Union Awas

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Union Awas

Features

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