Union Bank of India Mortgage Plus

If you have already availed a home loan from Union Bank of India, you can avail the Mortgage Plus scheme in order to meet your personal or business needs or repay your existing loans. The rate of interest charged will be 1% above the rate of interest of home loan account against which the Mortgage Pus scheme is extended without taking into consideration the factoring concession.

Eligibility criteria you will have to fulfil in order to avail the Union Bank of India Mortgage Plus Loan scheme

You will have to meet the following eligibility criteria in order to avail the Union Bank of India Mortgage Plus Loan scheme:

• You must have an existing home loan scheme in your name.
• You must have availed your home loan from another lender.
• The minimum age of eligibility is 21 years and maximum age of eligibility is 70 years.
• The maximum age and repayment tenure will be applicable with respect to the applicant whose income is being considered for the repayment of loan.
• 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.
• If the property has multiple owners, then the co-owners will have to be the co-applicant.

Quantum of Loan

• Minimum quantum of loan: Rs.1 lakh
• Maximum quantum of loan: Rs.5 lakh

Repayment tenure

• The repayment period of the loan will be residual
• No moratorium period permitted

How to apply for a Union Bank of India Mortgage Plus scheme?

You will have to visit the nearest branch of Union Bank of India in order to avail this scheme for yourself. You must note that you must have already availed a home loan scheme from another bank and hence you must carry the required documents along with you in order to avail this loan. Once you submit the necessary documents, a representative from the bank will help you with the process of availing this mortgage loan scheme.

FAQs

1. What is the processing fee payable for the Mortgage Plus loan scheme?

   The processing fee charged is 0.50% of the loan amount + GST

2. What is the prepayment penalty for the Mortgage Plus scheme?

   There is no prepayment penalty if you are able to pay the loan back from your verifiable legitimate sources. However, if your loan is taken over by any other lender, then a prepayment penalty of 2% will be charged on the average balance of the preceding 12 months if the loan is taken over by any other lender.

3. What is the security I will have to provide in order to avail this loan scheme?

   The security you will have to provide in order to avail this loan scheme are:

   • Extension of mortgage of home loan
   • The residual age of the property must be 5 years or more than the repayment tenure
4. Can I avail insurance on availing the Mortgage Plus loan scheme?

   Yes, you can avail insurance on availing the Mortgage Plus loan scheme. You must ensure that you have insured your property with the insurance amount not less than the total value of the property.

5. I have some queries regarding the Mortgage Plus loan scheme. How can I get in touch with a Union Bank of India representative?

   You can get in touch with a Union Bank of India representative by calling the toll-free number 1800- 2222-44/1800-208-2244 or on the number 080-61817110 which is chargeable. If you are a Non-Resident Indian (NRI) then you can call on the number +918061817110. A Union Bank of India customer care executive will get in touch with you and will help you with your query.