Purpose

• 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 your employer.
• Takeover of the Housing Loan from other Banks/Housing Finance Companies.
• 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 of repayment period of loan).
• For purchase/construction of 2nd house/flat.
• For purchase/construction of 3rd house/flat (0.50% interest rate more than the rate applicable for 1st & 2nd unit).

Eligibility

• Individuals above 21 years, having regular income i.e. salary/ business / professionals and self-employed (PSEs) persons.
• Salaried person should be in regular & permanent service.
• Established and experienced Professional & Self Employed & Business persons should be at least 03 years in Trade or Profession.
• Business and PSEs should have 3 years of ITR.

Repair/ Extension of existing House
For repair of existing house/ extension of building

• For Repairs: Rs 10 Lac (maximum) subject to submission of estimate from Chartered Engineer /Architect (the rate should corroborate the PWD rates), subject to satisfactory repayment history and available vacancy.
• For Extension: Rs 15 Lac (maximum) subject to submission of sanctioned plan by the Municipality / Corporation etc.& Certificate of construction cost by Chartered Engineer/Architect.

Margin

• (i) For borrowers having annual income upto Rs 3.00 lakh, 25% margin is to be obtained.
• (ii) For borrowers having annual income more than Rs 3.00 lakh, margin contribution will be as follows:-


• Loan upto Rs.30 Lac- 10% of Project cost
• Above Rs. 30 lac to Rs.75 lac : 20% of project cost
• Above Rs. 75 lacs: 25 % of project cost
• For purchase of land for construction of building: 40% of maximum eligibility of the borrower subject to margin of 25% of the value of the plot/land.

Repayment

• Max. Period of 30 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.
• 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 may be extended upto 70 years of age.
• For professional & self employed person the loan shall be repaid, within the age of 70 years if there is sufficient income generation for repayment.

Takeover of Loan

• Loan will be sanctioned to the extent of full take-over amount. Repayment of EMI for last 12 months should be regular and status of the account must be “Standard”.

Processing Charge

• 0.59%, Minimum Rs.1180/-; Maximum Rs.11800/-. Nil processing fee upto 30.06.2019.

Rate of Interest

• United Housing Loan Scheme: (irrespective of amount and repayment period)
• United Housing Loan Scheme (Floating Rate): MCLR-H i.e. 8.55%