Andhra Bank Home Loans Interest Rates:
Home loans can be provided by different bank at any time Andhra bank provides home loans for . Various home loan schemes are announced by different bank to cope with the competition.Though many banks announce different schemes and have low interest rates, applicant should be careful while selecting the bank for loan. The applicant should check the reputation of the bank, its history and its revenue. The applicant can even consult a loan payer in the respective bank to get the clear cut idea of the procedure and other process of loan sanctioning. It seems that there are much more banks to give home loans, but applying the loan procedure is still same
There is two types of documents to submit the application. One is financial document and another is personal document .The personal documents are identity proof, address proof and age proof. For identification purpose The applicant can submit Passport, Photo ration card, Voter's identity card, Photo PAN Card, Driving license, identity card and Government identity card. Following documents are submitted for address proof. The documents are Passport, Ration card, Society outgoing bill, Telephone (land/mobile) bill, Electricity bill, Driving license, Voter's identity card and Life Insurance Policy. The documents which can be submitted for age proof are Passport, Birth certificate, valid driving license, Voter's identity card, School leaving certificate, LIC Policy or Premium receipt clearly indicating the applicant's age and Letter from the employer stating the age of the employee. Another important point is that passport only can be used for both personal identities as well for address proof. The personal documents should be submitted for loan. The most important is financial documental salary slip for salary certificate for self-employed applicants and for employees. Every bank requires these documents are sanctioning the loan.
The interest rate is 12%. There are some certain eligibility to criteria for getting the loan. The age of person should be within 24 to 65 years. There is no guarantee and co-obligation. Andhra bank offers different types of home loans there are Housing Loans for Agriculturists, Business & Self-employed persons and Housing Loans to Non-Resident Indians (NRIs Andhra bank will be changing the service charge for various certificates . Compared to other bank, Andhra bank charges only fewer amounts. For Issue of Balance certificate, for Issue of Interest Certificate, there is no charges and it chargesRs.100/- per certificate.
The interest rates for Andhra bank home loans are:
- Floating rate of 11% for a time period of 15 to 20 years.
- Floating rate of 11% for a time period of 10 to 15 years.
- Floating rate of 10.75% for a time period of 5 to 10 years.
- Floating rate of 10.5% for a time period of 1 to 10 years.
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