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Andhra Bank Loan Against Property EMI Calculator

Andhra Bank Mortgage Loan EMI

Last Updated 11th Feb 2021

Get monthly EMI as low as ₹ 1,363 per lakh on Andhra Bank loan against property. Mortgage loan EMI in Andhra 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 loan10 Year loan
₹ 20 Lakh₹ 43,236₹ 33,983₹ 27,268
₹ 30 Lakh₹ 64,854₹ 50,974₹ 40,902
₹ 50 Lakh₹ 1,08,090₹ 84,956₹ 68,169

    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 Loan Against Property.

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    Loan Against Property EMI Calculator Andhra Bank

    Calculate Loan Against Property EMI of All Banks in India

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

    Andhra 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 Andhra Bank for 15 years at an interest rate of 10.75%, the EMI calculated for this loan amount would be ₹ 16,814 and the total annual EMIs to be paid annually is ₹ 2,01,771. The Andhra 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 ₹ 1,19,825 ₹ 31,503 ₹ 1,51,328 ₹ 14,68,497
    2022 ₹ 1,55,634 ₹ 46,136 ₹ 2,01,771 ₹ 14,22,361
    2023 ₹ 1,50,423 ₹ 51,348 ₹ 2,01,771 ₹ 13,71,013
    2024 ₹ 1,44,623 ₹ 57,148 ₹ 2,01,771 ₹ 13,13,865
    2025 ₹ 1,38,167 ₹ 63,603 ₹ 2,01,771 ₹ 12,50,262
    2026 ₹ 1,30,983 ₹ 70,788 ₹ 2,01,771 ₹ 11,79,474
    2027 ₹ 1,22,987 ₹ 78,784 ₹ 2,01,771 ₹ 11,00,690
    2028 ₹ 1,14,087 ₹ 87,683 ₹ 2,01,771 ₹ 10,13,007
    2029 ₹ 1,04,183 ₹ 97,588 ₹ 2,01,771 ₹ 9,15,419
    2030 ₹ 93,160 ₹ 1,08,611 ₹ 2,01,771 ₹ 8,06,808
    2031 ₹ 80,891 ₹ 1,20,880 ₹ 2,01,771 ₹ 6,85,928
    2032 ₹ 67,237 ₹ 1,34,534 ₹ 2,01,771 ₹ 5,51,394
    2033 ₹ 52,040 ₹ 1,49,731 ₹ 2,01,771 ₹ 4,01,664
    2034 ₹ 35,127 ₹ 1,66,644 ₹ 2,01,771 ₹ 2,35,020
    2035 ₹ 16,303 ₹ 1,85,468 ₹ 2,01,771 ₹ 49,552
    2036 ₹ 890 ₹ 49,552 ₹ 50,443 ₹ 0

    Each Andhra 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 21.1% of your EMI has been used to repay the principal amount. This means that the remaining 78.9% of the EMI went into interest payment. Thus, you end up paying only 2.84% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Andhra Bank.

    In year 15, the interest component of Andhra Bank EMI is around 5.59%, while the principal component is around 94.41%. Upto 15 years, you have cumulatively repaid 100% of your total Andhra Bank Loan Against Property.

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

    After the announcement of RBI on 22nd May 2020, Andhra 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 Andhra 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 Andhra Bank customer care or its nearest branch.

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    FAQs

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

    Andhra 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 Andhra 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, Andhra 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 Andhra 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 Andhra 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.
    • Andhra 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 Andhra 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. Andhra Bank assesses the property before approving your mortgage loan application.

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    Andhra Bank Loan Against Property News - Apr 2021
    • 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.
    • 2017-11-16 : Andhra Bank withdraws insolvency petition against HDIL
      Andhra Bank has withdrawn the insolvency application against HDIL from the National Company Law Tribunal (NCLT) because of the realty firm decision to settle its outstanding dues. HDIL has reported 64 per cent rise in net profit, reaching Rs 60.87 crore for the second quarter, compared to Rs 37.03 crore in the last year. Profits have risen with tax benefits of Rs 44.5 crore in the second quarter of the current fiscal.
    *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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