Approved Projects for extending Housing Loans

 

• Attractive Interest Rate under the scheme.                     
• Processing Fees & Documentation Charges” Waived
• Terms and Condition Apply

A shelter of your own  has been eluding you so far? Now your dream for a dream house will be a reality at most attractive terms with the United Housing Loan Scheme.

• For purchase/construction / extension/ repairs /renovations/furnishing of residential house / flat including the purchase of land and construction thereon.
• Supplementary finance to complete the project financed by the employer.
• Takeover of the Housing Loan from other Banks/Housing Finance Companies, Housing Boards.
• Purchase/take-on of long term lease (min. 10 yrs) of house/flat from Govt. Bodies/PSUs (unexpired lease period should exceed at least 5 years than repayment period of loan).
• For purchase/construction of 2nd house/flat.

• Individuals above 21 years, having regular income i.e salary/engaged in business / professionals and self-employed persons.
• Salaried person should be in regular & permanent service.
• NRIs are eligible to avail loans.

Nature of applicant	Location of house/ flat/ property
	Metro	Urban	Semi-Urban	Rural
For all Categories of Borrowers	100	75	40	20

• Max Rs: 150 Lacs For metros like Kolkata, Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad, Hyderabad, Gurgaon, Noida, New Delhi, & for other metros Rs 100lacs.
• High value loan (Rs 50lacs above) for purchase of flats shall be restricted to buying flats from national /state level/reputed builders/ developers (CREDAI approved projects)only

• For repairs: Rs 5 Lacs (maximum) subject to submission of estimate from chartered engineer /architect (the rate should corroborate the PWD rates), 75% of amount repaid in existing housing loan where the borrower is having existing loan.
• For extension :Rs 10 Lacs (maximum) subject to submission of sanction plan by the municipality / corporation etc.& certificate of construction cost by chartered engineer/architect

• For purchase of land for construction of house, loan may be sanctioned 40 % of maximum loan eligibility of borrower(s) subject to 25% margin of the value of the plot/land is provided by borrower
• Margin is not applicable for additional loan amount towards One Time Premium of Life Insurance cover of the borrower under the Scheme.

• Project cost includes purchase price/ construction or extension or repair cost. 

• Max. Period of 25 years and tenure is fixed on the basis of age of 1st applicant (whose income contributes major part in recovery) and remaining age of old property.
• The loan shall be liquidated within superannuation.
• However, if the salaried person satisfies the Bank that he/ she will have sufficient income after superannuation from sources like pension or interest on investment & bank deposits and/or other sources, in which case repayment period shall be extended upto 70 years of age.
• Spouse should be made co-borrower/ guarantor.
• Where spouse would not be available, working son, daughter, nearest relative shall be made co-borrower/ guarantor
• For salaried person, the loan shall be repaid within superannuation and for professional & self employed person, within the age of 65 years.
• For both salaried class & P&SE, EMI should be realized from SB/CD/USP a/c of borrower, every month, by the mandate of standing instructionIn addition to existing norms, 3 undated cheques for 3 EMIs shall be obtained.

Irregularity in income of borrower.	Established & experienced professional & self employed persons should be at least 3 years in trade or profession & an average for the last 3 years income will be reckoned for computation of loan eligibility. The stability in cash flow of their business unit for last three years must be verified by bank`s panel Chartered firm. Salaried persons should be at least 3 years in permanent in the organization where he/ she work.
Reputation of builders/ developers (CREDAI Approved)	New flats developed by National / State level/ reputed builders or Govt. authorities to be given preference.
Diversion of funds	End-use of funds at every stage shall be strictly verified by financing branch

• Should be confirmed in bank’s service
• 0.25% concession in rate of interest (as members of staff) shall be available.
• Credit life policy is mandatory.
• In case he/she leaves the bank, concession shall be withdrawn & normal rate of interest will be applied from the date of availment of loan.
• Irrevocable undertaking to be given for realization of EMI from pay bill & attachment of terminal benefits.
•  All other terms & conditions as applicable In case of other customer shall be binding on them.

• 0.50% of the loan amount minimum. Minimum: Rs.1000/- and Maximum: Rs.10,000/-

Documentation Charges
Upto Rs.25000/-	Nil
Rs.25000/- to Rs.50000/-	Rs.100/-
Rs.50000/- to Rs.2 lac	Rs.500/-
Rs.2 lac to Rs.5 lac	Rs.1000/-
Rs.5 lac to Rs.20 lac	Rs.1200/-
Rs.20 lac to Rs.1 cr.	Rs.2500/-
Rs.1 cr. to Rs.5 cr.	Rs.3000/-
Above Rs.5 cr.	Rs.10000/-

• Mortgage of House / Flat.

• Under Floating Interest rate, no prepayment charges shall be levied by the bank.

• In case of takeover of loans by Banks/HFCs, 2% pre-payment charges is levied on outstanding balance under fixes interest rate.

1. 0.25% if loan is taken alongwith Credit Life Insurance cover (Bajaj, TATA AIG or any other Ins.co)
2. 0.25% if 50% of the loan amount is additionally secured by way of Bank’s own TD.
3. 0.25% for employees of our Bank
4. No concession is available for loans upto 5 years

• Please contact your nearest UBI branch/ UBI Retail Loan Hub.
• Terms & conditions apply.