Ujjivan Small Finance Bank Home Loan
Ujjivan Small Finance Bank offers home loans with a starting interest rate of 8.75% p.a. The maximum loan amount is Rs.75 lakhs, which can be used to address a variety of housing needs, such as purchase, construction, and improvements. Borrowers can select different types of loan products with long and flexible repayment terms.
What is Ujjivan Small Finance Bank Home Loan?
Ujjivan Small Finance Bank provides home loans to assist individuals in purchasing, constructing, or renovating related to residential property. Home loans are available for both salaried and self-employed applicants. Home loan amounts are up to Rs.75 lakhs for all applicants and repayment terms can extend for up to 20 years. The processing fee for a home loan is Rs.3,350 plus applicable GST.
Benefits & Features of Ujjivan Small Finance Bank Home Loan
The benefits and features of Ujjivan Small Finance Bank Home Loan are as follows:
- Various Loan Types/Products: Home loans for purchase, construction, composite and improvements.
- Flexible Loan Amounts: Rs.2 lakhs to Rs.75 lakhs.
- Long Repayment Term: Up to 20 years.
- Competitive Interest Rates: Starting from 8.75% p.a.
- Pre-qualified Top Up Loans: If you already have a Ujjivan Small Finance Bank home loan, you are qualified to get a top-up loan.
- Minimum Documentation: A simplified application process can be fulfilled using basic KYC and proof of income.
- Hassle-free Processing: With eligible applicants, the approval/disbursement process is quick.
- Affordable Fees: A fixed processing fee is Rs.3,350.
Types of Ujjivan Small Finance Bank Home Loans
1. Home Purchase and Construction Loan
This type of loan is for anyone who intends to buy a new home or build a house on land that they own.
- Purpose: For buying/building a new house
- Loan amount: Rs.2 lakh to Rs.75 lakh
- Loan tenure: 39 months to 20 years
- Who it is for: First-time buyers or individuals building a new home on owned land.
2. Composite Home Loan (Plot Purchase + Construction)
A composite home loan is for borrowers intending to buy a plot and create a house on that same plot with a single loan.
- Purpose: For a residential plot purchase and home construction
- Loan amount: Rs.2 lakh to Rs.50 lakh
- Loan tenure: 39 months to 20 years
- Who it is for: Buyers without land who wish to build a home beginning with the purchase of a residential plot.
3. Home Improvement Loan
Home improvement loans can assist with renovations, repairs, or extending or additions to existing residences.
- Purpose: For renovation, repairs, or expansions to homes
- Loan amount: Rs.2 lakh to Rs.25 lakh
- Loan tenure: 39 months to 15 years
- Best suited for: Existing homeowners wanting to mix renovations, improvements, repairs, and expansions in their home.
4. Pre-Qualified Top-Up Home Loan
This top-up loan is offered only to current Ujjivan Small Finance Bank home loan customers. This top-up loan gives you additional funding without the need for a fresh application. It will just be an addition to your Ujjivan Small Finance Bank home loan.
- Purpose: General personal or financial reasons (e.g. education, medical, etc.)
- Loan Amount: Rs.1 lakh-Rs.10 lakh
- Loan Term: 39 months to 7 years
- Who is it for: Only available to very good repaying customers with strong credit profile.
Note: Interest Rate: 1% higher than Ujjivan Small Finance Bank home loan
Ujjivan Home Loan Eligibility Criteria
Eligibility for a Ujjivan Small Finance Bank home loan is dependent on a mix of financial and personal factors. While your income and amount of loan will serve as the basis for the assessment of eligibility, the bank will also consider:
- Age: Generally, the applicant must be 21 years or older at the time of the application and not older than 70 years, at the time of maturity of the loan.
- Employment type: The consumer can either be a salaried professional or self-employed to be deemed eligible, as long as they have furnished the information required by the bank for documentation and income proof.
- Income: Both salaried and self-employed customers must have a verifiable and sufficient income.
- Repayment ability: Current EMIs, loans and financial commitments will be checked to evaluate your existing obligations and repayment ability.
- Movable and immovable assets: A positive factor in the profile.
- Credit Score: A CIBIL score of more than 700 is preferred, as it reflects strong financial discipline. The Bank may use ‘bureau meter’ (scorecard bench-marking credit scoring model) to evaluate the likelihood of credit risk, which will also establish the basis for the loan term.
Documents Needed for Ujjivan Small Finance Bank Home Loan
The table below lists the documents you must provide while applying for a home loan at Ujjivan Small Finance Bank:
Category | Documents Required |
Common for All | - PAN Card / Form 60 - Original Property Papers - Address Proof (Any one): Aadhaar / Passport / Driving Licence / Voter ID / NREGA Job Card / NPR Letter |
Salaried Applicants | - Last 6 Months Bank Statement - Salary Certificate (if any) - Form 16A (if any) - Latest ITR |
Self-Employed | - Business Registration Proof - Bills / Invoices - Udyam Registration - Last 6 Months Bank Statement - Latest ITR |
FAQs on Ujjivan Bank Home Loan
- Can I prepay or foreclose my home loan with Ujjivan Small Finance Bank?
Ujjivan Small Finance Bank generally does not have restrictions on prepayment or foreclosure of home loans. However, prepayment charges may apply depending on the loan agreement. It will be prudent to evaluate the loan terms at the time of loan disbursal or directly verify with the bank the current prepayment terms.
- How do I apply and get approved for a loan from Ujjivan Small Finance Bank?
You can apply for a Ujjivan Small Finance Bank home loan online or by visiting the nearest branch of the bank. After submitting the documents and the application form, the bank will assess your credit and verify the property details. If all documentation is in order, you can get your loan approved quickly.
- Can I obtain a home loan from Ujjivan Small Finance Bank to finance the resale of a property?
Yes, Ujjivan Small Finance Bank does lend home loans to purchase newly constructed or resale residential property subject to property valuation and verification.
- Do NRIs have a choice to apply for a Ujjivan Small Finance Bank home loan?
Ujjivan Small Finance Bank mainly serves customers based in India. NRIs may have limited eligibility (depending on their location as well) or loan products. You can contact the bank for further information relating specifically to NRI home loans and documentation.
- Which CLADUM fees are applicable to Ujjivan Small Finance Bank home loans?
CLADUM (Credit Linked Accidental Death and Unemployment Mitigation) charges are one-time expenses for risk coverage. Depending on the kind of loan, they vary: Composite loans are subject to 1.5% GST, home equity and commercial purchase loans to 2% GST, and home purchase, construction, and improvement loans to 1% GST. These fees must be paid at the time of disbursement.
- Does Ujjivan Small Finance Bank offer commercial or real estate-secured loans?
Yes, the bank offers home equity loans backed by residential real estate as well as commercial purchase loans for the purchase of commercial space. With repayment terms of up to 15 years, both options permit loan amounts up to Rs.75 lakhs.
- Is there a possibility of transferring a loan to Ujjivan Small Finance Bank for home loans?
If you already have an existing home loan with a different lender or bank, Ujjivan Small Finance Bank would provide the option to do a transfer to your home loan. You can potentially get the home loan at a lower interest rate, subject to NOC and eligibility as well as property valuation.
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