Andhra Bank Home Loan in Kochi

Last Updated : May 5, 2018, 10:47 a.m.

About Andhra Bank Home Loan Kochi

Kochi or Cochin is a city in India’s coastal Kerala state and is popular for mesmerizing natural beauty. Having said that, there is a good possibility that Kochi will be India’s next real estate hotspot. Kochi is also the first Tier-II city to propose metro rail and all of this all together has increased the demand for homes and hence home loans. Hence, if you are also planning to a have a home of your own in this paradise, Andhra Bank home loans might make everything very simple. So, have a look at interest rates and other related details to apply.

Andhra Bank Home Loan in Kochi at a Glance

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

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Andhra Bank Kochi Branch Details