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Andhra Bank Loan Against Property Eligibility

Andhra Bank Loan Against Property Calculator India Apr 2021

Last Updated 11th Feb 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 65 years 21 - 65 years
Maximum Loan Tenure 10 years 10 years
  • Andhra Bank offers Loan Against Property Rates at 10.75% p.a.
  • Andhra Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Andhra 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

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.

Loan Against Property Eligibility Calculator

Andhra Bank Loan Against Property Eligibility Based on Age

  • Age: Andhra 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 Andhra Bank, one has to be of atleast 21 years of age. The maximum age for loan from Andhra Bank can be 65 years for salaried. Andhra 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 10 Years 10 Years
30 Years 10 Years 10 Years
40 Years 10 Years 10 Years
50 Years 10 Years 10 Years
60 Years 5 Years 5 Years

Andhra Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Andhra 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 10.75% 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 23.84 Lakh 35.76 Lakh 47.68 Lakh
    30 years 23.84 Lakh 35.76 Lakh 47.68 Lakh
    35 years 23.84 Lakh 35.76 Lakh 47.68 Lakh
    40 years 23.84 Lakh 35.76 Lakh 47.68 Lakh
    50 years 23.84 Lakh 35.76 Lakh 47.68 Lakh
    60 years 15.03 Lakh 22.55 Lakh 30.07 Lakh

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

  • Nature of Employment: Andhra 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. Andhra Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Andhra Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Andhra 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 Andhra 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 Andhra Bank.

Andhra 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. Andhra 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 Andhra 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 Andhra 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 Andhra Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

Andhra Bank Mortgage Loan Eligibility Based on FOIR

Andhra Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Andhra 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 Andhra Bank. Always calculate your eligibility with Andhra 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 Andhra Bank?

The factors that determine the eligibility criteria of Andhra 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 Andhra Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

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

The minimum age of the applicant should be 21 years and maximum should be 65 years for loan against property from Andhra Bank.

What is the tenure of Andhra Bank property loan?

Andhra Bank offers property loan for a tenure upto 10 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 Andhra Bank up to 50% of the market value of the property.

Compare Mortgage Loan of All Banks


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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