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United Bank of India takes care of your Housing and related requirements at post retirement stage. You will also find us your companion in securing Shelter in any Old-Age Home. Salient features of the Scheme are given below:
Quantum of Loan :
Max. Rs. 2 lac provided total deduction including EMI of the loan must not exceed 40% of your net monthly pension. If your spouse joins as co-borrower and if he/ she is also pensioner drawing pension from our branch, pension of both of you shall be considered for determining the quantum of loan within the overall ceiling.
Processing Charges: 0.50% of loan amount [Same as United Housing Loan Scheme]
Mortgage Charge: Same as United Housing Loan Scheme
Prepayment Charges: Same as United Housing Loan Scheme; However, no prepayment charges shall be levied where loan is extended for securing shelter in Old-Age Home
Repayment Period :
Entire loan has to be liquidated before your attaining 75 years of age. The age of the 1st pensioner or from whose income (also pensioner), the major recovery of loan will be made, shall be the deciding factor for the period of loan (subject to maximum repayment period of 10 years). However, where loan is extended for getting shelter in “Old -Age Home” total repayment period must not exceed 10 years (120 EMI)
Repayment shall start from the following month in which the last installment is disbursed or two months after release of first installment, whichever is earlier.
Rescheduling of Loan:
Where loan is secured by way of mortgage of immovable property and family pension-holder is co-borrower, repayment may be rescheduled upon death of the original pension holder. But rescheduled loan must be liquidated within 75 years of age of the family pension holder.
Mortgage of the property for which bank finance is availed of and hypothecation of movable assets financed by the Bank for furnishing the house/ flat, wherever necessary. Where creation of such charge is not feasible, the total amount of loan must be covered by securities of adequate value, till the mortgage is created, in the form of Bank’s own Term Deposit, LIC Policy (by surrender value), NSC, KVP, Relief Bond or any other tangible security acceptable to the Bank.
If loan is taken for securing shelter in “Old-Age Home”, the loan has to be secured by way of Bank’s own Term Deposit at least equal to the loan amount. Under such cases, deposit shall be subject to automatic renewal for a period covering the entire repayment.
For Securing Shelter in "Old-Age Home": Nil
Rate of Interest : Click here to view.