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United Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator United Bank of India 2021

Last Updated 03rd Aug 2021

Eligibility CriteriaUnited Bank of India Home Loan
Eligible Age of Borrower21 - 60 years
Business Stability for Self Employed2 years

United Bank of India has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on United Bank of India Home Loan.

Home Loan Eligibility Calculator

What is United Bank Home Loan Eligibility?

United Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. United Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a United Bank home loan using the United Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by United Bank?

United Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

United Bank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum United Bank of India home loan age limit to get a United Bank of India home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. United Bank of India offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

United Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much United Bank of India home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by United Bank of India, the loan amount that you will be eligible for would be ₹ 28,05,329 to ₹ 49,09,752 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,10,658 to ₹ 98,19,504 for the same property at the same rate depending on your age at the time of loan application. However, United Bank of India asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.10 Lakh73.65 Lakh98.20 Lakh
30 years49.10 Lakh73.65 Lakh98.20 Lakh
35 years46.19 Lakh69.29 Lakh92.38 Lakh
40 years42.08 Lakh63.12 Lakh84.16 Lakh
45 years36.27 Lakh54.41 Lakh72.54 Lakh
50 years28.05 Lakh42.08 Lakh56.11 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your United Bank of India home loan eligibility.

  • Nature of employment: United Bank of India will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. United Bank of India requires minimum income history and job stability of more than 0 years for salaried individuals and of 2 years for self-employed individuals.

Home Loan Eligibility United Bank of India based on Value of Property

  • Value of property: United Bank of India does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the United Bank of India's legal team.

The housing loan eligibility calculator of United Bank of India can be a useful tool to assess your eligibility for the loan.

United Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by United Bank of India to determine your home loan eligibility. United Bank of India considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an United Bank of India home loan is 0.65. Calculate your eligibility with the United Bank of India home loan calculator and apply for the eligible loan amount hassle-free.

United Bank of India Home Loan Eligibility for Women

United Bank of India offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for United Bank Home Loan

United Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from United Bank. However, a low CIBIL score reduces your chances to get a home loan. United Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance United Bank Home Loan Eligibility?

You can enhance the United Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use United Bank’s Home Loan Eligibility Calculator?

To check United Bank of India home loan eligibility perform the following steps:-

  • Go to the United Bank of India website
  • Now navigate to the option United Bank of India home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get United Bank of India home loan?

The basic criteria to get a home loan from United Bank of India are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from United Bank of India?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from United Bank of India?

The minimum salary required to avail home loan from United Bank of India is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in United Bank of India.

Is United Bank of India good for home loan?

The lowest interest rate provided by United Bank of India is 6.95% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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United Bank Home Loan News - Dec 2021
  • 2021-07-15 : UBI and OBC merged with PNB
    After the merger of UBI and OBC with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2019-07-19 : United Bank of India loans to get cheaper, as lender reduces MCLR rates by 5 basis points
    United Bank of India has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 8.70% as against 8.75% earlier. For one-month and three months, the rate has been revised to 8.25% and 8.40% respectively, which is also down by 5 basis points from earlier rates. The rates are effective from July 17, 2019.
  • 2019-04-18 : United Bank of India cuts MCLR by 5 basis points
    United Bank of India has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for 3 months, the MCLR stands at 8.45% as compared to 8.50% earlier while for 6 months, the rate has been revised to 8.55% from 8.60% respectively and for 1 year the rate now stands at 8.80% from 8.85% earlier. The revised rates are effective from April 18, 2019.
  • 2019-01-21 : United Bank of India partners with Star Health & Allied Insurance Company
    Public sector lender, United Bank of India (UBI) has announced its partnership with Star Health & Allied Insurance Company that would offer third-party health cover to its customers. In this way, the lender has become a corporate agent of the health insurer. This arrangement would help the bank boost its fee income. In addition to this, the bank is also planning to boost its home loan portfolio this year.
  • 2018-09-14 : United Bank of India shoot up Floating Home Loan rates by 5bps
    United Bank of India has increased its floating interest Rate on the home loan by 5 basis points. The new rate for the Home loan now stands at 8.65%, which was 8.60% earlier. These rates are currently effective. There is no change in the processing fees.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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