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

• 10% of the total cost of the purchase/ construction
• 20% of total cost of the repairs/improvement.

UNION AWAS MORATORIUM PERIOD

• Moratorium period of up to 36 months in case of purchase/ construction
• Moratorium period of to 12 months in case of repair & renovation.

REPAYMENT

• Repayment period of up to 30 years in case of purchase/ construction
• Repayment period of 15 years in case of repair & renovation.

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

• There is no prepayment penalty if loan is taken over by other banks/FIs.

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

• Please Click here for EMI Calculator

**Conditions Apply**

**Contact our nearest Branch for more details**