United Bank - United Housing Loan Scheme

UNITED HOUSING LOAN SCHEME

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 United Housing Loan Scheme.

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.

Repo Linked Lending Rate (RLLR) for Housing Loan and Car Loan.

Retail Lending is a thrust area of Bank. To make our Retail products more attractive and customer friendly as well as to remain competitive in the market, Bank has introduced the concept of Linking the rate of interest on Housing Loan and Car Loan to external Bench Mark i.e., Repo Rate from 1st September 2019.

Repo Linked Lending Rate is a better tool for effective transmission of policy rates and will be beneficial to the customers availing Housing Loan & Car loan of our bank.

At present, Repo Linked Lending Rate (RLLR) is fixed at 7.70%.

Rate of Interest under RLLR applicable for fresh housing loan sanctioned effective from 01.09.2019 are as follows :-

The Rate of Interest (RoI) for Housing Loan and United Car Loan linked to RLLR will be as furnished below.

Rate of Interest under EBLR applicable for fresh housing loan sanctioned effective from 01.11.2019 are as follows:-

Loan Limit	LTV (%)	Rate of Interest
Up to Rs. 30 lakh	≤ 80	EBLR+15 bps ie 8.00%
Up to Rs. 30 lakh	> 80 and ≤ 90	EBLR+30 bps ie 8.15%
Above Rs 30 lakh and upto Rs. 75 lakh	≤ 80	EBLR+15 bps ie 8.00%
Above Rs. 75 lakh	≤ 75	EBLR+30 bps ie 8.15%

United Platinum Housing Loan Scheme – RLLR + 45bps i.e. 8.15% at present irrespective of amount of the loan.

Car Loan RoI linked to RLLR:

Salaried Persons	Non Salaried Persons
RLLR+100bps i.e. 8.70% at present	RLLR+115 bps i.e. 8.85% at present

All other terms & conditions of United Housing Loan Scheme, United Platinum Housing Loan scheme and United Car Loan scheme shall remain unchanged.

Rate of Interest under RLLR is applicable only for fresh housing and car loan sanctioned effective from 01.09.2019.

The interest table code for RLLR will be REPTL for Term Loan & REPCC for ODUHL accounts under above mentioned schemes.

The spread fixed at the time of sanction will remain fixed for the entire tenor of the loan. The RLLR will be floating in nature and will change with change in repo rate by RBI. The RoI of Housing loan & Car loan borrowal accounts under RLLR will be changed with change in Repo rate, on the 1st day of the following month.

Borrowers will have the option to avail housing / car loan linked either with RLLR or MCLR, at the time of applying for the loan. Field functionaries are advised to obtain option from the applicant borrower for availing Housing / Car loan at RLLR / MCLR. In case option is not exercised, the default option would be the rate of interest linked to MCLR.

All concerned are advised to take note of the above and act accordingly.

Quantum of Loan

Nature of Applicant	Location of House / Flat/ Property
Nature of Applicant	Metro	Urban	Semi-urban	Rural
For all Categories of Borrowers	Max upto 300 Lac	Max upto 100 Lac	Max upto 45 Lac	Max upto 25 Lac