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Union Bank of India Home Loan

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Union Bank of India Home Loan

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.

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What Is a Home Loan?

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.

An Introduction to Union Bank of India Home Loans

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.

Advantages of Union Bank of India Home Loans

  • Low interest rates
  • Low processing fees
  • Less paperwork
  • No prepayment penalties
  • No hidden costs and administrative charges
  • Balance home loan transfer

Features of Union Bank of India Home Loan

Objective:

  • Purchase/ construction of house/ flat
  • Purchase of plot and construction of house there on
  • Repairs/ improvements/ extension of the existing residential property
  • Take-over of housing loan availed from another bank / Financial Institution

Loan Amount:

  • Depending on repayment capacity of the borrower and value of property
  • Maximum Rs. 30 Lakhs for Repairs.

Loan Tenure:

  • Repayment period of up to 30 years
  • 10 years in case of repairs
  • Flexible methods of repayment

Prepayment Charges: NIL

Processing Fees: 0.50% of the loan amount sanctioned with upper limit of Rs.15000

Eligibility Criteria:

To avail the home loan from Union Bank of India, you need to have the following eligibility criteria.

  • You should be more than 21 years of age
  • Steady income with minimum 2 years of experience

Features of Union Bank of India Home Loan - Union Awas

Objective:

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.

Loan Amount:

  • For purchase or construction of house, maximum loan amount up to Rs. 7 lakhs for semi-urban areas and up to Rs. 5 Lakhs for rural areas
  • For repairs of house, maximum loan amount up to Rs. 3 lakhs for semi-urban areas and up to Rs. 2 Lakhs for rural areas

Loan Tenure:

  • Repayment period of up to 30 years.
  • 10 years in case of repairs.
  • Flexible methods of repayment.

Prepayment Charges: NIL

Processing Fees:

0.50% of the loan amount sanctioned with a cap of Rs.15,000

Union Bank Home Loan Interest Rates

Union Home/Union Awas

Floating Rate (For up to 30 years)
Up to Rs.75 lakh1Y-MCLR +0.10% = 8.45%
Above Rs.75 lakh1Y-MCLR +0.15% = 8.50%
Fixed Rate (For maximum 5 years)
Up to Rs.30 lakh11.40%
>Rs.30 lakh to Rs.50 lakh12.40%
>Rs.50 lakh to Rs.200 lakh12.65%

Documents Required to Apply for Union Bank of India Home Loans

Important documents to be submitted while applying for home loans with Union Bank of India

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals
  • Property tax receipt
  • Proof of business address for non-salaried individuals
  • Personal assets and liabilities statement

For guarantor (wherever applicable):

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification as above
  • Proof of residence as above
  • Proof of business address as above
  • Signature identification from his/her present bankers

EMI Payment Methods

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.

How to Apply for Union Bank of India Home Loan?

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.

Home Loan and Credit Score

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.

Union Bank of India Home Loan FAQs

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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