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    United Bank Mortgage Loan

    Overview

    United Bank played a significant role in spreading banking services in different parts of the country. The bank has provided services to the people residing in not easily accessible areas as well. The bank offers variety of products and services to its customer’s. Mortgage loan is one such product to cater to the persona and business needs.

    United Bank Mortgage loan is provided to the customers in the form of Term loan and as an overdraft facility. Indians first buy a property as a form of investment as they think that the property will bail them out at the time of need. Having a property also allows a person to take mortgage against the property and make the most of the idle property.

    Purpose of United Bank Mortgage Loan

    United Bank offers a mortgage loan meet personal or business requirements. Overdraft limit is allowed for business purposes.

    Eligibility Criteria for United Bank Mortgage Loan

    Individuals who wish to obtain a United Bank Mortgage Loan need to satisfy the following criteria:

    • Salaried individual
    • Professional
    • Self-employed
    • Pensioner
    • Proprietor
    • Partnership firm
    • Companies
    • Third party property of father, mother, husband, wife, brother, sister, son and daughter can be mortgaged.
    • Must be in the age bracket of 21-65 years and having a property and sufficient income to repay the loan.

    Note: The criteria is subject to change at the sole discretion of United Bank.

    Documents Required for United Bank Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Duly filled application form.
    • Identity proof in the form of passport, PAN card, employee identity card or other valid proof.
    • Address proof that is electricity bill, telephone bill, ration card or other valid proof.
    • Property papers that is the ownership proof and title deed.
    • 3 passport sized photographs.
    • Any other required documents as expressed in the application form must be submitted.

    Features and Benefits of United Bank Mortgage Loan

    Some of the salient features and benefits of United Bank Mortgage loan are:

    • The loan requires minimum documentation and is processed very quickly.
    • Competitive interest rate is offered by United Bank.
    • The property lying idle can now be used to avail funds.
    • The quantum of loan offered for rural area is Rs.50 lakh, for semi-urban area it is Rs.1,00,00,000, for urban area it is Rs.3,00,00,000 and for metropolitan area it is Rs.5,00,00,000.
    • Individuals who are salaried, professional, self-employed or businessmen, the loan provided is 24 times their net monthly income or 50% of the sale value of the property.
    • Business entities will get 4 times the cash accrual in the case of term loan or 50% of the sale value of the property. In case of overdraft facility, the loan offered is 25% of the projected turnover or 50% of the sale value of the property.
    • Margin is set at 50% of the mortgaged property.
    • The mortgaged residential or commercial property has to be provided as security.
    • Credit life insurance single premium has to be borne by the borrower.
    • The mortgaged property is insured for full value covering the tenure of the loan. The insurance has to be borne by the borrower.
    • If the borrower is prepaying the loan, he has to pay 2% of the outstanding balance towards the prepayment charges.
    • The penal charges is 2% of the default amount on term loan and 2% on the balance overdrawn in the case of overdraft facility.

    United Bank Mortgage Loan Interest Rate

    United Bank charges an attractive interest on their mortgage loan. The bank ensures that repaying the loan doesn’t become an additional financial burden on the borrower.

    Note – Interest rates charged by United Bank are at their sole discretion and are subject to change without prior intimation.

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