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However sanction of loan to individual is sole discretion of Bank. Here Bank may reserve the right to approve or reject the loan without assigning any reason. UBI has a specific scheme targeted at the NRI and PIO component of their clientele. The advantage of housing proposals from them is that they are cash rich in hard currency that gives them greater value in INR. Many NRIs have taken to owning houses or flats by availing of housing loan as a form of investment yielding high returns. However, their fund management is governed by the rules of RBI and FERA regulations.
Union Bank of India offers two different schemes Fixed rate of interest Floating rate of interest. Please click here for information on rate of interest. 20% of the total cost of the purchase/ construction for loans above Rs.30 lakhs and up to Rs.75 Lakhs.
GOLD LOAN
The loan tenure for new house construction or purchase may be up to 30 years and for repairs and improvement, the tenure can be up to 10 years. The loan tenure for house purchase and construction loan may be up to 30 years and for repairs and improvements up to 15 years. This loan scheme can be opted for to purchase new/old/under-construction residential units of properties. A more convenient low cost variable rate loan product that lets you access a credit line as you need it over time. This product allows you to take funds as needed with low interest only monthly payments. Check out our low rate Home Equity Line of Credit .
The higher LTV ratio shall entitle better interest rates. To bridge the gap of housing finance provided by the employer. For pensioners, during the time of application, the age should not exceed 70 years. The Union Paradise Home Loan is ideally suited for NRI borrowers for the wide coverage of needs that it offers. However, the NRI needs to comply with additional documentation in tune with the character of his residence. The NRI community is offered a host of services by the bank suiting their needs under the provisions of RBI and FERA regulations.
Union Smart Save Loan
Union Bank of India provides eligible borrowers with affordable home loan interest rates. There is an option of extending the repayment tenure up to 30 years with several flexible repayment modes. The other factor employed depends on the repayment capacity of the borrower subject to several parameters in play, but still there is no defined upper limit.
The online application procedure is quite elaborate asking you to populate the relevant fields. The submission of the online form is only an expression of interest. The appraisal and scrutiny of the proposal are to be accomplished in the branch within the command area where your residence is located.
Key features of Union Bank of India Home Loan
Build your dream home with a loan from Union Bank. Your housing loan is based on the above factors and the current interest rate in Union bank of India is given below. As a special gesture Union bank of India offers better interest rates for those borrowers who have lesser loan requirements.
This facility can be availed of only after the final disbursement has been made. Direct deduction in the salary and remittance to the loan. The entire procedure and sanction of your loan takes as much as 5 days time after the completion of documentation. Disbursement after you have fulfilled your commitment related to the margin money and other post-sanction formalities.
Union Bank of India Home Loan Types
For purchase of plot for construction the amount is 40 % of the loan amount eligibility subject to 25 % margin on the cost of plot. The maximum tenure of the loan should terminate at 70 years of age. Submit the application form, and the lender/lender representative will call you. Mention your loan requirements and verify them. The house purchase loan amount can be up to Rs 10 lakhs in the semi-urban areas and Rs 7 lakhs in rural areas. For renovation and repair, the loan amount can be up to Rs 5 lakhs.
This is a perfect loan scheme for those who want to maximize their savings on loan interest without losing their financial liquidity. The interest rate of this loan scheme varies from Rs 8.25% to 10.10%. MORTGAGE LOAN ELIGIBILITY Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property. Purchase of solar power panel along with purchase / construction of house.
The applicable processing fee is 0.5% of the sanctioned amount plus GST. There is no dearth of home loan schemes in the market with a host of lenders like banks, NBFC and Housing Finance Companies wooing the prospective borrowers with an array of offers. Equitable mortgage of the residential property, proposed to be purchased from Bank's finance, is required. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required . The Union Awas Loan is suitable for those customers who want to purchase or construct a house in a rural or semi-urban area.
Very responsive and informative when I had questions. Was also easy to work with when I had requested changes to my initial ask. This is my second time working with them and would do so again. The interest rate of this loan may be between 9.10% to 10.70%.
This loan is customized for any suitable home financing solution for the individuals like improving/repairing/extending an existing residential property. Union Bank of India also offers a moratorium period of up to 36 months. However, the moratorium period is not applicable to loans availed for the purchase of a completed house/flat. The repayment period is 30 years, including the moratorium period of 36 months from the date of disbursal or the completion of the house, whichever is earlier. The repayment period is 15 years including the moratorium period of 12 months in case the loan is availed for repairs of the House/Flat. Union bank lays great emphasis on the credit score and it acts as the benchmark for application of rate of interest as well as the quantum of loan eligibility.
As a special gesture union bank of india offers interest concessions to women applicants. Fixed rate loansThere is no prepayment penalty if loan is prepaid from own verifiable sources. As the excess funds help in reducing the loan outstanding, a lower interest is charged in the loan account . In other words, this option helps the customers to maximize their savings on interest without sacrificing ones financial liquidity. You are free to apply online to express your interest in the bank’s Home Loan. Alternatively you can visit any Union Local Points for Retail Loans or branches in your vicinity.
Operating out of their headquarters in Mumbai, the commercial capital of India, the bank boasts of a robust Retail Banking business aimed at fulfilling the dreams of their customers. In keeping with their focus, UBI offers a vast array of home loan solutions to their clientele of all hues in an endeavor to bridge the funding gap in home ownership. There is no prepayment penalty / take-over penalty if loan is taken over by other banks/FIs. Repairs/ improvements/ extension of the existing residential property. The applicant will have to visit any nearby Union Bank of India Office and collect the application form of the particular Home Loan. Although opening of account is not mandatory for Resident Indian for availing a loan, we would recommend to bank with us in order to benefit from other value added services.
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