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United Bank Loan Against Property Eligibility

United Bank Loan Against Property Calculator India Jun 2021

Last Updated 11th May 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 7 years 7 years
  • United Bank offers Loan Against Property Rates at 10.75% p.a.
  • United Bank of India loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your United Bank mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan

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 Loan Against Property.

Loan Against Property Eligibility Calculator

United Bank of India Loan Against Property Eligibility Based on Age

  • Age: United Bank of India considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from United Bank of India, one has to be of atleast 21 years of age. The maximum age for loan from United Bank can be 60 years for salaried and 65 years for self employed. United Bank of India eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 7 Years 7 Years
30 Years 7 Years 7 Years
40 Years 7 Years 7 Years
50 Years 7 Years 7 Years
60 Years - 5 Years

United Bank of India Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. United Bank of India typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

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

  • Nature of Employment: United Bank of India will check whether you are salaried or self employed. 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 0 years for self employed individuals.

United Bank of India Loan Against Property Eligibility Based on Value of Property

  • Value of Property: United Bank of India does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 12 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 60% ₹ 20 Lakh ₹ 12 Lakh
    Residential Property 60% ₹ 20 Lakh ₹ 12 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with United Bank of India, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of United Bank of India.

United Bank of India Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. United Bank of India requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from United Bank of India.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from United Bank of India.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from United Bank of India, improve your credit worthiness to get a good score before putting in an application in another bank.

United Bank of India Mortgage Loan Eligibility Based on FOIR

United Bank of India calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. United Bank of India will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from United Bank of India. Always calculate your eligibility with United Bank of India mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from United Bank?

The factors that determine the eligibility criteria of United Bank of India property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get United Bank of India mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for United Bank of India loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from United Bank.

What is the tenure of United Bank property loan?

United Bank of India offers property loan for a tenure upto 7 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from United Bank of India up to 60% of the market value of the property.

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United Bank Loan Against Property News - Jun 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.
  • 2019-03-07 : United Bank of India signs bancassurance deal with HDFC Life Insurance
    United Bank of India (UBI) has signed a bancassurance deal with private life insurer HDFC Life Insurance Company. Through this partnership, the customers of the bank will be able to take advantage of the relevant expertise in the field of insurance across life insurance products, distribution and customer service. In addition to this, the lender also has plans to achieve a significant growth across its retail loans including home loans and mortgage loans.
  • 2018-09-14 : United Bank of India increases Floating LAP rates by 5bps
    United Bank of India has increased its floating interest Rate on the Loan Against Property (LAP) by 5 basis points. The new rate for the LAP now stands at 8.75%, which was 8.70% earlier. These rates are currently effective. There is no change in the processing fees.
  • 2018-08-21 : United Bank of India reports Q1: net loss widens to Rs 389 crore
    United Bank of India announced Q1 result. Its net loss widened to Rs 389 crores in the first quarter ended June against a net loss of Rs 211 crore a year ago. Its overall profitability was affected due to a spike in mark-to-market provisioning by 195.78% year on year due to an “adverse market scenario”. Gross non-performing assets (NPAs) declined 8.35% q-o-q to Rs 15169 crore from Rs 16552 crore a year ago.
*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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