Andhra Bank Home Loans

Andhra Bank home loans come in two types – housing loans for the priority sector and housing loans for the non priority sector. These loans have been designed to fulfill a range of needs of home buyers.

About Andhra Bank Home Loans

Given below are the two main types of home loans offered by Andhra Bank:

1) AB Housing Loans – Priority Sector

AB Priority Sector Housing Loans are available for salaried individuals, agriculturists, self-employed individuals and businessmen.

Eligibility criteria for AB Housing Loans – Priority Sector and other features

General

• Age of the applicant should be between 21 and 65 years.
• Maximum repayment term of 20 years.
• 85% of Registration value or 75% of construction cost for complete purchase as loan
• House purchase: The independent house should not be older than 25 years.
• Age of the flat must not be above 20 years.
• There is no requirement of co obligation/guarantee.

Salaried Persons

• Most recent salary certificate and Income Tax returns for the last 3 years
• Maximum amount of 48 times of gross monthly income
• Appraisals and other associated certified documents
• Employer’s certificate concerning remaining period of service
• Loan approval is conditional on 30% of the net salary of the borrower.

Housing Loans for Agriculturists, Self-employed persons & Businessmen

• For Agriculturists, 4 times of gross yearly income as stated by certificate given by the capable Revenue Authority, backed by proof of land ownership
• 4 times the gross yearly income or 48 times of gross monthly income
• Certificate from Auditor
• Income Tax Returns
• Appraisals and other associated certified documents

Income proof:

Employees	Professional & self employed	Agriculturalist
Most recent salary certificate, Form 16 issued by the employer/ Assessment orders/ IT Returns	Proof of income for the past 3 years backed by financial statements certified by Chartered Accountant –assessment orders/income tax returns	Income certificate by capable Revenue Authority regarding income from agricultural and associated activities

Area plan of the proposed house/flat.
Property statements of loan applicants and coobligant.

1) AB Housing Loans – Non Priority Sector

AB Non Priority Sector Housing Loans are available for salaried individuals, agriculturists, self-employed persons and businessmen.

Eligibility Criteria and other features

General

• Age of the applicant should be between 21 and 65 years.
• Maximum repayment term is 20 years (this includes gestation period)
• Gestation Period for purchase or construction of flats is maximum 18 months or taking ownership whichever comes in the first place.
• Gestation Period for flats/houses built by State Housing Boards is maximum 24 months or taking ownership whichever comes in the first place.

Borrowers need to pay accrued interest throughout the gestation period.

• 85% of Registration value or 75% of construction cost for complete purchase as loan
• House purchase: The independent house should not be older than 25 years.
• Age of the flat must not be above 20 years.
• There is no requirement of co obligation/guarantee.

Salaried Persons

• Most recent salary certificate and Income Tax returns for the last 3 years
• Maximum amount of 48 times of gross monthly income
• Employer’s certificate concerning remaining period of service
• Appraisals and other associated certified documents
• Loan approval is conditional on 30% of the net salary of the borrower.

Housing Loans for Agriculturists, Self-employed persons & Businessmen

• For Agriculturists, 4 times of gross yearly income as stated by certificate given by the capable Revenue Authority, backed by proof of land ownership
• 4 times the gross yearly income or 48 times of gross monthly income
• Certificate from Auditor
• Income Tax Returns
• Appraisals and other associated certified documents
• Maximum area-wise amount of loan for construction or acquisition of new residential units is - Rural - 25 lakhs, Urban – 150 lakhs, Semi-urban – 75 lakhs and Metro – 250 lakhs.

Income proof

Employees	Professional & self employed	Agriculturalist
Most recent salary certificate, Form 16 issued by the employer/ Assessment orders/ IT Returns	Proof of income for the past 3 years backed by financial statements certified by Chartered Accountant –assessment orders/income tax returns	Income certificate by capable Revenue Authority regarding income from agricultural and associated activities

Area plan of the proposed flat/house.
Property statements of loan applicants and co-obligant.