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UBISL UBISL UBISL

UBI Services Limited (UBISL) is a wholly owned subsidiary of Union Bank of India, a premier Public Sector Bank, having its registered office at Mumbai.

Service We’re Offering

Home Loan

Home Loan

Vehicle Loans

Vehicle Loans

Education Loan

Education Loan

MSME Loan

MSME Loan

Get In Touch

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504-506, 5th Floor, Centrum, S. G. Barve Road, Wagle Estate, MIDC, Thane (W), Pincode - 400604.

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+91 22 69303001

+91 22 69303023

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contact@ubisl.co.in


Vigilance :
vigilance@ubisl.co.in

Home Loan

UBI Services Ltd (UBISL) offers home loans at the best low interest rates. Being directly associated with Union Bank of India, the country’s major public sector bank you can be rest assured of its 105 years of people’s trust. UBISL home loan advisors will guide you and help you with the documentation process just sitting at the comfort of your home. UBISL advisors will assist you through the process for you to avail home loan from Union Bank of India.

Key Features of Home Loan

PURPOSE

  • Purchase of new/old residential unit (house/ flat/villa/apartment etc.)
  • Construction of residential unit on exiting non agriculture plot.
  • Purchase of non-agricultural plot and construction of residential unit (composite project) thereon**
  • Repairs / improvements / extension of the existing residential property.
  • Take-over of housing loan availed from another bank / FI
  • Completion of under construction residential unit.
  • Purchase of solar power panel along with purchase / construction of house.

ELIGIBILITY

  • Indian citizens and NRIs
  • Minimum entry age is 18 years and maximum exit age up to 75 years.
  • Individuals may apply singly or jointly with other eligible individuals.

QUANTUM OF LOAN

  • No limit on the quantum of loan.
  • Loan eligibility depending on repayment capacity of the borrower and value of property
  • Maximum loan amount for repairs/renovation is Rs.30 lakh.

MARGIN, I.E. YOUR SHARE

  • 10% of the total cost of the purchase/ construction for loans up to Rs.30 Lakhs
  • 20% of the total cost of the purchase/ construction for loans above Rs.30 lakhs and up to Rs.75 Lakhs.
  • 25% of the total cost of the purchase/ construction for loans Above Rs.75 Lakhs
  • 20% of total cost of the repairs/renovation.

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, Equated Quarterly Instalment (EQI) instead of EMI may be permitted.
  • Step-Up Repayment Method: EMI is set at a value lower than the normal EMI for initial months and for the remaining tenure it is set at a level higher than the normal EMI.
  • Balloon Repayment Method: lower than normal EMI at the start of the repayment tenure followed by lump sum amount expected to be available at end of repayment tenure.
  • Flexible Loan installment Plan (FLIP) Method: After receipt some lumpsum amount midway the EMI for the remaining period can be at a lower value than normal EMI.
  • Bullet payment: Deposit of lump sum payment during the repayment tenure and downward revision in EMIs for the remaining tenure.

SMART SAVE OPTION

  • Under the Smart Save product, over and above the regular EMI for the loan, customers can deposit additional amount with an option to withdraw such excess amount at a later date as per their requirement.
  • As the excess funds help in reducing the loan outstanding, a lower interest is charged in the loan account (till such excess funds are available in the account). In other words, this option helps the customers to maximize their savings on interest without sacrificing ones financial liquidity.

RATE OF INTEREST AND PROCESSING CHARGES

  • Know our latest interest rates
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

PREPAYMENT PENALTY

Floating rate loans

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

Fixed rate loans

  • There is no prepayment penalty if loan is prepaid from own verifiable sources.
  • A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank / FI or adjusted by the borrower in lump-sum from any third party/source (except genuine sale)

SECURITY

  • Simple/Equitable mortgage (E.M.) of the residential property
  • In case the proposed residential unit is under construction, suitable interim security is required (till the period of its completion) However, interim security is not required if tie-up with the builder (with tripartite agreement) for the particular housing project exists.

GUARANTEE

  • Third party guarantee is not required for Resident Indian
  • One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the NRI applicant.

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.

**Conditions apply.

Pradhan Mantri Awas Yojana (PMAY)

How to apply for home loan under The Pradhan Mantri Awas Yojana?

The Pradhan Mantri Awas Yojana (URBAN)-Housing for All was a government of India initiative to increase homeownership. It set a goal of achieving 'Housing for All' by 2022. Credit Linked Subsidy Scheme (CLSS) was launched as part of this mission to provide interest subsidy on loans taken for the purchase/construction/extension/improvement of a dwelling. The PMAY program is targeted at the Economically Weaker Section (EWS)/Lower Income Groups (LIG) and Middle Income Groups (MIG) of society, in light of India's expected urbanization growth and resulting housing need.

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Advantages of PMAY

“The Credit Linked Subsidy Scheme under PMAY makes house loans more accessible by subsidizing the interest component, which reduces the customer's outflow on the home loan. The subsidy amount depends heavily on the customer's income group and the size of the property unit being financed."

The following advantages are available according to income level:

EWS/LIG CLSS PMAY scheme:

LIG and EWS households have an annual household income of more than 3 lakh but less than 6 lakh.

Economically Weaker Section and Lower Income Group recipients are eligible for a maximum interest subsidy of 6.5 percent, providing the unit being developed or purchased does not exceed the carpet area limit of 60 square meters (approximately 645.83 square feet). Interest subsidy is limited to a loan amount of up to Rs. 6 lakh.

CLSS MIG 1 Scheme in the context of PMAY:

MIG 1 households earn more than Rs. 6 lakh but less than Rs. 12 lakh. Beneficiaries in the MIG-1 category are entitled to a maximum 4% interest subsidy, providing the unit being constructed or bought does not exceed the required carpet area of 160 square meters (approximately 1,722.23 square feet). However, this subsidy is limited to a maximum loan amount of 9 lakh over a full loan term of 20 years.

CLSS MIG 2 Scheme in the context of PMAY:

MIG 2 is classified as a family income of more than 12 lakh but less than 18 lakh.

MIG-2 category recipients are entitled to a maximum interest subsidy of 3%, providing the unit being developed or purchased does not exceed the carpet area minimum of 200 square meters (approximately 2,152.78 square feet). However, this subsidy is limited to a maximum loan amount of 12 lakh over a full loan term of 20 years.

Eligibility for Pradhan Mantri Awas Yojana

  • Beneficiary family shouldn't own a pucca house in India in his or her name or the name of any member of the family.
  • In a married pair, either spouse or both will be eligible for a single subsidy.
  • The beneficiary family shouldn't have received central aid under any Government of India housing project or any benefit under any PMAY plan.

The beneficiary of the Pradhan Mantri Awas Yojana

The beneficiary family will consist of a husband and wife, as well as their unmarried children. (In the MIG category, an adult earning member, regardless of marital status, may be classified as a typical household.)

Home Loan Interest Rate

Union bank of India offers housing loans on floating interest rates or fixed interest rates. The floating interest rates for Union bank of India housing loan is the sum of RBI repo rate, Spread and premium.

At present (wef 11 May 2022) - RBI repo rate is 5.40%. Union bank of India spread is 2.80%

Your premium is based on the below 4 factors

Gender

As a special gesture union bank of india offers interest concessions to women applicants.

CIBIL score

Since CIBIL score reflects the applicant’s borrowing history the high scoring applicants shall have better interest rates.

LTV

LTV is the loan to value ratio and is expressed in percentage. The higher LTV ratio shall entitle better interest rates.

Loan amount

As a special gesture Union bank of India offers better interest rates for those borrowers who have lesser loan requirements.




List of Documentations

Proof of identity (any of the following)

  • Passport
  • PAN Card
  • Employee identity card
  • Any other valid proof

Proof of address (any of the following)

  • Electricity bill
  • Telephone bill
  • Aadhar
  • Any other valid proof

PAN Card

Last 12 months bank statement

Proof of income

For salaried class

  • Last one year ITR
  • Form-16/ letter from Employer
  • Last 6 months salary slip

For business class

  • Last three years ITR
  • P and L Balance sheet

Agriculturists

  • Income certificate from concerned revenue officer (Tahsildar)
  • Proof of land holding

Property papers

  • Allotment letter
  • Advance money receipt
  • Title Deed

3 photographs

Proof of out-goes

  • Loan repayment statement, if any
  • LIC Policies, if any
  • Valid proof of any other out-go

Additional document required for NRI

Copy of Visa stamped on the passport

Latest work permit

Employment contract (if the contract is in any language other than English, the same has to be translated into English and attested by Employer/Indian Embassy)

Any other document required as per the application form)

Frequently Asked Questions

The maximum amount of loan sanctioned would be minimum of A or B
A. 90% for up to Rs.30 lakh, 80% for above Rs.30 lakh to up to Rs.75 Lakh & 75% for above Rs.75 lakh of the total cost of the house (which excludes stamp duty, registration fee, transfer fee, cost of furnishing, etc. if any)
B. Loan amount as per our eligibility calculations based on repayment capacity of the borrowers

Note: The maximum loan amount would be decided by the repayment capacity of the borrower, which is determined mainly with reference to the present income. However, it should be borne in mind that besides present income, several factors like age, qualifications, spouse's income, present outgoing towards rent, future potential for earning higher income, present level of assets and liabilities of the borrowers, etc. will have a bearing on the repayment capacity of the borrower. In case the net take home income after all deductions (such as proposed EMI, taxes, Insurance premium and other out go) is not sufficient, the eligible amount of loan would then be reduced. The income of co-applicant can be added to that of the applicant to improve the repayment capacity.

Permitted co-applicants for male applicant :

  • Spouse
  • Father
  • Mother
  • Son
  • Daughter in law
  • Unmarried-daughter

Following family members are also permitted subject to the property must be in the joint name :

  • Brother
  • Unmarried-sister
  • Grand children from son
  • Grand parents

Permitted co-applicants for unmarried female applicant :

  • Father
  • Mother

Follwing family members are also permitted subject to the property must be in the joint name :

  • Brother
  • Un married sister
  • Grand parent

Permitted co-applicants for married female applicant :

  • Husband
  • Son
  • Daughter in law
  • Unmarried-daughter
  • Father in law
  • Mother in law

Following family members are also permitted subject to the property must be in the joint name :

  • Brother in law
  • Grand children from son

The repayment period is 30 years, including the moratorium period of 36 months from the date of disbursal or the completion of the house, whichever is earlier. The repayment period is 15 years including the moratorium period of 12 months in case the loan is availed for repairs of the House/Flat.

The margin requirements (i.e. the borrower’s contribution should be as follow –
10% of the total cost of the purchase/ construction of house/ flat for loans up to Rs.30 Lakhs
20% of the total cost of the purchase/ construction of house/ flat for loans Above Rs.30 lakhs to Rs.75 Lakh
25% of the total cost of the purchase/ construction of house/ flat for loans Above Rs.75 Lakh
20% of total cost of the repairs

Union Bank of India offers two different schemes (a) Fixed rate of interest (b) Floating rate of interest. Please click here for information on rate of interest.

Union Bank of India offers two different schemes (a) Fixed rate of interest (b) Floating rate of interest. Please click here for information on rate of interest.

Processing charges are 0.50% of the loan amount subject to maximum of Rs.15,000 plus GST as applicable.

Interest will be applied in the account on the basis of reducing balance method at monthly rests. During moratorium period compounding interest would be charged.

An Equated Monthly Instalment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan.

The loan shall be repaid in equated monthly instalments (EMIs).

You can pay the EMI in any of the following ways
Through standing instruction to your Union Bank of India savings account to directly remit the EMI amount to your loan account
Through internet banking facility available on your Union Bank of India savings account ECS (Debit) facility
Post Dated Cheques (PDCs)

Yes, you can make your prepayment. There is no charge on pre-payment if the loan is adjusted by the borrower from his own verifiable legitimate sources.

Equitable mortgage (EM) of the residential property, proposed to be purchased from Bank's finance, is required. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion).

Instant Eligibility Check

Home Loan Eligibility Calculator

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