• United Bank of India Home Loan: Owning a home is a dream of many which can come true with the help of United Bank of India Housing Loan scheme. The loan is offered at attractive rates of interest and minimal associated charges.
Purpose: The loan can be obtained for construction, purchase, extension, repairs, renovation, or furnishing of a residential house or apartment. The bank also provides the facility of supplementary finance for the completion of the project through the employer. The bank accepts housing loans transferred from other banks and housing finance companies. The loan can be obtained for the construction for a third housing unit as well but the interest is levied at the rate of 0.65% flat in addition to the interest rate of …show more content…
The tenure is determined as per the age of the applicant and the remaining age of the old property. The bank can also increase the tenure up to 70 years of age of the applicant if the applicant satisfies the bank that he/she would have regular income from sources such as salary, pension, or investment benefits.
Interest Rates and Charges: United Bank of India levies interest at reasonable rates with minimal documentation processing charges. The interest rate is kept at the rate of 8.8% which is far lower than most private sector banks whereas there are no prepayment charges are levied from the borrowers. This can be considered as quite a big relief as prepayment charges can be a big issue in the case of high amount loans.
The bank also offers some other products such as mortgage loan and education loan but there are also some other important products such as investment options that can come quite handy in various situations. An elaborate description of such plans is given …show more content…
1.5 lakh in a financial years starting from 1st April.
• The major benefit of these two schemes is their lock-in period which is 5 years. This means that the amount is locked for a period of 5 years and this guarantees certain extended returns.
• The deposit in any of these schemes is issued under the name of a single issuer.
• The deposit can be made in the name of a minor if the minor is holding a PAN card and is an income tax payer. The deposit can be operated by the minor or by the guardian as per the bank norms.
• The deposit can also be made jointly by two adults or one adult-one minor. The benefits can be reaped by both the parties or by the survivor. In such situations, the facility of the deduction Form under section 80C is only available to the first depositor.
Mode of Account Opening: The deposit can be made be through cash deposits or through transfer transactions. However, the interest will be calculated from the date when bank receives the transferred amount.
Issue Price: In any of the schemes, the Minimum deposit should be Rs. 100 and it cannot exceed the limit of Rs. 1.5 lakh in the multiples of Rs. 100. The depositor is also required to give a declaration clearly mentioning the amount, date, and scheme
Purpose: The loan can be obtained for construction, purchase, extension, repairs, renovation, or furnishing of a residential house or apartment. The bank also provides the facility of supplementary finance for the completion of the project through the employer. The bank accepts housing loans transferred from other banks and housing finance companies. The loan can be obtained for the construction for a third housing unit as well but the interest is levied at the rate of 0.65% flat in addition to the interest rate of …show more content…
The tenure is determined as per the age of the applicant and the remaining age of the old property. The bank can also increase the tenure up to 70 years of age of the applicant if the applicant satisfies the bank that he/she would have regular income from sources such as salary, pension, or investment benefits.
Interest Rates and Charges: United Bank of India levies interest at reasonable rates with minimal documentation processing charges. The interest rate is kept at the rate of 8.8% which is far lower than most private sector banks whereas there are no prepayment charges are levied from the borrowers. This can be considered as quite a big relief as prepayment charges can be a big issue in the case of high amount loans.
The bank also offers some other products such as mortgage loan and education loan but there are also some other important products such as investment options that can come quite handy in various situations. An elaborate description of such plans is given …show more content…
1.5 lakh in a financial years starting from 1st April.
• The major benefit of these two schemes is their lock-in period which is 5 years. This means that the amount is locked for a period of 5 years and this guarantees certain extended returns.
• The deposit in any of these schemes is issued under the name of a single issuer.
• The deposit can be made in the name of a minor if the minor is holding a PAN card and is an income tax payer. The deposit can be operated by the minor or by the guardian as per the bank norms.
• The deposit can also be made jointly by two adults or one adult-one minor. The benefits can be reaped by both the parties or by the survivor. In such situations, the facility of the deduction Form under section 80C is only available to the first depositor.
Mode of Account Opening: The deposit can be made be through cash deposits or through transfer transactions. However, the interest will be calculated from the date when bank receives the transferred amount.
Issue Price: In any of the schemes, the Minimum deposit should be Rs. 100 and it cannot exceed the limit of Rs. 1.5 lakh in the multiples of Rs. 100. The depositor is also required to give a declaration clearly mentioning the amount, date, and scheme