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Allahabad Bank offers the facility of applying for personal loans and other loans online. When you apply online, you have the benefit of determining your provisional eligibility online, as well. Allahabad Bank has a user-friendly EMI calculator on its webpage. This EMI calculator enables customers to calculate their EMI in advance. The EMI calculator is one of the most accessible tools to use. Use home loan EMI Calculator to calculate monthly EMI based on sanction or desired amount, rate of interest and tenor.
The amount of his liability will be the same as that of the principal borrower and the Bank can take strict actions against him for recovery along with the principal borrower. Guarantor can’t say that his liability will start only after the remedies against the principal borrower are exhausted. Home Loan Interest Rate is linked to PLR, and any change in PLR will lead to a change in rates of interest on the home loan. Interest rates on home loan account will rise or fall with the increase or decrease of PLR, proportionately.
Advantages of Allahabad Bank Home Loan
The loan amount was for 16 lakhs with the rate of interest of 8.0% which is less when compared to other banks. The customer service was good, they provided door step service for the collection of documents. The process was smooth and the loan amount was approved within the given time. My housing loan experience was good with Indian Bank, I got my loan very quickly from the bank.
Allahabad Bank links its retail loan interest rates to an external benchmark rate, the repo rate or the MIBOR (Mumbai Inter-bank offered rate). In the initial stages of the loan, especially the home loans, the interest component is exceptionally high. In the case of personal loans, the difference is not much pronounced because of the shorter tenures. In order to avail the home loan from Allahabad Bank, firstly you need to fill in the application form provided by the bank.
Premium Housing Finance Scheme for High-net-worth Individuals (HNIs)
Among other financial products provided by the bank, the home loan is one of the popular ones. This scheme can be used for taking over an existing housing loans from another financial provider or banks. The loan scheme provides facility to take over the housing loan that is already existing from other finance providers or banks. Allahabad Bank accepts a prepayment at nil charges in case of floating rate home loans. When a prepayment is made, the outstanding balance of the principal amount on your home loan gets reduced. If there is a moratorium period on loan, the customer can enter the period at the space provided.
The customers can also request the bank to accumulate the moratorium and add it to their Home Loan accounts. Under such circumstances, the EMI calculation is a different one. Allahabad Bank Home Loan EMI Calculator enables this type of calculation, as well. It helps you to calculate the EMI amount if there is a moratorium period in the Home Loan. If there is no holiday period, customers can keep this field blank.
Indian Bank Home Loan Reviews
Filling an application form is the first step to get the home loan from any lender. The best thing is that you can either fill in this form online or visit your nearest branch for the same. Through these two ways, you can easily apply for a home loan in Allahabad Bank. Suppose, Atul Sharma, a 30-year-old, Software Engineer by profession is looking for a personal loan of ₹3 Lakh in order to renovate his home.
You will receive a call shortly from our customer support. The borrower will benefit if they pay the pre-EMI interest every month. The home loan principal amount is received in a lump sum.
Top Home Loan Cities In India
I have changed the loan to another bank due to no proper customer support. Apart from the EMI amount, this calculator provides you details of total interest payable for the whole tenure of the loan. It also includes information about the total amount payable inclusive of interest. Thus, individuals shall ensure they have a sound repayment plan in place before committing to a housing credit facility.
Indian Bank offers home loans for both resident Indian and Non-Resident Indians at attractive rates starting from 6.50% p.a. The applicable processing fee is 0.23% of the loan amount. Allahabad Bank Home Loan EMI Calculator is unique because it accounts for the moratorium factor. Usually, banks insist on the customers to service the pre-EMI interest during the moratorium period.
Use this simple tool to find out how much EMI you will have to pay for your home Loan. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Past performance is not an indicator of future returns.
This type of loan is specifically for those individuals who want to extend or add space to their home property. For more information onhome loan documents required, click on the given link. This method involves using the trial and error calculation. The regular EMI calculator provides you with an estimate for a given loan amount, ROI, and tenure.
Otherwise, he/she can enter '0.' Click on the Calculate option to get your EMI instantly. Using this EMI calculator, customers can determine their eligibility by working backwards. However, the amount must remain within the project cost less stipulated margins. Overall deductions comprising EMI of proposed loan must remain within 40% of the gross monthly income of the applicant.
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