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Union Bank of India offer home loans for individuals who wish to construct or buy a house. Balance home loan transfer. Enjoy less documentation. Make no prepayment penalties. Apply on CreditMantri for low interest rates!
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About Union Bank of India
Union Bank of India is one of the largest government owned banks in India headquartered in Mumbai. With 4214 branches, Union Bank of India provides a wide range of financial services to its customers.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
Union Bank of India offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Union Bank of India Home Loans are tailor made catering to the needs of various customers.
Prepayment Charges: NIL
Processing Fees: 0.50% of the loan amount sanctioned with upper limit of Rs.15000
To avail the home loan from Union Bank of India, you need to have the following eligibility criteria.
You can avail the Union Awas to purchase/ construction of house, purchase of plot from government agencies and also for repairs/ improvements/ extension of the existing residential property.
0.50% of the loan amount sanctioned with a cap of Rs.15,000
Union Bank Home Loan Interest Rates
Union Home/Union Awas
Important documents to be submitted while applying for home loans with Union Bank of India
For guarantor (wherever applicable):
Your Union Bank of India home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Union Bank of India, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Union Bank of India account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Union Bank of India account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Union Bank of India account at your nearest Union Bank of India Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Union Bank of India branch for the application. You can also download the home loan application form from the Union Bank of India official website, complete the form and submit it the bank representative.
A good credit score is really the starting point to get the best offers on home loans from all lenders, with a score above 750+ you will be able to get flexible repayment tenor, reduced interest rates and save on monthly EMIs.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
1. What are processing fees on Union Bank of India Home Loans?
The processing fee is 0.5% of the loan amount with a maximum of Rs.15000.
2. Is there penalty for prepaying the Union Bank of India Home Loan?
There are no prepaying charges
3. What is the maximum loan repayment period for Union Bank of India home loans?
Maximum repayment period of 30 years
4. How Can I apply for a Union Bank of India home loan?
You can either apply online or visit a nearest Union Bank of India branch and take the help of the bank’s representative.
5. Does Union Bank of India Bank facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to Union Bank of India Bank.
6. Can I get tax benefits from Union Bank of India Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.
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