United Bank of India Mortgage Loan – Eligibility & Interest Rates 2016

Loan Against Property

To live a life where you get you everything desirable, one does not have to be a billionaire. Sometimes, taking a loan is an option that can help you out for sure. To meet the sudden requirement of money, we have the privilege to use our own property assets to outright such expenses. Expenses like the marriage of your child or your child's foreign education or your dream of starting your own business, etc.

United Bank of India Mortgage Loan is one such loan that grants you the provision to take a loan against your residential or commercial property but not against agricultural land or any other vacant land.

Here are some of the important information about the United Bank of India LAP:

United Bank of India Loan Against Property Details

ParticularsDetails
Maximum loan amount1. Rural Areas – Up to Rs. 50 lakhs
2. Semi Urban Area – Up to Rs. 1 Crore
3. Urban – Up to Rs. 3 Crores
4. Metros – Up to Rs. 5 Crores
Interest Rate11.35% o 11.60% per annum
Tenure7 years
Processing Fee2% of the loan amount
Prepayment Charges2% of outstanding balance

How to Apply for United Bank of India Loan

The procedure to apply for United Bank of India mortgage loan is simple and time-saving. All you have to do is submit the above-mentioned documents as per the eligibility criteria and submit it to the nearest bank branch.

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United Bank of India Loan EMI Calculator

EMI calculator lets you know the details of monthly installments, total interest outgo and the total amount of the loan amount that you have taken. Once you mention the loan amount, tenure period and interest rate as per your requirement. Here is an example for you to understand it in a better way:

Table for EMI per month, Total Interest Outgo, and Total Amount

Amount (in Rs.)Interest Rate (p.a)Loan Tenure (in years)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount (Principal + Interest) (in Rs.)
1,00,00,00011.35%-11.60%144,27,250 -44,33,08931,27,000 -31,97,0645,31,27,000 -5,31,97,064
1,00,00,00011.35%-11.60%223,38,525 -23,44,34561,24,601 -62,64,2715,61,24,601 -5,62,64,271
1,00,00,00011.35%-11.60%316,45,236 -16,51,17992,28,484 -94,42,4555,92,28,484 -5,94,42,455
1,00,00,00011.35%-11.60%413,00,791 -13,06,8931,24,37,973 -1,27,30,8816,24,37,973 -6,27,30,881
1,00,00,00011.35%-11.60%510,95,869 -11,02,1421,57,52,134 -1,61,28,5296,57,52,134 -6,61,28,529
1,00,00,00011.35%-11.60%69,60,691 -9,67,1401,91,69,777 -1,96,34,1056,91,69,777 -6,96,34,105
1,00,00,00011.35%-11.60%78,65,351 -8,71,9772,26,89,471 -2,32,46,0517,26,89,471 -7,32,46,051

Amortization Table

YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
149,62,078-49,19,84854,22,134-55,43,876 45,037,922-45,080,152
255,55,516-55,21,88948,28,696-49,41,835 39,482,406-39,558,263
362,19,927-61,97,60341,64,285-42,66,121 33,262,479-33,360,660
469,63,793-69,56,00734,20,419-35,07,717 26,298,686-26,404,653
577,96,628-78,07,21925,87,584-26,56,505 18,502,058-18,597,434
687,29,062-87,62,59116,55,150-17,01,133 97,72,996-98,34,843
797,81,104-98,43,1916,11,203-6,28,850

Eligibility Criteria

To apply for a mortgage loan, the applicant must be under the eligibility criterion set by the bank. So, here is the eligibility criteria set by United Bank for the individuals who want to take a loan against their property:

  • Any individual (Salaried or Professional/Self-employed or Pensioner or others)
  • Applicant must be within the age bracket of 21-65 years
  • Proprietorship/Partnership Firm/Companies

Documents Required

The documents as per the corresponding category that you need to submit at the time of applying for the mortgage loan are as follows:

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For Salaried For Self-employed
Filled loan application form
2 Passport size photographs
Last 3 years ITR
Identity Proof – Passport/Driving License/Voter ID/PAN card
Residential Address Proof – Leave and License/Registered Rent Agreement/Utility Bill/Passport
Income documents – Last 6 months salary slip, Last 2 years Form 16, Last 6 months bank statement showing salary credit and EMI debits, if any
Property documents – Registered Sale Deed/ Conveyance/ Lease Deed, Past Sale Deeds Chain (each transaction in respect of this property since the first allotment, Latest House Tax Return/ Receipt, Approved Building Plan from Municipal Corporation
Filled up loan application form
2 Passport size photographs
Last 3 years ITR
Identity Proof – Passport/Driving License/Voter ID/PAN card
Residential Address Proof – Leave and License/Registered Rent Agreement/Utility Bill/Passport
Business Proof – VAT/service tax registration, incorporation details in case of companies, address proof, Profit & Loss account and balance sheets certified by CA, copy of partnership deed and proof od business existence and business profile
Property documents – Registered Sale Deed/ Conveyance/ Lease Deed, Past Sale Deeds Chain (each transaction in respect of this property since the first allotment, Latest House Tax Return/ Receipt, Approved Building Plan from Municipal Corporation

Features & Benefits

Here are some of the main features of loan against property from United Bank of India:

  • Loan against residential and commercial property
  • Higher loan amount up to Rs. 5 Crores
  • Low processing fees of 2 %
  • Low-interest rates ranging from 11.35% to 11.60% per annum
  • Tenure period of 7 years

United Bank of India Mortgage Loan Interest Rate

The loan against property interest rates offered by United Bank of India is one of the lowest rates available in the market. The bank offers loan against property at floating rate of interest starting from 11.25% to 11.60% per annum for the term loan and overdraft respectively.

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United Bank of India Customer Care

If you have any query related to loan against property or mortgage loan, you can contact the bank branch at the customer care toll-free number: 1800 345 0345.