ANDHRA BANK HOUSING LOAN

Housing Loans

ELIGIBILITY CRITERIA

GENERAL
Age 18 to 65 years.

Repayment maximum 20 years.

75% of cost of construction OR 80% of estimated cost (for outright purchase as loan Or 85% if sanctioned by Zonal Office for outright purchase

No guarantee / co obligation.

Income tax benefit for payment of both Principle and Interest as per I.T.Rules .

SALARIED PERSONS

Maximum 48 times monthly gross income

Latest salary certificate

Certificate from the employer regarding leftover service

Estimates and other related approved documents

30% take home pay.

Housing Loans for Business & Self-employed persons

4 times the gross annual income

Income Tax Returns

Auditor Certificate

Estimates and other related approved documents .

Rate of Interest for Loans Sanctioned w.e.f 16.02.2007.

For Limits in Priority Sector :
1) Limits below Rs.15.00 lacs Housing Loans
2) For Repairs in Rural and Semi Urban Area up to Rs.1.00 lac
3) For Repairs in Urban and Metro Area up to Rs.2.00 lac

REPAYMENT PERIOD

Interest Rates

Floating only

Up to and inclusive of 5 years 9.75 (BMPLR-2.50)

Above 5 & up to and inclusive of 10 years 10.00 (BMPLR-2.25)

Above 10 years (Max. 20 years) 10.25 (BMPLR-2.00)


For Limits in Non Priority Sector :

1) New Housing Loans sanctioned on or after 16.02.2007
above Rs.15.00 lacs
2) Repairs above Rs.1.0 lac in Rural, Semi Urban Areas ;
Repairs above Rs.2.0 lacs in Urban, Metro Areas


REPAYMENT PERIOD

Interest Rates

Floating only

Up to and inclusive of 5 years 10.25 (BMPLR-2.00)

Above 5 & up to and inclusive of 10 years 10.50 (BMPLR-1.75)

Above 10 years (Max. 20 years) 10.75 (BMPLR-1.50)

NOTE: Fixed rate of Interest is dispensed for sanction after 01.04.2006

PRE-PAYMENT CHARGES:

Pre-payment charges are to be levied in case of premature closure of term loan by the borrower in cases where the term loan is closed either from his own sources of funds or by way of takeover by other Banks.The Prepayment charges of 2.00% flat on the prepaid amount are applicable for all Term loans including loans sanctioned under Personal Banking Schemes, Housing loans, Term loans against Rent Receivables and Rural go downs where the repayment period is fixed beyond 36 months.

Administrative Charges


Housing Loans:

PROCESSING CHARGES Will be collected at the time of processing of application

ADMINISTRATIVE CHARGES Per quarter per a/c. Per annumPer account.

Up to Rs.10.. lacks: 0.50%. Rs.100/- Rs.400/-

Above Rs.10 lacks & up to Rs.15 lacks: 1.00% . Rs.150/- Rs. 600/-

Above Rs.15 lacks : 1.50%. Rs.250/- Rs. 1000/-.


The 'administrative charges' will be collected on quarterly basis
We "take over" your high cost loans at our low cost rates.