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SL. No. Particulars  Guidelines / Instructions
1 Target Group Existing Borrowers, who availed Housing Loan from Our Bank.

The Borrower switching over to our Bank from Other Bank/FI, subject to compliance of all the norms applicable for Takeover of Housing Loan.

The Borrower should have made repayment of 12 monthly installments regularly in the existing term loan (Housing Loan) as per original sanction terms.
2 Eligibility All individuals, who have availed Housing Loan and paid at least 12 monthly installments regularly
3 Purpose

 For general purpose.

4 Loan Amount

The existing loan outstanding and proposed loan both put together should not exceed 80% of the market value of the property.

Maximum Loan Amount: Rs.75.00 Lac

5 Nature of Loan

Term Loan Facility or

 Overdraft Facility with dropdown balance on monthly basis.

6 Security

Security: Supplemental Mortgage of the property offered as primary security in the existing loan account.

7 Service Charges    As per Circularized instruction.
8 Repayment Period

Term Loan: The Loan is to be repaid in EMI. Remaining period up to attainment of 70 years of age or 25 years, whichever is less.

Overdraft: OD facility with 10% reduction in limits every year on Original Limit to liquidate the loan at the end of 10 year. Drawing power shall be reduced on monthly basis. In case, loan for lesser duration equal deduction spread over the tenure of the loan be made for liquidation of loan at the end of the term.

9 Rate of Interest

MCLR+1.25%,

For Allahabad Bank Employee at normal public housing loan interest rate

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