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Approved Projects for extending Housing Loans
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.
Quantum of loan depends on the cost of house/flat, application’s age, income, repayment capacity etc. Loans of higher amount may be considered on the basis of merit of the case. The maximum quantum of loan shall be as follows:
Nature of applicant
Location of house/ flat/ property
For all Categories of Borrowers
Repair of existing house:
For repair of existing house/ extension of building
15% of the Project Cost if the loan amount does not exceed Rs. 25 lac and 20% of the project cost if loan amount exceeds Rs.25 lac , valid upto 31st December,2012.
In all cases construction should be as per approved plan & specifications
Flexible Repayment Option: Step-up EMI, Step-down EMI & Lower EMI with lump sum payment at a certain point of time.
For considering big ticket size loan of Rs 50 Lacs & above, following guidelines shall be followed:
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
Housing loan for newly recruited officers of the bank
Takeover of loan:
Loan will be sanctioned to the extent of full take-over amount without margin should be satisfied with genuineness of the reasons & the account must be in standard asset category. Total period of loan including the period the loan was in the books of previous banker should not exceed 25 years. Repayment of EMI for last 12 months should be regular. No enhancement of take over limit will be allowed.
Mortgage Charges: Nil
Rs.25000/- to Rs.50000/-
Rs.50000/- to Rs.2 lac
Rs.2 lac to Rs.5 lac
Rs.5 lac to Rs.20 lac
Rs.20 lac to Rs.1 cr.
Rs.1 cr. to Rs.5 cr.
Above Rs.5 cr.
Rate of Interest : Click here to view.
Concession in rate of interest in Tie-up Arrangement:
If any special interest concession from Card rate is allowed on getting approval from HO, under any Tie-up Arrangement, such concession will continue to be allowed from the card rates. However, under no circumstances interest rate will be below Bank’s Base Rate. Where interest rates are under fixed rate option the reset clause shall be applied.
1% of interest amount subject to fulfillment of terms and conditions in this regard.
Quick processing and sanction of loan application. No hidden costs.