United Bank of India is a state-owned financial services company headquartered in Kolkata, West Bengal, India. Presently the bank has a three-tier organizational setup consisting of its Head office in Kolkata, 35 Regional offices and 2001 branches spread all over India. After nationalisation, the bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalisation. You have a wide range of choice of deposits offered by UBI.United bank of India Offer Home loan to individuals above 21 years, having regular income i.e salary/engaged in business / professionals and self-employed persons.Read on to learn about the eligibility and documentation requirements for the loan you avail.
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
| Interest Rate | 9.60% |
| Processing Fees | Nil |
| Loan Tenure | 30 years |
| Pre-closure Charges | Nil |
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.
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.
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 9.60% (MCLR + 0.15%).
The interest rate is subject to periodic revision. Check with the nearest branch before assuming this rate as final.
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.
Yes, processing fee is billed by the bank at the rate of 0.50% of the disbursed loan amount subject to a minimum of Rs.1,000 with an upper cap of Rs.10,000.
Professionals and self-employed applicants should choose a loan term where the loan is fully paid off before attainment of 70 years of age.
Yes. You can be eligible to get a top up amount of 20% of the approved loan amount to be utilized towards home furnishing.
For repairs, you can look forward to getting up to Rs.10 lakhs, subject to the estimates provided by the Engineer or Architect.
