Union Bank of India

Union Bank of India

Overview

Home loan is given for the purpose of purchase of independent house/flat, construction of independent house/flat, repair/improvement/extension of house/flat.

Loan Feature

Loan Amount Depending on repayment capacity
Interest Rate 10.25% to 13.25%
Tenure Maximum 30 years
Pre Payment Charges There is no prepayment penalty if loanis prepaid from own verifiable sources.
Service Charges

No processing charges for loans upto Rs. 75 lakh (offer valid till 31/03/2014)
Processing charges @ 0.25% of the loan amount subject to maximum of Rs. 7,500 for loans above Rs. 75 lakh (offer valid till 31/03/2014)
Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.

No processing charges for loans upto Rs. 75 lakh (offer valid till 31/03/2014)

Processing charges @ 0.25% of the loan amount subject to maximum of Rs. 7,500 for loans above Rs. 75 lakh (offer valid till 31/03/2014)

Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.

Eligibility Criteria : Home Loan

  Salaried Self
Age Minimum 21 years Minimum 21 years
Income Information not available Information not available
Job Experience Information not available Information not available
Residence Proof Valid Residence proof Valid Residence proof

Docs Required : Home Loan

  Salaried Self
ID Proof PAN card/Voters ID/Passport/Driving License/Any other valid proof PAN card/Voters ID/Passport/Driving License/Any other valid proof
Address Proof Recent telephone bill/Electricity bill/Passport/Voters ID/Driving License/Any other valid address proof Recent telephone bill/Electricity bill/Passport/Voters ID/Driving License/Any other valid address proof
DOB Proof Information not available Information Not Available
Financial Docs

• Statements (latest 3 months bank statement / 6 months bank passbook) 
• Latest 6 months salary slip with latest Form 16/letter from employer

• Last one year ITR

• Last 3 years ITR
• B/S & P&L a/c for the last 2 yrs. certified by a CA

Other Charges : Home Loan

0.50% of loan amount subject to a maximum of Rs.15000/- plus service tax as applicable

PREPAYMENT PENALTY

Floating rate loans:

Floating rate loans:
There is no prepayment penalty if loanis prepaid from own verifiable sources or taken over by other banks/FIs.
Fixed rate loans
There is no prepayment penalty if loanis prepaid from own verifiable sources.
A take-over penalty of 2% is chargedon the average outstanding balance of the preceding 12 months if the loanis taken over by any other bank / FI or adjusted by the borrower in lumpsumfrom any third party/source (except genuine sFloating rate loans:
  • There is no prepayment penalty if loanis prepaid from own verifiable sources or taken over by other banks/FIs.
  • Fixed rate loans:

  • There is no prepayment penalty if loanis prepaid from own verifiable sources.
  • A take-over penalty of 2% is chargedon the average outstanding balance of the preceding 12 months if the loanis taken over by any other bank / FI or adjusted by the borrower in lumpsumfrom any third party/source (except genuine sale)
  •  

    SECURITY:

  • Equitable mortgage (E.M.) of the residential property
  • If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion)
  •  

    Products offered by Union Bank of India

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