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Andhra Bank Home Loan Interest Rates 2021

Andhra Bank Housing Loan Interest Rate -Today

Last Updated 16th Jul 2021

Current Andhra Bank Home Loan interest rates Jul 2021 starts at 6.85% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.50%, Maximum ₹ 10,000.

Loan AmountAndhra Bank Repo Rate Home Loan Rate
Upto ₹ 25 Lakh6.85%
₹ 25 Lakh - ₹ 75 Lakh6.95%
₹ 75 Lakh - ₹ 3 Cr6.95%
Above ₹ 3 Cr6.95%

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.

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Current Andhra Bank Home Loan Rate

Today Andhra Bank home loan interest rates are in the range of 6.85% to 7.35%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.85%.

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

Andhra Bank Home Loan Scheme Interest Rates
Andhra Bank Repo Rate Home Loan6.85% - 7.35%

Andhra Bank Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Andhra Bank for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 6.85%
₹ 25 Lakh - ₹ 75 Lakh 6.95%
₹ 75 Lakh - 3 Cr 6.95%
Above ₹ 3 Cr 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 6.90%
₹ 25 Lakh - ₹ 75 Lakh 7.00%
₹ 75 Lakh - 3 Cr 7.00%
Above ₹ 3 Cr 7.00%

Andhra Bank Home Loan Processing Fee and Other Charges

Andhra Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Andhra Bank charges the maximum processing fees at ₹ 10,000 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 0.50% of the loan amount; maximum fee of ₹ 10,000
Foreclosure Charges Nil for floating rate home loans

Andhra Bank Home Loan Balance Transfer Interest Rates

Andhra 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 Andhra 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, Andhra Bank offers the lowest home loan balance transfer rate of 6.85%.

Illustration on Home Loan Interest Rate Andhra Bank
Maximum Annual Percentage Rate (APR) 6.87% to 7.37%
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 30 Years
  • Andhra Bank Home Loan Interest Rate: 6.85% to 7.35%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 655 for 30 Years ₹ 1,00,000 loan at 6.85% (lowest rate, longest time period) to ₹ 1,997 for 5 Years ₹ 1,00,000 loan at 7.35% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.87% to 7.37%
  • Total cost payable over loan tenure: ₹ 1,18,883 for 5 Years loan to ₹ 2,36,394 for 30 Years loan

FAQs

What is Andhra Bank Home Loan Interest Rate?

Andhra Bank Home Loan interest rate ranges between 6.85% to 7.35%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Andhra Bank reduced home loan rates?

As per the current rates, Andhra Bank has hiked its home loan rates by 0.05% from 6.80% to 6.85%. The new rates are effective from 01 Apr, 2021.

Why should I opt for balance transfer to Andhra Bank?

Andhra Bank offers lowest Home Loan EMI of ₹ 655 per lakh availed at the lowest interest rate 6.85% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 655 per lakh, you should consider the option for a loan transfer to Andhra Bank from your existing bank.

  • Andhra Bank offers RBI Repo Rate linked Home Loan which starts at 6.85%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Andhra Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.85% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Andhra Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Andhra Bank Repo Rate linked Home Loan rate will cut from 6.85% to 6.7%.

What is the current Andhra Bank Home Loan rate?

The current Andhra Bank Home Loan rate starts from 6.85% with a processing fee of Upto 0.50%, and Maximum ₹ 10,000.Andhra Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Andhra Bank offers different home loan rates for different home loan products.

Can Andhra 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 Andhra Bank to lower the home loan rates.

What are the interest rates of home improvement loans in Andhra Bank?

You can avail of Andhra Bank home loans for home improvement at regular home loan rates starting at 6.65%.

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

Andhra Bank home loan rates change for the existing customers if they have availed 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 Andhra Bank offer a concessional home loan interest rate for women?

Yes, Andhra Bank offers special home loan interest rates for women. As against Andhra Bank home loan rates for male which is 6.85%, the home loan interest rate for women starts at %.

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

Andhra Bank home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Andhra Bank provides home loan interest rate starting at 6.65%.

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

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

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

Andhra Bank home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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Andhra Bank Home Loan News - Jul 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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