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United Bank of India Pradhan Mantri Awas Yojna Housing Scheme

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United Bank of India PMAY – Check Documents, Subsidy Scheme, Interest Rates, Loan Amount, EMI, Processing Fees, Eligibility, Disbursement Process of United Bank of India at deal4loans.com.

United Bank of India : United Affordable Housing Loan Scheme
The accomplishment of Pradhan Mantri Awas Yojna to the folks of India has turned out to be a turning point for the lower class people of India who cannot afford to own a house of their own. PMAY is a type of Housing Loan designed by the Ministry of Housing and Poverty Alleviation Govt. Of India in order to encourage the Economically Weaker Section(EWS) and Lower Income Group(LIG)to purchase or construct their own residential units. Under PMAY scheme United Bank of India avails United Affordable Housing Loan to the economically fragile class.

Home Loan applications received for rupees ₹ 419,027 crores till 21 November 2024

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120,17,256 loan quotes taken till now.
Home loan Interest rates starts from 6.90% for women, 6.95% for Others.

Features

Interest Rates 6.85%
Interest Subsidy 6.5% for a tenure of 15 years
Penal Interest 2% per annum on the amount EMI if the payment of installment is delayed.
Subsidy under the scheme
  • The interest subsidized will be credited to the borrower’s account upfront by deducting it from the principal amount.
  • The interest subsidy will be disbursed by National Housing Bank in maximum of 4 installments on the basis of the progress of the contruction.
  • The disbursal of the loan is linked to the subsidy installment of the bank of the borrower’s
Ambition
  • The primary aim under this scheme is avail housing loan to Individuals belonging to Economically Weaker Section and Lower Income Group.
  • People belonging from EWS and LIG could purchase and construct new houses and also add kitchen, toilet etc to their existing dwelling.
Eligibility
  • EWS(Economically Weaker Section)
  • LIG(Lower Income Group)
  • Manual Scavengers, Women, person belonging to Schedule Caste and Schedule Tribe, Other Backward Class, Minorities, Person with Disabilities, transgender is given preference.
Coverage This scheme shall cover all 4041 statutory town as per census 2011
Beneficiary Family
  • A beneficiary family will comprise of husband, wife and unmarried children.
  • The beneficiary family must not have a concrete house in his/her name or any member of the family.
Income Criteria
  • EWS : The annual minimum income of a household under this category must be Rs 3 lacs to avail the loan amount under the scheme.
  • LIG : The annual minimum income must be Rs 3 lacs – Rs 6 lacs to avail the loan amount.
Maximum Loan Amount No limit
Repayment Period You can repay the loan amount within a maximum period of 15 years.
Security Mortgage of the property purchased through the loan amount under the scheme.
Margin
  • Up to Rs 30 lacs : 10%
  • Above Rs 30 lacs to Rs 75 lacs : 20%
Documents Required
  • Identity Proof(passport/aadhar card/PAN card/voter’s ID card/any valid Identity Proof.
  • Address Proof(Ration card/electricity bill or any utility bill/passport/any valid proof with address.
  • Income Proof
  • Income Tax applicable

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