The United Bank of India is one of the leading banks in the country. They have been providing various services to their customers for many years now. The bank offers a range of products and services to suit the needs of different types and levels of customers.
United Bank Of India Home Loan is one such service offered by them. It is a loan facility that is available for homebuyers in India who want to purchase or construct a house or an apartment with the help of a bank loan. This article will take you through various features and benefits associated with this product, so read on!
What are the Advantages of a Home Loan from the United Bank of India?
There is no shortage of house loan programmes on the market, with a variety of lenders such as banks, NBFCs, and HFCs luring potential borrowers with a variety of offers. House construction costs have risen beyond the reach of most people, and the United Bank of India, with its range of United Bank of India Home Loans, is helping to bridge the funding gap, allowing people to realise their dream of having a home.
The following are the main characteristics of United Bank of India Home Loans:
- Long-term repayment of up to 30 years
- MCLR-linked low-interest rates
- Simple documentation
- Access to an online application.
- At Rs.772, the lowest EMI per lakh is available for 30 years
Criteria for Getting a United Bank of India Home Loan
You only need to read the rest of the page to learn more about the bank’s eligibility for a house loan.
- An individual must be over the age of 21.
- He or she must have a steady source of income.
- Salaried people, salaried professionals, and self-employed people are all eligible to apply.
- Salaried employees should be employed on a long-term basis.
- Professionals and self-employed individuals should have at least two years of business stability.
- Professionals in business and self-employment should have two years of ITR.
Housing Loan Schemes Types
As previously stated, UBI offers a variety of programmes. The programmes are creatively structured, giving borrowers a lot of freedom to choose the best option for them.
United Housing Loan: This is the most common type of United Bank of India Home Loan, with a wide range of options to meet your needs and project. The following are the main characteristics of this loan in general.
- Loan Type: Term
- Tenure: Up to 30 years, or 70 years for those who are not pensioners.
- Type of interest: Floating with MCLR.
United Housing for Pensioners: As the name implies, it is developed specifically for pensioners, who are largely senior folks, lending credibility to this group of borrowers.
United Platinum Housing: This loan is specifically created for permanent employees of State or Central Government departments, statutory bodies, and Public Sector Undertakings (PSUs) with the following concessions:
- Interest: Floating MCLR Q, which is now 8.45 per cent and is 10 basis points lower than others.
- Direct salary deduction and payment to the loan
- United Home Advantage: This loan has a one-of-a-kind feature: an overdraft with reduced drawing power.
- You can park your excess funds in the account and withdraw them if the account’s drawing capability permits.
- You can reduce your overall interest expense.
- This service is only available when the final payment has been received.
United Affordable Housing: This loan category includes three different lending options. The bank offers three different schemes:
- United Affordable Housing Loan
- United Affordable Housing for MIG
- Subsidy for Rural Housin