Utkarsh Small Finance Bank Home Loan
Utkarsh Small Finance Bank has emerged as a reliable option for eligible applicants to bank on their dreams of getting easy housing loans. Utkarsh Small Finance Bank home loans start at an interest rate of 9.00% per annum. The bank charges a nominal processing fee of 0.25% to 1.00% of the loan amount plus applicable taxes for each application received. The maximum loan amount an applicant can fetch as a Utkarsh Bank home loan is up to Rs. 5 crores for a maximum repayment tenure of up to 30 years. Some of the popular home loan schemes offered by Utkarsh Bank are Utkarsh Grih Saral, Utkarsh Grih Suvidha, Utkarsh Grih Unnati, Utkarsh Grih Pride, Utkarsh Grih Prime, Utkarsh Grih Aadhar, Utkarsh Grih Sudhar, Balance Transfer, and Top-Ups.
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Utkarsh Small Finance Bank Home Loan Key Highlights
Get the lowest interest rates with Utkarsh Small Finance Bank
| Loan Amount | Up to Rs. 5 crores |
|---|---|
| Rate of Interest | Starts at 9.00% per annum |
| RPLR | |
| Processing Fee |
0.25% - 1.00% of the loan amount |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Floater/ Fixed |
| Charges for Prepayment/Foreclosure | Floater: Nil | Fixed: 2% + applicable taxes on the outstanding principal amount / 4% + applicable taxes on the outstanding principal amount (top-ups) not for housing purpose |
Utkarsh Small Finance Bank Home Loan Interest Rates in 2023
Banks and NBFCs usually make their share of profit by offering home loans to applicants by charging an interest rate. Utkarsh Small Finance Bank's rate of interest starts at 9.00% per annum and may vary depending on the plan chosen and other factors. The table below shows the current Utkarsh Small Finance Bank home loan interest rate in 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Floater Plan (For Salaried) | Starting at 9.00% per annum |
| Floater Plan (For Self Employed) | Starting at 9.00% per annum |
| Fixed Plan (For Salaried) | Starting at 9.00% per annum |
| Fixed Plan (For Self Employed) | Starting at 9.00% per annum |
Interest rates were last updated on 25th September 2023
Utkarsh Small Finance Bank Home Loan Eligibility Criteria
Utkarsh Bank home loan eligibility includes some general parameters such as age, nationality, employment status, work experience, and minimum income earned. These are easy-to-apply loans both for salaried as well as self-employed applicants.
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 24 - 60 Years | 24 - 65 Years |
| Nationality | Indian Resident/ NRI | Indian Resident/ NRI |
| Minimum Income Earned | Nothing Specific | Nothing Specific |
Utkarsh Small Finance Bank Home Loan Processing Fee and Charges
The Utkarsh Bank home loan processing fee ranges between 0.25% - 1.00% of the loan amount. Apart from the processing fee, the bank charges some other fees, such as charges for document lists, interest certificates, swap charges, legal charges, and so on. The table below highlights the fees levied by Utkarsh Small Finance Bank on housing loan schemes:
| Processing Fee | 0.25% - 1.00% of the loan amount |
|---|---|
| Swap Charges(Instrument/ Cheque) | Rs. 500 per instance + applicable taxes |
| EMI/ Cheque Bounce Charges | Rs. 300 per instance |
| Charges for List of Documents | Rs. 100 + applicable taxes |
| Photocopy of Property Papers | Rs. 500 + applicable taxes |
| Technical and Legal Charges | As per actuals |
| Duplicate Interest and Principal Certificate Issuance Charges | Rs. 250 + applicable taxes |
| Duplicate No Dues Certificate or NOC Issuance Charges | Rs. 250 + applicable taxes |
| Penal Interest or Late Fee Charges | 2% per month on the overdue EMI |
| Foreclosure/ Prepayment Charges |
|
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Utkarsh Small Finance Bank Home Loan Schemes and Top Plans
Options are galore when choosing a housing loan scheme from Utkarsh Small Finance Bank. Listed below are the best home loan plans offered by Utkarsh Bank:
1. Utkarsh Grih Saral Loan
- Ideal home loan scheme for aspiring homeowners to buy a ready-to-move-in home or under-construction home
- Loan amounts ranging between Rs. 5 lakhs to Rs. 10 lakhs
- The repayment tenure is between 36 - 360 months
2. Utkarsh Grih Sudhar Loan
- Best housing loan scheme to renovate or improve an existing home
- Loan amounts ranging between Rs. 2 lakhs to Rs. 50 lakhs
- The repayment tenure is between 36 - 240 months
3. Utkarsh Grih Aadhar Loan
- An exciting home loan for existing customers to meet their housing needs
- Loan amounts ranging between Rs. 2 lakhs to Rs. 5 lakhs
- The repayment tenure is between 36 - 360 months
4. Utkarsh Grih Prime Loan
- An affordable housing loan with a lower rate of interest
- Loan amounts ranging between Rs. 1 crore to Rs. 5 crore
- The repayment tenure is between 36 - 360 months
5. Utkarsh Grih Unnati Loan
- Exciting home loan with easy approvals for the purchase or renovation of a home
- Loan amounts ranging between Rs. 2.5 lakhs to Rs. 6 lakhs
- The repayment tenure is between 36 - 360 months
6. Utkarsh Grih Suvidha Loan
- Affordable housing loans for eligible applicants at a lower rate of interest
- Loan amounts ranging between Rs. 10 lakhs to Rs. 25 lakhs
- The repayment tenure is between 36 - 360 months
7. Utkarsh Grih Pride Loan
- Easy home loan with quick approval
- Loan amounts ranging between Rs. 60 lakhs to Rs. 1 crore
- The repayment tenure is between 36 - 360 months
8. Utkarsh Awas Loan
- Affordable housing loan under the PMAY Scheme
- Best home loans for lower-income and middle-income groups
- Lower rate of interest with a subsidy
Note: All of the above home loan plans are made available to applicants solely at the discretion of Utkarsh Small Finance Bank, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Utkarsh Small Finance Bank Home Loan
To approve home loans to eligible applicants, the bank asks for a set of KYC documents, which may vary for salaried and self-employed borrowers. Listed below is the Utkarsh Small Finance Bank home loan documents list for your reference:
Documents Required for Salaried Applicants
- Salary slips for the last 3 months
- Form 16
- Income Tax Returns for the last 3 years
- Promotion/ Increment Letter
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Utkarsh Small Finance Bank Home Loans
Documents Required for Self-Employed Applicants
- Business Address Proof
- Professional Practice License
- Profit and Loss Account Statements for the last 3 years attested by a CA
- Balance sheet for the past 3 years
- ITR for the last 3 years
- Form 16
- Latest Form 26AS
- Articles of Association and Memorandum of Association of the company
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Utkarsh Small Finance Bank Home Loans
- Bank Statements showing repayment of any ongoing loan for the last 6 months
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Interest rates were last updated on 15 July 2023
Find Utkarsh Small Finance Bank Home Loan Offices Near You
If you are planning to visit one of the offices of Utkarsh Small Finance Bank Home Loans near you to understand the Utkarsh Small Finance Bank Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
For the latest Home Loan Interest rates and updates in Eligibility criteria, Home Loan offers, Home Loan application Fee and Charges, Required Documents, and other FAQs related to Home Loans, please refer to the official website of Utkarsh Small Finance Bank Home Loans.
FAQs
The current interest rate of a home loan in Utkarsh Small Finance Bank starts at 9.00% per annum.
Yes, Utkarsh Small Finance Bank Limited, or USBL, is registered under the RBI Section 22 (1) of the Banking Regulation Act 1949 as a Scheduled Commercial Bank.
There is nothing specific about the minimum salary required to apply for a Utkarsh Bank home loan. However, a salaried applicant is expected to have a total work experience of 3 years and at least 1-year experience with the current employer.
Utkarsh Small Finance Bank is a public company with limited liability and is subject to the Companies Act, 2013 provisions.
There is a complete variety of housing loans offered by Utkarsh Bank, such as:
- Utkarsh Grih Saral Loan
- Utkarsh Grih Sudhar Loan
- Utkarsh Grih Aadhar Loan
- Utkarsh Grih Prime Loan
- Utkarsh Grih Unnati Loan
- Utkarsh Grih Suvidha Loan
- Utkarsh Grih Pride Loan
- Utkarsh Awas Loan
The eligible age to apply for a Utkarsh Home Loan is 24 - 60 years (Salaried)/ 24- 65 years (Self-Employed) applicants.
The maximum loan amount offered by Utkarsh Small Finance Bank is up to Rs. 5 crores.
Utkarsh Small Finance Bank doesn’t charge anything for the foreclosure of a floater plan. It charges 2% of the outstanding loan amount plus applicable taxes for fixed and 4% of the outstanding loan amount plus applicable taxes for top-ups.