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Allahabad Bank Home Loans

Allahabad Bank Home Loans are targeted at professionals, permanent salaried employees, businessmen and self-employed persons who have a steady source of income to pay off the loans. These loans have gained considerable popularity in the Indian housing market.

About Allahabad Bank Home loans

The housing loan offered by Allahabad Bank is a term loan. You can go and choose from a variety of Allahabad Bank home loans for any of the following purposes:

  • For buying a plot by salaried individuals from Development Authority/Government Agency or any Government recognized agency like HOUSEFED and HUDA and building a residential house thereon.
  • For building a residential house on a parcel of land that you already own.
  • For extension/renovation/maintenance of a residential house that you already own.
  • For buying a flat/house to use for residential purpose.
  • For assuming housing loans from other banks/finance companies/financial institutions.
  • For buying an uncompleted/old home (maximum 20 years old) and extension/renovation/ maintenance of the same.
  • Bank finance offered for buying a home by a borrower who plans to rent it out because of his relocation away from the headquarters or since he has been offered lodging by his employer.
  • Bank finance offered to an individual who already has a home in a village/town where he stays, for purchasing/building another home in the same or any other village/town with the intention of self occupation.
  • Bank finance offered to an individual who plans to purchase an old home (Maximum 20 years old) where he is staying as a renter.

Supplementary finance

Supplementary finance may be offered by Allahabad Bank within the overall limit for performing modifications/extensions/renovation to the flat/house. Bank finance is available to persons who have collected funds for purchasing/building of houses from other sources and require additional finance from Allahabad Bank following formation of pari-passu charge on the home mortgaged in support of other lenders and/or against other similar types of security.

Eligibility criteria for Allahabad Bank Home Loans

The eligibility criteria for Allahabad Bank Home Loans are given below:

Housing Loan may be offered to those who have a steady source of income which is adequate to disburse the loan together with interest within a specific repayment term. Employees who have taken housing loans from their own companies may also qualify for housing loans from Allahabad Bank under this plan provided they have a steady source of income which is adequate to settle the loan within a specific repayment term and have the capacity to abide by the terms and conditions of the scheme.

Special repayment facility for Allahabad Bank home loans

Given below are the special repayment options for housing loans offered by Allahabad Bank:

  • Repayment option for salaried individuals who want to stretch the repayment term further than the date of retirement in keeping with Public Housing Loan Scheme of Allahabad Bank will be eligible for a period of up to 5 years following the date of retirement.
  • Options for progressive monthly installments (PMI) are available under the public housing loan scheme by Allahabad Bank.

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