Andhra Bank has decreased its loan against property interest rates by 0.25%, or 25 basis points with effect from Monday, September 11, 2017. This interest rate cut will reduce the cost for those people who want to avail loan against mortgage of their immovable property.
Andhra Bank – Current Interest Rates for Loan Against Mortgage of Immovable Property
New Delhi (Delhi, India), February 22, 2018
Andhra Bank Cuts Loan Against Property Interest Rate to 10.95% Per Annum
The Andhra Bank has decreased its loan against property interest rates by 0.25 percent, or 25 basis points with effect from Monday, September 11, 2017.
Andhra Bank has revised its minimum loan against property interest rate from 11.20 percent to 10.95 percent per annum (MCLR-1Year + 2.55%) for the self-occupied residential property under Andhra Bank Property Loan Scheme.
The loan against property interest rate of Andhra Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Andhra Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.40 percent per annum with effect from Monday, September 11, 2017.
Andhra Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail loan against mortgage of their immovable property.
Andhra Bank Property Finance – Current Loan Against Property Interest Rates for Various Category of Properties
Andhra Bank Loan Against Mortgage of Self-Occupied Residential Property Interest Rate: 10.95% Per Annum
Andhra Bank Loan Against Mortgage of Non Self-Occupied Residential Property Interest Rate: 10.95% Per Annum
Andhra Bank Loan Against Mortgage of Commercial Property Interest Rate: 10.95% Per Annum
Andhra Bank Loan Against Property for Purchase of Commercial Property Interest Rate: 10.95% Per Annum
Andhra Bank Loan Against Property for Reverse Mortgage Interest Rate: 10.35% Per Annum
Andhra Bank Loan Against Property for Lease Rental Discounting Interest Rate: 11.10% Per Annum
Andhra Bank Loan Against Property for Overdraft Facility Against Residential Property Interest Rate: 10.95% Per Annum
Andhra Bank Loan Against Property for Overdraft Facility Against Commercial Property Interest Rate: 10.95% Per Annum
Andhra Bank Loan Against Property Minimum Borrowing Amount: Minimum Loan Against Property Amount is Rs. 2,00,000
Andhra Bank Loan Against Property Maximum Borrowing Amount: No Maximum Limit for Loan Against Property
Andhra Bank Loan Against Property Rate of Interest is Floating or Fixed: Floating Rate of Interest (Reset Period 1 Year)
Minimum Age Limit for Getting the Andhra Bank Loan Against Property Sanctioned: Minimum Age 21 Years at the Time of Loan Commencement
Maximum Age Limit for Getting the Andhra Bank Loan Against Property Sanctioned: Maximum Age 65 Years for Salaried Applicants and Self-Employed Applicants at the Time of Loan Sanction
Minimum Tenure for the Andhra Bank Loan Against Property: Minimum Home Loan Tenure is 3 Years (36 Months)
Maximum Tenure for the Andhra Bank Loan Against Property: Maximum Home Loan Tenure is 15 Years (180 Months)
Andhra Bank Loan Against Mortgage of Immovable Property Processing Fee and Documentation Charges: 1.00% of the Loan Amount
Charges for Andhra Bank Loan Against Property EMI Late Payment: Minimum 2% Per Month of the Andhra Bank Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Andhra Bank Loan Against Property Pre Closure Charges or Prepayment Penalty: 2.00% of the Foreclosed Amount plus GST
Andhra Bank Loan Against Property EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Different Options for Making Andhra Bank Loan Against Property EMI Payments: The four options for making EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Guarantor Requirement for the Andhra Bank Loan Against Property: No Guarantor is Required
Andhra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Andhra Bank