Universal Co-operative Urban Bank Ltd. offers housing loans to help individuals and families achieve their dream of homeownership. Here is an overview of the key features, eligibility criteria, and documentation requirements for their housing loan product.
Key Features of Universal Co-operative Urban Bank Ltd. Housing Loans:
- Loan Amount: The bank provides housing loans for the construction or purchase of new or old residential properties, including flats, bungalows, and row houses. The loan can also be used for additions or alterations to an existing house. The maximum loan amount can go up to ₹30 Lakhs.
- Loan-to-Value (LTV) Ratio: The bank typically provides a loan for up to 75% of the property's valuation amount.
- Repayment Tenure: The loan amount, along with interest, is to be repaid in equal monthly installments over a period of up to 180 months (15 years).
- Interest Rates: The bank offers competitive interest rates. It is advisable to contact the bank directly for the most current rates, as they can vary.
- Processing Fees: A processing charge of 0.50% of the loan amount is levied.
Eligibility Criteria:
- Applicants: The loan is available to salaried individuals and self-employed professionals or businessmen with a regular source of income.
- Age: While the specific age criteria are not publicly available, most banks require applicants to be a minimum of 21 years old and the loan to be paid off by the time the borrower reaches 65 years of age.
- Shareholding: The applicant is required to purchase shares of the bank at the rate of 2.5% of the sanctioned loan limit.
