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Andhra Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Andhra Bank 2021

Last Updated 16th Jul 2021

Eligibility CriteriaAndhra Bank Home Loan
Eligible Age of Borrower21 - 65 years

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

Home Loan Eligibility Calculator

What is Andhra Bank Home Loan Eligibility?

Andhra Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Andhra 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 Andhra Bank home loan using the Andhra 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 Andhra Bank?

Andhra 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.

Andhra 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 Andhra Bank home loan age limit to get a Andhra Bank home loan is 21 years at the time of loan commencement and maximum age limit is 65 years. Andhra 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 65 of tenure.

Andhra Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Andhra 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 Andhra Bank, the loan amount that you will be eligible for would be ₹ 36,49,787 to ₹ 49,59,869 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 72,99,573 to ₹ 99,19,738 for the same property at the same rate depending on your age at the time of loan application. However, Andhra 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 years49.60 Lakh74.40 Lakh99.20 Lakh
30 years49.60 Lakh74.40 Lakh99.20 Lakh
35 years49.60 Lakh74.40 Lakh99.20 Lakh
40 years46.61 Lakh69.92 Lakh93.22 Lakh
45 years42.41 Lakh63.62 Lakh84.82 Lakh
50 years36.50 Lakh54.75 Lakh73 Lakh

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

  • Nature of employment: Andhra 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. Andhra 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 Andhra Bank based on Value of Property

  • Value of property: Andhra 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 Andhra Bank's legal team.

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

Andhra Bank Housing Loan Eligibility Calculator based on FOIR

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

Andhra Bank Home Loan Eligibility for Women

Andhra 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 Andhra Bank Home Loan

Andhra 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 Andhra Bank. However, a low CIBIL score reduces your chances to get a home loan. Andhra Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Andhra Bank Home Loan Eligibility?

You can enhance the Andhra 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 Andhra Bank’s Home Loan Eligibility Calculator?

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

  • Go to the Andhra Bank website
  • Now navigate to the option Andhra 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 1800-425-1515.

FAQs

What is the criteria to get Andhra Bank home loan?

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

Age21 - 65 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 Andhra 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 Andhra Bank?

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

Is Andhra Bank good for home loan?

The lowest interest rate provided by Andhra Bank is 6.85% 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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Andhra Bank Home Loan News - Nov 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2019-07-16 : Andhra Bank announces the launch of AI chatbot in Telangana
    Andhra Bank has announced the launch of its artificial intelligence interactive assistance chatbot, ABHi. With ABHi, customers will be able to get the information instantly related to loans including home loans, mortgage loans, digital banking, banking services, senior citizen schemes, fixed deposits, etc. on chat anytime.
  • 2019-06-26 : Andhra Bank approves raising of up to Rs. 2,000 crore in FY19-20
    In a bid to augment its working capital, Andhra Bank has planned to raise equity capital of Rs. 2,000 crore through qualified institutional placement, follow-on public offer, sale of non-core assets, or preferential allotment. The funds raised through these routes would be utilized towards further improving its performance and services related to retail loans and deposits.
  • 2019-05-16 : Andhra Bank revises MCLR rates across loan tenure
    Andhra Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and one month, the rate stands at 8.20% and 8.25% respectively. For 3 months, the rate has been revised to 8.45%. While for 1 year the rate now stands at 8.75%. The revised rates are effective from May 15, 2019.
  • 2019-04-15 : Andhra Bank revises MCLR rates across all tenure
    Andhra Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight, the MCLR stands at 8.20% while for 3 months, the rate has been revised to 8.45% and for 1 year the rate now stands at 8.75%. The revised rates are effective from April 15, 2019.
*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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