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    • United Bank of India Home Loan

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    • United Bank makes it easier to make your dream home a reality with its affordable home loan schemes. Interest rates range from 8% p.a. to 8.15% p.a. (depending on the quantum of loan), processing charges amount to 0.59% of the loan amount, and the maximum tenure is 30 years. The home loan can be used for the construction or purchase of a house (including the land) or flat. It can also be used for renovations, furnishings, extensions, and repairs.

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    United Bank Home Loan Details

    Apply for a home loan from United Bank and avail floating rate packages that range at low processing fees, maximum repayment tenure of 30 years, and no prepayment charges.

    Repo-Linked Lending Rate (RLLR) 8.00% to 8.15% p.a.
    Loan Amount Up to Rs.3 crore
    Processing Fees 0.59% of the loan amount
    Penal Interest Rate Get in touch with the bank
    Prepayment/Foreclosure Charges Nil
    Max Tenure 30 years
    Rate Packages Available Floating rate packages

    United Bank Home Loan Interest Rates

    Given below are the interest rates for the various home loan schemes offered by United Bank. For some schemes, the interest rate depends on the loan-to-value (LTV) ratio.

    United Bank Home Loan Schemes Interest Rates
    United Housing Loan Scheme 8.00% to 8.15% p.a.
    United Housing Loan Pensioners Scheme 8.00% to 8.15% p.a.
    United Platinum Housing Loan Scheme 8.15% p.a.

    Compare: Current Home Loan Interest Rate all Banks

    United Bank Home Loan Schemes

    These are some of the loan schemes offered by United Bank to new and existing home loan borrowers:

    1. United Housing Loan Scheme
      • For construction or purchase of house or flat including purchase of land and construction of house thereon
      • Can be used for renovations, repairs, extensions, or furnishings
      • For construction of purchase of second or third flat or house
      Interest Rate Processing Fee
      Between 8.00% and 8.15% p.a. 0.59% of loan amount

      Important Note: The RRLR is applicable for housing loans sanctioned from 1 September 2019.

    2. United Housing Loan Pensioners Scheme
      • For the construction or purchase of new flat or house
      • For the repair, renovation, extension, or furnishing of self-occupied flat or house
      • For all pensioners of the State and Central governments, educational institutions, defence institutions, reputed companies, and United Bank of India
      Interest Rate Processing Fee
      Between 8.00% and 8.15% p.a. 0.59% of loan amount

      Important Note: The RRLR is applicable for housing loans sanctioned from 1 September 2019.

    3. United Platinum Housing Loan Scheme
      • For permanent employees of state and central government departments, PSUs, etc.
      • Authorisation for direct deduction from salary account to the financing branch
      Interest Rate Processing Fee
      8.15% p.a. Contact the bank

      Important Note: The RRLR is applicable for housing loans sanctioned from 1 September 2019.

    United Bank Home Loan EMI Calculator to Know Your EMI

    To get an estimate of how much your United Bank home loan EMI will be, use the home loan EMI calculator. This will give you an accurate estimate of the total interest payable and total repayment amount throughout your chosen loan tenure. In the fields given in the calculator, enter your desired home loan amount, the interest rate, processing fee, and desired repayment tenure. This will automatically and instantly generate the interest amount payable and the total repayment amount. If you plan to make a pre-payment on your home loan, you can also enter that amount in the relevant field. This will generate the total repayment amount after the pre-payment amount has been taken into consideration. It will then give you the shortened loan tenure and your savings.

    United Bank Home Loan Eligibility Criteria

    Age 21 years and above
    Nationality Resident and Non-Resident Indians
    Type of Employment Salaried and self-employed professionals Pensioners (for the United Housing Loan Pensioners scheme)

    United Bank Home Loan FAQs

    1. Are United Bank home loans linked to MCLR or RLLR?

      Borrowers can choose whether their home loans should be linked to the Marginal Cost of Funds Based Lending (MCLR) rate or Repo Linked Lending Rate (RRLR) at the time of applying for the loan.

    2. Is there an option to apply for the home loan online?

      Yes, you can apply for United Bank home loans online on the bank’s official website.

    3. Is the interest rate for buying a second or third home the same as buying a first home?

      The interest rate for buying a third residential unit will be 0.50% more than for buying a first or second home.

    4. Can the repayment tenure be extended?

      Yes, repayment tenure can be extended up to 70 years of age if it can be proved that the applicant has sufficient income sources to repay the loan post retirement.

    5. Is the maximum quantum of loan that is provided the same in metro and rural areas?

      No, it is different. The maximum quantum of loan for those in metro areas is Rs.3 crore while for rural areas it is Rs.25 lakh.

    6. What is the maximum amount I can avail for repairs and extensions?

      For repairs, the maximum amount that can be availed is Rs.10 lakh while for extensions it is Rs.15 lakh. This is subject to estimates from the engineer/architect/municipality/corporation.

    7. What is the loan margin?

      The margin of the loan can range from 10% to 25% of the project cost (the annual income of the borrower is also a determining factor in this).

      News on United Bank of India

      • United Bank of India slashes MCLR across tenors

        Following the footsteps of leaders in the banking segment, United Bank of India has slashed its Marginal Cost-based Lending Rate (MCLR) by 5 basis points (bps) effective 16 December 2019. After the revision, the one-year MCLR stands at 8.40% while the six-month MCLR stands at 8.30%. State Bank of India (SBI) was the first public sector lender to cut its MCLR by 10 basis points last week. However, there were no rate cuts announced by the Reserve Bank of India (RBI) in the recent monetary policy. Another government-owned lender based in Kolkata, Allahabad Bank also announced a reduction in the MCLR post which its one-year MCLR is 8.30% while its six-month MCLR is 8.15%. The one-year MCLR of SBI stands at 7.90%. Since February, the one-year median MCLR has dropped by 49 bps before this round of rate reduction.

        16 December 2019

      

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    United Bank of India Home Loan Reviews

    Write a Review
    • United Bank Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the loan and using from last few months, the documentation process was quick and there was no processing with the loan. The loan amount given was 34.5L, the rate of interest 6.5% which is floating. The duration for repaying the loan was 30 years.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jul 22, 2019
    • United Bank
      United Bank Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The documentation process was good but for the few statement of paid loan for this loan is difficult, because that can be done through the branch. The loan amount given with this bank was good and i got the loan quick with this bank. The rate of interest was 10% approximately and it was a fixed interest.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 06, 2019
    • United Bank Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple and easy to get the home loan with the UNITED BANK OF INDIA. The loan amount was good and the rate of interest was 10% which was fixed and now changed into flexible rate of interest was applicable which is higher.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 19, 2019
    • United Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with United bank of India,the loan amount is 20.80 lakhs,the rate of interest is 8.45%,the tenure is for 20 years,the EMI amount is 19,000,i have no processing fees they had finished documentation as well as verification within 20 days of time.
      Was this review helpful? 2
      , kolkata
      Reviewed on Mar 02, 2018
    • United Bank Home Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      My home loan is with UBI which was taken 10 years back. The loan process was very slow and lengthy so felt bit tedious . The loan amount was 10 lakhs and the promised interest rate was 9% which was average. They have sanctioned the loan with the committed time and provided door step service for collecting documents also. Here the pre closer is after 6 months. My overall experience was good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 20, 2017
    • United Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan was taken with UBI 8 months back. Here the loan process was tedious and not so easy. It took almost 1 month because I was not ready with the documents. The loan amount was 22 lakhs and the rate of interest was 8.8% which was satisfactory for 30 years . They have provided door step service for collecting documents . My overall experience was good and I would like to recommend also.
      Was this review helpful? 4
      , chennai
      Reviewed on Oct 13, 2017
    • United Bank Home Loan
      "Irritating documentation!"
      0.5 1.0/5 "Really Bad"
      Even though I am an Government employee, UBI collected lot of irrelevant documents for the home loan application. I felt quite irritated with the documentation. The interest rate is 10.25% and that is fixed for the whole loan tenure. There are lot of obstacles and I am not satisfied with the services offered.
      Was this review helpful? 4
      , kolkata
      Reviewed on Sep 24, 2015
    • United Bank Home Loan
      "Convinient One...."
      0.5 3.0/5 "Satisfactory"
      Before 3 yeas I took a home loan with United Bank of India. The offer was really good but they have to improve the customer service. They needed only few documents to process the loan. I got my loan sanctioned within a month. I have visited the branch many times, they respond well. The experience with them was okay.
      Was this review helpful? 3
      , durgapur
      Reviewed on Aug 04, 2015
    • United Bank Home Loan
      "Drastic improvement needs to be there"
      0.5 2.0/5 "Expected more"
      I am having the Housing loan with United Bank of India.The rate of interest is really huge with them.What I find with them that the rate of interest was not reduced even there the Repo rate was reduced.This is a kind of product that is not etiquette to the customers choice.
      Was this review helpful? 2
      , lucknow
      Reviewed on Jun 25, 2015
    • United Bank Home Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I took the home loan with the United Bank of India.The rate of interest is around 9.9% and its fixed.In the sense like the dual loan.The things which impressed that everything got done within a week.I felt happy with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 24, 2015
    • United Bank Home Loan
      "Bad Bank"
      0.5 1.0/5 "Really Bad"
      The services offered by United Bank of India was very bad for the home loan I have taken. In terms of communication and also in managing the loan account they are not good. Couple of months the EMI got debited from my account only but they state that it was from a different account. Basically there is no alerts or any sms about the EMI deduction as well.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 02, 2015
    • United Bank Home Loan
      "Excellent..."
      0.5 5.0/5 "Blown Away!"
      Than any other government banks, United Bank of India is low in interest rate on home loan and they processed the loan in 15 days. In days they completed all legal formalities and two days for verification, one day for documentation. Processing charge was waived off. Interest offered on home loan is 10%.
      Was this review helpful? 3
      , kolkata
      Reviewed on Mar 13, 2015
    • United Bank Home Loan
      "Really helpful"
      0.5 4.5/5 "Excellent!"
      The manager Sushil Kumar Chaudhary was really helpful in disbursing the home loan. My probation period in company was not completed and at the mean time as it got cleared, I had got the offer from this bank. Its 10.25% interest rate charged by United bank of India.
      Was this review helpful? 4
      , kolkata
      Reviewed on Nov 24, 2014
    • United Bank Home Loan
      "It was satisfactory performance"
      0.5 4.0/5 "Great!"
      It was through my Chartered accountant I got the home loan from United bank of India. Rate of interest is quite far compared with other which was 10.25%. Processing charges 1%. I provided just the documents, everything was taken care by Chartered account and Bank executives were responsive. Good thing is they approved loan for me.
      Was this review helpful? 2
    • United Bank Home Loan
      "Really very much happy"
      0.5 1.5/5 "Bad"
      Really very much happy and nice experience with Union bank of India home loan services. I have a current account with this bank so it was easier.It was good. I got my proper communication and everything was fine. Interest rate and charges are fine.
      Was this review helpful? 0
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