Disclaimer: Ummeed Housing Finance is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Ummeed Housing Finance for home loans. No offers/services from Ummeed Housing Finance are being provided by Paisabazaar for home loans. For further information about Ummeed Housing Finance for home loans, users are required to reach out directly to Ummeed Housing Finance.
| Ummeed Housing Finance Home Loan Highlights | |
| Interest rate | 9.49% to 25.00% p.a. |
| Loan amount | Up to Rs 50 lakh |
| Repayment tenure | Up to 20 years |
| Processing fees | Up to 1% of the loan amount |
Note: Interest rates as of 14th October 2024
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Table of Contents
Ummeed Housing Finance Interest Rates
| Salaried | 9.49% p.a. to 22.00% p.a. |
| Self-employed | 9.99% p.a. to 25.00% p.a. |
The final home loan interest rates offered to the loan applicant would depend on the credit score, loan amount, type of home loan, etc. of the applicant.
Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
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Ummeed Housing Finance Fees and Charges
Processing fees
Ummeed Housing Finance charges a processing fee of up to 1% of the sanctioned home loan amount.
Foreclosure Charges
| Fixed Rate of Interest for Individual Borrowers | NIL Charges – In case of closure through own funds |
| 5% on Principal Outstanding – In case pre-closure of loan is through borrowing from other Bank / HFC / NBFC / any other Financial Institution | |
| Fixed Rate of Interest for Non-Individual Borrowers | 5% on Principal Outstanding. |
| Floating Rate of Interest for Individual Borrowers | NIL |
| Floating Rate for Non-Individual Borrowers | 5% on Principal Outstanding |
Other fees and charges
| Commitment fee | Up to 1% (not more than Rs 10,000) |
| Document and service charges | Up to 3% of amount sanctioned |
| CERSAI charges | Up to Rs 750 or as applicable |
| Loan cancellation charges | Up to Rs 5,000 or 1% of sanctioned amount (whichever is higher) |
| PDC/ECS/ACH Bounced Charges | Rs 600 per bounce |
| Penal charges | 2.50% per month |
| Switching fee (applicable on outstanding principal amount) | Up to 0.5% of the POS or Rs.10, 000/- whichever is lower |
| Retrieval copy of documents | Rs 1,500 |
| Collection charges | Rs 500 per collection |
Ummeed Housing Finance – Types of Home Loan
Home Purchase Loan
- Purpose: For purchasing a house.
- Amount: Rs 3 lakh to Rs 50 lakh
- Tenure: 2 to 20 years
Home Construction Loan
- Purpose: Loan for constructing home property on self-owned residential plot or extending existing home.
- Amount: Rs 3 lakh to 50 lakh
- Tenure: 2 to 20 years
Plot Purchase plus Construction Loan
- Purpose: For purchasing a residential plot and constructing a house on it.
- Amount: Rs 3 lakh to Rs 50 lakh
- Tenure: 2 to 20 years
Home Loan for Renovation
- Purpose: Loan for financing home renovation
- Amount: Rs 2 lakh to Rs 7 lakh (Up to Rs 10 lakh for Rajasthan)
- Tenure: 2 to 10 years
Home Loan Balance Transfer
Ummeed Housing Finance allows existing home loan borrowers of other lenders to transfer their existing home loans, availed for house purchase, construction and plot purchase plus construction, at lower interest rates.
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Ummeed Housing Finance Eligibility Criteria
- Borrowers should have a bank account.
- Minimum age should be more than 25 years at the time of loan application.
- Maximum age should be 65 years at the time of loan maturity.
- Borrowers must reside in a city where Ummeed Housing Finance has its office.
- Owners of financed property and individuals whose incomes are considered for the home loan should be co-applicants of the loan.
- While not explicitly stated, the HFC may also consider the credit score, monthly income, occupation profile and other eligibility conditions, as used by most lenders while evaluating the home loan eligibility of their applicants.
Ummeed Housing Finance Documents Required
Borrowers are required to submit the following list of home loan documents for availing Ummeed Home Loan.
- Completely filled up and signed Application form.
- Identity proof such as Pan Card, Voters ID Card, Passport, Aadhar Card. (Any One)
- Date of Birth proof such as Birth Certificate, Pan Card, Passport, High School Certificate. (Any One)
- Address proof such as electricity bill, ration card, Aadhar card. (Any One)
- Bank pass book or Bank Statements for the last 6 months.
- Income proof documents, if available.
- Property documents, if property is identified.
- In case of a Construction and Home renovation Loan, Construction Estimate is required.
Ummeed Housing Finance EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs On Ummeed Housing Finance
1. When can I apply for Ummeed Home Loan, if I have not selected the property?
Ans. You can apply for Ummeed Home Loans anytime after taking the decision to purchase or construct the property. You can also apply for home loan from Ummeed Housing Finance even before the finalisation of the property or starting the construction of the property. The loan sanction is in-principle in nature. The loan amount would be disbursed only after the verification of documents and property market value.
2. Who can be the co-applicant to my home loan availed from Ummeed Housing Finance?
Ans. Your spouse and blood relatives (close family members) can be the co-applicant to your Ummeed Housing Finance Home Loan. Note that the lender requires the owner(s) of the property to be co-applicant of the home loan as well.
3. What collateral/securities does Ummeed Housing Finance ask for while offering home loans?
Ans. The property for which the home loan is availed is considered as the primary security by the lender. However, the lender may also ask for additional security from the home loan applicant in the form of another property, a guarantor, insurance policies or any other securities acceptable to the lender.
4. What tax benefits do I get on a home loan?
Ans. People availing home loan from Ummeed Housing Finance can claim tax deduction under Section 80C and Section 24b of the Income Tax Act. Under Section 80C, the applicant can avail tax deduction of up to Rs 1.5 lakh per financial year on principal repayment. Section 24b allows tax deduction of up to Rs 2 lakh per financial year on the interest paid on home loan. In case of a rented property, the entire interest repayment amount is allowed as tax deduction without any limit.
Also Check: Home Loan Tax Benefits
5. What factors do Ummeed Housing Finance consider while evaluating the home loan eligibility of a loan applicant?
Ans. The home loan eligibility of an individual is determined after factoring in the income, repayment capacity, property value, age, number of dependents, savings history, continuation of occupation, family income (if any), etc.