United Bank of India (UBI) is an Indian government-owned bank that offers housing loans at an attractive interest rate starting from 8.00% onwards. UBI housing schemes can be used for various purposes such as: for purchase/construction/extension/repairs/renovations/furnishing of residential house/flat including the purchase of land and construction thereon; supplementary finance to complete the project financed by your employer; takeover of the housing loan from other banks/Housing Finance Companies; etc.
United Bank of India Home Loan Interest Rates
The rate of interest offered by United Bank of India Home Loan is directly linked with the External Benchmark based Lending Rate (EBLR). The total interest rate applicable on a home loan is the combination of EBLR and spread basis the required loan amount and customer’s risk category. Mentioned below are the interest rates applicable to customers of different risk categories.
|Loan Amount||Loan-to-Value Ratio (in %)||Applicable Interest Rate|
|Up to Rs. 30 lakh||≤ 80||8.00% onwards|
|> 80 and ≤ 90||8.15% onwards|
|Above Rs 30 lakh and up to Rs. 75 lakh||≤ 80||8.00% onwards|
|Above Rs. 75 lakh||≤ 75||8.15% onwards|
Compare Interest Rates on Home Loans for Top Banks & HFCs
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.40% - 9.15%||8.40% - 9.05%||8.40% - 9.05%|
|HDFC||8.40% - 10.00%||8.40% - 10.25%||8.40% - 10.35%|
|LIC Housing Finance||8.30% - 10.00%||8.30% - 10.20%||8.30% - 10.40%|
|ICICI Bank||8.40% - 9.50%||8.40% - 9.50%||8.40% - 9.50%|
|Kotak Mahindra Bank||8.30% onwards||8.30% onwards||8.30% onwards|
|PNB Housing Finance||8.50% - 13.00%||8.50% - 13.00%||8.60% - 11.70%|
|Punjab National Bank||8.25% - 9.00%||8.20% - 8.90%||8.20% - 8.90%|
|Bank of Baroda||8.25% - 10.00%||8.25% - 10.00%||8.25% - 10.25%|
|Union Bank of India||8.25% - 10.15%||8.25% - 10.35%||8.25% - 10.35%|
|IDFC First Bank||8.45% onwards||8.45% onwards||8.45% onwards|
|L&T Housing Finance||8.40%-8.60%||8.40%-8.60%||8.40%-8.60%|
|Bajaj Housing Finance||8.20% onwards||8.20% onwards||8.20% onwards|
|Godrej Housing Finance||8.39% - 10.99%||8.39% - 10.99%||8.39% - 10.99%|
|Tata Capital||8.60% onwards||8.60% onwards||8.60% onwards|
|Federal Bank||8.37% - 9.60%||8.37% - 9.65%||8.37% - 9.70%|
Check interest rates on Home Loans for other Banks and HFCs Compare Now
United Bank Home Loan Processing Fee and Other Charges
|Processing Fee||Waived up to 31.03.2020|
*Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Types United Bank of India Home Loan
- United Smart Loan: This is a top-up loan scheme offered by the United Bank of India. Borrowers who have completed a minimum of two years of the repayment schedule of the United Housing Loan are eligible to apply for the scheme. The maximum amount available under the scheme is Rs. 5 lakh at an interest rate of 11.10% p.a for a maximum repayment period of 5 years. The loan amount may be used for any personal purpose except speculation including the purchase of furniture/fixtures and interior decoration of the house/flat.
- United Housing Loan for Pensioners: This scheme is available to all the pensioners of central and state governments, central and state governments’ undertakings, defense services, reputed companies, educational institutions (universities, institutes, schools and colleges) including pensioners (VR and VRS) of United Bank of India. To avail the loan, minimum monthly net pension of the applicant should be Rs. 5,000. The maximum repayment period of the scheme is 10 years and the entire loan should be liquidated before the applicant attains 75 years of age
- United Affordable Housing Loan Scheme: This scheme is available to borrowers from the Economically Weaker Section (EWS) or Low Income Group (LIG) of the society. To apply for the scheme, an applicant must not own a pucca house anywhere in the country, and must not be availing any kind of EWS or LIG beneficiary services from any other bank or financial institution. The loan amount can be used for:
- construction of a house with carpet area less than 30 and 60 square metres for EWS and LIG respectively;
- construction of a toilet, kitchen or extra room in the existing home;
- repairing or renovating the existing house.
- Housing Loan for NRIs: This scheme is available to Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport, singly or jointly. The loan can be used for various purposes such as purchase of ready built house/flat or house/flat under construction; construction of a house on own land; renovation/extension/repair/ furnishing of owner-occupied or tenant-occupied house or flat; etc. The repayment period of the loan ranges from 15 to 25 years.
Eligibility Criteria for United Bank Home Loan
Mentioned below is the criteria that a customer must satisfy to avail home loan from United Bank of India.
- Minimum: 21 years
- Maximum: 70 years
- Eligible Profiles:
- Salaried and self-employed professionals with at least 3 years of experience in the respective profession
- Business and PSEs having at least 3 years of ITR
- Loan Amount: Up to 90% of the property value
- Other Conditions:
- Good credit rating score
- Salaried person should be in regular & permanent service
United Bank of India Home Loan Documents Required
Following are the documents required to successfully apply for United Bank of India Home Loan.
For Salaried Individuals
- Duly filled in and signed the application form with photographs
- Identity, address and age proof
- Salary slip of last 3 months
- Bank statement of the past 6 months
- Form-16 and Income Tax Returns (ITR) details
- Title documents of the property
For Self Employed Individuals
- Duly filled in and signed application form with photographs
- Identity, address and age proof
- ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)
- Bank statement of the past 12 months
- For partnership firms: Latest partnership deed
- For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
- For Limited Liability Partnership: LLP Agreement
- Title document of the property along with business address proof
United Bank of India Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Customer Care Details
Customers can reach out to United Bank of India on the below-mentioned contact numbers to get their home loan-related queries addressed.
- 1800-345-0345 (Toll-free)
Q. Is home loan top-up facility available?
Yes. You can opt for a top-up on your existing home loan through United Smart Loan scheme.
Q. Is it mandatory to have a co-applicant to apply for a home loan?
A co-applicant is not required to apply for a home loan. However, if there are other co-owners of the property for which you are availing the home loan, then it is mandatory to include them as co-applicants. For NRI applicants, it is necessary to have a local co-applicant or a local contact person.
Q. Is it possible to transfer my existing home loan to United Bank of India?
Yes. You can easily transfer your current outstanding home loan from another lender to United Bank of India.