Home Loans Hub Twitter Button from twitbuttons.com
 • Home Improvement Loans  • Home Equity Loans  • Mortgage Calculator  • Get Home Loans
 Home  » Andhra Bank  » Home Loans

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.



Andhra Bank

Loans

Home Loan

Home Loan Rates