To get a home loan from Union Bank of India, you can either apply online or visit the nearest branch and take the help of the loan officer.
In order to get a home loan from the Union Bank of India, you need to meet the following eligibility criteria:
- You should be an Indian citizen or an NRI
- The minimum entry age is 18 years and the maximum exit age is up to 75 years
- You can apply as an individual or may apply jointly with other eligible individuals
What is the process to apply for a home loan with the Union Bank of India?
- Submit the duly filled in application form along with the property documents
- You must have made the initial 20% down payment and attach the receipt along with your loan application
- The bank will first verify all the documents
- A surveyor will be sent to assess the value of the property
- The bank will assess your financial status and determine your repayment capacity
- Based on this information, the bank will sanction the loan amount and send you a sanction letter
- You have to take this sanction letter and visit the branch to sign the loan document.
- You will be required to initiate a NACH mandate for auto-debit of the EMI amount from your bank account
- Once the formalities are completed, the bank will give a cheque in the name of the seller, which will be handed over to them at the time of registration.
- The banker will hand over the cheque and collect the original property registration documents to keep in their safekeeping until the loan is fully repaid
Note: Your home loan approval is based on various factors like your income, age, the market value of the property, your credit score and the loan amount you want to get. The bank will thoroughly check the property documents to identify any fraud or forgery. You may be asked to get property insurance along with the loan but it is your choice whether you want to get one.