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Allahabad Bank Home Loan Interest Rate Calculator - May 2017

Last Updated 22nd May 2017

Allahabad Bank Home Loan Interest Rates

Interest Rate 8.75% - 9.25%
Check Best Offers
Lowest EMI Rs. 884 per lakh
Max Tenure 20 years
Processing Fee Upto 0.61%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
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Allahabad Bank Home Loan

Allahabad Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan Allahabad Bank

Home loan interest rates offered by Allahabad Bank depends upon MCLR.

  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.

Allahabad Bank offers home loan based on 1 Year MCLR rates which is currently 8.60%.

Allahabad Bank home loan interest rate depends upon

  • Loan amount: Home loan rate in Allahabad Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Allahabad Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Allahabad Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Allahabad Bank allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - Allahabad Bank asks for a processing fee of 0.61% of loan amount with applicable service tax

Allahabad Bank Home Loan EMI Calculator

Home Loan EMI of Allahabad Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure

  • Home Loan EMI calculator of Allahabad Bank helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating Allahabad Bank Home Loan EMI?

  • EMI calculator of Allahabad Bank helps you to calculate your monthly EMI at different rate of interest
  • Allahabad Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Allahabad Bank Home Loan Eligibility Calculator

Home Loan eligibility criteria Allahabad Bank

Eligibility of House loan in Allahabad Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Allahabad Bank offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, Allahabad Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from Allahabad Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Allahabad Bank eligibility. If you are working with a reputed company, probability of getting home loan from Allahabad Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: Allahabad Bank gives you Home loan depending upon your income. Allahabad Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 50,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service

Allahabad Bank Floating Rate Home Loans

Allahabad Bank Home Loan Floating
Upto Rs. 2,500,000 - 8.75%
Rs. 2,500,001 - 7,500,000 - 8.75%
Rs. 7,500,001 - 30,000,000 - 8.85%
Above Rs. 30,000,000 - 9.10% linked to 1 Year MCLR

Allahabad Bank Home Loan Top up, Transfer

Transfer of Home Loan from another bank to Allahabad Bank?

Allahabad Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Allahabad Bank
You can avail additional top-up home loan from Allahabad Bank, subject to your eligibility

Housing Loan Allahabad Bank documents required

Home Loan for Salaried employee Allahabad Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Home Loan for Self-Employed Allahabad Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Frequently Asked Questions

Why to take home loan from Allahabad Bank?

Allahabad Bank offers home loan at lower rate of interest i.e. at 8.75% with the lowest EMI of Rs. 884 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Allahabad Bank.

What is the maximum loan tenure I can opt under Allahabad Bank house loan?

Allahabad Bank offers you a longer tenure of 20 years to repay your home loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from Allahabad Bank?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

Can I foreclosure my home loan? What are the charges applicable?

Yes, you can foreclose your home loan with Nil charges.

Can I transfer my home loan from another bank to Allahabad Bank?

Yes, Allahabad Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Allahabad Bank offers you to pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for home loan in Allahabad Bank?

The benchmark applicable for home loan in Allahabad Bank is 1 Year MCLR.

What is the effect of part payments on Allahabad Bank housing loan EMI ?

Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

How to increase my eligibility on Allahabad Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will interest rate on Allahabad Bank housing loan change in future?
  • Floating interest rate on Allahabad Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.60%. So, when Allahabad Bank offers a home loan at 8.75%, it applies a premium of 0.15% to its MCLR Rate to arrive at this home loan interest rate.
  • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

Allahabad Bank Home Loan in India

Allahabad Bank Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 0562-2582010, customercare [at] allahabadbank [dot] in
Ahmedabad 079-26442199, customercare [at] allahabadbank [dot] in
Ambala 0172-2709458, customercare [at] allahabadbank [dot] in
Anand 079-26442199, customercare [at] allahabadbank [dot] in
Aurangabad 022-24921986, customercare [at] allahabadbank [dot] in
Bangalore 080-25590985, customercare [at] allahabadbank [dot] in
Bhilai 1800-22-0363, customercare [at] allahabadbank [dot] in
Bhilwara 0141-2741334, customercare [at] allahabadbank [dot] in
Bhiwadi 022-24921986, customercare [at] allahabadbank [dot] in
Bhopal 0755-2583634, customercare [at] allahabadbank [dot] in
Bhubaneswar Cuttack 0674-2557563, customercare [at] allahabadbank [dot] in
Bikaner 0141-2741334, customercare [at] allahabadbank [dot] in
Chandigarh 0172-2709458, customercare [at] allahabadbank [dot] in
Chennai 044-28156607, customercare [at] allahabadbank [dot] in
Cochin 1800-22-0363, customercare [at] allahabadbank [dot] in
Coimbatore 044-28156607, customercare [at] allahabadbank [dot] in
Dehradun 0135-2713976, customercare [at] allahabadbank [dot] in
Delhi 011-23341669, customercare [at] allahabadbank [dot] in
Durg 1800-22-0363, customercare [at] allahabadbank [dot] in
Faridabad 011-23341669, customercare [at] allahabadbank [dot] in
Gandhinagar 079-26442199, customercare [at] allahabadbank [dot] in
Ghaziabad 0562-2582010, customercare [at] allahabadbank [dot] in
Goa 1800-22-0363, customercare [at] allahabadbank [dot] in
Greater Noida 011-23341669, customercare [at] allahabadbank [dot] in
Gurgaon 011-23341669, customercare [at] allahabadbank [dot] in
Guwahati 0373-2310965, customercare [at] allahabadbank [dot] in
Gwalior 0755-2583634, customercare [at] allahabadbank [dot] in
Hyderabad 040-27637738, customercare [at] allahabadbank [dot] in
Indore 0755-2583634, customercare [at] allahabadbank [dot] in
Jabalpur 0755-2583634, customercare [at] allahabadbank [dot] in
Jaipur 0141-2741334, customercare [at] allahabadbank [dot] in
Jalandhar 0172-2709458, customercare [at] allahabadbank [dot] in
Jodhpur 0141-2741334, customercare [at] allahabadbank [dot] in
Kanpur 0512-2545434, customercare [at] allahabadbank [dot] in
Karnal 0172-2709458, customercare [at] allahabadbank [dot] in
Kolhapur 022-24921986, customercare [at] allahabadbank [dot] in
Kolkata 033-22316634, customercare [at] allahabadbank [dot] in
Kota 0141-2741334, customercare [at] allahabadbank [dot] in
Kozhikode 1800-22-0363, customercare [at] allahabadbank [dot] in
Lucknow 0522-2286650, customercare [at] allahabadbank [dot] in
Ludhiana 0161-2440035, customercare [at] allahabadbank [dot] in
Madurai 044-28156607, customercare [at] allahabadbank [dot] in
Meerut 0562-2582010, customercare [at] allahabadbank [dot] in
Mehsana 079-26442199, customercare [at] allahabadbank [dot] in
Mohali Sas Nagar 0172-2709458, customercare [at] allahabadbank [dot] in
Mumbai 022-24921986, customercare [at] allahabadbank [dot] in
Mussoorie 0135-2713976, customercare [at] allahabadbank [dot] in
Nagpur 022-24921986, customercare [at] allahabadbank [dot] in
Nashik 022-24921986, customercare [at] allahabadbank [dot] in
Noida 011-23341669, customercare [at] allahabadbank [dot] in
Noida Extn 011-23341669, customercare [at] allahabadbank [dot] in
Panipat 1800-22-0363, customercare [at] allahabadbank [dot] in
Patna 0612-2224197, customercare [at] allahabadbank [dot] in
Pondicherry 1800-22-0363, customercare [at] allahabadbank [dot] in
Pune 022-24921986, customercare [at] allahabadbank [dot] in
Raipur 0771-4059516, customercare [at] allahabadbank [dot] in
Rajkot 079-26442199, customercare [at] allahabadbank [dot] in
Ranchi 0651-2560357, customercare [at] allahabadbank [dot] in
Rohtak 1800-22-0363, customercare [at] allahabadbank [dot] in
Roorkee 0135-2713976, customercare [at] allahabadbank [dot] in
Salem 044-28156607, customercare [at] allahabadbank [dot] in
Shimla 1800-22-0363, customercare [at] allahabadbank [dot] in
Sonepat 1800-22-0363, customercare [at] allahabadbank [dot] in
Surat 079-26442199, customercare [at] allahabadbank [dot] in
Trichy 044-28156607, customercare [at] allahabadbank [dot] in
Udaipur 0141-2741334, customercare [at] allahabadbank [dot] in
Vadodara 079-26442199, customercare [at] allahabadbank [dot] in
Varanasi 0562-2582010, customercare [at] allahabadbank [dot] in
Vijaywada 040-27637738, customercare [at] allahabadbank [dot] in
Vizag 040-27637738, customercare [at] allahabadbank [dot] in
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