Union Bank of India Home Loan
Home loans offered by the Union Bank of India come with low interest rates, affordable processing fees, and long tenure. The bank offers loans for every housing-related need, including loan for new/old home purchase, construction of a house, purchase of plot, repair/extension/improvement of an existing home, balance transfer, and so on.
Types of Union Bank of India Home Loans
- Home Loan
- Union Awas
- PMAY – Pradhan Mantri Awas Yojna
Eligibility
- Indian residents as well as Non-Resident Indians (NRIs) are eligible
- Individuals (singly or jointly) may apply for the loan
- Minimum age required to apply for the loan is 18 years and maximum exit age should be up to 75 years.
- For Union Awas scheme, residents of rural & semi urban areas are eligible. Permanent employees of schools, colleges, or other establishments, as well as good farmers with regular income source (Rs.48,000 p.a. of above) can also apply.
- Interest Rate, Processing Fee, and Other Charges
- The current Union Bank of India Home Loans interest rates are:
Floating Rate of Interest
6.85% – 8.40%
Fixed Rate of Interest (for maximum 5 years)
11.40% – 12.65%
Smart Save Option
7.05% + 7.65%
Processing fees
Home Loan:
0.50% of the sanctioned loan amount (maximum Rs.15,000) + applicable GST.
Union Awas/ PMAY:
Nil
Other charges
- Prepayment penalty: Nil for floating rate based housing loan or if a fixed rate loan is prepaid from own sources. 2% take-over penalty on the average outstanding balance of the previous 12 months will be charged if the loan is taken over by other bank or financial institution or adjusted in lump-sum by the borrower from any third party/source. Nil prepayment penalty for Union Awas and PMAY loan if the loan is taken over by other bank or financial institution.
- Fee for giving Title Search Report: Rs.1,000 for Mumbai/ Delhi/ Bengaluru/ Chennai, Rs. 15,000 for Kolkata/ Hyderabad/ Ahmedabad.
- Vetting of documents: Rs. 750 for loan up to Rs. 10 Crores and Rs. 1,000 for loan above Rs.10 Crores.
- Valuation fee: Vary between Rs. 500 to Rs. 10,000 (depending on the loan amount).
- Relaxation charges: 0.10% of the loan amount (minimum Rs. 500 and maximum Rs. 5,000).
Documents Required
- Common documents for all applicants
- Duly filled application form with 3 recent passport-sized photographs
- PAN Card
- Bank statement of last 12 months
- Identity proof (any one): Employee ID Card/ Passport/ PAN Card/ any other valid document.
- Address proof (any one): Aadhar Card/ Telephone Bill/ Electricity Bill/ any other valid document.
- Income proof for salaried applicants
- ITR for last 1 year
- Form 16 or letter from employer
- Salary slips of last 6 months
- Income proof for business class
- ITR of last 3 years
- P& L
- Balance Sheet
- Income proof for agriculturists
- Income certificate by concerned revenue officer (Tahsildar)
- Land holding proof
Property related documents
- Allotment letter
- Title Deed
- Advance money receipt
- Proof of outgoes
- Loan prepayment statement
- LIC policies
- Valid proof of any other outgo
- Additional documents for NRIs
- All previous vendors agreement (copy), duly stamped & registered
- Registration receipts (copy)
- Original share certificate
- Latest work permit
- Visa stamped on passport (copy)
- Employment contract in English (if the contract is any other language, it should be translated in English by & attested by Employer/Indian Embassy).
- Any other document as required by the bank
Why to Choose Union Bank of India Home Loan?
- Lowest interest rate on home loans
- Home loan available for all purpose
- NRIs can also apply
- High loan amount
- Low margin required
Availability of moratorium period
FAQs
Under Home Loan offered by the Union Bank of India, you can get a moratorium period of up to 36 months for purchase & construction, and up to 12 months for repair & renovation.
There is no maximum loan limit under Union Bank of India Home Loan. However, for repairs and renovation purpose, you can get up to Rs. 30 Lakhs.
The maximum repayment tenure for Union Bank of India Home Loan scheme is 30 years (for purchase or construction) and 15 years (for repairs or renovations).
Under this product, customers can deposit additional amount over & above the regular EMI for the loan, with an option to withdraw such excess quantum at a later date as per their requirement. The excess fund helps in reducing the loan outstanding, hence, a lower interest is charged in the loan account of the borrower (till there are such excess funds in the account). This option helps the borrowers to maximize their savings on interest.
As on 01.06.2020, the bank’s EBLR is 6.80%, i.e. RBI Repo Rate (4%) + Spread (2.80%).
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