At least 21 years old

Less than 65 years old

Salaried or self-employed
with regular income

Earn more than the minimum
income required

Earn more than the minimum
income required

Loan capped @ 85% of property value

EMIs of other loans lower
your eligibility

Make your spouse a co-applicant,
and her income will add
to your eligibility

Choose longer tenure loan up to 30 years

Alternatively add your parents

UBI Home Loan

Taking a loan to fulfill a housing requirement is the most preferred way of financing since it offers to fund a large chunk of the costs involved in procuring a home/plot and lets you repay in monthly installments over a term chosen by you.

In times when prices of real estate are always heading north, it would be a better option to take a loan instead of pooling personal monetary resources at one go. In India, housing loans are offered by both state owned and private sector banks/financial institutions for a wide range of housing needs. Kolkata based United Bank of India is one such lender which offers attractive housing loan schemes under its retail lending portfolio.

The United Housing Loan Scheme is available to salaried and self-employed individuals for the following purposes.

• For purchasing a residential house/flat.
• For purchase of a plot of land and construction of a residential unit thereon.
• Supplementary finance is provided for completion of the housing project financed by the employer.
• For home improvement services such as repairs, extension, renovation and furnishing.
• Balance transfer of loan from other banks or financial institutions.
• Towards purchasing/construction of a second or third flat/house.
• For leasing house/flat of 10 years or more from government agencies/PSUs.

Feature & Benefits of United Bank of India Home Loan:

Simple eligibility criteria:

This loan is available to the salaried class, businessmen and professionals who meet the monetary and other requirements, making it an easy to access loan.

High loan quantum:

The maximum permissible loan amount is determined on the basis of location of the property. For Metro area, the maximum loan is Rs.300 lakhs, Urban is Rs.75 lakhs, Semi-Urban is Rs.45 lakhs and Rural locations can get a loan of up to Rs.25 lakhs.

In addition, an additional 20% extra loan is provided for furnishing in all cases. For loans taken for carrying out repairs of an existing house, a maximum of Rs.10 lakhs is offered and the cap on loans for extension is Rs.15 lakhs. In case of loan takeovers, United Bank of India will finance the full outstanding amount from other bank/financial institution.

Loan margin:

Housing loans from United Bank of India come with least margin for the borrower, which implies lesser burden. For loans up to Rs.30 lakhs, a margin of 10% of the project cost is applicable, 20% on loans from Rs.30 lakhs to Rs.75 lakhs and 25% for above Rs.75 lakhs. With such minimal margin, you can rely upon this instrument to fund a large part of the requirement.

Repayment term:

The bank offers up to 30 years for repayment in equated installments on the basis of the age of the primary applicant. For self employed and professionals, the loan repayment term should fall within the age of 70 years.

No Prepayment charges:

One of the attractives benefits of this loan scheme is that there is no prepayment penalty levied by the bank in case of early repayment. You can go ahead and liquidate the loan and pay it off any time during the term without incurring additional charges.

Quick processing & no hidden charges:

Getting approval for a home loan can be a cumbersome process and the time taken for loan decision can be time consuming owing to the paperwork involved. With United Bank of India home loan, you can look forward to quick processing. Plus, there are no hidden charges and fees as everything is communicated upfront. Documentation charges are applicable at standard rates.

United Bank of India Home Loan Interest Rates:

Unlike other products available in the market today, the interest rate is billed is the same for all types of requirements. As mandated by the RBI (Reserve Bank of India), the MCLR (Marginal Cost Based Lending Rate) system is followed to determine the applicable rate. The present rate of interest is 8.55% (MCLR-H).

The interest rate is subject to periodic revision. Check with the nearest branch before assuming this rate as final.

UBI Home Loan Eligibility Criteria:

• The minimum age of the applicant should be at least 21 years with regular income by means of self-employment, business or profession.
• Salaried applicants should be on permanent rolls and drawing sufficient income.
• Self-employed and professionals should be running successful business operations for at least 2 years.
• Business owners, self-employed and professionals should have 2 years of Income Tax Returns (ITR).

United Bank Home Loan FAQ

1. What is the document proof required for home improvement loan? I am looking forward for finance to extend my house.

   To be eligible for a loan, you’re required to submit details of the sanctioned plan issued by the municipal corporation and details of the construction cost issued by an engineer/architect.

2. Is there a processing fee component involved in United Bank of India home loan?

   No

3. I am a self-employed applicant. Is there a cap on the upper limit of the age?

   Professionals and self-employed applicants should choose a loan term where the loan is fully paid off before attainment of 70 years of age.

4. Does the bank offer extra loan on top of the housing loan for home furnishing?

   Yes. You can be eligible to get a top up amount of 20% of the approved loan amount to be utilized towards home furnishing.

5. What is the maximum loan offered for repair work for an existing house?

   For repairs, you can look forward to getting up to Rs.10 lakhs, subject to the estimates provided by the Engineer or Architect.