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Andhra Bank Home Loan Interest Rates 2022

Andhra Bank Housing Loan Interest Rate -Today

Last Updated 16th Jul 2021

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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Andhra Bank Home Loan Rate

Andhra Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.85% up to 7.35%. Apart from the interest rate, the bank also has various other charges such as Andhra 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.

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
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on Andhra Bank Home Loans Schemes

Andhra Bank offers a housing loan interest rate at 6.85%. 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, Andhra 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 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 Rate for Salaried and Self-Employed

The home loan interest rates in Andhra Bank for salaried and self-employed 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 Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Andhra Bank Home Loan Rate For Women Andhra Bank Home Loan Rate For Govt Employee
Upto ₹ 25 Lakh 6.85% 6.85%
₹ 25 Lakh - ₹ 75 Lakh 6.95% 6.95%
₹ 75 Lakh - 3 Cr 6.95% 6.95%
Above ₹ 3 Cr 6.95% 6.95%

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 loan balance transfer rate of 6.50%.

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

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%, which is one of the best rates in the market. 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. If 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. Current Andhra Bank balance transfer rate is 6.50%.

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. Apart from the home loan rates, you can also negotiate over the processing fee.

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

Yes, Andhra 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 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?

For home loan upto ₹ 25 Lakh, Andhra Bank provides home loan interest rate starting at 6.85%. 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 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 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 Andhra Bank home loan rate today ?

Andhra Bank home loan rate today is in the range of 6.85% to 7.35%.The bank also charges a processing fee of upto Upto 0.50%, Maximum ₹ 10,000 of the home loan amount.

How much interest does Andhra Bank take on home loans?

The rate of interest on Andhra Bank home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, Andhra Bank home loan current interest rate 2021 are in the range of 6.85% to 7.35%.


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Andhra Bank Home Loan News - Jan 2022
  • 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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