About Home Loan

Home Loans offered by Allahabad Bank can be used for any of the following purposes which are listed below:

1. For the construction of a residential house on a land already owned by him or her. It means that if an applicant already has their own land they can construct a residential house on the land by taking Allahabad Bank Home loan under this scheme.
2. If the applicant wants to purchase any flat or house for residential purpose, he or she can easily avail this scheme.
3. If he or she already owns a residential house and if they want to renovate or extend or repair that residential house or flat, then they can easily opt for the home loan schemes
4. If the applicant wants to purchase any unfinished house or old house or a resale house or wants any renovation or extension on the same property then they can take a loan from Allahabad bank under this scheme.
5. Allahabad Bank Home loan offers the facility of taking over housing loans from other Finance companies or financial institutions or banks.
6. If an applicant wants finance for acquiring 2nd residential unit, they can move to the Bank for Aashiana Scheme.
7. This scheme can also be taken for supplementary finance due to increased income for carrying out alterations or additions or repairs to the house or flat or for furnishing.

Eligibility

• Repayment ability: Applicant should have been employed by your current organization or been involved in your business for a certain number of years
• Age: Applicant must qualify for the applicant age bracket defined by the lending institution Credit
• Rating: Applicant should have the bank specified credit score and suitable credit history Existing
• EMIs: Applicant should not have any other loan liabilities or must have strong ability to take addition debts.

Documents Required

• Passport Size Photographs
• Identity Proof:   Aadhar Card, Voter’s ID Card,  Employer issued ID card, Driver’s license, Passport Ration Card, Electricity bill etc
• Proof Of Age: Birth Certificate, Secondary school certificate(class 10), Passport
• Address Proof(like ration card, electricity bill etc)
• Income Proof

Bank Of Baroda had made the approval processes of Home loan much simpler and faster by minifying the required documents .

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