Union Awas

You can avail Union Awas a home loan scheme provided by Union Bank of India at interest rates ranging between 6.90% and 7.15% p.a. with repayment tenures of up to 30 years.

Eligibility criteria you will have to fulfil in order to avail the Union Awas home loan scheme

You will have to meet the following eligibility criteria in order to avail the Union Awas home loan scheme:

• You must be a resident of India.
• The minimum age of eligibility is 21 years.
• You must draw an income of Rs.48,000 p.a.
• Your co-applicant can be your parents, spouse, or your children who are drawing a regular income.
• If you hold a property where your brother or sister is a joint owner, then he/she can be a co-applicant.

Quantum of Loan

• If you are looking to avail the loan for the construction of your home or purchasing of the new home, then the maximum quantum of loan is Rs.7 lakh if you reside in a semi-urban area and Rs.5 lakh for rural area.
• If you are looking to repair your house, then the maximum quantum of loan is Rs.3 lakh if you reside in a semi-urban area and Rs.2 lakh for rural areas.

Repayment tenure:

• Repayment tenure of up to 30 years
• Repayment tenure of up to 10 years in case you have availed this home loan scheme for the repairing of your house.
• Flexible methods of repaying the loan amount

Documents required to be submitted

Given below is the list of documents you will have to submit in order to avail the Union Awas Home Loan from Union Bank of India:

• Identity proof such as your passport, Aadhaar Card, PAN Card, employee identity card, etc.
• Address proof such as your utility bills, ration card, passport, Aadhaar Card
• PAN Card
• Bank statement for the last one year
• Proof of income:
  • For salaried individual
    • Income Tax Returns for the last one year
    • Form 16 or the letter from the employer
    • Monthly salary slips for the last 6 months
  • For self-employed individual
    • Income Tax Returns for the last three years
    • Profit and Loss balance sheet
  • For agriculturists
    • Proof of land holding
    • Certificate of income from the Tehsildar or revenue officer
• Property papers such as title deed, allotment letter, advance money receipt, etc.
• 3 photographs
• Proof of out-goes such as loan repayment statement, LIC policies, valid proof of any other out-go, etc.
• Documents required as per the application form

How to apply for Union Awas home loan scheme?

Given below are the steps you will have to follow in order to avail the Union Awas Home Loan scheme:

• Visit the official website of Union Bank of India.
• Under the ‘Product’ section location under the menu section, select ‘Loans’. Under the ‘Loans’ section, click on ‘Retail’.
• You will be directed to a different page where you will have to select ‘Union Awas’. You will be led to a different page where on scrolling down you will come across ‘Application Form’. Click on ‘click here’ to fill the application form.
• Under ‘Apply Online’, click on Home Loan.
• Scroll down and under ‘Online Loan Application’ section click on ‘Apply Online’. You will be directed to a separate page.
• If you are a new user, then you will have to create a profile by clicking on ‘New. You will then have to enter the necessary details. Once those details have been entered and verified by the bank, you will be able to use your credentials to log in and apply for the loan. If you already have a profile, click on ‘Exisiting’ and enter your reference number and mobile number and click on ‘Submit’.
• Fill the application form. Get a printout and visit the nearest Union Bank of India branch and submit the form along with the necessary documents. The bank will verify the application form and the documents and if they are found to be correct, the loan amount will be disbursed to your bank account.

FAQs

1. Is there any prepayment penalty levied on my loan amount?

   There is no prepayment penalty levied on your loan amount if the loan is adjusted by you from your own verified legitimate sources. However, if your loan is taken over, then a prepayment penalty of 2% will be levied on the average balance preceding one year.

2. What are the securities I have to provide in order to avail the Union Awas home loan scheme?

   You will have to provide equitable mortgage of the residential property as your security. If the house has been proposed to be purchased, is under construction, or is yet to be constructed, then interim security might be required till the completion of the construction or the property is purchased officially.

3. Is it compulsory to avail insurance under Home Awas home loan scheme?

   Yes, it is compulsory to avail insurance to the tune of the loan amount availed by you.

4. Can I get a top-up on my exisiting home loan?

   Yes, you can get a top-up of up to 50% of the EMIs repaid subject to minimum of Rs. 50,000 and maximum up to Rs.5 Lakhs. This facility can be availed by you if you have an existing home loan scheme and have paid 24 EMIs in the existing home loan scheme.

5. Does Union Bank of India provide EMI calculator?

   Yes, Union Bank of India provides EMI calculator tool which is available on the official website of the bank. You can use the EMI calculator tool and enter the details such as your loan amount, repayment tenure, interest rate, etc. You will be then shown the EMI you will have to pay on a monthly basis depending on the details provided by you.