Andhra Bank, headquartered at Hyderabad, offers housing finance options for Resident as well as Non Resident Indians. The bank can finance up to 75% of the cost of the home you intend to buy or build. Besides purchase and construction, the bank can offer financial assistance for repairs and renovation also if you are already a homeowner.
Important Features of Andhra Bank Home Loans
The following are some of the most important features of the housing finance available at Andhra Bank.
|Repayment Term||Up to 30 years|
|Margin||10% to 25%|
|Interest Rate||10.25% (Base Rate applicable for loans up to 75 lakhs)|
|Processing Charges||0.50% of the loan amount (Max. Rs. 10,000 + applicable tax)|
|Administrative Charges||Rs. 100 – 250 per quarter|
Who can apply?
If you are aged between 21 and 65 years, you may be able to apply for Andhra Bank housing loans provided you are employed in a private or public sector or own a business or have income from agricultural produce. The applicant must have enough proofs to provide evidence of their capability to repay the loan amount. The maximum amount you can borrow is also based on this repayment capability.
How much to Borrow?
The maximum amount you can borrow is set by the bank itself. However, you must think twice before deciding on a loan amount within this limit as the repayment can become difficult if your income reduces during the term of the loan.
Use an EMI calculator to know the monthly payment you are comfortable with. You can also use an eligibility calculator to know the upper limit of the amount you can comfortably borrow. Andhra Bank allows you to use your spouse’s income to qualify for a bigger loan amount.
Andhra Bank Home Loans for NRI
If you have someone working in UAE, you may be able to qualify for a loan amount that can go up to Rs. 250 lakhs. Andhra Bank homes loans for NRI even allows a non-resident Indian to obtain home financing individually by producing all relevant documents. The applicant must have been working abroad for over a year.
Andhra Bank offers NRI housing loans not just for purchase and construction, but also for repairs and renovation. The maximum loan amount for this purpose can be Rs. 2 lakhs if the property is up to 5 years old and Rs. 8 lakhs if the property is between 5 and 25 years of age.
For more on housing finance options at Andhra Bank, contact its customer care at 1800-425-1515, which is a toll free phone number.