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Andhra Bank Loan Against Property Eligibility Calculator

Andhra Bank Loan Against Property Eligibility Criteria 2021

Last Updated 16th Jul 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 loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your Andhra Bank mortgage loan eligibility by adding earning family members, business firms and companies owners 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

Andhra Bank allows you to fund immediate or urgent needs with a loan against property. Andhra Bank loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. Andhra Bank lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

Andhra Bank Loan Against Property Eligibility Based on Age

    Andhra Bank considers your age as one of the important parameters to calculate your Andhra Bank property loan eligibility. To be eligible for availing a loan from Andhra Bank, one has to be of 21 years of age. The maximum age for loan from Andhra Bank can be 65 years. 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 Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Andhra Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Andhra Bank to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% 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 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    60 years 15.75 Lakh 23.62 Lakh 31.50 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. 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 Property Loan 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. You can get a maximum of 50% of property’s value as a loan against residential 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. The percentage of Andhra Bank loans will get lower if it is against commercial property.
    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, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you 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 Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. 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.

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 calculates your fixed obligations to monthly income ratio that 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.

How to Calculate Andhra Bank Loan Against Property Eligibility?

To check loan against property eligibility Andhra Bank follow the below given steps:-

  • Visit to the Andhra Bank website.
  • Click on Andhra Bank loan against property.
  • To check eligibility criteria use a Andhra Bank loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for Andhra Bank Loan against property.

Documents Required for Andhra Bank Loan on Property

To avail Andhra Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

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 employees to get a loan against property should be ₹ 0 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure Andhra Bank of your ability to repay the loan.

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. Andhra Bank considers your age as an important parameter to determine your Loan against property tenure.

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. Also, higher loan tenure means higher rate of interest.

How much Andhra Bank 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 if they mortgage residential property whereas you can avail up to 50% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Andhra Bank if I am not a Andhra Bank customer?

Yes, you can get a loan against property from Andhra Bank if you are not a Andhra Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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Andhra Bank Loan Against Property News - Oct 2021
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    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.
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