There is no dearth of home loan schemes in the market with a host of lenders like banks, NBFC and Housing Finance Companies wooing the prospective borrowers with an array of offers. The construction cost of houses have skyrocketed beyond the reach and it is here that the United Bank of India with its bouquet of home loans is playing an important role in bridging the fund gap to enable individuals from realizing the dream of owning a house.
The key features of UBI Home Loans are:
Interest Rates are as of 2019
UBI interest regime is linked to the MCLR pattern which varies according to the repo rate determined by the RBI from time to time.
|MCLR from 17th June 2019. Most of the housing loans attract floating interest rate with MCLR H at 8.55 % currently. However MCLR Y – 1 Year MCLR is 8.75 %|
|United Housing||Floating||8.55 % MCLR H||0.59% min Rs.1180 and max Rs.11800|
|United Platinum Housing||Floating||8.45 % MCLR Q|
|United Home Advantage||Floating||8.55 % MCLR H|
|United Housing for Pensioners||Floating||8.55 % MCLR H|
|United Affordable Housing||Floating||8.55 % MCLR H|
|United Affordable Housing for MIG||Floating||8.55 % MCLR H|
|Rural Housing Subsidy||Floating||8.55 % MCLR H|
The eligibility norms set at United Bank of India is as follows:
|Eligibility norms for United Housing across specific schemes.|
Salaried with permanent employment
Self Employed Persons, Business and Professionals with 3 years experience and 3 years ITRs
It is dependent on the location of property
|United Platinum Housing||Eligibility||Permanent employees of State / Central Government and Statutory Bodies / PSUs|
|Quantum||Same as United Housing|
|United Home Advantage||Eligibility||All categories under United Housing|
|Quantum||Rs. 20 L and above|
|United Housing for Pensioners||Eligibility||
|United Affordable Housing||Eligibility||
Appropriate credentials like ITR and Form 16 for identification as EWS and LIG.
|United Affordable Housing for MIG||Eligibility||
|Income range||MIG I||MIG II|
|Rs.6L to Es.12L||Rs.12L to Rs.18L|
|Quantum||Rs.9 L max||Rs.12 L max|
|Tenure||20 years||20 Years|
|Subsidy||4 %||3 %|
|Area||160 sq. m||200 sq. m|
|Rural Housing Subsidy||Eligibility||
|Quantum||Subsidy is provided up to max Rs.2L loan|
In addition to these specific eligibility norms, there are a few other important parameters at the uniformly applicable to all the schemes.
|Eligibility norms applied uniformly across all home loan schemes|
|Fees||Processing charges are recovered at 0.59 % of the loan amount subject to min Rs1180 and max Rs.11800.|
It is now time to recapitulate the interest applicable in various United Housing Loan Schemes. It should be important to note the primary determining factors of the loan are:
|Various interest rates across United Housing Loan Schemes.|
|United Housing||8.55 % MCLR H|
|United Platinum Housing||8.45 % MCLR Q|
|United Home Advantage||8.55 % MCLR H|
|United Housing for Pensioners||8.55 % MCLR H|
|United Affordable Housing||8.55 % MCLR H|
|United Affordable Housing for MIG||8.55 % MCLR H|
|Rural Housing Subsidy||8.55 % MCLR H|
As already learnt, there are a host of schemes offered by UBI. The schemes are innovatively designed providing a lot of flexibility to the borrowers to choose the best to one’s advantage.
United Housing Loan: It is the primary home loan offering the whole gamut of possibilities to suit your preference and project. In general, the following can be highlighted as the key features of this loan.
United Housing for Pensioners: As the name suggests, it is specially designed for pensioners, who are mostly senior citizens, thereby giving credence to this category of borrowers.
United Platinum Housing: This loan is specifically designed to cater to permanent staff of offices in State or Central Government, Statutory bodies and PSUs with certain concessions as under:
United Home Advantage: This loan is laced with a unique feature of overdraft facility with reducing drawing power. The features to specially look for are:
United Affordable Housing: There are three schemes in this category of loans The three schemes with the bank are:
UBI has a specific scheme targeted at the NRI and PIO component of their clientele. The advantage of housing proposals from them is that they are cash rich in hard currency that gives them greater value in INR. Many NRIs have taken to owning houses or flats by availing of housing loan as a form of investment yielding high returns. However, their fund management is governed by the rules of RBI and FERA regulations.
There is no clear definition of who constitute the class of High – net – worth individuals than the fact that they hold abundant liquid assets. It is advantageous for the bank in extending home credit to them as there is no possibility of the credit turning sticky. Ideal for them is the United Combo Loan Scheme which is a combination of housing and a car loan.
This loan makes all those borrowers who have availed of housing loan of over Rs.15L. In addition, the purchase of the car is financed with concessions, especially in the application of interest lower by 0.25 %.
As the name suggests, this loan is meant for the NRI and PIOs who intend to purchase or build a house or flat. The key features of this unique and attractive loan are:
Eligibility: Any NRI or PIO.
Purpose: All the purposes specified in the United Housing Loan, plus the following.
Quantum of Loan: The following are the factors that determine the quantum loan to be afforded.
Margin: A flat 25 % of the project cost subject to the following norms:
Repayment Tenure: A maximum of 25 years subject to liquidation of the loan at 60 years age of the borrower.
UBI has an online facility designed specifically for the application process. The online application procedure is quite elaborate asking you to populate the relevant fields. The submission of the online form is only an expression of interest. The appraisal and scrutiny of the proposal are to be accomplished in the branch within the command area where your residence is located. It can also be directed to the retail hub if available in your vicinity. In fine, they offer a seamless loan processing experience to you.
|Documents for KYC||
|Additional documents required for NRI and PIO||Already described in the Housing Loan for NRI section.|