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    UBI Home Loan Eligibility

    Union Bank of India is one of the biggest government-owned banks. UBI has over 4214 branches across pan India. With headquarter in Mumbai, UBI was established in 1919. The bank offers various types of banking services to individuals and businesses across India.

    The bank offers home loans for the following types of applications:

    • Buying a house or flat
    • Constructing a house or flat
    • Buying a plot to construct a house or flat later
    • For repairs, renovations, adding an extension to the existing property, etc.
    • Balance transfer or take-over of housing loan that was taken from another bank

    Home Loan Eligibility Criteria

    UBI accepts home loan applications from Indian citizens and NRIs who are at least minimum of 21 years of age. The applicant needs to have a regular income or the applicant can opt for a joint application by showing the income of their spouse. Close family members such as father, mother, spouse, son, or daughter, are eligible to be a co-applicant.

    Depending on the value of the property and the applicant’s repayment capability, the bank will determine whether a loan can be provided to the applicant.

    The bank provide loans for repayment up to a maximum of 30 years. If the loan application is for repairs or renovation, the loan will be provided for repayment up to a maximum of 10 years. The borrower can take advantage of the flexible repayment methods the bank has to offer.

    Documents required for UBI Home Loan Application

    The applicant is required to furnish the completed application forms with the following documents:

    • Proof of Identity (PoI)
    • Proof of Address (PoA)
    • Copy of PAN Card
    • Bank statement for last 12 months
    • Proof of income for salaried applicants:
      • Last one year ITR
      • Form-16/ letter from Employer
      • Last 6 months salary slip
    • Proof of income for self-employed and business applicants:
      • Last three years ITR
      • P and L Balance sheet
    • Proof of income for agriculturists:
      • Income certificate from concerned revenue officer (Tahsildar)
      • Proof of land holding
    • Property papers (allotment letter, title deed, etc.)
    • 3 photographs, and other details applicable for salaried and self-employed applicants

    Home Loan EMI Calculator

    The applicant can make use of the Home Loan EMI calculator available on the bank’s website to determine their EMI based on several factors. By providing details such as total loan amount, interest rate (per annum), and loan tenure in months, you can see the approximate amount you will be repaying as EMIs.

    UBI will go through various parameters and factors to determine your eligibility for a home loan. Factors such as monthly age, income, qualifications, assets and liabilities of the borrower, joint application by co-applicants, etc. will be reviewed by the bank to determine the eligibility.

    Credit score

    Credit Score is an important aspect that can turn to be the deciding factors for the bank to decide whether the loan application can be approved or not. The Credit Score indicates your financial credibility based on your credit/loan history. Based on the history of repayments, late payments, secured and/or unsecured loan, and various other details related to credit and loan history, the Credit Score is generated. The Credit Score helps the banks in avoiding defaulters and check their repayment capability.

    The bank charges 0.50% as the processing fee for loan amount for a maximum of Rs.15,000 + GST as applicable. If needed, the bank can provide a top-up loan for the existing home loan borrowers. The bank takes about five working days to sanction the loan applications upon receiving all required documents from the applicant.

    UBI’s Approved Housing projects

    The bank also offers a list of pre-approved housing projects across India. You can visit the bank’s website to view the entire list of properties that are eligible for a pre-approved home loan. The pre-approved housing projects can help you save a significant amount of time that applicants waste by waiting for the loan application to get approved. At times, the loan application gets rejected and you end of realizing that you have wasted a lot of time. The pre-approved housing projects will help you avoid a situation like that since the listed properties are already approved for a loan. For pre-approved housing project, the bank will carry out an in-depth check on the property to assess the builder’s or developer’s track record, turnaround time for completing projects, and various other factors to determine whether the property will qualify for a pre-approved loan or not. Here, the borrower can obtain the list of properties, choose a property that suits the requirements, and contact the branch for a quick pre-approved loan. The bank will still look into your qualifications, total income, credit score and other details to approve or reject the application.

    How to contact Union Bank of India

    You can visit the nearest UBI Branch to obtain more details on home loans. The branch will also guide you through the entire process of loan application and help you submit the application at the branch itself. You can also visit the bank’s website to fill in your details so a representative from the UBI Home Loan team can get in touch with you.

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