Andhra Bank Home Loan Eligibility Calculator India 2019

Last Updated 23rd Sep 2019

Andhra Bank Loan Eligibility Calculator

4th October 2019 – RBI cuts repo rate by 25 bps to 5.15%

Eligibility CriteriaAndhra Bank Home Loan
Eligible Age of Borrower21 - 65 years
Loan Amount EligibilityRs. 10 Lakh to Rs. 10 Cr
Maximum loan as percent of property valueUpto 90%
Maximum EMI as percent of incomeUp to 65%
Home Loan Eligibility Calculator

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. To be eligible for Andhra Bank home loan, you must be at least 21 years of age at the time of loan commencement. 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 30 years for salaried borrowers and 30 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years30 years30 years
30 years30 years30 years
35 years30 years30 years
40 years25 years25 years
45 years20 years20 years
50 years15 years15 years

Andhra Bank home loan eligibility based on salary

  • Net Income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is Rs. 25,000 and the value of house you are buying is Rs. 40 lakh, then at interest rate of 8.80% offered by Andhra Bank, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be Rs. 32.42 Lakh to Rs. 41.12 Lakh depending on your age. Similarly, if your salary is Rs. 75,000, you might get eligible for a loan amount of Rs. 64.84 Lakh to Rs. 82.25 Lakh for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (Rs.)
25,000 50,000 75,000
25 years41.12 Lakh61.69 Lakh82.25 Lakh
30 years41.12 Lakh61.69 Lakh82.25 Lakh
35 years41.12 Lakh61.69 Lakh82.25 Lakh
40 years39.37 Lakh59.05 Lakh78.74 Lakh
45 years36.64 Lakh54.97 Lakh73.29 Lakh
50 years32.42 Lakh48.63 Lakh64.84 Lakh

You may consider repaying any loans with short tenure and high EMI in order 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 will 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%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

Minimum CIBIL Score for Andhra Bank Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, Andhra Bank will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Andhra Bank will get approved. However, low CIBIL score will decrease your eligibility to get home loan. Andhra Bank requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Andhra Bank
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent withdrawals up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Andhra Bank, improve your credit worthiness to get a good score.

Andhra Bank Housing Loan Eligibility Calculator based on FOIR

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

Andhra Bank Home Loan News - Oct 2019
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More