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Terms & Conditions

Eligibility

• Indian Citizen - 21 years and above.
• Either single account or joint account with other family members viz., father, mother, wife, son or daughter with regular source of income.
• Individuals who may be employed/self-employed in business having regular income.
• A minimum of 40% marks as per investment grade scoring chart.

Purpose

• Purchase of independent house/flat.
• Construction of independent house/flat.
• Repair/Improvement/Extension.
• Repayment of loan availed from another agency/Bank/NBFC.
• For purchase/ construction of 2nd property (independent house/flat)
• Plot sold by a Government-recognized agency viz., HUDA, HOUSEFED and such others.

Quantum

• Max. Rs. 100 lacs for major 'A' class cities; for other cities Rs.50 lacs
• Max. Rs. 10 lacs for repair.

Margin

• For purchase/construction, 20% of the value of independent house/flat.
• For repairs, 20% of total cost of repair.
• For purchase of plot, 20% of the value of the plot.

Repayment

• Moratorium up to 18 months wherever loan is taken for under construction flat or building.
• By EMI.
• The maximum repayment period should not exceed 20 years for construction / purchase of house/ flat and 10 years for repair.
• Option of Flip/Step-up/Balloon methods of repayments for the convenience of the borrowers.

Processing Charges excluding applicable service tax

• 0.50% of loan amount subject to a maximum of Rs.15000/- and payable -
• 0.25% of the loan amount at the time of application plus service tax as applicable
• 0.25% of loan amount on acceptance of sanction plus applicable as applicable

Insurance

• Free Building Insurance.
• Free Personal accident coverage (in case of death).
• Natural Death (other than accidental death) may be covered under Union Home Plus, which is optional and additional loan can be sanctioned.

Other Conditions

• Home Loan outside the salaried sector can be granted only to income-tax assesses.
• No prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources or genuine sale. However, 2% charged on the average outstanding balance of the preceding 12 months, if loan is closed on takeover by another bank/financial institution. • Income Tax returns for the preceding year, in the case of salaried class.
• Income Tax returns for the preceding 3 years, in the case of non-salaried class.

Value Added Services

• Credit Card will be issued (free of admission fees and annual fees during first year)
• Triple Insurance benefit
• No hidden or built-in costs
• Quick processing and disposal of loan applications
• Flexible repayment options

Guarantee

• 3rd party guarantee is not mandatory.