Allahabad Bank Loan Against Property

Loan Against Property 161 views

About Allahabad Bank Loan Against Property

Utilise your property to get your monetary needs fulfilled. Yes, you can get a loan against the mortgage of property and use the amount for any of your personal needs. Allahabad Bank offers property loan to the customers and helps them fulfill their dreams. The loan is offered at an attractive rate of interest for the maximum tenure of 9 years. The Bank offers loan against property to the eligible candidates only. The loan amount ranging from ₹ 5 lakhs to 2 crores s disbursed by the bank under this loan. For more information about the property loan check the details provided below:

Loan Against Property

    Personal Details


     

    Allahabad Bank Loan Against Property Details

    Particulars
    Details
    Interest Rate14.10% p.a.
    Loan AmountMinimum - ₹5 lakhs
    Maximum - ₹2 crores
    Tenure9 years
    Processing FeeUpto ₹25 Lakhs: 1.22%,
    Above ₹25 Lakhs to ₹150 Lakhs: 0.61%,
    Above ₹150 Lakhs: 0.31%

    How to Apply

    The bank has kept the application process quick and easy. The candidates who wish to avail the loan from the bank can apply for the same by visiting the nearest bank branch. There the bank executive will guide you regarding the loan procedure.  

    Allahabad Bank Loan Against Property EMI Calculator

    The hardest part of availing the loan is repayment. The hectic task of calculating the installment amount, interest amount and repayment is time-consuming. This work can be made simpler by using EMI Calculator. The calculator helps in the speedy calculation of the EMI amount and the interest payable on the loan. It even tells how much amount an individual will be paying by the end of the tenure.

    For example – On the loan amount of ₹10 lakhs availed for the period of 9 years at the interest rate of 14.10% p.a., the repayment amount will be as provided in the below mentioned table.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    Year Principal Interest Balance Amount

    Allahabad Bank Loan Against Property Eligibility Criteria

    The eligibility standards prescribed by the bank are as follows:

    • The loan can be availed by individuals singly or jointly, including the salaried persons, professionals & self-employed and agriculturist/ firms/company/ trust/ societies registered under Society Act
    • The loan to trust and society will only be permitted for the activities which are covered under trust/society deeds
    • An individual should have minimum annual income of ₹1.20 Lakhs
    • For Firm / Company, net cash generation will be considered as income for calculation of loan amount and considering repayment capacity. However, the income will be taken as per audited balance sheet/ IT return of last financial year
    • The minimum age of the applicant should be 21 years but should not exceed 70 years at the time of sanction of loan.
    • In the case of non-individuals (Firms/ Companies/ Society/ Trust), the company should be 5 years old.

    Documents Required

    • Loan application form
    • Identity proof (PAN Card/Driving License/Voter ID/Adhaar Card, etc.)
    • Address proof (Driving License/Voter ID/Adhaar Card/Ration card, etc.)
    • Income proof
    • Salary slip
    • Bank statements
    • Property details

    Features

    • Availability of high loan amount
    • Simple documentation
    • Competitive interest rate
    • Flexible tenure period
    • Low processing fee