Untitled Page
All-India Toll Free number1800 22 22 441800 208 2244 All-India Toll Free number for PMJDY Scheme1800 22 22 43
Dedicated Number for NRI+918025302510  
 
 
facebaook twitter Instagram   YouTube
Retail Loans
Union Smart Save
Features Forms & Documents Audio Visual
Features & Benefits

Under the Smart Save product, over and above the regular EMI for the loan, customers can deposit additional amount with an option to withdraw such excess amount at a later date as per their requirement

As the excess funds help in reducing the loan outstanding, a lower interest is charged in the loan account (till such excess funds are available in the account). In other words this option helps the customers to maximize their savings on interest without sacrificing ones financial liquidity.

 
PURPOSE

  • Purchase/ construction of house/ flat
  • Purchase of plot and construction of house thereon**
  • Repairs/ improvements/ extension of the existing residential property.
  • Take-over of housing loan availed from another bank / FI
 
ELIGIBILITY
  • Indian citizen above 21 years
  • Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants.
  • Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.
  • NRIs are also eligible for the home loan. Contact our nearest branch for further details.
 
QUANTUM OF LOAN
 
  • Depending on repayment capacity of the borrower and value of property
  • Maximum Rs. 30 Lakhs for Repairs
 
MARGIN, I.E. YOUR SHARE
 
  • 20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 75 Lakhs
  • 25% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 75 lakhs to Rs. 2 Crores
  • 35% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 2 Crores
  • 20% of total cost of the repairs
 
 
MORATORIUM PERIOD
 
  • Moratorium period of up to 36 months.
 
REPAYMENT
  • Repayment period of up to 30 years
  • 10 years in case of repairs
  • Flexible methods of repayment
 
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest interest rates
  • No processing charges (offer valid till 31/03/2017)
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.
 
 
 
PREPAYMENT PENALTY
    Floating rate loans

  • There is no prepayment penalty if loan is prepaid from own verifiable sources or taken over by other banks/FIs.


  • Fixed rate loans

  • There is no prepayment penalty if loan is prepaid from own verifiable sources.
  • A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loanis taken over by any other bank / FI or adjusted by the borrower in lumpsum from any third party/source (except genuine sale)
 
SECURITY
  • Equitable mortgage (E.M.) of the residential property
  • If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion)
 
GUARANTEE
  • Third party guarantee is not mandatory for Resident Indian
  • One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the NRI applicant
 
INSURANCE
  • Property insurance is compulsory to the tune of the value of the property
 
**Conditions apply. For further details, please visit our nearest branch.
 
I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
Untitled Page