Andhra Bank has decreased its home loan interest rates by 0.25%, or 25 basis points with effect from Monday, September 11, 2017. This interest rate cut will reduce the cost for those people who have taken their home loan advances on floating rate of interest.
Andhra Bank – Current Home Loans and Housing Finance Interest Rates
New Delhi (Delhi, India), February 22, 2018
Andhra Bank Cuts Home Loan Interest Rate to 8.45% Per Annum
The Andhra Bank has decreased its home loan interest rates by 0.25 percent, or 25 basis points with effect from Monday, September 11, 2017.
Andhra Bank has revised its minimum floating interest rate for home loan from 8.70 percent to 8.45 percent per annum (MCLR-1Year + 0.05%) for female applicants (EMI Rs. 765 per lakh for a period of 30 years) and from 8.75 percent to 8.50 percent per annum (MCLR-1Year + 0.10%) for male applicants (EMI Rs. 769 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 Andhra Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Andhra Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.40 percent per annum with effect from Monday, September 11, 2017.
Andhra 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 Andhra Bank’s fixed rate customers, as their contracted rates will remain unchanged.
Andhra Bank Housing Finance – Current Home Loan Interest Rates for the Various Category of Borrowers
Andhra Bank Home Loan Interest Rate for Salaried Women:
8.45% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.55% Per Annum for Home Loan Amount above Rs. 75,00,001
Andhra Bank Home Loan Interest Rate for Self-Employed Women:
8.45% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.55% Per Annum for Home Loan Amount above Rs. 75,00,001
Andhra Bank Home Loan Interest Rate for Salaried Men:
8.50% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.60% Per Annum for Home Loan Amount above Rs. 75,00,001
Andhra Bank Home Loan Interest Rate for Self-Employed Men:
8.50% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.60% Per Annum for Home Loan Amount above Rs. 75,00,001
Andhra Bank Home Loan Interest Rate for Weaker Section Borrower:
8.45% Per Annum for Home Loan Amount up to Rs. 28,00,000
Andhra Bank Home Loans Minimum Borrowing Amount: Minimum Home Loan Amount is Rs. 3,00,000
Andhra Bank Home Loans Rate of Interest is Floating or Fixed: Floating Rate of Interest (Reset Period 1 Year)
Andhra Bank Home Loan Processing Fee and Documentation Charges: 0.50% of the Loan Amount (Minimum Rs. 1,500 plus GST)
Minimum Tenure for the Andhra Bank Home Loan: Minimum Home Loan Tenure is 3 Years
Maximum Tenure for the Andhra Bank Home Loan: Maximum Home Loan Tenure is 30 Years
Minimum Age Limit for Getting the Andhra Bank Home Loan Sanctioned: Minimum Age 24 Years at the Time of Home Loan Commencement
Maximum Age Limit for Getting the Andhra Bank Home Loan: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants
Andhra Bank Home Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty for Andhra Bank Home Loans and Andhra Bank Home Improvement Loans with floating rate of interest.
Charges for Andhra Bank Home Loan EMI Late Payment: Minimum 2% Per Month of the Andhra Bank Home Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Andhra Bank Home Loan EMI Cheque, AD, or ECS Bounce Charges: Rs. 500 plus GST
Conversion Charges for Andhra Bank Floating Rate of Interest Home Loan: 0.50% of the Andhra Bank Home Loan Principal Outstanding Amount plus GST
Guarantor Requirement for the Andhra Bank Home Loan: No Guarantor is Required
Andhra 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 Andhra 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)
Andhra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Andhra Bank