Buy a house or property with United Bank Of India (UBI), that provides you home loans at an attractive interest rate with effortless features. You can not only buy a house using the UBI home loan, but you can use the amount to renovate, extend and construct a house. United Bank Of India also provides you tools like a home loan calculator to estimate your loan installments. Read this article if you want to know more about UBI home loan calculator and home loan features.
How to know whether you are eligible for the UBI home loan or not?
To apply for the UBI home loan your minimum age should be 21 years and maximum age must be 70 years during the loan maturity period. If you are a salaried person then you must have a regular or permanent job with a 1-year experience in the current organization. Otherwise, the self-employed applicants have to submit their income tax return report for the last 3 years. If an applicant doesn’t have a regular flow of income then he/she isn’t eligible for the UBI home loan.
If you want to become eligible for a home loan then you must have a good CIBIL score and repayment history. Because any bank or housing finance company doesn’t want to provide a loan to a customer with a poor credit history.
UBI Home Loan Calculator, an online device that calculates your loan EMI
You can easily use the UBI EMI calculator by just entering your loan details like the principal amount, rate of interest and loan duration because it works on the formula [P x R x (1+R)^N]/[(1+R)^N-1]. It is a complex calculation and if you tried to calculate it by yourself then it must be time consuming and on the other hand, the UBI home loan calculator calculates the monthly installments in just a few seconds.
Using the EMI calculator, you can easily choose a suitable loan payment duration for your UBI home loan. This may help you in prepaying UBI home loan easily and also you can reduce the EMIs, because UBI home loan interest rates are dependent on the bank repo linked lending rate (RLLR). For instance, if you take a home loan of 30 lacs from United Bank Of India at an interest rate of interest is 8.30% on a loan tenure of 20 years then you can use the UBI home loan calculator and find your loan EMI, probably that would be INR 25,656.
Finance your property & house with UBI home loan
After knowing about the United Bank Of India home loan features, you must have thought how can you apply for a home loan? Then don’t worry because you can easily apply for a home loan by going to your nearby UBI branch or simply applying for it via online application procedure, in which you just need to enter your personal or KYC details in the application form and click on the submit button. UBI Home loan is sanctioned as the full takeover amount and you have to regularly pay the EMIs of your loan for the first 12 months and the status of your account remains “standard”.