Andhra Bank Home Loan Interest Rate:

Andhra Bank home loan rate is  usually variable in nature.

For home loans up to 5 years, a floating rate of  9.75%  Andhra Bank home loan interest rate is applicable.  Andhra Bank home loan rate is set at 9% base rate.

For home loans from 5 years to 15 years the floating Andhra Bank home loan interest rate is 9.75%. Andhra Bank home loan rate is applicable to all loans sanctioned on or after 01.07.2010. BMPLR rate of 13.25% is applicable to all Andhra Bank home loan rate from 23.12.2010.

For home loans above 15 years the floating Andhra Bank home loan interest rate is 10.50% is applicable. Andhra Bank home loan interest rate is set according to the base rate and BMPLR. The Andhra Bank home loan rates keep changing.

Andhra Bank Home Loan Eligibility:

General Criterion's

Age of the applicant should be between 21 to 65 years

The repayment period should not exceed 20 years

-Andhra Bank home loan eligibility Criteria for Salaried people:

-As per the Andhra Bank home loan review salaried people need to give latest salary certificate.

-Andhra Bank home loan sanction is subject to 30% take home pay. For Andhra Bank home loan eligibility one has to submit 3 years IT returns.

Andhra Bank Home Loan Eligibility Criteria For Self Employed:

-Andhra Bank home loan review shows that a self employed person can get up to 4 times the gross annual income.

-Andhra Bank home loan also needs auditor certificate.

In order to fulfill the Andhra Bank home loan eligibility criteria one needs last 3 years income tax returns along with 3 years balance sheet.

Criterion's and documents required for salaried and self employed

Andhra Bank Home Loan Documents:

-Duly filled Application form

- Property statement of applicant

-Location or rough sketch of the proposed house or flat

- Income Proof and tax return as  applicable to the customer which is discussed in the eligibility criteria.

-Andhra Bank home loan review shows that an applicant needs to give estimated price of the property along with other documents which have been mentioned above.

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

 As per the Andhra Bank home loan review one can get a maximum repayment period of 20 years.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of Andhra Bank home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges a 2 % penalty in case if the loan is being taken over by any other financial institution or is being paid back through own resources of the customer.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.