United Bank of India Home loan

A shelter which you can call your own has been eluding you so far? Not any more. With the United Home Loan Scheme, almost any one can now fulfill his long cherished dream of owning a house or a flat of his/ her choice at most attractive terms.

Eligibility:

Any individual aged 21 years or above having regular income.

Purpose:

• Purchase of land, purchase or construction of house/ flat.
• Purchase of up to 35 years old house/ flat.
• Renovation/ extension/ repair/ furnishing of house/ flat.
• Taking over of existing Housing Loan form other Bank/ Financial Institution.
• The loan is now extended to those cases also where flats are being constructed by promoters/ developers where immediate mortgage of the property may not be possible.

Quantum of loan:

Quantum of loan depends on the cost of house/flat, application’s age, income, repayment capacity etc. Loans of higher amount may be considered on the basis of merit of the case. The maximum quantum of loan shall be as follows:

Enhancement of loan upto 10% may be allowed for furnishing of house/ flat

1. Margin:-

15% of the project cost in all cases upto 31.03.2010

N.B.

1. Project cost includes purchase price/ construction or extension or repair cost plus registration cost.

2. Margin is not applicable for additional loan amount towards One Time Premium of Life Insurance cover of the borrower under the Scheme.

3. Rate of Interest

Dhanlakhmi Bank

Features

The maximum loan amount is Rs. 2.5 crores (Rs. 50 lakh for purchase of plot). The loan amount eligible is subject to the lowest of the following:

• 85% of cost of construction/value of house/flat for new dwelling units
• 70% of purchase cost in the case of purchase of residential plots
• 75% of cost for existing dwelling units/repairs
• In case of employed persons, the maximum loan amount can be up to 60 times of the net monthly take home salary including that of spouse. This is subject to furnishing satisfactory evidence, even as other income of a permanent nature like interest on deposits/ investment, rental income etc. can be considered in computations to arrive at the net monthly income
• For all other borrowers, the maximum loan amount can be five times the net annual income as per IT Return

Eligibility

• Employees, Professionals, Businessmen, Agriculturists/NRIs with an annual income of over Rs. 1.2 lakh
• Loan to be repaid before the borrower attains the age of 60 years
• Salaried employees with a net monthly income of at least Rs. 6,000 including that of spouse, with a minimum 1 year of leftover service after completion of the eligible loan period.
• NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin) below 55 years of age and employed overseas for at least 24 months with assured recurring earnings*.

*Eligibility Criteria for NRIs / PIOs (Persons of Indian Origin)

• The maximum loan amount permissible is 60 times of take home pay, subject to restrictions so that the loan can be repaid within the remaining period of the borrower’s gainful employment with 30% of earnings.
• Only applications for loans over Rs. 2 lakhs will be considered.

Documents Required

• Salary certificate or salary recovery undertaking letter from the employer in the case of salaried persons
• Latest income tax assessment order / return filed / certificates issued by revenue authorities

For NRIs/PIOs, the following additional evidence will have to be produced:

• Passport with VISA stamped duly verified/attested
• Valid work permit
• Employment contract duly verified/attested
• Copy of continuous discharge certificate (in the case of Merchant Navy)
• Details of previous employment
• Bank account details for last 6 month
• Proof of residence
• Proof of income in case of self employed
• Copy of labour card/identity card duly verified/attested
• Salary certificate/slip duly verified
• Power of Attorney (POA) duly notarized

Tenure

• Maximum period is 20 years for repayment including initial holiday. In the case of plot purchase, the repayment period is maximum 10 years and no initial holiday is allowed
• Initial holiday period of maximum 18 months
• Repayment of instalments is collected by Post Dated Cheques in advance for each year