United Housing Loan for Pensioners
United Bank of India takes care of your Housing and related requirements at
post retirement stage. You will also find us your companion in securing Shelter in any
Old-Age Home. Salient features of the Scheme are given below:
Eligibility :
- All pensioners of Central and State Governments, Central and State Governments’
Undertakings, Defense Services, reputed Companies, Educational Institutions (Universities,
Institutes, Schools and Colleges) including pensioners (VR and VRS) of United Bank of
India.
- Your Monthly Net Pension should be Minimum of Rs. 5,000/-
- Your age at the time of availing loan should be Maximum 70 years
- You must be physically fit and mentally alert to execute the documents. Person(s) in
paralytic condition or bed-ridden is/are not eligible for the loan
Purpose :
- Renovation/ extension/ repair/ furnishing of self-occupied house/ flat
- Purchase/construction of new house/ flat
- Purchase of old house/ flat not old over 35 years from the date of completion of
construction.
- Securing shelter in any “Old-Age Home”
Quantum of Loan :
Max. Rs. 2 lac provided total deduction including EMI of the loan must not exceed 40%
of your net monthly pension. If your spouse joins as co-borrower and if he/ she is also
pensioner drawing pension from the our branch, pension of both of you shall be considered
for determining the quantum of loan within the overall ceiling.
Repayment Period :
Entire loan has to be liquidated before your attaining 75 years of age. The age of the
1st pensioner or from whose income (also pensioner), the major recovery of loan will be
made, shall be the deciding factor for the period of loan (subject to maximum repayment
period of 10 years). However, where loan is extended for getting shelter in “Old -Age
Home” total repayment period must not exceed 10 years (120 EMI).
Moratorium Period:
Repayment shall start from the following month in which the last installment is
disbursed or two months after release of first installment, whichever is earlier.
Rescheduling of Loan:
Where loan is secured by way of mortgage of immovable property and family
pension-holder is co-borrower, repayment may be rescheduled upon death of the original
pension holder. But rescheduled loan must be liquidated within 75 years of age of the
family pension holder.
Primary Security:
Mortgage of the property for which bank finance is availed of and hypothecation of
movable assets financed by the Bank for furnishing the house/ flat, wherever necessary.
Where creation of such charge is not feasible, the total amount of loan must be covered by
securities of adequate value, till the mortgage is created, in the form of Bank’s own
Term Deposit, LIC Policy (by surrender value), NSC, KVP, Relief Bond or any other tangible
security acceptable to the Bank.
If loan is taken for securing shelter in “Old-Age Home”, the loan has to be
secured by way of Bank’s own Term Deposit at least equal to the loan amount. Under
such cases, deposit shall be subject to automatic renewal for a period covering the entire
repayment.
Additional Security:
- Your irrevocable undertaking to realize EMI from the S/B A/c. maintained with the branch
concerned and not to transfer the PPO elsewhere till the liquidation of the loan in
question.
- You shall have to furnish a letter to your PPO issuing authority with an undertaking not
to effect transfer of PPO to any other bank, since you have availed Housing Loan from UBI,
till the loan is liquidated.
- The family pension-holder shall be the co-borrower. If there is no family pensioner or
family pensioner is dead, any working son or daughter or the legal heir shall be the
co-borrowers.
Margin:
For Housing Purpose:
- In case of spouse being Co-borrower- Min. 10% of total project cost.
- In case of others - Min 15% of total project cost.
For Securing Shelter in "Old-Age Home": Nil
Rate of Interest : Click here to view.
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