Union Bank of India Home Loan
Features
Highlights
- Loans available for purchase, construction, repair/improvement/extension of independent house/flat and purchase of second property or plots sold by a government-recognized agency viz., HUDA, HOUSEFED and such others.
- Provisions of Free Building Insurance, Natural Death Insurance and Free Personal accident cover.
- Value- added services like issue of credit card
- Union Mortgage scheme provides loans against properties to those within the age group of 18-60 years of age owning residential/ commercial property) and are income tax assesses having net monthly income of Rs.10, 000 per month in the case of salaried persons and an annual income of Rs.1.20 lakh per annum (in case of non salaried individuals).A top-up loan for existing home loan borrowers who have repaid at least 24 home loan EMI's or if the net monthly take-home income is not be less than 35 per cent of the gross monthly income/earnings after considering all deductions including the EMI of the proposed top-up loan.
Eligibility
Eligibility
- Should be of a minimum age of 21 years, employed or self-employed with a regular source of income.
- A minimum of 40% marks as per investment grade scoring chart (cant make sense. Please explain).
- Loans available for purchase, construction, repair/improvement/extension of independent house/flat and purchase of second property or plots sold by a government-recognized agency viz., HUDA, HOUSEFED and such others.
- Union Mortgage scheme provides loans against properties to those within the age group of 18-60 years of age owning residential/ commercial property) and are income tax assesses having net monthly income of Rs.10, 000 per month in the case of salaried persons and an annual income of Rs.1.20 lakh per annum (in case of non salaried individuals).
Loan Amount
Loan Amount
- Maximum Rs. 100 lakh for major 'A' class cities; for other cities Rs.50 lakh (purchase).
- Maximum Rs. 10 lakh for repair.
- For loans against properties, subject to 36 times of gross monthly income of salaried persons (Net of all deductions including TDS etc.) whichever is less
OR 2 times the net annual income in case of others (Income as per the latest IT return less taxes payable) whichever is lesser. - The maximum Top-up loan amount - up to 50 per cent of EMIs repaid; subject to minimum of Rs.50,000 and a maximum of Rs.5 lakh.
- 50% of the fair market value of the property mortgaged as per the latest valuation report not older than six months from an approved valuer of the Bank.
Margin
Margin
20% of the value of the property for purchase/construction for a house, plot or renovation of existing house needs to be brought in by the home buyer.
Repayment Period
Repayment Period
Maximum repayment period of 20 years for home loan taken for construction / purchase of house/ flat and 10 years for repair. In case of under construction properties, a moratorium up to 18 months from wherever the loan is taken.
Option of Flip/Step-up/Balloon methods of repayments for the convenience of the borrowers for home loan borrowers.
In case of a mortgage loan, the loan principal as well as the interest is to be repaid in maximum 60 equal monthly installments (for which, 60 post-dated cheques will be collected). The loan is to be closed prior to retirement in case of the salaried class.
For a top-up loan, the maximum repayment period is 5 years or left over period for the borrower before he attains retirement or 60 years of age (which ever is earlier). Term loan is subject to review every year.
Documents Required
Documents
2 Passport size photograph of each applicants
Proof of income, salary certificate, Income tax returns etc.
Proof of Identity PAN Card/ Voters ID/ Passport/ Driving License
Proof of Residence Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID /Bank Account statement/passbook for the previous six months
Proof of business address in respect of businessmen/ industrialists
Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
Copy of approved plan and approval from the Local Body
Original NOC under the Provisions of ULC Act
Copy of the Order permitting Land Conversion in case of conversion of Agricultural land
Non Encumbrance Certificate for 30 years
Copy of the land tax receipt/building tax receipt
Copy of the Allotment letter of Housing Board/Builder/Co-op. Society
Affidavit
Benefits of Applying Online
When Banks Compete, you win.
Apply for a Home Loan at ApnaPaisa and we will match your requirements with the best offers from our network of over 400 service providers. We will get a maximum of five providers to compete for your business. WHEN BANKS COMPETE YOU WIN. You can then decide which home loan is best for you based on:
- Lowest Interest Rate
- Lowest EMI
- No Pre-payment charges
- Lowest Processing Fees
- Maximum Eligible Loan Amount
- Mandatory Documents Required
- Lowest Processing Fees
Or any other factor that is important to you.
Negotiating Tips
1) If you have a good credit record and your income is sufficient to justify the loan you can negotiate on interest rates. You can also try and get Processing fees or legal or valuation fees reduced or completely waived.
2) If you go for a floating rate loan then pre-payment charges are not payable.
3) When interest rates are high and are expected to go down you should go in for a floating rate loan as it makes no sense to lock into high fixed rates or the so called Dual rate loans where rates remain fixed for a couple of years before shifting to regular floating rate loans. Please review this decision at least once every 6 months
4) Take term insurance and critical illness and accidental disability policy for the full loan amount to make sure you or your loved ones don't have to worry about loan repayment should you die or are disabled due to a critical illness or accident. You cannot be forced to buy this policy from the insurance company chosen by the lender - you should choose your own insurer.