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    United Bank of India NRI Home Loan

    United Bank of India was established in 1969, under the Banking Companies Act, 1970. The Head Office of the Bank is in Kolkata. It is one of the 14 banks which were nationalized in 1969. With 1999 offices and branches, the total business of the bank exceeds Rs 2 lac crore. The bank’s three-tier organizational structure is made up of the Head Office, Regional Offices and other branches spread throughout the country.

    NRI Home Loans fromUnited Bank of India:

    NRI Home loans is only one of the many financial products offered by the bank. Eligible NRI customers may avail the loan for the following reasons:

    • To purchase house/flat that is already built and ready is under construction
    • To purchase old flat/house (that is not over 35 years old)
    • To construct House on land that is already owned by the borrower.
    • For extension, renovation, furnishing, repair of house/flat that is occupied by owner or tenant.
    • As supplementary finance in order to finish a project that is financed by the employer.
    • For the purpose of take-over of housing loan that is availed from another HFCs/Bank.
    • To purchase land intended to begin construction of house within the following 2 years
    • To take-on/ purchase long-term lease (minimum 10 years) of house/flat from Government
    • It is possible to avail this loan up to the second housing unit. It is not possible to avail a loan for third housing unit. This loan can be allowed only if the purpose is to be used for own residential use or commercial with residential use. The loan cannot be availed if the purpose is only for commercial use.

    Eligibility:

    • NRIs (Non-Resident Indians) who hold an Indian passport or PIOs (Persons of Indian origin) who hold a foreign passport, jointly or singly are eligible to apply for the United Bank of India NRI Home Loan. However, as a PIO, the individual can be a citizen of any country other than Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Bhutan or Nepal to be eligible for this loan.
    • An individual who had an Indian passport at any time.
    • The individual or his/her parents/grandparents were Indian citizens according to the constitution of India of the Citizenship Act 1955
    • An individual whose spouse is an Indian citizen

    Documentation:

    • The borrower’s latest pay slips or salary certificate which specifies the borrower’s name, designation, the date that he/she joined the job and details of salary etc. This must be duly attested by embassy officials.
    • The borrower and POA holder should be related by blood, and supporting documents should be provided.
    • Copy of a notarized appointment letter or valid work permit as well as contract details duly attested by embassy officials.
    • General power of attorney which has been attested and notarized by embassy officials.
    • A short summary about the institution/company where the borrower is employed at.
    • Last six months of salary account’s Bank statements
    • Curriculum Vitae (CV) of the borrower including age, educational qualifications, job experience, nature of business/profession along with the proof.
    • Assets and Liabilities statement that is notarized.
    • Copy of last two year’s income tax returns and the latest W2 form (for applicants residing in United States of America) and income tax returns for the last 2 years.
    • Copy of employment verification certificate or copy of Identity Card that has been issued by the Current Employer.
    • Applicants who are employed in the merchant navy should provide a copy of Continuous Discharge Certificate (CDC)
    • NRE/NRO account’s last 6-12 months of Overseas Bank Account Statement.
    • Copy of offer letter/ employment contract duly attested by embassy officials or bank’s branch (if the document is not in English, an English translation will be required).
    • As proof of age, applicant must provide a copy of the passport with visa stamp. A copy of a valid visa that has been notarized by the notary public.
    • A proof of residence in the form of lease deed copy, utility bills, driving license etc.
    • Wherever feasible, the employer’s remittance of monthly instalments.

    Features of United Bank of India NRI Home Loan:

    Loan amount:

    • The amount of loan that will be granted is decided upon the following factors:
    • The loan amount that’s requested
    • The property’s cost
    • 75% of the property’s cost (including stamp duty, transfer fee, cost of the plot/house, registration fees etc.) and cost for improvement/repairs/ extension.
    • The borrower’s repayment capacity
    • The amount the borrower is eligible to borrow will also depend on the maximum amount of EMI he/she can pay after considering the income level and other obligations.

    Security:

    • As security, the bank will have equitable mortgage of the property in question
    • If the property is under construction, the Interim security will be required.

    Margin:

    • Total project cost’s 25% minimum in all cases
    • Any money that is already spent by the applicant(s) shall be taken as part of margin.
    • Wherever applicable, Registration cost and Stamp Duty are to be counted in in the total project cost.
    • Before payment of the loan amount, the borrower should contribute the full margin amount.
    • Project cost will be decided depending on market value or cost price of the property, whichever is lower.

    Repayment:

    • The repayment period can be a maximum of 25 years. Subject to the following terms,
    • repayment period may be extended from 15 to 25 years:
    • The age of the borrower will decide the repayment period.
    • If the borrower’s age is up to 35 years: repayment period can be 25 years.
    • If the borrower’s age is more than 35 years and less than 45 Years: repayment period can be 20 years.
    • If the borrower’s age is 45 years or above: repayment period can be 15 years.
    • The loan amount should be repaid in full by the time the borrower is 60 years old, or the age of retirement, whichever is earlier.

    FAQs:

    1. Will I need to pay a penalty for Prepayment?

      No. Unless the loan is taken over by HFCs/Banks when there will be a pre-payment charge of 2% on outstanding balance.

    2. What is the role of POA?

      A Power of Attorney ( POA) is chosen and appointed by the NRI borrower. The POA, on behalf of NRI, will be given the power to handle all activities with the bank in India. The POA holder should be related to the NRI and must be residing in India.

    3. What is the eligibility criteria for this loan?

      The following are the eligibility criteria for the loan:

      • NRIs (Non-Resident Indians) who hold an Indian passport or PIOs (Persons of Indian origin) who hold a foreign passport, jointly or singly are eligible to apply for the United Bank of India NRI Home Loan. However, as a PIO, the individual can be a citizen of any country other than Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Bhutan or Nepal to be eligible for this loan.
      • An individual who had an Indian passport at any time.
      • The individual or his/her parents/grandparents were Indian citizens according to the constitution of India of the Citizenship Act 1955
      • An individual whose spouse is an Indian citizen
    4. What are the rules regarding repayment?
      • The repayment period can be a maximum of 25 years. Subject to the following terms,
      • repayment period may be extended from 15 to 25 years:
      • The age of the borrower will decide the repayment period.
      • If the borrower’s age is up to 35 years: repayment period can be 25 years.
      • If the borrower’s age is more than 35 years and less than 45 Years: repayment period can be 20 years.
      • If the borrower’s age is 45 years or above: repayment period can be 15 years.
      • The loan amount should be repaid in full by the time the borrower is 60 years old, or the age of retirement, whichever is earlier.
    5. What is the margin?
      • Minimum of 25% of the total project cost in all cases
      • Any money that is already spent by the applicant(s) shall be taken as part of margin.
      • Wherever applicable, Registration cost and Stamp Duty are to be counted in in the total project cost.
      • Before payment of the loan amount, the borrower should contribute the full margin amount.
      • Project cost will be decided depending on market value or cost price of the property, whichever is lower.
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