How CUB Housing Loan Interest Rate Changes with Tenure?

City Union Bank which is also known as CUB provides home loans for customers. And the CUB housing loan interest rate is attractive according to the individual income. You can finance your new home or build a one with CUB. But, before anything else, you must know about its interest rate in detail. Read the given article and know how the interest rate is charged on your borrowed loan.

Home Finance with CUB!

Using the CUB housing loan, you can manage the 75% of your property value. And for the construction cost, the borrower also disburses the loan amount in installments. But is the interest rate gets affected by the loan disbursement? No CUB housing loan interest rate is based on the bank MCLR and changes according to it. Suppose, you have borrowed a home loan from CUB of INR 12 lakh to renovate your house with 5 years of tenure. Then the interest rate according to the MCLR rate would be from 10.50%-11.20% per annum. 

What factors could affect the CUB housing loan interest rate?

Your age, income and credit liability gives help to the bank to choose your housing loan interest rate. And the bank considers the property down payment if you have paid it or the construction cost which you have covered before the sanction. The documents such as salary slip, form 16 and ITR report required by the bank to know the borrower income status. And via credit score, they bring out the payment history of the individual.

The age of the borrower matters because the duration of CUB housing loan interest rate changes with the tenure. And the CUB home loan tenure is up to 15 years for purchase and construction. If your age is 21 to 60 years during the loan sanction, you can manage the CUB home loan in your regular income. You can borrow up to 60 times of your monthly income if you are salaried and 5 times of ITR declared annual income if you are self-employed. 

Apply for a CUB Housing Loan!

To get the loan from City Union Bank, you just need to visit your nearest branch or use your mobile or desktop. Because with CUB net banking services, one can easily apply for a home loan. Visit the CUB online website and apply for the loan, to get the loan sanctioned you just need to give some details such as are you a cUB customer or not, have an Aadhar card and name, email or mobile number. 

When the process of application is completed and approved, then you can pay the processing fee for the loan. CUB charges 1% of the loan amount for the housing finance that can be a minimum of INR 700. You can pay the loan amount and the CUB housing loan interest rate in equated monthly installments. And before the sanction of your loan, you can keep an eye on your loan sanction process through the CUB online services. To pay CUB home loan EMI, you can use ECS, PDCs and Standard Instruction payment services. Regular payments of the home loan makes you eligible for TDS deductions under the Income Tax Act.

So, take advantage of the CUB housing loan interest rate and make your home finance easier and affordable.