Allahabad Bank Home Loan Rates

Allahabad Bank home loan rates are one of the best rates that are offered by the public sector banks in India. You should have a fair idea about these rates before applying for an Allahabad Bank Housing Loan. Allahabad Bank home loans are available for different purposes.

About Allahabad Bank Home Loans Rates

The tables given below will help you understand about Allahabad Bank home loans rates. Go through them and choose the loan that is right for your needs:

Tenure	Current		Revised
	Fixed	Floating	Upto Rs.5.00 Lakhs	More than Rs. 5.00 Lakhs to Rs. 20.00 Lakhs
Upto 5 years	11.00%	PLR-3.75%
Above 5 years and upto 10 years	11.50%	PLR-3.25%	8.50% (Fixed) pawmr.	9.25% (Fixed) pawmr.
Above 10 years and upto 15 years	11.75%	PLR-3.00%
Above 15 years and upto 20 years @	12.25%	PLR-2.75%

The interest rate will be readjusted after 5 years from the date of withdrawal of the 1st installment and the borrower will subsequently have the option for choosing a fixed rate or a floating interest rate.

If housing loan offered by the bank is approved for a term of more than 20 years to 25 years and/or an amount of more than Rs. 20 Lakhs, prevailing stipulations/terms and conditions will be the same.

(ii) Margin: -

Current	Revised
25%	Up to Rs.5.00 Lakhs	More than Rs. 5.00 Lakhs to Rs.20.00 Lakhs
	10%	15%

(iii) Processing fee: -

Current	Revised
0.50% of loan amount, subject to a maximum of Rs.10,000/-	Upto Rs.5.00 Lakhs	More than Rs. 5.00 Lakhs to Rs. 20.00 Lakhs
	NIL	NIL

(iv) Prepayment charges: -

Current	Revised
2% of unpaid balance only in case of takeover	Up to Rs.5.00 Lakhs	More than Rs. 5.00 Lakhs to Rs. 20.00 Lakhs
	NIL	NIL

Free life insurance coverage will be available to the borrower for the whole amount of unpaid balance.

Is there any prepayment penalty on Allahabad Bank Housing Loans?

Yes, there is prepayment penalty applicable for Allahabad Bank Housing Loans and the penalties are explained below:

• If the loan is disbursed within 1 year then 2% of the balance due will be charged as prepayment penalty.
• If the loan is disbursed after 1 year then 1.50% of the balance due will be charged as prepayment penalty provided there is a takeover.

Special Package to Allahabad Bank Housing Loan Scheme (Public)

All new housing loans (for an amount of up to Rs.20.00 Lakhs for a maximum period of 20 years) taken uptil 31st December, 2009 are eligible for the special package. This package will not be available to switching (renewal/takeover) of loan with effect from. 17th December, 2008.

Documentation Charge

Documentation fees for the loan will be actual charges/expenses made for origination of mortgage.

How much can you borrow?

The maximum loan amount that you can borrow from Allahabad Bank is as follows:

For salaried individuals: The loan amount will be limited to 60 times the gross monthly salary last received provided it is within the project cost minus specified margin and overall deductions comprising EMI of projected loan should not be more than 40% of the monthly gross salary of the loan applicant.

For others: The amount of loan will be limited up to 4 times of average gross income demonstrated in the Income Tax Assessment Order/certified copy of income tax return for the past 3 years provided it is within the project cost minus specified margin and overall deductions comprising EMI of projected loan must not be above 40% of the monthly gross income of the loan applicant as indicated by income tax returns.