Allahabad Bank

A 150 year old establishment, Allahabad bank is the oldest joint stock bank in India. MoneyBazaar in association with Allahabad bank offers super fast loan processing.

 

 ALLAHABAD BANK HOMELOANS
Up to rs.75.00 lac 8.25%
Interest rate* Above rs.75.00 lac & up to rs.300 lac 8.55%
Above rs.300 lac up to rs.500 lac 8.85%
Above rs.500 lac 9.00%
Options of interest rate Floating
Processing fees Nil up to 31st March‘2018
Repayment period Max 30 years
Prepayment penalty Nil
Balance transfer facility Available
Top up facility Available
Overdraft facility Not Available

*0.05% concession to women & salaried employee.

MONEYBAZAAR’S ANALYSIS ON ALLAHABAD BANK HOME LOANS:

PROS:

  • Rate of interest starts at 8.25% upto 75 lacs
  • Lightning fast loan processing.
  • No processing fees
  • Best Rate of Interest Under 75 Lacs segment.
  • Minimum documents required

 

CONS:

  •  No max-gain/ advantage account facility.

DOCUMENTS REQUIRED FROM THE LOAN SEEKER:

1. KYC(Know Your Customer) documents

  • Pan card
  •  Address proof (any one):
    • Adhaar card
    •  Voter id card
    •  Passport
    •  Driving license
    •  Rent agreement supported by permanent address proof

2. Income proof:

  • For Salaried
    • Latest salary slips for last 3 months.
    •  Form 16 for last 2 years.
  •  Self employed or professionals
    •  ITR’s for last 3 years with Computation, Profit & Loss and Balance Sheets

3. Others:

  •  6 months bank statement for salaried.
  •  6 months current and savings account statement for self employed or professionals
  •  Sanction letter of existing loans (if any).

4. Property documents:

  •  Allotment letter and payment receipts for Bank’s approved projects
  •  Complete chain of property starting from allotment letter if the sale or lease deed has been
    executed
  •  Sanctioned map of property (not required in approved projects)

 

Charges other than processing fees:

Actual charges for the following will be payable by the customer in addition to the processing fees:

  • Advocate’s fee for property search and the title investigation report.
  •  Valuer’s fee for valuation report.
  •  Stamp duty payable for loan agreement & mortgage.
  •  Property insurance premium.
  •  CERSAI registration fee of Rs.50/- + GST up to Rs.5 lacs limit and Rs.100 + GST for limits
    above Rs.5 lacs