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.20 lakhs for semi-urban areas and up to Rs.15 Lakhs for rural areas
• For repairs/improvement, maximum loan amount up to Rs.10 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.
• Moratorium period of up to 48 months in case of Composite Home Loans from the date of first disbursement OR upto the period allowed by Development Authority from the date of purchase of plot, whichever is earlier

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

• Please click here to know our latest interest rates
• Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.
• Processing charges are 0.50% of loan amount subject to a maximum of Rs. 15000 plus GST****

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**