You can instantly check United Bank of India Home Loan Eligibility online. Share your home loan requirement and profile details on Home Loan Eligibility Calculator and you will instantly know about pre-approved loan amount and EMI. Currently Union Bank Home Loans are starting from 6.80 % p.a for maximum of 30 years. To enhance your loan eligibility, you can also apply jointly. Resident Indians as well as NRIs ranging within 18 to 75 years of age can apply.
United Bank of India is a government-owned bank with its headquarters in Kolkata. The bank has a three-tier set up with the head office in Kolkata, 36 Regional Offices, and 2058 branches. It is one of the 14 banks that was nationalised in the year 1969. United Bank of India provides various corporate banking and services along with retail banking.
Investment in house property is a milestone in one's life. But the investment cannot be done in one go. If you have to make the investment without dipping into your savings, you will have to avail a Home Loan. United Bank of India provides Home Loans of various types at a very competitive rate.
The Home Loan provided by the United Bank of India is very affordable as the rate of interest is very competitive. To qualify for the loan, you have to comply with the following home loan eligibility criteria.
The following are the features of United Bank of India Home Loan:
United Bank of India provides Home Loan for the following purposes:
Different slabs of the rate of interest applied are as follows:
|Security||Equitable Mortgage of the property created out of the loan.|
|Balance Transfer||Provision for taking over of the Home Loan with other lenders is available provided at least 12 EMIs for the present loan is serviced regularly.|
|Processing charges||Processing charges at 0.59% of the loan amount, with a minimum of 1,180 and a maximum of 11,800.|
|Pre-closure/part pre-payment charges|
The following documents are required for United Bank of India Home Loan:
The above documents should be submitted along with two passport size photographs and an application for a Home Loan.
The following are the factors affecting United Bank of India Home Loan Eligibility:
The following are some of the tips to increase the Home Loan eligibility:
Using an EMI Calculator before applying for a Home Loan has the following benefits:
You will get an idea of the interest cost with the amortization table which gives a break up of the adjustment towards the interest and the principal component throughout the loan tenure. You can plan your part pre-payments and also get an idea as to how the additional payments will impact on the interest cost with the EMI Calculator.
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You can avail other loans like a vehicle loan or a personal or any other kind of loan when the EMIs of your housing loan are in progress provided you have sufficient repayment capacity. The lenders will thoroughly scrutinize your repayment capacity before extending other loans when a housing loan is present.
In case the Home Loan EMI is delayed, the bank charges a penalty at 2% of the overdue amount for the overdue period. If the default becomes persistent and the recovery does not come through, then the banks have the authority to take possession of the property for which the loan is provided. The property will be auctioned and the proceeds adjusted towards the outstanding loan amount. Any excess proceeds will be credited to your bank account.
Periodical part pre-payment will reduce the outstanding principal balance. You can either opt for a reduction in the loan tenure by keeping the EMI constant or can reduce the EMI by keeping the loan tenure constant. If you intend to save on the interest outgo, you should be opting for keeping the EMI constant and reducing the loan tenure.
If you understand the EMI that you will have to pay for the desired loan amount, you can either plan your monthly spends to accommodate for the proposed EMI or apply for a lesser amount to keep the EMI within your affordable budget.
The EMI amount depends on the loan amount, loan tenure and interest.
If the rate of interest increases, the bank normally keeps the EMI constant and extends the tenure in order to avoid the additional financial burden. But if the extension of tenure amounts to a tenure which is above the maximum period as per the bank norms, the EMI will be increased and the tenure kept unchanged. If the rate of interest decreases, keeping the EMI constant will decrease the tenure which works to your advantage.
The maximum loan tenure permitted by United Bank of India is 30 years. In case the borrower convinces the bank regarding the regular source of income after retirement, the tenure will be extended till the borrower attains the age of 70.