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Allahabad Bank Home Loan Interest Rate - Sep 2017

Last Updated 04th Sep 2017

Allahabad Bank Home Loan Interest Rates

Interest Rate 8.50% - 9.00%
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Lowest EMI Rs. 868 per lakh
Max Tenure 20 years
Processing Fee Upto 0.61%
Minimum Rs. 12,228 Maximum Rs. 71,334
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
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Allahabad Bank Home Loan

Allahabad Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Allahabad Bank has the following benefits:

    Allahabad Bank Home Loan Interest Rates

    In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

    Allahabad Bank Floating Rate Home Loans

    Allahabad Bank Home Loan Interest Rates
    Allahabad Bank Home Loan Floating 8.50% - 8.85%
    Details+

    Allahabad Bank home loan interest rate depends upon

    • Loan amount: Housing loan rate in Allahabad Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: Allahabad Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

    Interest Rate and its impact on Allahabad Bank Home Loan Eligibility

    Allahabad Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offered by Allahabad Bank also impacts the amount of loan you can avail from Allahabad Bank.
    Some of the key eligibility criteria are summarized in the table below:

    Allahabad Bank Home Loan Eligibility Criteria
    Interest Rate 8.50% - 9.00%
    Age 21 - 60 years
    Minimum Credit Score 650 and above
    Loan Amount Rs. 1,500,000 to Rs. 50,000,000
    Loan to Value Ratio Upto 90%
    FOIR (Fixed Obligations to Income Ratio) Up to 0.65

    Home Loan Charges Applicable (Other than Interest)

    In addition to interest rates, home loan also carry some other charges which include:

    • 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 house loan with Nil prepayment charges
    • Processing Fee - Allahabad Bank charges a processing fee of 0.61% of loan amount Minimum Rs. 12,228 Maximum Rs. 71,334 with applicable tax
    • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

    Home Loan Products and Rates

    Allahabad Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Allahabad Bank Home Loan Eligibility Calculator

    Allahabad Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Allahabad Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    SBI Home Loan EMI and Interest Calculator

    Further, you can also use the Allahabad Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

    • EMI calculator of Allahabad Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare 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 rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates
    • Loan tenure matters equally as higher tenure reduces your EMI

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

    • EMI calculator 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

    Housing Loan Allahabad Bank documents required

    For Salaried employee

    • 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

    For Self-Employed

    • 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 housing loan at 8.50% rate with the lowest EMI of Rs. 868 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your 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 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 loan with Nil charges.

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

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. 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 housing loan?

    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 rate on Allahabad Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.45%. When Bank offers a home loan at 8.50%, it applies a premium of 0.05% to its MCLR Rate to arrive at this home loan rate.
    • When RBI increases 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
    Allahabad Bank Home Loan Interest Rate
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