Andhra Bank - How to Apply for Andhra Bank Loan Against Property

Andhra Bank provides mortgage loans for meeting any financial emergency that a customer could have. In that respect, the bank offers a loan against property, starting at an interest rate of 10.75%, which is one of the best interest rates in India under this category of loans.

Other Charges

Here are the various charges levied on Andhra Bank loan against property:

• Foreclosure Charges: These charges are to be paid if you want to repay your entire loan amount before the end of the tenure. Andhra Bank permits prepayment of loan against property with zero prepayment charges.
• Processing Fee: The bank levies a processing fee of 1% of the loan amount + GST.
• Other Charges: Bank also levies technical and legal charges, which the customer gets to know during the loan process.
  

Features and Benefits of Andhra Bank Loan Against Property

Some of the best features are:

• Multipurpose Loan: This loan can be used to meet any personal financial needs of a borrower, ranging from medical emergencies to education, etc.
  
  
• High Loan Amount: Borrowers can get a loan amount of up to 50% of the mortgaged property value, subject to a maximum limit of Rs 2 crores.
  
  
• Competitive Interest Rates: Andhra Bank offers extremely competitive and attractive rates of interest, as compared to other banks.
  
  
• Flexible Repayment: A borrower can repay the loan through flexible EMIs within a maximum repayment period of 10 years.

Eligibility Criteria for Andhra Bank Loan Against Property

Here are certain conditions that, as a borrower, you would need to fulfill:

• Property Owner: If you are a property owner, your property should be listed in your name, generating a legal proof of ownership. You can also obtain a loan against the property that your spouse or children own, subject to the child being above 18 years of age.
• Employed: You should have a regular source of income, which you can receive through any branch of Andhra Bank.
• Pensioned: If you are a pensioner, then you should have a regular pension disbursed through Andhra Bank.
• Bank Account: You should hold an account with Andhra Bank to be eligible for a mortgage loan.
• Age: Your age should be at least 21 years to apply for this loan. The upper limit to avail loan against property is 65 years.
• Salary Account: If you don't have a salary account with Andhra Bank, then you need to provide an undertaking from your employer stating that loan installments will be directly remitted from your salary account to the Andhra Bank loan account until the loan is terminated.
• Co-applicant: You can provide a co-applicant to obtain a higher loan amount.