HOME LOAN FOR PURCHASE OF PLOT/ FLAT/ CONSTRUCTION/ REPAIR OF HOUSE
FROM UNION BANK OF INDIA FOR INDIAN CITIZENS INCLUDING NRI
PURPOSE OF LOAN:
Purchase/ construction of house/ flat
Purchase of plot and construction of house thereon**
Repairs/ improvements/ extension of the existing residential property.
Take-over of housing loan availed from another bank / FI
ELIGIBILITY FOR LOAN:
Indian citizen above 21 years
Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants.
Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.
NRIs are also eligible for the home loan. Contact our nearest branch for further details.
QUANTUM OF LOAN
Depending on repayment capacity of the borrower and value of property
Maximum Rs. 30 Lakhs for Repairs.
MARGIN, I.E. YOUR SHARE:
20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 75 Lakhs
25% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 75 lakhs to Rs. 2 Crores
35% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 2 Crores
20% of total cost of the repairs
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)
MORATORIUM PERIOD
Moratorium period of up to 36 months.
RATE OF INTEREST AND PROCESSING CHARGES
Please click here to know our latest interest rates
No processing charges (offer valid till 31/03/2017)
Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.
REPAYMENT
Repayment period of up to 30 years
10 years in case of repairs
Flexible methods of repayment
PREPAYMENT PENALTY
Floating rate loans
There is no prepayment penalty if loan is prepaid from own verifiable sources or taken over by other banks/FIs.
Fixed rate loans
There is no prepayment penalty if loan is prepaid from own verifiable sources.
A take-over penalty of 2% is charged on 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 lumpsum from any third party/source (except genuine sale)
GUARANTEE
Third party guarantee is not mandatory for Resident Indian
One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the NRI applicant
INSURANCE
Property insurance is compulsory to the tune of the value of the property
DETAILS OF RECENT BUILDERS TIE-UPS
**Conditions apply. For further details, please visit our nearest branch.
For more details click here or visit www.unionbankofindia.co.in
FROM UNION BANK OF INDIA FOR INDIAN CITIZENS INCLUDING NRI
PURPOSE OF LOAN:
Purchase/ construction of house/ flat
Purchase of plot and construction of house thereon**
Repairs/ improvements/ extension of the existing residential property.
Take-over of housing loan availed from another bank / FI
ELIGIBILITY FOR LOAN:
Indian citizen above 21 years
Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants.
Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.
NRIs are also eligible for the home loan. Contact our nearest branch for further details.
QUANTUM OF LOAN
Depending on repayment capacity of the borrower and value of property
Maximum Rs. 30 Lakhs for Repairs.
MARGIN, I.E. YOUR SHARE:
20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 75 Lakhs
25% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 75 lakhs to Rs. 2 Crores
35% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 2 Crores
20% of total cost of the repairs
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)
MORATORIUM PERIOD
Moratorium period of up to 36 months.
RATE OF INTEREST AND PROCESSING CHARGES
Please click here to know our latest interest rates
No processing charges (offer valid till 31/03/2017)
Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.
REPAYMENT
Repayment period of up to 30 years
10 years in case of repairs
Flexible methods of repayment
PREPAYMENT PENALTY
Floating rate loans
There is no prepayment penalty if loan is prepaid from own verifiable sources or taken over by other banks/FIs.
Fixed rate loans
There is no prepayment penalty if loan is prepaid from own verifiable sources.
A take-over penalty of 2% is charged on 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 lumpsum from any third party/source (except genuine sale)
GUARANTEE
Third party guarantee is not mandatory for Resident Indian
One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the NRI applicant
INSURANCE
Property insurance is compulsory to the tune of the value of the property
DETAILS OF RECENT BUILDERS TIE-UPS
**Conditions apply. For further details, please visit our nearest branch.
For more details click here or visit www.unionbankofindia.co.in