United Housing Loan Festival Offer: From Up to 31st December, 2012


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.

Purpose of Loan..!:

* For purchase / or construction /  or extension/  or repairs /  or renovations / orfurnishing of residential house /  or flat including the purchase of plot of land & construction thereon.

*  Supplementary finance to complete the project financed by the employer.

 *  Takeover of the Home Loan from other Banks / HFCs (Housing Finance Companies), Housing Boards.

*  Purchase / or take-on of long term lease (Minimum 10 yrs) of house / or flat from Govt. Bodies / PSUs (unexpired lease period should exceed at least five years than repayment period of loan).
   
* For purchase / construction of 2nd house / flat.


Eligibility..!:

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

Quantum of Loan..!:

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:

Maximum Rs: 1.5 crore For metros like Chennai, Kolkata, Delhi, Mumbai, Bengaluru, ahmedabad, Hyderabad, Gurgaon, Noida, New Delhi, & for other metros Rs. 1 crore.
   
High value loan (Rs. 50 lacs above) for purchase of flats shall be restricted to buying flats from national / state level / reputed builders / developers (CREDAI, BAI Approved projects) only

Repair of existing house:

For repair of existing house / extension of building

For repairs:
Rs. 5 Lacs (Maximum) subject to submission of estimate from chartered engineer / architect (the rate should corroborate the PWD rates), 75 per cent 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

Margin Money:
20 per cent  of the Project Cost if the loan amount does not exceed Rs. 25 lac and 25 per cent of the project cost if loan amount exceeds Rs.25 lac

For purchase of plot of land for construction of house, loan may be sanctioned 40 per cent 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 plus stamp duty & registration cost. 

In all cases construction should be as per approved plan and specifications


Repayment Plan:

* Maximum Period of 25 years and tenure is fixed on the basis of age of 1st applicant (whose income contributes major part in recovery) & remaining age of old property.
   
* The loan shall be liquidated within superannuation. However, if the applicant satisfies the Bank that he / she will have sufficient income after superannuation from sources like pension or interest on investment and 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 salaries person, the loan shall be repaid within superannuation and for professional and self employed person, within the age of 65 years.
   
* For both salaried class and 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.

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 and experienced professional and self employed persons should be at least three (3) years in trade or profession and 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 three 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 Should be confirmed in bank’s service
   
* 0.25 per cent 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 and 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.

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.

Processing Charges:

    0.50% of the loan amount minimum.
Minimum: Rs.1,000 and Maximum: Rs.10,000

Mortgage Charges:
 Nil


Documentation Charges:

Documentation Charges Upto Rs.25,000- Nil

Rs.25,000 to Rs.50,000 -   Rs.100

Rs.50000 to Rs. 2 lac - Rs.500

Rs. 2 lac to Rs.5 lac - Rs.1,000-

Rs. 5 lac to Rs.20 lac - Rs.1,200-

Rs.20 lac to Rs.1 cr - Rs.2,500

Rs.1 cr. to Rs.5 cr - Rs.3,000

Above Rs.5 cr.Rs.10,000

Security:

 Mortgage of House / Flat.

Prepayment Charges:

 * 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.

 Concession:

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

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.

Interest Subvention:

1 per cent of interest amount subject to fulfillment of terms and conditions in this regard.

Quick processing and sanction of loan application.  No hidden costs.

   
Please contact your nearest UBI branch.

Head Office
11 Hemant Basu Sarani
Kolkata - 700001
http://www.unitedbankofindia.com

Toll Free Number - 1800 - 345 - 0345
Toll Free Number for MSME sector - 1800 - 345 – 3344
For hotlisting/blocking of ATM cum Debit card, contact: 1800 1033 470
Demat Query - 033 - 22310513
Tele Banking : Toll Free No – 18003452222) / (Land Line - 033–22428940)

Assistant General Manager-IT
Information Technology Department
6th floor, United Tower
Head Office, United Bank of India
11, Hemanta Basu Sarani
Kolkata-700 001, E-Mail : webmaster@unitedbank.co.in

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