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Image 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
  • 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.

Forms & Documents

FAQs


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