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Allahabad Bank Home Loan Interest Rates 2022

Allahabad Bank Housing Loan Interest Rate -Today

Last Updated 10th Jan 2022

Loan AmountAllahabad Bank Repo Rate Home Loan Rate
Upto ₹ 25 Lakh8.25%
₹ 25 Lakh - ₹ 75 Lakh8.25%
₹ 75 Lakh - ₹ 5 Cr8.35%
Above ₹ 5 Cr8.45%

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.

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Allahabad Bank Home Loan Rate

Allahabad Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 8.25% up to 8.85%. Apart from the interest rate, the bank also has various other charges such as Allahabad Bank processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

Allahabad Bank Home Loan Processing Fee and Other Charges

Allahabad Bank home loan processing charges are upto 0.40% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Allahabad Bank charges the maximum processing fees at ₹ 50,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.40% of the loan amount; maximum fee of ₹ 50,000
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on Allahabad Bank Home Loans Schemes

Allahabad Bank offers a housing loan interest rate at 8.25%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Allahabad Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are Allahabad Bank home loan rates for multiple housing schemes.

Allahabad Bank Home Loan Scheme Interest Rates
Allahabad Bank Repo Rate Home Loan 8.25% - 8.85%

Allahabad Bank Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in Allahabad Bank for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 8.25%
₹ 25 Lakh - ₹ 75 Lakh 8.25%
₹ 75 Lakh - 5 Cr 8.35%
Above ₹ 5 Cr 8.45%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 8.25%
₹ 25 Lakh - ₹ 75 Lakh 8.25%
₹ 75 Lakh - 5 Cr 8.35%
Above ₹ 5 Cr 8.45%

Allahabad Bank Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Allahabad Bank Home Loan Rate For Women Allahabad Bank Home Loan Rate For Govt Employee
Upto ₹ 25 Lakh 8.25% 8.25%
₹ 25 Lakh - ₹ 75 Lakh 8.25% 8.25%
₹ 75 Lakh - 5 Cr 8.35% 8.35%
Above ₹ 5 Cr 8.45% 8.45%

Allahabad Bank Home Loan Balance Transfer Interest Rates

Allahabad Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Allahabad Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Allahabad Bank offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate Allahabad Bank
Maximum Annual Percentage Rate (APR) 8.27% to 8.87%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 20 Years
  • Allahabad Bank Home Loan Interest Rate: 8.25% to 8.85%
  • Processing Fee payable to: Upto ₹ 400
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 852 for 20 Years ₹ 1,00,000 loan at 8.25% (lowest rate, longest time period) to ₹ 2,069 for 5 Years ₹ 1,00,000 loan at 8.85% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 8.27% to 8.87%
  • Total cost payable over loan tenure: ₹ 1,22,778 for 5 Years loan to ₹ 2,04,897 for 20 Years loan

FAQs

Has Allahabad Bank reduced home loan rates?

Presently, Allahabad Bank offers personal loans at an interest rate starting at 8.25%. There has been no change in personal loan rates of Allahabad Bank for a long time and continue to stand at 8.25%.

Why should I opt for balance transfer to Allahabad Bank?

Allahabad Bank offers lowest Home Loan EMI of ₹ 852 per lakh availed at the lowest interest rate 8.25% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 852 per lakh, you should consider the option for a loan transfer to Allahabad Bank from your existing bank. Current Allahabad Bank balance transfer rate is 6.50%.

Can Allahabad Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Allahabad Bank to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Can Allahabad Bank revise the home loan interest rates for their existing customers?

Yes, Allahabad Bank offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Allahabad Bank offer a concessional home loan interest rate for women?

Yes, Allahabad Bank offers special home loan interest rates for women. As against Allahabad Bank home loan rates for male which is 8.25%, the home loan interest rate for women starts at %.

What is the Allahabad Bank home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, Allahabad Bank provides home loan interest rate starting at 8.25%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

At what interest rate does an Allahabad Bank employee get a home loan?

Allahabad Bank offers concessional home loan rates of about 1% than the current home loan rates to Allahabad Bank employees.

Is Allahabad Bank home loan a floating rate loan or fixed-rate loan?

Allahabad Bank home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Allahabad Bank home loan rate today ?

Allahabad Bank home loan rate today is in the range of 8.25% to 8.85%.The bank also charges a processing fee of upto Upto 0.40%, Maximum ₹ 50,000 of the home loan amount.

How much interest does Allahabad Bank take on home loans?

The rate of interest on Allahabad Bank home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, Allahabad Bank home loan current interest rate 2021 are in the range of 8.25% to 8.85%.


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Allahabad Bank Home Loan News - Jan 2022
  • 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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