Andhra Bank Home Loan in Chennai

About Andhra Bank Home Loan Chennai

When it comes to home loans, a borrower always looks for a lower rate and a higher loan amount. Having said that, the home loan scheme of Andhra Bank is one of the choices of people of Chennai. So, if you are also planning to apply for a home loan in Chennai, have a look at the eligibility criteria and the home loan interest rate offered by Andhra Bank.

Andhra Bank Home Loan in Chennai at a Glance

ParticularsDetails
Interest Rate8.75% - 8.90%
Loan amountMinimum margin 10% for limits up to ₹30 lakhs, 20% for limits over ₹30 lakhs to ₹75 lakhs and 25% for limits more than ₹75lakhs.
TenureUp to 30 years
Processing Fee0.50% of the loan amount plus applicable tax
Prepayment FeeNIL in case of floating rate of interest

Eligibility Criteria

The eligibility criteria to apply for a home loan at Andhra Bank, the applicant must meet the eligibility as mentioned below:

  • The age of the applicant must be between 21-65 years
  • The maximum age on the due date should not be more than 75 years
  • Individuals either singly or jointly with family members are eligible to apply
  • Home loan can be taken for construction or purchase of house/flat
  • You must have a good source of income

For purchase of plot:

  • The plot is to be situated in residential areas within Municipal/Corporation limits in Metro, Urban, and Semi Urban areas
  • Finance shall also be considered for purchase of sites offered for sale by state-owned agencies like Housing Boards, etc. in Metro, Urban and Semi Urban areas
  • The construction has to be commenced within 12 months from the date of the first disbursement of the loan for the purchase of property and the construction thereon should be completed within 30 months from the date of disbursement of the first installment of loan for the purchase of plot.
  • Assessment of eligible amount of loan is based on the repayment capacity for both the components of loan i.e., for plot and construction together

For repairs and renovation:

  • Up to 5 years of the age of the property can get maximum loan up to ₹10 lakhs
  • Above 5 years and up to 25 years old property can get up to ₹15 lakhs

Documents Required

The applicants who want to apply for a home loan or a housing loan at Andhra Bank must carry the below list of documents:

  • 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 incase 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

For more information, read Home Loan Chennai

Address of Andhra Bank Branches in Chennai

Branch NameComplete AddressIFSCMICRCustomer Care
Ashok NagarA1, Senthil Towers, I Avenue, Ashok Nagar, Chennai 600083ANDB0000019600011004044-2489433
Anna NagarJa 995 / New 170, Ii Avenue, Anna Nagar, Chennai 600040ANDB0000227600011014044-2616206
Mowbrays Road Branch265 Ttk Salai, Alwarpet, Chennai - 600018ANDB0000255600011015
Chennai168, Lingichetty Street, P.B.No.1526, Chennai - 600001ANDB0000348600011002044-25229766
MylaporeNo:6, North Mada Street, Mylapore, Chennai - 600004ANDB0000360600011008044 - 24941610
Shenoy NagarW 5, Kanniamman Street, Shenoy Nagar, Chennai 600030ANDB0000506ANDB0000506044-2
SowcarpetAnna Pillai Street, Sowcarpet, ChennaiANDB0000512600011011044 - 25224260
Saidapet395, Annasalai, Saidapet, Chennai - 600015ANDB000054460001100944
TriplicaneNo.50, Cn Krishnaswamy Road, Triplicane, Chennai - 600005ANDB0000564600011013044-28583376
Valasaravakkam115, Arcot Road, Valasaravakkam, Chennai 600087ANDB0000622600011017044-24860

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