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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  
 
 
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Retail Loans
UNION AWAS
FeaturesForms & DocumentsFAQs
PURPOSE
 
You can avail the Union Awas to purchase/ construction of house, purchase of plot from government agencies* * and also for repairs/ improvements/ extension of the existing residential property.
 
ELIGIBILITY
A person has to meet the following criteria to avail the loan:
  • Indian citizen above 21 years having regular source of income not less than Rs. 48,000 per annum
  • Individuals, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicant
  • 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.
 
QUANTUM OF LOAN
 
  • For purchase or construction of house, maximum loan amount up to Rs. 7 lakhs for semi-urban areas and up to Rs. 5 Lakhs for rural areas
  • For repairs of house, maximum loan amount up to Rs. 3 lakhs for semi-urban areas and up to Rs. 2 Lakhs for rural areas
 
MARGIN, I.E. YOUR SHARE
 
  • 20% of the total cost of the purchase/ construction of house
  • 20% of the total cost of the plot
  • 20% of the total cost of the repairs/ renovations
 
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
  • There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources
  • A penalty of 2% on the average balance of the preceding 12 months, if the loan is taken over
 
SECURITY
  • Equitable mortgage (E.M.) of the residential property
  • If the house 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
  • A guarantee of sufficient means is required
 
INSURANCE
  • Property insurance is compulsory to the tune of the loan amount
 
**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.
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