Urban Money

Ujjivan Small Finance Bank Home Loan

Ujjivan Small Finance Bank
4.5

Take advantage of extended loan periods and various repayment options when you apply for house loans , Interest rates start at 13.75 percent per year. Urban Money is the place to go for all of your housing loan needs because to its straight forward documentation, rapid processing, and exceptional customer service.

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Urban Money

Home Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Ujjivan Small Finance Bank Home Loan Interest Rate

13.75% - 15.75%

1% - 2%

₹2L - ₹75L

Tenure(3 - 20 Years)

Details

Features & Benefits of Ujjivan Small Finance Bank Home Loan

Given below are some of the features and benefits of a home loan from Ujjivan Small Finance Bank:

  • Ujjivan offers customised home loan products to meet all the different kinds of home buying requirements.
  • There are home loans available for purchasing or construction of flats or houses, for buying a plot and constructing it, and for renovations.
  • Ujjivan Small Finance provides competitive interest rates. Extended loan tenure of up to 20 years.
  • Ujjivan maintains superior transparency with respect to service charge and processing fee structure.
  • Ujjivan Small Finance has simple eligibility criteria for their home loans.
  • Ujjivanalso provides home loans under the Pradhan Mantri Awas Yojana Scheme.

Ujjivan Small Finance Bank Home Loan Overview

Ujjivan Small Finance bank has carved itself a niche in the home loan industry by providing exceptional home loan services since its inception in 2005.. They provide customised home loan products for different home purchase, construction, home renovation, etc to salaried individuals and self-employed individuals. The interest rate starts from 13.75% per annum with a loan tenure repayment from 3 years to 20 years. The ideal candidate can get a maximum loan amount of upto Rs 75 lakhs. Further, the quick loan processing and loan disbursal makes this one of the most preferred options in the country.

Ujjivan Small Finance Bank Home Loan Eligibility

The table given below depicts the eligibility criteria:

Parameters Salaried Customers Non Salaried Customers
Age Minimum 24 years & Maximum 60 Years Minimum 24 years & Maximum 65 Years
Income Stable income source Stable income source
Job or Business Experience 1 Year 3 Years
Age of Co-applicant Minimum 18 years Minimum 18 years

Ujjivan Small Finance Bank Home Loan Fees and Charges

Apart from the interest rates, there are a few fees and charges that Ujjivan Bank levies for the processing and disbursal of the loan. Given below are some of the fees and charges of the Ujjivan Small Finance Bank Home Loan:

Processing fee Rs 3,350 + Applicable G.S.T and taxes
Foreclosure Charges (applicable only under fixed rate of interest period) Owning funds: NIL For balance loan transfer: 3%
Part payment charges NIL
CLADUM - Charges on Credit, Legal, Administrative, Documentation, Upkeep and Maintenance G.S.T + Up to 2% of the loan amount
CERSAI Charges

Above Rs 5 Lakh: Rs 100+ taxes

Below Rs 5 Lakh: Rs 50 + taxes

Charges on Loan Cancellation Up to 2%
ECS/ACH/Cheque Bounce Rs 250
Stamp duty and registration cost Payable to only to registration department
Charges for the schedule issuance of amortisation Rs 100 per instance
Charges for the issuance of duplicate statement Rs 100 per instance

Ujjivan Small Finance Bank Home Loan Interest Rates

The table given below depicts the interest rate of different home loan schemes offered by Ujjivan Small Finance Bank:

Home Loan Schemes Interest Rates
Home Purchase and Construction Loan 13.75% p.a. to 15.75% p.a.
Composite Home Loan (For purchasing plot and self-construction) 13.75% p.a. to 15.75% p.a.
Home Improvement Loan 15.75% p.a.

Factors Affecting Ujjivan Small Finance Bank Home Loan Interest Rates

Once you have obtained a home loan from Ujjivan Small Finance, you will be required to repay the amount through EMI payments. The EMI amount depends on the interest rate applicable and the outstanding loan amount. This makes it important to know some of the factors that influence your interest rate. Given below are some of the factors that impact the interest rate of a home loan: 

Credit Score

A credit score is one of the main factors affecting  the interest rate of a home loan. Most lenders prefer applicants with a credit score of over 750. A good CIBIL score means you will get a lower interest rate and chances of loan approval will be higher. A good credit score exhibits good repayment and credit history, which might lead to more favorable interest rates. Alternatively, applicants with lower credit scores might get higher interest rates, or might even lead to a rejection of the application.

Loan Tenure

The tenure of your loan has a major impact on the applicable interest rate. Short tenure loans usually have a higher EMI payment with lower interest rates applicable. Long loan tenure usually has lower EMI payments, but the interest applied is on the higher side.The longer-term means you will end up paying an extra-large lump sum money to the bank.This makes it important to carefully evaluate your needs and loan term before you make a borrowing decision.

Property Location

This is because properties in a well developed urban location tends to have better infrastructural facilities that add to the resale value of the property. Properties in underdeveloped rural areas with relatively less facilities, usually do not have a significant resale value. Home loans for properties in urban locations will get a lower interest rate than properties in underdeveloped locations.

Stable Income

One of the most important factors that can affect your interest rate is your income. Lenders usually prefer applicants who have a stable source of income.  Stable income is a guarantee that the loan borrower is risk-free and can repay the amount in a short tenure. Such applicants are usually granted loans with favorable interest rates. On the other hand, applicants with no fixed income source tend to get higher interest rates and short loan tenure. Applicant’s working in the government sector or private organisations are viewed as low risk applicants, while those working in unorganised sectors are considered to be high risk borrowers.

Loan to Value Ratio

Loan to value ratio is the percentage of property value that a bank or lender can provide to a borrower. A higher LTV ratio is viewed as a risk and is generally granted a higher interest rate. You can lower the LTV ratio by investing a higher down payment amount, which will effectively bring down the interest rates for your loan.

Types of Home Loan Offered by Ujjivan Small Finance Bank

Ujjivan Small Finance offers customised home loan products to meet all kinds of property requirements. Given below are the home loan products offered by Ujjivan bank:

Home Loan for Purchasing or Construction of Home

This loan can be availed for plot purchase home construction, or an acquisition of a new property:. Given below are some of the features of this home loan:

  • The applicant can avail a loan ranging from Rs 2 lakhs to Rs 75 lakhs.
  • The interest rate for this loan ranges from 13.75% to 15.75% p.a.
  • The loan repayment tenure is a minimum of 3 years and a maximum of 20 years.
  • The processing fee is Rs. 3,350 along with the applicable GST rate. 
  • There charges for Credit, Legal, Administrative, Documentation, Upkeep of documents and Maintenance or CLADIUM charges are 1.0% - 2.0% and applicable GST.

Home Loan for Plot Purchase & Self Construction

With this specially designed home loan, you can purchase or self-construct your house. You can avail the following benefits from this loan:

  • The loan amount ranges from Rs. 2 lakhs to Rs. 50 lakhs.
  • The interest rate ranges from 13.75% to 15.75% per annum.
  • The processing fee is Rs. 3,350 plus applicable GST charges.
  • Flexible loan tenure ranging from 3years to 20 years.
  • The CLADIUM charges start from 1.5% to 2.0% of the entire loan amount along with applicable GST.

Home Improvement Loan

You can avail this home loan product to re-design and renovate your home as per the requirement. Some of the features of the home improvement loan are as as follows:

  • You can get a loan amount ranging from Rs. 2 lakhs to Rs. 25 lakhs. 
  • The interest rate starts from 15.75% p.a. 
  • Flexible loan repayment tenure ranging from 3 years to 15 years.
  • The processing fee involves Rs. 3,350 and applicable GST price.
  • The charges for Credit, Legal, Administrative, Documentation, Upkeep of documents and Maintenance are 2.0% of the entire loan amount and applicable GST.

Documents Required for Ujjivan Small Finance Bank Home Loan

Given below are the documents that an applicant will be required to submit to obtain a home loan from Ujjivan:

  • Duly filled and signed application form.
  • Completed application form annexure.
  • 2 copies of Identity proof documents of the applicant and all co-applicants. 
  • 2 copies of address proof documents for all applicants.
  • Signature of all the applicants and guarantors.
  • Two passport-size photos of all the applicants and guarantors.
  • Business proof documents.
  • Guarantor’s KYC details.
  • Passbook of the bank showing the last six months of transactions of all applicants.
  • Income proof of business or salary.
  • A photograph of the borrower along with the business unit in the background.
  • Applicant’s photograph with the property.
  • Photocopies of all the documents.

How Does the EMI Calculation Work for Ujjivan Small Finance Bank Home Loan?

Before applying for a home loan it is important for an applicant to know their monthly EMIs and then plan their budget accordingly. The manual formula for doing such complex calculations is always available. Given below is the formula for calculating the EMI amount:

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

  • P is the principal loan amount
  • R is the rate of interest
  • n is the loan tenure

But there can be human errors which can lead you towards the wrong path. Therefore, we suggest you use the Urban Money calculator and know your monthly EMIs. For correct results, you just have to enter the value of the loan amount you want to borrow, the interest rate, and the repayment time you need. One-click and all the information will display on the screen.

How Does Ujjivan Small Finance Bank Compare with Other Lenders?

The table given below depicts how Ujjivan Small Finance compares to other lenders in the market:

Lender's Name Up to 30 Lakh (p.a) Above 30 Lakh & up to 75 Lakh (p.a) Above 75 Lakh (p.a)
Ujjivan Small Finance 13.75% 15.75% p.a. -
SBI Home Loan 7.05% - 7.85% 7.05% - 7.85% 7.05% - 7.85%
HDFC 7.05% - 8.15% 7.05% - 8.40% 7.05% - 8.40%
Axis Bank 7.00% - 11.90% 7.00% - 11.90% 7.00% - 7.35%
ICICI Bank 7.10% - 7.95% 7.10% - 7.95% 7.10% - 7.95%
Kotak Mahindra Bank 7.50% onwards 7.50% onwards 7.50% onwards
PNB Housing Finance 6.99% - 16.75% 6.99% - 16.75% 7.15% - 10.15%
Punjab National Bank 7.45% - 8.85% 7.40% - 8.55% 7.40% - 8.55%
Bank of Baroda 7.40% - 8.90% 7.40% - 8.90% 7.40% - 9.15%
Union Bank of India 6.90% - 8.65% 6.90% - 8.85% 6.90% - 8.85%
IDFC First Bank 7.10% onwards 7.10% onwards 7.10% onwards
L&T Housing Finance 7.20% - 8.20% 7.20% - 8.20% 7.20% - 8.20%
Bajaj Housing Finance 6.75% onwards 6.75% onwards 6.75% onwards
Godrej Housing Finance 6.94% - 9.99% 6.94% - 9.99% 6.94% - 9.99%
Tata Capital 7.15% onwards 7.15% onwards 7.15% onwards
LIC Housing Finance 6.90% - 8.00% 6.90% - 8.20% 6.90% - 8.40%

Ujjivan Small Finance Bank Home Loan Customer Care Number

Ujjivan Small Finance Bank Home Loan Customer Care Number for Indian and NRI citizens is as follows:

  • Customer Service Number: 1800 208 2121
  • NRI Helpline Number: 080 6868 2121
  • Customer Care Email ID: customercare@ujjivan.com

FAQs

From refinancing to reducing your interest, we have the answers right here.

Can I avail two home loans at once?

Yes, you can avail two home loans at a time because there is no law to stop you from servicing one home loan at a time.

What is the minimum salary requirement for a home loan in Ujjivan Small Finance Bank?

The minimum salary while applying for a home loan is ₹ 25,000 per month.

Does Ujjivan Small Finance Bank Provide Home loans at the best rate?

Yes, Ujjivan Small Finance Bank provides home loans at the best interest rate starting from 13.75% p.a.

What are the benefits Ujjivan Small Finance Bank Provides on Home Loan?

The benefits of Ujjivan Small Finance Bank provide the following benefits: 

flexible loan amount, no requirement of collateral, flexible repayment tenure, quick approval, and insurance for borrowers.

What is the interest rate of a Home Loan in Ujjivan Small Finance Bank?

The interest rate on a home loan in Ujjivan Small Finance Bank starts from 13.75% p.a. to 15.75% p.a.

What are the documents required in Ujjivan Small Finance Bank for a home loan?

The applicant will be required to submit an address proof, identity proof, income proof, birth or age proof, account statement, and PAN card.

When do the home loan EMI payments start?

The EMI payments will start after one month of loan disbursement date.

Does Ujjivan Small Finance Bank check for CIBIL Score for Home Loan?

Yes, Ujjivan small finance bank checked for CIBIL score for a home loan. The ideal applicant should have a credit score of over 750.

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