Andhra Bank provides home loans at competitive rates of interest and for longer tenures catering to the various needs of customers. These housing loans can be utilized for the purchase of a ready-to-move home, construction of a house, or for buying a residential plot.
Features & Benefits of Andhra Bank Home Loan
- Andhra bank home loans cover multiple territories such as the metro, urban, semi-urban or rural locations wherein the branches of Andhra Bank are providing their services.
- Dedicated service desk for the NRI customers who are looking to borrow home loan products, wherein all the specific concerns about the home loan application, documentation process, and disbursal is addressed.
- Andhra Bank is one of the prominent public sector banks offering home loan products across India to both the resident and non-resident customers. Headquartered in Hyderabad, Andhra Bank operates a notable network of over 2500 branches and has a strong presence in 25 states and three Union Territories across India.
- Higher quantum of finance, i.e., loan amounts of up to 90% of the property value is provided for a conventional home loan, and loan amount up to Rs. 2,50,000 is offered for NRI home loans.
- For repair and renovation home loans, an amount of up to 10 lakhs is offered for the property aged five years or less, and up to 15 lakhs is given for property aged more than five years.
- In Andhra Bank, the payout tenure is offered up to a maximum of 30 years.
- The applicable margin for an amount of up to Rs. 30 lakhs is 10%, for a loan amount between 20 lakhs-75 lakhs is 20%, and for an amount above 75 lakhs it is 25%.
Andhra Bank Home Loan Process
Apply for a home loan online and offline
- The home loan approval & verification process is simple and much quicker for the existing customers of Andhra Bank. They can apply online and get offers on home loans at lucrative interest rates. In that case, the loan amount is directly credited to the customer's account instantly.
- The application process is quite different for new customers. The borrower either needs to apply online or visit the nearest bank branch. The customers can also call the Home Loan Customer Care to start the application process.
- Generally, the bank's representative visits the customer's office or home at an allotted time to collect the duly filled and signed application form and all the essential documents that are required for verification purposes. The background check would help the lender to know about the personal and professional standing of the applicant.
- If there would be any discrepancies with the information provided, the home loan application will be rejected. After clearing the document verification and eligibility criteria stage, the approval process will move to the final level. After the negotiations with Andhra Bank at the final stage, the interest rate and the tenure are fixed and sent for your acknowledgment.
- In case your home loan application is rejected, you will receive a rejection letter from the bank showing a status update on the home loan rejection.
Andhra Bank Home Loan Eligibility
The applicant must qualify against the following requirements to become eligible for a home loan from Andhra Bank:
- The age of an applicant must not be less than 21 years or older than 65 years.
- At the maturity of the loan, the applicant's age must not exceed 75 years.
- The applicant can either apply individually or in conjunction with their immediate family members.
- The age of the property to be bought (For instance: independent house- 25 years, flat- 20 years, etc.) must not exceed a specified period as stated by the bank during the time of loan application.
- NRI applicants must have at least one year experience of working abroad.
- Decent credit score.
Note: This is a general list, and the bank can request some additional details and qualifications to confirm your eligibility for the loan.
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