Compare Allahabad Bank Home Loan With SBI

State Bank of India is the largest lending institution in India. However, there are so many other lenders as well who offer the same services. But, the comparison is always there. There are many reasons behind it and one of them is that SBI automatically gives you trust that you are in safe hands. Other banks also try to allure people with different schemes and offerings. So, it does not mean that every other bank except SBI is a wrong choice. In this article, I have given a comparison of Allahabad Bank home loan and SBI home loan. I have given interest rates of all the schemes offered by Allahabad Bank and SBI.

Allahabad Bank home loan schemes and interest rates

The interest rate linked with all the schemes offered by Allahabad Bank.

• All Bank Aashiana Scheme - Up to Rs. 75 lakhs - MCLR + 0.20%
• Housing Finance Scheme For NRI/PRO - Above Rs.75.00 Lakhs & Up to Rs.300 Lakhs - MCLR +0.25%
• Premium Housing Finance Scheme for High Net worth individuals (HNIs) (for loan amount above Rs.500 Lac) - Above Rs.300 Lakhs up to Rs.500 Lakhs - MCLR+0.45%, Above 500 lakhs -MCLR+0.60%
• House Furnishing Scheme - MCLR+3.00%

SBI Regular Home Loan Interest Rate

• Salaried Borrowers - 8.70%-9.15%
• Non Salaried Borrowers - 8.85%-9.35%

SBI Top-Up Home Loan Interest Rate - 9.00%-11.80%

SBI Flexipay Home Loan Interest Rate  - 8.75%-9.15%

SBI Home Loan Maxgain-Home loan Interest Rate

• Salaried Borrowers - 8.75%-9.65%
• Non Salaried Borrowers - 8.95%-9.85%

SBI NRI Home Loan Interest Rate - 8.75%-9.35%

SBI Realty Home Loan Interest Rate -       9.20% - 9.30%

SBI Pre-approved Loan (PAL) Interest Rate - 8.75%-9.35%

Tribal Plus Interest Rate

• Women 8.80%-9.05%
• Others 8.85%-9.10%

Privilege Home Loan Interest Rate

• Salaried 8.75%-9.10%
• Non-salaried 8.90%-9.25%

Shaurya Home Loan Interest Rate

• Salaried 8.75%-9.10%
• Non-salaried 8.90%-9.25%

Bridge Home Loan Interest Rate

The interest rate for SBI Bridge home loan starts from 11.00% per annum

Plot Loan Interest Rate

• Salaried - 9.25% - 9.55%
• Non-Salaried - 9.35%-9.65%

HDFC Home Loan Interest Rate

HDFC is currently offering interest rate of 8.90%-9.80% per annum.

Documents Required to Apply for Allahabad Bank Home Loans

Important documents to be submitted while applying for home loan with Allahabad Bank.

• Completed loan application
• 3 Passport size photographs
• Proof of identity (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

On the basis of rates you can compare effective EMIs for different schemes. You can compare which bank is giving better rate for your desired requirement. So, do that comparison and apply for the one that suits your budget and purpose.