Andhra bank Loan Eligibility Documents

Andhra bank Loan Eligibility Documents

Housing Loans upto Rs.20.00 lacs

Eligibility Criteria

General Age 21 to 65 years. Repayment maximum 20 years. 80% of cost of construction OR 80% of Registration value for outright purchase as loan Purchase of House: Age of independent house should not be more than 25 years. Age of the flat should not be more than 20 years. Loan upto and inclusive of Rs. 20 Lakhs treated as priority sector

Salaried Persons Maximum 48 times monthly gross income or 75% of cost of construction whichever is less Latest salary certificate and 3 years IT returns Certificate from the employer regarding leftover service Estimates and other related approved documents Subject to 30% take home pay.

Housing Loans for Agriculturists, Business & Self-employed persons For  Agriculturists, four times of  gross annual income as per certificate issued by  the  competent  Revenue Authority, supported by evidence of  land  holdings 4 times the gross annual income (48 times of monthly income) Income Tax Returns Auditor Certificate Estimates and other related approved documents

Income proof Employees Agriculturist Prof. & self employed Last pay certificate, Form 16 issued by the employer/ IT Returns/ Assessment orders Income Certificate by competent Revenue Authority in respect of  income from agricultural and allied activities Income proof for the last 3 years supported by financial statements signed by Chartered  – income tax returns /assessment orders Property statements of applicants and coobligant. Location sketch of the proposed house/flat.

In case of purchase Agreement for sale between vendor and purchaser Name and address of the vendor and purchaser Copies of prior documents of title to the property in possession of the vendor along with tax receipts Authorization letter to receive original title deeds on registration from Registrar of Assurances. Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds. Original receipts for the payment to builder/vendor. Copy of the approved plan and a letter from the vendor about the age of the house/flat. Certificate from the Approved Engineer about the present value, condition and life of the house/flat. Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction. Lay out approval plan

In case of construction Copy of the approved plan. Detailed estimate of construction. Allotment letter of the house / flat issued by the Housing Board. Original title deeds of the sight Development Agreement between the owner of the site and builder. Nil Encumbrance Certificate Any other document stipulated by Legal Advisor / sanctioning authority

Pre-Payment Charges 1) No prepayment charges, if the housing loan borrower makes payment from own savings / windfall gains for which documentary evidence is produced by the borrower. 2) 2% flat prepayment charges on prepaid amount if the borrower makes payment by borrowing funds from other sources. 3) 2% flat prepayment charges on prepaid amount if the borrower makes payment by take over by other banks / financial institutions 4) NO pre-payment charges for all housing loans with floating interest rates, new and existing.