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Allahabad Bank Loan Against Property Eligibility

Allahabad Bank Loan Against Property Calculator India Apr 2021

Last Updated 05th Feb 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 70 years 21 - 70 years
Maximum Loan Tenure 9 years 9 years
Eligible Monthly Income ₹ 10,000 ₹ 10,000
  • Allahabad Bank offers Loan Against Property Rates at 14.15% p.a.
  • Allahabad Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Allahabad Bank mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan

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.

Loan Against Property Eligibility Calculator

Allahabad Bank Loan Against Property Eligibility Based on Age

  • Age: Allahabad Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Allahabad Bank, one has to be of atleast 21 years of age. The maximum age for loan from Allahabad Bank can be 70 years for salaried. Allahabad Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 9 Years 9 Years
30 Years 9 Years 9 Years
40 Years 9 Years 9 Years
50 Years 9 Years 9 Years
60 Years 9 Years 9 Years

Allahabad Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Allahabad Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 14.15% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 19.79 Lakh 29.69 Lakh 39.58 Lakh
    30 years 19.79 Lakh 29.69 Lakh 39.58 Lakh
    35 years 19.79 Lakh 29.69 Lakh 39.58 Lakh
    40 years 19.79 Lakh 29.69 Lakh 39.58 Lakh
    50 years 19.79 Lakh 29.69 Lakh 39.58 Lakh
    60 years 19.79 Lakh 29.69 Lakh 39.58 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Allahabad Bank loan against property eligibility.

  • Nature of Employment: Allahabad Bank will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Allahabad Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 5 years for self employed individuals.

Allahabad Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Allahabad Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Allahabad Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Allahabad Bank.

Allahabad Bank Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Allahabad Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Allahabad Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Allahabad Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Allahabad Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

Allahabad Bank Mortgage Loan Eligibility Based on FOIR

Allahabad Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Allahabad Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Allahabad Bank. Always calculate your eligibility with Allahabad Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from Allahabad Bank?

The factors that determine the eligibility criteria of Allahabad Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Allahabad Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 10,000 per month.

What is the minimum and maximum age required for Allahabad Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 70 years for loan against property from Allahabad Bank.

What is the tenure of Allahabad Bank property loan?

Allahabad Bank offers property loan for a tenure upto 9 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Allahabad Bank up to 50% of the market value of the property.

Compare Mortgage Loan of All Banks


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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