Andhra Bank Mortgage Loan

Eligibility Criteria for Andhra Bank Mortgage Loan

Individuals who wish to apply for an Andhra Bank mortgage loan need to satisfy the following conditions.

• Property owner – A borrower should have a property listed in his/her name, with legal proof and documents of ownership. An individual could also obtain a mortgage loan against property owned by his/her spouse and/or children, subject to the child being a major.
• Individual – Only individuals are eligible for mortgage loans from Andhra Bank. Associations and groups are not eligible for this loan.
• Employed – A borrower should be employed with a regular source of income. This income should be received through a branch of Andhra Bank.
• Pensioned – If a borrower is a pensioner, he/she should have a regular pension which is disbursed through Andhra Bank.
• Bank account – A borrower should hold an account with Andhra Bank to be eligible for a mortgage loan.
• Age – An applicant should be at least 21 years old to apply for this loan. The upper limit to avail this loan is 65 years.
• Salary account – Applicants who do not have a salary account with Andhra Bank need to provide an undertaking from their employer stating that loan instalments will be directly remitted to the bank till the loan is terminated.
• Co-obligant – A borrower should provide a co-obligant to obtain a loan. This could be any third party which the bank finds feasible.

Documents Required for Andhra Bank Mortgage Loan

• Bank account details – A borrower should provide his/her bank account details before availing a loan.
• Property papers – A borrower should submit proof of ownership of a property against which a mortgage loan is being availed.
• ID proof – A borrower should provide a valid government approved ID proof.
• Photographs

Features and Benefits of Andhra Bank Mortgage Loan

Some of the features and benefits of Andhra Bank mortgage loan are mentioned below.

• Multipurpose loan – This loan can be used to meet any personal financial need a borrower could have, ranging from medical emergencies to education, etc.
• High loan amount – Applicants can get loans up to 50% of the property value, subject to a maximum of Rs 2 crores.
• Competitive interest rate – Interest rates charged by Andhra Bank are extremely competitive and attractive compared to other banks.
• Flexible repayment – A borrower can repay the loan through flexible EMIs, with a maximum repayment period of 5 years.

Andhra Bank Mortgage Loan Interest Rate

Interest rates charged by Andhra Bank on their mortgage loans vary according to the tenure of a loan.

• The interest rate for loans with a tenure of 36 months is the base rate + 2.75% per annum.
• The interest for loans with tenures between 36 months and 60 months is Base rate + 3% per annum.
• The interest for loans with tenures above 60 months is Base rate + 3.25%.