UNION AWAS

PURPOSE

Special Home Loan Scheme to purchase/ construct house in Semi Urban or Rural Area.
Repairs/ improvements/ extension of the existing residential property in Semi Urban or Rural Area.

UNION AWAS ELIGIBILITY

Residents of rural and semi urban areas are the target group
Permanent employees of schools/colleges/other establishments and also good farmers having regular source of income not less than Rs.48,000 per annum
Minimum entry age is 18 years and maximum age up to 75 years.
Individuals may apply singly or jointly with other eligible individuals.
Repayment capacity is to be assessed based on the income certificate issued by Tehsildar/Mandal Revenue Officer

QUANTUM OF LOAN

For purchase/construction, maximum loan amount up to Rs.10 lakhs for semi-urban areas and up to Rs.7 Lakhs for rural areas
For repairs/improvement, maximum loan amount up to Rs.5 lakhs for semi-urban areas and rural areas.
Loan eligibility depending on repayment capacity of the borrower and value of property

MARGIN, I.E. YOUR SHARE

UNION AWAS MORATORIUM PERIOD

REPAYMENT

REPAYMENT METHODS

Equated Monthly Installments (EMI)
For borrowers engaged in agriculture or allied activities, Quarterly/Half Yearly/Annual Installments instead of EMI may be permitted depending upon the cropping pattern.

UNION AWAS RATE OF INTEREST

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Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

PREPAYMENT PENALTY

SECURITY

Simple/Equitable mortgage (E.M.) of the residential property
In case the proposed residential unit is under construction, suitable interim security may be required (till the period of its completion)

GUARANTEE

One/two guarantors, having means equivalent to that of the loan amount, is to be provided

INSURANCE

Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.

UNION AWAS EMI CALCULATOR