Crafted especially for NHBs and EHBs, UBI’s UAPL is a personal loan that can be availed of for paying miscellaneous and incidental expenditures associated with the purchase of a new property, thus making down payments towards your new house easier and more timely. Additionally, it can be used for any end-use as it’s a personal loan

SECURITY

• No security is required.
• However, the house property held as security under the home loan will not be released till both the home loan and personal loan liabilities are fully repaid/adjusted. A condition to this effect has to be provided in the sanction letter, and the same has to be duly acknowledged by the owners of the house property.
• An undertaking to that extent is to be taken from the borrower as per (Annexure I).
• The undertaking has to be signed by all the applicants/guarantors of the home loan.

GUARANTEE

• The co-applicant/guarantor of the home loan will continue.
• However, obtaining a guarantee may be waived by the sanctioning authority in case of those borrowers maintaining a USSA account with our bank and drawing a salary from the account or ready to maintain a USSA account. An undertaking from borrowers proposing to maintain a USSA account with us is to be obtained.
• If in case no guarantee is available in the home loan account and the USSA account will also be not maintained then the following terms will be applicable:
• In the case of married applicant:
Personal guarantee of spouse/either of parents (in case of male applicant)/either of parents-in-law (in case of female applicant)/third-party guarantee acceptable to bank & having sufficient means.
• In the case of unmarried /widow/divorcee:
Personal guarantee of either of parents/third-party guarantee acceptable to bank & having sufficient means.

What is the quantum of loan sanctioned under this scheme?

Under UBI’s Union Ashiyana Personal Loan Scheme, the Quantum of Loan sanctioned is as follows:

QUANTUM OF LOAN

• The maximum quantum of loan per individual is Rs. 15.00 lakhs, subject to repayment capacity.

Under UBI’s Union Ashiyana Personal Loan Scheme, the Quantum of Loan sanctioned is as follows:

QUANTUM OF LOAN
• The maximum quantum of loan per individual is Rs. 15.00 lakhs, subject to repayment capacity.

REPAYMENT TENURE

• No moratorium period is allowed. The repayment should commence from the succeeding month of the first disbursement of the loan.
• The maximum repayment period will be Seven years (84 months), subject to the condition that repayment should be co-terminus with the home loan.

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There is NO prepayment penalty if the loan is adjusted by the borrower from his/her verifiable legitimate sources.

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