Allahabad Bank has decreased its home loan interest rates by 0.20%, or 20 basis points with effect from Friday, December 01, 2017. This interest rate cut will reduce the cost for those people who have taken their home loan advances on floating rate of interest.
Allahabad Bank – Current Home Loans and Housing Finance Interest Rates
New Delhi (Delhi, India), February 22, 2018
Allahabad Bank Cuts Home Loan Interest Rate to 8.25% Per Annum
The Allahabad Bank has decreased its home loan interest rates by 0.20 percent, or 20 basis points with effect from Friday, December 01, 2017.
Allahabad Bank has revised its minimum home loan floating interest rate from 8.45 percent to 8.25 percent per annum (MCLR-1Year + 0.00%) for salaried applicants (EMI Rs. 751 per lakh for a period of 30 years) and from 8.50 percent to 8.30 percent per annum (MCLR-1Year + 0.05%) for self-employed applicants (EMI Rs. 755 per lakh for a period of 30 years) for the home loan amount up to Rs. 75,00,000.
The home loan interest rate of Allahabad Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Allahabad Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.25 percent per annum with effect from Friday, December 01, 2017.
Allahabad Bank’s reduction in current mortgage loan interest rate will bring down the cost of funds for those people who have taken their home loan advances on floating rate of interest. However, this interest rates revision will not affect the Allahabad Bank’s fixed rate customers, as their contracted rates will remain unchanged.
Allahabad Bank Housing Finance – Current Home Loan Interest Rates for the Various Category of Borrowers
Allahabad Bank Home Loan Interest Rate for Salaried Women:
8.25% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.35% Per Annum for Home Loan Amount from Rs. 75,00,001 to Rs. 3,00,00,000
8.60% Per Annum for Home Loan Amount from Rs. 3,00,00,001 to Rs. 5,00,00,000
8.75% Per Annum for Home Loan Amount above Rs. 5,00,00,000
Allahabad Bank Home Loan Interest Rate for Self-Employed Women:
8.30% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.40% Per Annum for Home Loan Amount from Rs. 75,00,001 to Rs. 3,00,00,000
8.65% Per Annum for Home Loan Amount from Rs. 3,00,00,001 to Rs. 5,00,00,000
8.80% Per Annum for Home Loan Amount above Rs. 5,00,00,000
Allahabad Bank Home Loan Interest Rate for Salaried Men:
8.25% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.35% Per Annum for Home Loan Amount from Rs. 75,00,001 to Rs. 3,00,00,000
8.60% Per Annum for Home Loan Amount from Rs. 3,00,00,001 to Rs. 5,00,00,000
8.75% Per Annum for Home Loan Amount above Rs. 5,00,00,000
Allahabad Bank Home Loan Interest Rate for Self-Employed Men:
8.30% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.40% Per Annum for Home Loan Amount from Rs. 75,00,001 to Rs. 3,00,00,000
8.65% Per Annum for Home Loan Amount from Rs. 3,00,00,001 to Rs. 5,00,00,000
8.80% Per Annum for Home Loan Amount above Rs. 5,00,00,000
Allahabad Bank Home Loan Interest Rate for Weaker Section Borrower:
8.25% Per Annum for Home Loan Amount up to Rs. 28,00,000
Allahabad Bank Home Loans Minimum Borrowing Amount: Minimum Home Loan Amount is Rs. 3,00,000
Allahabad Bank Home Loans Rate of Interest is Floating or Fixed: Floating Rate of Interest (Reset Period 1 Year)
Allahabad Bank Home Loan Processing Fee and Documentation Charges: 0.50% to 1.00% of the Loan Amount (Minimum Rs. 1,500 plus GST)
Minimum Tenure for the Allahabad Bank Home Loan: Minimum Home Loan Tenure is 3 Years
Maximum Tenure for the Allahabad Bank Home Loan: Maximum Home Loan Tenure is 30 Years
Minimum Age Limit for Getting the Allahabad Bank Home Loan Sanctioned: Minimum 21 Years at the Time of Home Loan Commencement
Maximum Age Limit for Repaying the Allahabad Bank Home Loan: Maximum 70 Years for Salaried and Self-Employed Applicants (i.e. the age by which the home loan should be fully repaid)
Allahabad Bank Home Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty for Allahabad Bank Home Loans and Allahabad Bank Home Improvement Loans with floating rate of interest.
Charges for Allahabad Bank Home Loan EMI Late Payment: Minimum 2% Per Month of the Allahabad Bank Home Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Allahabad Bank Home Loan EMI Cheque, AD, or ECS Bounce Charges: Rs. 500 plus GST
Conversion Charges for Allahabad Bank Floating Rate of Interest Home Loan: 0.50% of the Allahabad Bank Home Loan Principal Outstanding Amount plus GST
Guarantor Requirement for the Allahabad Bank Home Loan: No Guarantor is Required
Allahabad Bank Home Loan Margin Amount:
Minimum 10% for the House or Property Purchase Value of up to Rs. 30,00,000
Minimum 20% for the House or Property Purchase Value from Rs. 30,00,001 to Rs. 75,00,000
Minimum 25% for the House or Property Purchase Value of above Rs. 75,00,000
Different Options for Making Allahabad Bank Home Loan EMI Payments: The four options for making EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Allahabad Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Allahabad Bank