Andhra Bank Home loan Interest Rates

If you are planning to opt for a home loan and are confused about which bank is offering the affordable interest rates, Andhra Bank Home Loan Interest Rates could be the best for you! Being one of the leading public sector banks, there is no doubt about the fact that Andhra Bank is a name to reckon with. Any individual can opt for this facility at affordable interest rates that range from 6.70% - 7.15%. You can look at all the important details related to Andhra Bank Home Loan interest rates in this page.

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Andhra Bank Home loan Interest Rates August 2020

ParticularsDetails
Interest Rates6.70% - 7.15%
Maximum Loan AmountAbove INR 75 lakh
For Repairs and Renovations - INR 30 lakh
Loan to Value Ratio75% to 90%
Repayment PeriodUpto 30 years
Upto 15 years in case of Repair or Renovation
Repayment MethodsEquated Monthly Installments (EMI)
Equated Quarterly Installments (EQI)
Step-up Repayment Method
Ballon Repayment Method
Flexible Loan Installment Plan (FLIP)
Bullet Repayment Plan

Andhra Bank Home Loan Interest Rates are decided based on the CIBIL Score of an individual and the Loan to Value (LTV) ratio. If you want to know about the Andhra Bank Home Loan interest rates in detail, then you can look at the tables below, where we have provided the interest rates according to the loan amount and CIBIL score of an individual. Do check it!

Floating Rate for Loan Amount upto INR 30 lakh

The rate is ascertained keeping in mind the CIBIL score and LTV ratio. Glance at the table below for specific rates.

CIBIL ScoreLoan to Value RatioEffective Rate of Interest (Per Annum)
700 and AboveLess than 75%6.70% - 6.90%
Less than 75% to less than or equal to 80%6.75% - 6.90%
Less than 80% to less than or equal to 90%6.85% - 7.00%
Below 700Less than 75%6.85% - 7.00%
Less than 75% to less than or equal to 80%6.85% - 7.00%
Less than 80% to less than or equal to 90%6.95% - 7.10%

Floating Rate for Loan Amount Above INR 30 lakh and Upto INR 75 lakh

The rate for this loan range is decided based on CIBIL score as well as the profession and gender of an individual. Take a look!

CIBIL ScoreInterest Rates for Salaried (Female)Interest Rates for Salaried (Male)Interest Rates for Non Salaried (Female)Interest Rates for Non Salaried (Male)
700 and Above6.95%7.00%6.95%7.00%
Below 7007.05%7.10%7.05%7.10%

Floating Rate for Loan Amount Above INR 75 lakh

Even for loans above INR 75 lakh, the rates are decided on the basis of CIBIL score, profession and gender of an individual.

CIBIL ScoreInterest Rates for Salaried (Female)Interest Rates for Salaried (Male)Interest Rates for Non Salaried (Female)Interest Rates for Non Salaried (Male)
700 and Above7.00%7.05%7.00%7.05%
Below 7007.10%7.15%7.10%7.15%

Andhra Bank Home Loan Balance Transfer Facility

If you want to transfer your outstanding high interest loan amount to Andhra Bank at affordable interest rates, you can opt for the Andhra Bank Home Loan Balance Transfer Facility. With this facility, you will be able to reduce your loan burden. You can also get a top-up loan amount if your repayment track is good, so you must pay your loan on time.

How much Money You can Save with the Help of the Andhra Bank Home Loan Balance Transfer Facility?

As we told you that with the help of the Andhra Bank Home Loan Balance Transfer Facility, you can shift your outstanding principal amount. You must be thinking about how this can be done and most importantly, how much money you can save by this? Well, it would be better if you understand this through an example. But first, you should also know that Home Loans are generally considered to be high-ticket purchases taken usually for a long period of time ranging from 15 to 20 years. And you pay a significant interest amount over the home loan tenure. So, it is advised to opt for the Balance Transfer facility in the initial years to reduce your EMI amount and interest amount over time. Like, if your home loan is for 20 years then it would be wise to opt for the Balance Transfer facility within the 7-8 years of the loan.

Let’s assume an applicant has a 15-year home loan for an amount of INR 35 lakh at an interest rate of 8.30% per annum.

According to these details, the applicant must be paying an EMI of INR 34,057. Now he wants to opt for the Andhra Bank Balance Transfer facility after paying the EMIs for five years without any fail. Let’s understand how much money he will save by opting for this facility through the below table.

Loan AspectDetails
Existing Loan AmountINR 35 lakh
Interest Rate8.30% per annum
Tenure15 years
EMI at the current interest rate of 8.30% per annumINR 34,057
Estimated Interest Outgo at 8.30% per annumINR 26,30,224
Interest Paid till now ( 5 Years )INR 13,14,086
Outstanding Balance at the end of 5 yearsINR 27,70,679
EMI at the new interest rate of 6.90% per annumINR 32,027
Interest Outgo at the new interest rate of 6.90% per annumINR 10,72,599
Interest Paid till now + Interest for the remaining 10 yearsINR 23,86,685
Estimated EMI SavingINR 2,030
Estimated Interest SavingsINR 2,43,539

So, you can get an idea of how opting for lower interest rates with Andhra Bank Home Loan Balance Transfer facility can make you save on both the EMI amount and interest amount. When we talk about the EMI amount, you can save around INR 2,030 per month, and it will be INR 2,43,539 in case of the interest outgo.

How to Contact Andhra Bank Home Loan Customer Care?

In a situation when you are having any questions or confusion about the Andhra Bank Home Loan Interest Rates, you just need to call its customer care. You can get in touch with the representatives of the Andhra Bank Home Loan by calling 1800-22-2244. They will surely help you in resolving any of your issues.

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