20,00,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Allahabad Bank Home Loan

Allahabad Bank Housing Loan 2021

Last Updated 15th Nov 2021

Allahabad Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 8.25% with quick approval and online process. Home Loan in Allahabad Bank is quite popular with its special features and attractive rates under various Allahabad Bank home loan schemes for different income and occupation groups. Some of the key features of Allahabad Bank housing loan are:

  • Allahabad Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Allahabad Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Allahabad Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Allahabad Bank Home Loan Details

Allahabad Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Allahabad Bank

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 20 years
Interest Rate 8.25%
Interest Rate Linked To RLLR
Processing Fee Upto 0.40%, Maximum ₹ 50,000
Lowest EMI Per Lakh ₹ 852
  • Purpose of Loan: Allahabad Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Allahabad Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 20 years.
    • Interest rates in the range of 8.25% to 8.85%.
    • Allahabad Bank home loan EMI per lakh starts from ₹ 852. However, you can calculate your home loan EMI using Allahabad Bank home loan calculator 2021.
  • Special schemes: Allahabad Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Allahabad Bank Home Loans

Some of the features and benefits of Allahabad Bank Home Loans are listed as follows:-

  • Allahabad Bank Home Loan Interest Rate starts from 6.70%.
  • Allahabad Bank charges a processing fees of Upto 0.40%, Maximum ₹ 50,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Allahabad Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Allahabad Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Allahabad Bank has an average customer rating of 2.5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Allahabad Bank?

Getting a home loan from Allahabad Bank is fairly easy with an online application process. 5 Steps for Allahabad Bank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Allahabad Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Allahabad Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Allahabad Bank’s representative will visit your home or office to collect your documents.
  • Step 4: Allahabad Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Allahabad Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Allahabad Bank Home Loan Documents Required

To apply for a home loan in Allahabad Bank, the bank asks you to submit the following Allahabad Bank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Allahabad Bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Allahabad Bank Home Loan EMI Calculator

Allahabad Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Allahabad Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Allahabad Bank Home Loan Eligibility Calculator

Allahabad Bank Home loan eligibility calculator is an online tool that helps the Allahabad Bank home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Allahabad Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Allahabad Bank?

To apply for Allahabad Bank Home Loan, you will be required to submit Allahabad Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Allahabad Bank ?

Below-mentioned is the reason why you must avail a home loan from Allahabad Bank

Can I apply for an Allahabad Bank home loan online?

Yes, you can apply for a Allahabad Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Allahabad Bank home loan scheme?

Choosing the best Allahabad Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Allahabad Bank home loan scheme is based on one’s needs.

Is Allahabad Bank good for a home loan?

Allahabad Bank is one of the best home loan lenders in the country. Currently, Allahabad Bank home loan interest rate 2021 starts at 6.50%.

How can I check my Allahabad Bank home loan status?

One can check their Allahabad Bank home loan status on Allahabad Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Allahabad Bank mobile app

What is the eligibility for a Home Loan of Allahabad Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Allahabad Bank Home Loan procedure?

There are two methods to complete the application for Allahabad Bank Home Loan Process online:

  • Apply online at Allahabad Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does Allahabad Bank check CIBIL for home loan?

Yes, to avail home loan from Allahabad Bank, you must fulfill Allahabad Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to Allahabad Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Allahabad Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Allahabad Bank Home Loan News - Nov 2021
  • 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
Loader
Please wait while your information is being processed...