Uttar Bihar Gramin Bank Personal Mortgage Loan

Need a sizeable lump sum for a home makeover, education, medical care, a dream trip, or any personal goal—without dipping into long-term investments? The Uttar Bihar Gramin Bank (UBGB) Mortgage Loan (Personal) gives you bank-rate funding secured against your property, simple paperwork, and the freedom to prepay whenever you want.

What this loan is for (Purpose)

A secured personal loan that you can use for any legitimate personal expense—you decide the goal, UBGB provides the funding. Because the loan is backed by a mortgage on your property, you typically get larger amounts and longer tenures than an unsecured personal loan.

Who can apply (Eligibility)

• Age: 21 to 75 years (at the time and conditions prescribed by the bank)
• Applicants at many life stages qualify; the bank assesses income and property to size the loan

How much you can borrow (Loan Amount)

• ₹1.00 lakh to ₹200.00 lakh (₹2 crore)
• The exact sanction depends on your repayment capacity and property location (rural / semi-urban / urban) as per UBGB policy and valuation.

Facility type

• Term Loan (standard option)
• Overdraft (OD) may be available in select cases; see rate notes below.

Tenure & repayment (Repayment Terms)

• Up to 120 months (10 years)
• Choose an EMI that fits your monthly cash flow. You can prepay any time with zero charges to save on interest.

What you pledge (Security)

• Mortgage of your property (as per bank norms). Title and valuation checks apply. Keep your documents neat—clear papers speed up disbursal.

Pricing you can plan for (Interest Rate)

• Mortgage (Personal) – Term Loan: 11.00%–12.00% p.a. (linked to your Credit Risk Premium)
• Mortgage (Personal) – Overdraft: 12.00% p.a.

Your exact rate is confirmed during sanction based on your profile and the property.

Quick EMI sense-check (illustrative)

For a 10-year tenure, per ₹1 lakh of loan:

• At 11.00% → ~₹1,377/month
• At 11.50% → ~₹1,406/month
• At 12.00% → ~₹1,435/month

So a ₹10 lakh loan is roughly ₹13.8k–₹14.4k per month at these rates (illustrative only; your sanction letter shows exact EMIs).

Why choose Term Loan vs. Overdraft?

• Term Loan: Predictable EMI, fixed schedule—great for one-time needs (renovation, education fees, medical).
• Overdraft (OD): Flexible withdraw-repay-withdraw structure up to a sanctioned limit. You pay interest only on what you actually use—useful if expenses are staggered over months.

Prepayment = pure flexibility

• No prepayment charges. Part-prepay to reduce tenure (usually saves more interest) or lower EMI if you prefer breathing room. Foreclose whenever you’re ready.

What affects your approval

• Income and obligations: The bank checks that your total EMIs (including this one) stay within a sensible share of your income.
• Property: Clear title, acceptable valuation, and location (rural / semi-urban / urban).
• Credit track: Clean repayment history helps with pricing and limits.

Documents checklist (what to keep ready)

(Your branch will share a precise list for your profile.)

• KYC: PAN, photo ID, address proof, photographs
• Income proofs: Salary slips/Form 16 & bank statements (salaried), or ITRs/financials & bank statements (self-employed)
• Property papers: Title documents, prior chain of ownership, approved plan/municipal records as applicable
• Other: Existing loan details (if any), proof of use of funds if the bank requests

Well-organized documents = faster sanction and disbursal.

Smart ways to use a Personal Mortgage Loan

• Renovation with milestones: If work is phased, consider OD; for a one-time contractor payment, Term Loan may be simpler.
• Education planning: Borrow for the gap after scholarships/own funds; prepay when fee tranches end or when income improves.
• Medical & emergency buffer: If expenses are uncertain, OD’s flexibility can keep interest lower (you draw only what you use).
• Debt consolidation: Replace multiple high-cost loans/credit card dues with one lower-rate mortgage loan (ensure total costs and tenor make sense).

Quick FAQs (straight answers)

Is there a maximum age at loan end?
Yes, the bank ensures repayment fits within age and policy limits—talk to the branch for your exact case.

Can I get a top-up later?
Subject to eligibility, property value, repayment track, and policy at that time.

Do I need to insure the property?
Property/asset insurance is generally recommended/required; the branch will guide you.

How soon can I prepay?
Anytime—no penalty. Part-prepay as you go or foreclose when ready.

How is the OD interest charged?
Interest applies on the daily utilized amount in the OD, billed monthly—useful when expenses are staggered.

A simple 3-step start

1. Discuss your need and pick Term Loan vs. OD based on whether your expenses are lump sum or phased.
2. Share documents for income, KYC, and property; get your rate & EMI/limit confirmed.
3. Sanction & disbursal: sign the mortgage documents, register as required, and receive funds (or OD limit activation).

Bottom line: UBGB’s Personal Mortgage Loan blends high ticket size (₹1 lakh–₹2 crore), long tenure (up to 10 years), competitive 11–12% pricing, no prepayment charges, and the option of an overdraft when flexibility matters. Bring your property papers and income proofs to the nearest UBGB branch, and walk out with a clear, affordable plan to fund your next big goal.