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Allahabad Bank Loan Against Property EMI Calculator

Allahabad Bank Mortgage Loan EMI 2021

Last Updated 05th Oct 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 the type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate. Check Best Offers.

  • Use Allahabad Bank mortgage loan calculator to evaluate your EMI before applying for a loan.
  • Check Allahabad Bank property loan EMI for different tenures at the current rate of 14.15%
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.

Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Cashback
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Loan Against Property EMI Calculator Allahabad Bank

You can calculate your Allahabad Bank loan against property EMI in advance to plan your expenses using a Allahabad Bank mortgage loan calculator. Allahabad Bank loan against property EMI calculator is an online tool that gives accurate results without hassle.

Why should you use Allahabad Bank Loan Against Property EMI Calculator?

  • Calculate the EMI at Different Tenures : With Allahabad Bank LAP EMI Calculator, you can compare the EMI on your loan against property with different loan tenures and loan amount. However, you must check the interest rate on Allahabad Bank loan against property to calculate the EMI. As per the current rates, Allahabad Bank offers the lowest EMI per lakh of ₹ 1,642 at 14.15 %
  • Compare Allahabad Bank LAP EMI : You can also get a precise estimate on your loan against property compared to other banks at the same loan amount and tenure by using Allahabad Bank loan EMI Calculator. On the basis of Allahabad Bank Loan against property EMI, you can choose the most affordable offer.
  • Get Detailed Amortisation Schedule : Allahabad Bank Loan against EMI Calculator helps you to calculate the division of total EMIs into interest and principal repayment at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance : Finally, you can also use Allahabad Bank EMI Calculator to calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. Thus, it can help you reduce your loan tenure by prepayment or foreclosure or to avail loan at a lower rate with balance trasnfer.

Allahabad Bank Mortgage Loan EMI Calculator to estimate the EMI that fits your budget

To calculate the EMI against Allahabad Bank EMI loan against property at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Allahabad Bank Loan against property EMI calculator. The table below shows the Allahabad Bank EMI calculation at the various combinations of loan amount and years at the lowest rate of 14.15%.

Allahabad Bank Loan against property EMI is calculated for different loan amounts and tenures at 14.15% interest rate

Loan Tenure
Loan Amount (Rs.)10 years15 years20 years
EMI on ₹ 15,00,000 ₹ 23,425 ₹ 20,128 ₹ 18,816
EMI on ₹ 25,00,000 ₹ 39,042 ₹ 33,546 ₹ 31,361
EMI on ₹ 40,00,000 ₹ 62,468 ₹ 53,673 ₹ 50,177
EMI on ₹ 60,00,000 ₹ 93,702 ₹ 80,510 ₹ 75,266

Factors Affecting Allahabad Bank Property Loan EMI

You can calculate Allahabad Bank EMI for your loan against property using an online LAP EMI Calculator, which considers factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI on loan against property. You can avail of Allahabad Bank loan against property for an amount ranging between ₹ 5,00,000 to ₹ 2,00,00,000.

Interest Rate

A higher interest rate increases your Allahabad Bank loan against property EMI, increasing the total cost of the loan. As per the current rates, Allahabad Bank provides loan against property at rates starting at 14.15%. Before applying for a loan, you must compare LAP rates and calculate EMI online using Allahabad Bank loan against property loan calculator.

Loan Tenure

Your EMI will be lower if you avail mortgage loan for a maximum tenure of 9 years, and similarly, you will have to pay a higher EMI if your tenure is shorter.

Comparison of Allahabad Bank Loan Against Property EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Allahabad Bank 14.15% ₹ 16,422 ₹ 49,265 ₹ 82,108

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 ₹ 20 Lakh from Allahabad Bank for 20 years at an interest rate of 14.15%, the EMI calculated for this loan amount would be ₹ 25,089 and the total annual EMIs to be paid annually is ₹ 3,01,063. The Allahabad Bank Loan Against Property EMI schedule for 20 years is explained below in the table –

Amortization Schedule for a Loan Against Property of ₹ 20 Lakh over the 20 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 70,697 ₹ 4,569 ₹ 75,266 ₹ 19,95,431
2022 ₹ 2,81,091 ₹ 19,972 ₹ 3,01,063 ₹ 19,75,459
2023 ₹ 2,78,074 ₹ 22,989 ₹ 3,01,063 ₹ 19,52,470
2024 ₹ 2,74,602 ₹ 26,461 ₹ 3,01,063 ₹ 19,26,009
2025 ₹ 2,70,605 ₹ 30,458 ₹ 3,01,063 ₹ 18,95,550
2026 ₹ 2,66,004 ₹ 35,059 ₹ 3,01,063 ₹ 18,60,492
2027 ₹ 2,60,709 ₹ 40,354 ₹ 3,01,063 ₹ 18,20,137
2028 ₹ 2,54,613 ₹ 46,450 ₹ 3,01,063 ₹ 17,73,688
2029 ₹ 2,47,597 ₹ 53,466 ₹ 3,01,063 ₹ 17,20,222
2030 ₹ 2,39,521 ₹ 61,542 ₹ 3,01,063 ₹ 16,58,680
2031 ₹ 2,30,226 ₹ 70,837 ₹ 3,01,063 ₹ 15,87,843
2032 ₹ 2,19,526 ₹ 81,537 ₹ 3,01,063 ₹ 15,06,306
2033 ₹ 2,07,210 ₹ 93,853 ₹ 3,01,063 ₹ 14,12,452
2034 ₹ 1,93,034 ₹ 1,08,029 ₹ 3,01,063 ₹ 13,04,423
2035 ₹ 1,76,716 ₹ 1,24,347 ₹ 3,01,063 ₹ 11,80,076
2036 ₹ 1,57,934 ₹ 1,43,129 ₹ 3,01,063 ₹ 10,36,947
2037 ₹ 1,36,315 ₹ 1,64,749 ₹ 3,01,063 ₹ 8,72,198
2038 ₹ 1,11,430 ₹ 1,89,633 ₹ 3,01,063 ₹ 6,82,565
2039 ₹ 82,786 ₹ 2,18,277 ₹ 3,01,063 ₹ 4,64,288
2040 ₹ 49,816 ₹ 2,51,247 ₹ 3,01,063 ₹ 2,13,041
2041 ₹ 12,757 ₹ 2,13,041 ₹ 2,25,797 ₹ 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 6.4% of your EMI has been used to repay the principal amount. This means that the remaining 93.6% of the EMI went into interest payment. Thus, you end up paying only 0.96% of the loan amount of ₹ 20 Lakh after paying 12 EMIs in the first year to Allahabad Bank.

In year 20, the interest component of Allahabad Bank EMI is around 7.26%, while the principal component is around 92.74%. Upto 20 years, you have cumulatively repaid 100% of your total Allahabad Bank Loan Against Property.

Allahabad Bank Loan Against Property EMI for ₹ 10 Lakh

The following table shows EMI on Allahabad Bank loan against property for ₹ 10,00,000 for different tenures at an interest rate of 14.15%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 14.15% 5 Years ₹ 23,346
₹ 10,00,000 14.15% 10 Years ₹ 15,617
₹ 10,00,000 14.15% 12 Years ₹ 14,466
₹ 10,00,000 14.15% 9 Years ₹ 16,422

Allahabad Bank Loan Against Property EMI for ₹ 25 Lakh

The following table shows Allahabad Bank loan against property EMI for ₹ 25,00,000 for different tenures at an interest rate of 14.15%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 14.15% 5 Years ₹ 58,365
₹ 25,00,000 14.15% 10 Years ₹ 39,042
₹ 25,00,000 14.15% 12 Years ₹ 36,165
₹ 25,00,000 14.15% 9 Years ₹ 41,054

Allahabad Bank Mortgage Loan EMI for ₹ 30 Lakh

The following table shows Allahabad Bank loan against property EMI for ₹ 30,00,000 for different tenures at an interest rate of 14.15%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 14.15% 5 Years ₹ 70,038
₹ 30,00,000 14.15% 10 Years ₹ 46,851
₹ 30,00,000 14.15% 12 Years ₹ 43,398
₹ 30,00,000 14.15% 9 Years ₹ 49,265

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 Allahabad Bank 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 Allahabad Bank Loan Against Property EMI change in case of prepayment?

Similar to all loans, Allahabad Bank 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 EMI calculator calculate Allahabad Bank Loan Against Property EMI?

Allahabad Bank Loan against property emi calculator 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 ₹ 2,00,00,000, 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.

How to pay your Allahabad Bank Mortgage loan EMI Online?

You can pay the Allahabad Bank mortgage loan EMI by logging in to your net banking account as provided when availing of the loan using your savings account or debit/credit card. You can also visit the Allahabad Bank branch to submit the cheque of your EMI.

What is the EMI for ₹ 10 Lakh mortgage loan in Allahabad Bank?

To determine different EMI for different tenures, you can use a 10 lakh loan against property EMI Calculator. Consider this example for a better understanding.

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 14.15% 5 years ₹ 23,346
₹ 10 Lakh 14.15% 10 years ₹ 15,617
₹ 10 Lakh 14.15% 12 years ₹ 14,466
₹ 10 Lakh 14.15% 9 years ₹ 16,422

How is Allahabad Bank loan against property EMI calculated?

You can calculate Allahabad Bank LAP EMI using the mathematical formula mentioned below or using an online Allahabad Bank LAP EMI Calculator.

  • E = [P x R x (1+R)^N]/[(1+R)^N-1] where
  • ‘E’ means Equated monthly instalments
  • ‘P’ means the principal amount
  • ‘N’ is the number of monthly instalments
  • ‘R’ is the interest rate per month.

What is the EMI for ₹ 20 Lakh Loan against property in Allahabad Bank?

To determine different Loan against property EMI Allahabad Bank for different tenures, you can use a 20 lakh loan against property Calculator, as reflected in the table below:

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 14.15% 5 years ₹ 46,692
₹ 20 Lakh 14.15% 10 years ₹ 31,234
₹ 20 Lakh 14.15% 12 years ₹ 28,932
₹ 20 Lakh 14.15% 9 years ₹ 32,843

What is the EMI for ₹ 30 Lakh mortgage loan in Allahabad Bank?

To determine different Allahabad Bank EMI for different tenures, you can use a 30 lakh loan against property EMI Calculator.

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 14.15% 5 years ₹ 70,038
₹ 30 Lakh 14.15% 10 years ₹ 46,851
₹ 30 Lakh 14.15% 12 years ₹ 43,398
₹ 30 Lakh 14.15% 9 years ₹ 49,265

What is the EMI for ₹ 50 Lakh mortgage loan in Allahabad Bank?

To estimate Allahabad Bank EMI for different loans against property tenures, you can use a 50 lakh mortgage Calculator. The results are mentioned as follows:

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 14.15% 5 years ₹ 1,16,730
₹ 50 Lakh 14.15% 10 years ₹ 78,085
₹ 50 Lakh 14.15% 12 years ₹ 72,331
₹ 50 Lakh 14.15% 9 years ₹ 82,108


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Allahabad Bank Loan Against Property News - Oct 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.
  • 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.
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