Calculate your eligibility with the Allahabad Bank home loan calculator and apply for the eligible loan amount hassle-free.

Allahabad Bank Home Loan Eligibility for Women

Allahabad Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Allahabad Bank Home Loan

Allahabad Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Allahabad Bank. However, a low CIBIL score reduces your chances to get a home loan. Allahabad Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Allahabad Bank Home Loan Eligibility?

You can enhance the Allahabad Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Allahabad Bank’s Home Loan Eligibility Calculator?

To check Allahabad Bank home loan eligibility perform the following steps:-

  • Go to the Allahabad Bank website
  • Now navigate to the option Allahabad Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1800-572-2000.

FAQs

What is the criteria to get Allahabad Bank home loan?

The basic criteria to get a home loan from Allahabad Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Allahabad Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Allahabad Bank?

The minimum salary required to avail home loan from Allahabad Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Allahabad Bank.

Is Allahabad Bank good for home loan?

The lowest interest rate provided by Allahabad Bank is 8.25% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Allahabad Bank Home Loan News - Dec 2021
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2020-04-01 : Allahabad Bank to merge with Indian Bank
    With effect from 1 April, Allahabad Bank will merge with Indian Bank, creating an entity with over 6,000 branches, 4,800 ATMs, 43,000 employees, 120 million customers and business mix of Rs 8 trillion. The integration offers the bank to provide retail loans like home and personal loan along with business loans.
  • 2020-02-12 : Allahabad Bank posted a Q3 net loss of Rs.1986 crores
    Allahabad Bank net loss jumped manifold to Rs. 1986 crores on the back of an increase in higher bad loans and provisioning. Total income during the quarter ending December rose to Rs. 4860 crores due to an increase in Home loans and Personal loans. Further, the provision for bad loans for the quarter increased to Rs.3,003 crores.
  • 2020-01-15 : Allahabad Bank cut its lending rate by 5 bps
    Allahabad Bank revised its MCLR in effect from 14 January 2020. The overnight and one-month MCLR is 7.80% and 7.85%. The lending rate of 3 months is 8.10% and for six months it is 8.15%. Further MCLR for the long tenor of one year is 8.30%. The revised rates will benefit home loan buyers.
  • 2019-09-19 : Allahabad Bank links loans and deposits with external benchmarks
    In order to fulfill the guidelines set by RBI, Allahabad Bank is set to launch retail and business loan products linked with external benchmarks. The retail and MSME loans will be linked to external benchmarks like RBI repo rate and three-month MIBOR. Apart from that, all savings and long term fixed deposit rates will be linked to RBI’s repo rate.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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