About Andhra Bank Home Loan
Andhra Bank, established in the year 1923 is one of the leading public sector banks in India. The bank has made a name for itself in the Indian banking world and has a strong network in the country with over 2800 branches. The bank has a box full of various financial loan products and it offers the same to the loan seekers at competitive rates of interest. The bank has always tried to exceed the expectations of its customers by giving them the best experience ever. The financial needs may be different but the solution for them is one – Andhra Bank.
It is a lifelong dream of people to buy their own house. Living in your own house is something different which can’t be experienced in a rented accommodation. Andhra Bank provides a home loan to every eligible applicant so that he/she can build his dream house. The product can be used to construct or purchase a flat/house or repair & modify an existing house. Applicants can secure a home loan from the bank for a tenure up to thirty years. One has to meet the eligibility criteria in order to avail a home loan from the bank.
Andhra Bank Home Loan Interest Rates November 2023
| Particulars | Details |
|---|---|
| Interest Rates | 8.60% - 11.20% |
| Maximum Loan Amount | Above INR 75 lakh For Repairs and Renovations - INR 30 lakh |
| Loan to Value Ratio | 75% to 90% |
| Repayment Period | Upto 30 years Upto 15 years in case of Repair or Renovation |
| Repayment Methods | Equated Monthly Installments (EMI) Equated Quarterly Installments (EQI) Step-up Repayment Method Ballon Repayment Method Flexible Loan Installment Plan (FLIP) Bullet Repayment Plan |
Disclaimer – Andhra Bank is now merged with Union Bank of India. So, the offers of Union Union will apply to Andhra Bank customers too.
Andhra Bank Plot Loan
- Incase of plot loan, the construction should commence within 12months from the first disbursement.
- The plot should be situated in Residential areas under Municipal/ Corporations limits in metros , urban and semi urban cities
- Loans are offered on purchase of sites sold by state owned agencies including Housing board etc
Andhra Bank Home Loan Eligibility
A home loan seeker has to first fulfill the eligibility norms set by Andhra Bank so as to avail a home loan. The eligibility criteria has been given below-
- The applicant should be between the age group of 21 to 65 years. This clearly means the applicant must have attained the age of at least 21 years while applying for a home loan.
- The loan needs to be fully repaid by the age of 75 years. The maturity date must not exceed 75 years of age.
- The applicant can apply for the product either singly or jointly with any family member.
- The amount that a person is eligible for will depend on his/her repayment capacity.
Andhra Bank Home Loan Documents Checklist
The list of documents to be submitted to the bank for availing a home loan has been given below.
- Loan application form
- ID Proof & Address Proof of applicant, co-applicants, and co-obligators
- Income proof of applicant, co-applicants, and co-obligators
- Employees: Last pay certificate, Form 16 issued by the employer, Undertaking letters from the employer
- Agriculturalist: Income certificate by competent Revenue Authority in respect of income from agricultural and allied activities, Documentary proof of holding the property
- Businessmen/Professional/Self-employed: Last 3 years income proof supported by financial statements signed by Chartered Accountants/IT Returns/Assessment Orders
- Property statement of applicant, co-applicants, and co-obligators
- Letter for recovery of the loan installments debited from the account
- A letter from the applicant in the format as asked by Andhra Bank and an irrevocable letter of undertaking from the employer
- Post Dated cheques of at least 12 months
- Last 6 months bank account statement
- A letter from the applicant with the declaration of not having similar loan with any other branch of Andhra Bank or any other bank
- Verification report from outsourcing agencies/Branch official
- Credit information report from CIBIL
- Declaration for giving information to CIBIL
- Credit Investigation/Due Diligence/Pre-sanction verification report
- Certification of Inspection of Security
- Letter of authority to pay the installments to the builder basing on the progress of the work
- Copy/Original deeds of the sight
- Original deed of conveyance of land, conveying the individual/proportionate share of the land along with agreement for construction
- Copy of the document evidencing the title of the Vendor to the property sold tracing the title for the last 13 years
- Copy of NIL Encumbrance Certificate on the Immovable property proposed to be purchased or to be constructed covering immediate preceding 13 years to the date of application for housing loan
- Plan of the house/flat or apartment duly approved by the competent authority
- Location sketch of proposed house/flat
- No objection certificate from the Urban Land Ceiling Authority for mortgaging the immovable property to bank in case of the location of the said party proposed to be purchased or constructed attracts the Urban Land Ceiling Act
- A declaration from the applicant indicating his financial resources for meeting the margin money/differential in the total cost of the plot/site/house/flat or apartment
- Legal opinion and any other document stipulated by Legal Advisor/Sanctioning Authority
- Legal Audit wherever applicable
- Undertaking letter to adjust residual amount of money
Additional Documents in case of construction of House
- Detailed estimate of the proposed construction by the approved engineer of Andhra Bank
Additional Documents in case of outright purchase of buildup House/Flat
- Allotment of the House/Flat issued by the Housing Board
- Agreement of sale between vendor and purchaser with the name and address of the Vendor and purchaser
- Copies of prior documents of title of the property in possession of the vendor along with tax receipts
- Copy of the approved plan and a letter from the vendor about the age of the house/flat
- Detailed estimate of the cost of the house in case of direct purchase of built up house by the approved engineer of the bank specifying the age and condition of the house/flat
- Managers certificate for valuation of the property
- Certificate from the approved engineer about the present value, condition, and cost of the house/flat
- Development agreement between the owner of the site and the builder
- Original payment receipts provided by the vendor/builder
- Receipt of delivery issued by Registrar of assurance to deliver the original title deeds
Andhra Bank Home Loan EMI Calculator
It is very important for a home loan borrower to know about the monthly installment amount he/she will be paying to the bank so as to repay the home loan. He/she can use the EMI Calculator to know about his/her monthly EMI amount as well as the total interest payable. One has to simply enter the loan amount along with the rate of interest and tenure period. The calculator will provide the desired results within few seconds on the window screen. Let’s make things clearer with the help of an example.
Suppose Vikas Das, a software engineer working in Patna wants to buy his dream in the city. He requires Rs. 25 lakhs for the same and therefore approaches Andhra Bank for a home loan. The bank examines his repayment capacity and finds him to be eligible for the loan. He is offered the said amount at an interest rate of 8.75% for a period of 15 years. Now, Vikas can easily calculate the EMI amount by using this calculator. The relevant information has been given in the form of a table. Have a look at the same.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 25,00,000 | 8.00% | 1 | ₹ 2,17,471 | ₹ 1,09,653 | ₹ 26,09,653 |
| ₹ 25,00,000 | 8.00% | 2 | ₹ 1,13,068 | ₹ 2,13,637 | ₹ 27,13,637 |
| ₹ 25,00,000 | 8.00% | 3 | ₹ 78,341 | ₹ 3,20,273 | ₹ 28,20,273 |
| ₹ 25,00,000 | 8.00% | 4 | ₹ 61,032 | ₹ 4,29,551 | ₹ 29,29,551 |
| ₹ 25,00,000 | 8.00% | 5 | ₹ 50,691 | ₹ 5,41,459 | ₹ 30,41,459 |
| ₹ 25,00,000 | 8.00% | 6 | ₹ 43,833 | ₹ 6,55,983 | ₹ 31,55,983 |
| ₹ 25,00,000 | 8.00% | 7 | ₹ 38,966 | ₹ 7,73,105 | ₹ 32,73,105 |
| ₹ 25,00,000 | 8.00% | 8 | ₹ 35,342 | ₹ 8,92,803 | ₹ 33,92,803 |
| ₹ 25,00,000 | 8.00% | 9 | ₹ 32,547 | ₹ 10,15,053 | ₹ 35,15,053 |
| ₹ 25,00,000 | 8.00% | 10 | ₹ 30,332 | ₹ 11,39,828 | ₹ 36,39,828 |
| ₹ 25,00,000 | 8.00% | 11 | ₹ 28,539 | ₹ 12,67,097 | ₹ 37,67,097 |
| ₹ 25,00,000 | 8.00% | 12 | ₹ 27,061 | ₹ 13,96,829 | ₹ 38,96,829 |
| ₹ 25,00,000 | 8.00% | 13 | ₹ 25,827 | ₹ 15,28,988 | ₹ 40,28,988 |
| ₹ 25,00,000 | 8.00% | 14 | ₹ 24,783 | ₹ 16,63,536 | ₹ 41,63,536 |
| ₹ 25,00,000 | 8.00% | 15 | ₹ 23,891 | ₹ 18,00,434 | ₹ 43,00,434 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 89,946 | ₹ 1,96,749 | ₹ 24,10,053 |
| 2 | ₹ 97,411 | ₹ 1,89,284 | ₹ 23,12,642 |
| 3 | ₹ 1,05,496 | ₹ 1,81,199 | ₹ 22,07,145 |
| 4 | ₹ 1,14,252 | ₹ 1,72,443 | ₹ 20,92,892 |
| 5 | ₹ 1,23,735 | ₹ 1,62,960 | ₹ 19,69,156 |
| 6 | ₹ 1,34,005 | ₹ 1,52,690 | ₹ 18,35,150 |
| 7 | ₹ 1,45,128 | ₹ 1,41,567 | ₹ 16,90,022 |
| 8 | ₹ 1,57,173 | ₹ 1,29,522 | ₹ 15,32,848 |
| 9 | ₹ 1,70,219 | ₹ 1,16,476 | ₹ 13,62,629 |
| 10 | ₹ 1,84,347 | ₹ 1,02,348 | ₹ 11,78,281 |
| 11 | ₹ 1,99,648 | ₹ 87,047 | ₹ 9,78,633 |
| 12 | ₹ 2,16,218 | ₹ 70,477 | ₹ 7,62,414 |
| 13 | ₹ 2,34,164 | ₹ 52,531 | ₹ 5,28,249 |
| 14 | ₹ 2,53,600 | ₹ 33,095 | ₹ 2,74,649 |
| 15 | ₹ 2,74,807 | ₹ 12,046 | ₹ 0 |