Allahabad Bank Loan Against Property

The Loan Against Property Scheme of Allahabad Bank is of the following two types:

• All Bank Mortgage Loan
• All Bank Rent Loan

Below are some key features of each type of loan:

Following are the interest rates, processing fees, and other charges associated with Allahabad Bank Loan Against Property:

The benefits of availing Allahabad Bank Loan Against Property are:

• Flexible repayment tenure, which enables higher loan amount with an affordable EMI
• Hassle-free loan process with simple and easy documentation
• Mortgage of both residential/commercial properties accepted
• No hidden charges
• Affordable rate of interest on loan against property

To be eligible for Loan Against Property, you should comply with the following conditions:

• The applicant should be between 21 years to 65 years at the time of applying for the loan
• The loan should be cleared before the applicant attains the age of 70
• For Proprietorship/Partnership Firms and Companies a business vintage of 3 years is mandatory. The firm/Company should be profit earning for the past 2 years.
• The minimum income required for individuals is 8 Lakhs per annum. For salaried individuals employed with Government Organisations/PSUs/MNCs/Educational Institutions with Government Aid or State/Central Universities, the minimum salary criterion is relaxed to 5 Lakhs per annum. Being Tax Assessee and filing the returns continuously for a minimum period of 2 years is also mandatory along with the minimum annual income.
• The loan can be availed jointly and the income of the joint borrower will be considered for computing the eligible amount.
• The joint borrowers need not be the co-owner of the property, but should be legal heirs of the property and nominee for PF. The spouse having a future interest in the property can also be a joint borrower. For the income of the joint borrower to be considered, the joint borrower should be an IT assessee with a minimum annual income of 8 Lakhs or 5 Lakhs if employed with Government Organisation/ PSUs/ MNCs/ Educational Institutions with Government Aid or Central/State Universities.
• Personal income of the proprietor/partner in the case of proprietorship/partnership firm respectively and the personal income of the Directors in the case of Companies can be considered for arriving at the eligible amount provided the source of income is different and is 8 Lakhs per annum.
• The loan can be given only against non-agricultural properties
• The property should be unencumbered and should be free from legal issues and should be situated in a popular residential and commercial centre.
• The property should not have been developed for real estate purposes
• If the title deed of the property is a partition deed, then such property cannot be considered
• In the case of All Rent, the property leased out to Government Organisations/PSUs/MNCs and to Allahabad Bank is eligible for the loan. The borrower should have assured income vide future rent receivables.
• The debt to income ratio stipulated is 40% of the gross monthly income, 50% in the case of properties situated in other places.

The following loan against property documents have to be submitted to avail Allahabad Bank Loan Against Property:

Before making a decision on the loan, it is better to know the EMI for the loan amount that you intend to borrow. You can try different combinations to arrive at the EMI that agrees with the residual amount available out of the monthly income to source the proposed EMI. You will be applying for the exact eligible amount and so the time taken to assess the loan amount is spared and the loan processing will be faster.

With all the advantages, it is recommended to use an EMI Calculator that is convenient and user-friendly. The Loan Against Property EMI Calculator fits the description.

To use of MyMoneyMantra EMI Calculator, you will have to go through the steps given below:

• Log in to the website of MyMoneyMantra
• You will find the Financial Tools tab on the home page
• Under the Financial Tools tab, you can choose the appropriate EMI Calculator
• Provide the loan amount, loan tenure, and rate of interest
• The EMI will be calculated in a jiffy
• Also, there will be a list of best quotes displayed on the screen
• You can try various combinations using the data available under the best quotes
• Choose the EMI that suits you the best for a loan amount that is required
• Finalize on the loan provider who gives the best deal suiting your requirements
• Proceed with the filling of the loan application
• The team of MyMoneyMantra will collect the loan application along with the relevant documents and will handover the same to the loan provider for processing.
• They will be assisting you through the documentation and in understanding the terms and conditions in the loan agreements.
• After the execution of the loan documents, they will coordinate with the loan provider for quick disbursement of the loan.

Choosing a suitable deal means calculating the EMI with different combinations. Doing multiple manual calculations by applying complicated formula is not only tedious but you will not be assured of accurate value. With the EMI Calculator, all you have to do is provide the input and the value is given instantly. You will be assured of 100% accuracy and can rely on the value arrived and decide accordingly.

You can also get an idea of the interest that you will have paid by the end of the tenure. If you have chosen a longer tenure to accommodate the EMI, you will understand with the amortization table that you will be paying more than the value you have borrowed as interest. This will prompt you to make pre-payments whenever you get a hike in salary or you get a lumpsum amount as incentive, etc. By doing so, you can reduce the tenure and save on the interest cost.

Apart from Loan Against Property, Allahabad Bank also offers:

• Savings and Current Accounts
• Deposits
• Loans: Home Plus, Housing Loan, AllBank Suvidha, AllBank Vahan, Mobike Loan, AllBank Vidya, Housing & Furnishing Loan, Trade Loan, AB Fleet Finance Scheme, Gyan Deepika Scheme, AllBank Saral, Overdraft Facility in SB Account, Loan Against NSC/KVP, Reverse Mortgage Scheme, Skill Loan Scheme, AllBank Doctor Plus, Agriculture Loan, Small Business Loan, Traders Loan.
• Debit Cards and Prepaid Gift Card
• Insurance
• Investment
• Government Schemes
• AllBank HealthCare
• Financial Products and Services for NRIs
• Digital Banking

For any information regarding Allahabad Bank Loan Against Property or other products of the bank, you can contact at their Toll-Free number 1800 57 22 000.

You can also email them at customercare@allahabadbank.in

Allahabad Bank Head Office: 2, N. S. Road, Kolkata -700 001