|INTEREST RATE||MCLR+0.05 % i.e. 8.55% to MCLR+0.20 % i.e. 8.70%|
|LOAN TENURE||30 Years|
|PROCESSING FEE||Upto 0.50% of loan amount|
|PRE CLOSURE CHARGES||Nil for floating rate loans|
Andhra Bank is a public sector bank in india with total assets 3002 crore. It has headquarter in Hyderabad. Andhra Bank was founded on Nov. 20, 1923. It has 2507 branches and total assets 30022232 ATMs across India. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Andhra Bank which includes Andhra Bank Official Website, Andhra Bank ATMs accross the India, Andhra Bank Branches accross the India, Andhra Bank Contact Numbers, Andhra Bank official EmailID, Andhra Bank Headquarter and Andhra Bank Headquarter Address. Find Andhra Bank Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
One can pre-pay Andhra Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
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