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Allahabad Bank Loan Against Property EMI Calculator

Allahabad Bank Mortgage Loan EMI

Last Updated 05th Feb 2021

Get monthly EMI as low as ₹ 1,642 per lakh on Allahabad Bank loan against property. Mortgage loan EMI in Allahabad Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan9 Year loan
₹ 20 Lakh₹ 46,692₹ 37,646₹ 32,843
₹ 30 Lakh₹ 70,038₹ 56,469₹ 49,265
₹ 50 Lakh₹ 1,16,730₹ 94,115₹ 82,108

    Allahabad Bank has merged into Indian Bank on April 1, 2020. The interest rates of Indian Bank will now be applicable on Allahabad Bank Loan Against Property.

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    Loan Against Property EMI Calculator Allahabad Bank

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Allahabad Bank Loan Against Property.

    Allahabad Bank Loan Against Property Amortization Calculator

    The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

    Illustration: How to read an amortization schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from Allahabad Bank for 15 years at an interest rate of 14.15%, the EMI calculated for this loan amount would be ₹ 20,128 and the total annual EMIs to be paid annually is ₹ 2,41,530. The Allahabad Bank Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 15 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 1,58,123 ₹ 23,025 ₹ 1,81,148 ₹ 14,76,975
    2022 ₹ 2,06,797 ₹ 34,734 ₹ 2,41,530 ₹ 14,42,241
    2023 ₹ 2,01,550 ₹ 39,980 ₹ 2,41,530 ₹ 14,02,261
    2024 ₹ 1,95,511 ₹ 46,019 ₹ 2,41,530 ₹ 13,56,242
    2025 ₹ 1,88,560 ₹ 52,970 ₹ 2,41,530 ₹ 13,03,272
    2026 ₹ 1,80,559 ₹ 60,971 ₹ 2,41,530 ₹ 12,42,302
    2027 ₹ 1,71,350 ₹ 70,180 ₹ 2,41,530 ₹ 11,72,121
    2028 ₹ 1,60,749 ₹ 80,781 ₹ 2,41,530 ₹ 10,91,340
    2029 ₹ 1,48,547 ₹ 92,983 ₹ 2,41,530 ₹ 9,98,357
    2030 ₹ 1,34,503 ₹ 1,07,028 ₹ 2,41,530 ₹ 8,91,330
    2031 ₹ 1,18,336 ₹ 1,23,194 ₹ 2,41,530 ₹ 7,68,136
    2032 ₹ 99,728 ₹ 1,41,802 ₹ 2,41,530 ₹ 6,26,334
    2033 ₹ 78,310 ₹ 1,63,221 ₹ 2,41,530 ₹ 4,63,113
    2034 ₹ 53,655 ₹ 1,87,875 ₹ 2,41,530 ₹ 2,75,239
    2035 ₹ 25,277 ₹ 2,16,253 ₹ 2,41,530 ₹ 58,986
    2036 ₹ 1,397 ₹ 58,986 ₹ 60,383 -₹ 0

    Each Allahabad Bank Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

    As you assess the amortization table, you will find that by the end of 1st year 12.94% of your EMI has been used to repay the principal amount. This means that the remaining 87.06% of the EMI went into interest payment. Thus, you end up paying only 2.08% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Allahabad Bank.

    In year 15, the interest component of Allahabad Bank EMI is around 7.26%, while the principal component is around 92.74%. Upto 15 years, you have cumulatively repaid 100% of your total Allahabad Bank Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Allahabad Bank?

    After the announcement of RBI on 22nd May 2020, Allahabad Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Allahabad Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Allahabad Bank customer care or its nearest branch.

    FAQs

    Will the Allahabad Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    Allahabad Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Allahabad Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, Allahabad Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Allahabad Bank, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that Allahabad Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Allahabad Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Allahabad Bank?

    You can avail of a maximum loan of ₹ 2 Cr, depending on the value of the property. However, the loan amount cannot be more than 50% of the property value. Allahabad Bank assesses the property before approving your mortgage loan application.


    Allahabad Bank Loan Against Property News - Apr 2021
    • 2019-05-14 : Allahabad Bank lowers MCLR rates by 5 basis points
      Allahabad Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points 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 1 month, the rate stands at 8.10% and 8.20% as against 8.15% and 8.25% earlier. While for 3 months, the rate has been revised to 8.40% as against 8.45% earlier. While for 1 year the rate now stands at 8.60% as against 8.65% before. The revised rates are effective from May 14, 2019.
    • 2019-04-24 : Government increases authorised capital of Allahabad Bank to Rs. 8,000 crore
      After consulting with Reserve Bank of India (RBI), the government has increased its authorised capital by Rs. 5,000 crores to Rs 8,000 crore. The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore. The raised funding will also enable the lender to address the need of the customers for various loans including home loans and mortgage loans and deposits.
    • 2019-04-18 : Allahabad Bank opens 53 Retail & MSME Processing Centres pan India
      In a bid to meet business needs and market competition, Allahabad Bank, a leading Nationalised Bank of the country has announced the launch of 53 Retail & MSME Processing Centres (RMPCs) pan India on April 10, 2019. With the launch of this facility, the existing and potential customers will be immensely benefitted with improved turnaround time and hassle free loan processing. Further, the lender is also aiming to achieve strong growth across its retail loans including home loans and mortgage loans this year.
    • 2019-03-01 : Allahabad Bank to raise Rs. 6,896 crore via preferential allotment of shares
      Allahabad Bank is planning to raise equity capital for an amount aggregating up to Rs. 6,896 crore through preferential allotment of equity shares. The amount will be raised by the Government of India against their capital infusion to improve its loan losses and step up credit. In addition to this, the lender also has plans to expand its overall retail loans portfolio (home loans and loan against property) along with the focus on improving its quality of banking services.
    • 2018-11-03 : Allahabad Bank hikes MCLR by 0.05 percent
      Allahabad Bank has increased its Marginal Cost of Funds Based Lending Rates (MCLRs) by 5 basis point or 0.05 percent across all tenure. This move will make all its loan including home loan costlier. MCLR for one year will rise to 8.55 percent from 8.50 percent. The revised rates are effective from November 1, 2018.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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