Housing Finance Scheme For Furnishing and/or Renovation / Repairing of Existing / New Flats / Houses

Eligibility:

Existing Allahabad Bank Housing Loan customers, owners of flats/houses having regular income to liquidate the loan amount. Total monthly deduction including proposed loan instalments should not exceed 60% of the monthly income.

Purpose:

For furnishing and / or repairing of existing / new flats / houses.

Loan Amount:

Maximum Rs.3 lac

Margin:

25%

Rate of Interest:

PLR - 1%

Repayment:

Repayment to start from the next month of disbursement.

a)    For Salaried Person: To be repaid within a maximum period of 7 years or length of remaining service, whichever is less.

b)    For Others: Within 7 years or attainment of 70 years of age whichever is earlier.

Security:

Equitable / Supplemental mortgage of flat / house

Processing Fee:

 0.50% of Loan amount, Minimum Rs. 500/- (Nil for Allahabad Bank employees)

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