Andhra Bank Loan Against Property

Loan Against Property

Days have gone when only getting a loan within a short span of time was not everyone’s cup of tea. Whenever we hear the name ‘loan’, high-interest rates and processing fees scare us. However, when you are taking a loan against property from Andhra Bank, things are quite different.

Andhra Bank loan against property is one such loan that grants you a mortgage loan at less interest rate and processing fees. The interest rates applicable on LAP of Andhra Bank starts from 11.45% to 11.95% per annum depending upon the loan scheme you choose with tenure of up to 15 years.

Andhra Bank Loan Against Property Details

ParticularsDetails
Interest Rates

11.45% to 11.95% per annum
Loan Amount
Minimum-Rs. 2,00,000/-

Maximum-

a)Salaried Class & Pensioners:60 times of Gross Monthly income as evidenced from income for last two year IT returns/salary certificates for last three months.
b)Other Individuals like Professionals and Self-Employed and Individuals engaged in Agriculture and Allied activities:5 times of Average (last two years) annual income as per IT returns.
c)Other than Individuals:(Partnership firms, limited companies, L L Ps) 3 times of average (last two financial years) cash profit as per audited balance sheet. Incase of unaudited firms, 3 times of average income as per (last two years) IT returns. The entity should obtain NOC from other Banks where they are enjoying credit facilities.
Tenure
Up to 15 years
Processing Fee
For Overdraft- Rs. 300 per lakh + S.tax (Minimum:Rs.1000/- and Maximum:25000 plus Tax)

For Term Loan- 1%of the loan amount + Tax Minimum:Rs.1000/- Maximum : Rs.1,00,000/-

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How to Apply  

To get Andhra Bank loan against property, you have to submit all the documents at the nearest bank branch as per the eligibility criteria along with the filled loan application form.

Andhra Bank Mortgage Loan EMI Calculator

The moment you think about taking a loan, you are curious to know what will be the monthly installments that you will have to pay to your lender. When it comes to loans, a person would see how much monthly he/she will have to keep aside out of the monthly income so that the ongoing financial expenses are not hampered. EMI calculators play a vital role in helping people in planning their monthly budget in advance.

An EMI calculator works on the basis of the loan amount, interest rate and tenure period. The calculator lets you know all these details and makes it easier for you to plan accordingly. Here is an example for you for better understanding.

Table for EMI per month, Total Interest Outgo, and Total Amount

Amount (in Rs.)Interest Rate (p.a)Loan Tenure (in years)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount (Principal + Interest) (in Rs.)
15,00,00011.45%-11.95%11,32,888-1,33,23894,651-98,85715,94,651-15,98,857
15,00,00011.45%-11.95%270,226-70,5751,85,413-1,93,80516,85,413-16,93,805
15,00,00011.45%-11.95%349,428-49,7862,79,421-2,92,28317,79,421-17,92,283
15,00,00011.45%-11.95%439,097-39,4643,76,651-3,94,26918,76,651-18,94,269
15,00,00011.45%-11.95%532,951-33,3294,77,076-4,99,72719,77,076-19,99,727
15,00,00011.45%-11.95%628,898-29,2865,80,659-6,08,61420,80,659-21,08,614
15,00,00011.45%-11.95%726,040-26,4396,87,355-7,20,87721,87,355-22,20,877
15,00,00011.45%-11.95%823,928-24,3387,97,112-8,36,45522,97,112-23,36,455
15,00,00011.45%-11.95%922,314-22,7349,09,872-9,55,28024,09,872-24,55,280
15,00,00011.45%-11.95%1021,046-21,47710,25,572-10,77,27725,25,572-25,77,277
15,00,00011.45%-11.95%1120,031-20,47211,44,140-12,02,36326,44,140-27,02,363
15,00,00011.45%-11.95%1219,205-19,65612,65,502-13,30,45027,65,502-28,30,450
15,00,00011.45%-11.95%1318,523-18,98413,89,578-14,61,44728,89,578-29,61,447
15,00,00011.45%-11.95%1417,954-18,42415,16,285-15,95,25430,16,285-30,95,254
15,00,00011.45%-11.95%1517,475-17,95416,45,535-17,31,77431,45,535-32,31,774
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Amortization Table

YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
140,008-38,2481,69,692-1,77,20014,59,992-14,61,752
244,834-43,0761,64,866-1,72,37214,15,158-14,18,676
350,247-48,5161,59,453-1,66,93213,64,911-13,70,160
456,312-54,6411,53,388-1,60,80713,08,599-13,15,519
563,109-61,5421,46,591-1,53,90612,45,490-12,53,977
670,727-69,3101,38,973-1,46,13811,74,763-11,84,667
779,263-78,0651,30,437-1,37,38310,95,500-11,06,602
888,832-87,9201,20,868-1,27,52810,06,668-10,18,682
999,554-99,0221,10,146-1,16,4269,07,114-9,19,660
101,11,573-1,11,52598,127-1,03,9237,95,541-8,08,135
111,25,039-1,25,60784,661-89,8416,70,502-6,82,528
121,40,131-1,41,46869,569-73,9805,30,371-5,41,060
131,57,043-1,59,33052,657-56,1183,73,328-3,81,730
141,76,001-1,79,45033,699-35,9981,97,327-2,02,280
151,97,493-2,02,45912,457-13,340

Eligibility Criteria

  • Salaried individuals
  • Pensioners
  • Professionals
  • Self-employed
  • Individuals engaged in Agriculture and Allied activities and others
  • NRIs having a regular job abroad in an Indian/foreign company, organization or government department
  • Partnership firms, limited companies, and LLPs
  • Trusts/societies are not eligible
  • Age between 21 years to 65 years

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

Andhra Bank Mortgage Loan Application Form

The details that are mandatory to be filled in the application form are as follows:

  • Applicant’s name
  • Permanent Address
  • Date of Birth
  • Monthly/Annual Income Details
  • Business Details
  • Purpose of the loan

Andhra Bank Loan Against Property Interest Rates

The interest rates applicable to the mortgage loan from Andhra Bank are:

  • For tenure up to 36 months-MCLR+1.90%
  • For tenure above 36 months up to 60 months-MCLR+1.90%+0.25%
  • For tenure above 60 months-MCLR+1.90%+0.50%

Features & Benefits of Andhra Bank Mortgage Loan

Some of the main features & benefits of taking a mortgage loan from Andhra Bank are:

  • Higher loan amount
  • Attractive interest rates
  • Flexible tenure
  • Low processing fee
  • Overdraft facility to existing housing loan borrowers
  • Margin of 50% of realizable market value of the property for Overdraft
  • Margin of 40% of realizable market value of the property for Term Loan
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