Andhra Bank offers mortgage loans towards meeting any financial emergency a customer could have. It should be kept in mind that such financial requirements are genuine and not frivolous. This loan can be used to satisfy any legitimate personal monetary requirement an individual could have.
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%.