Union Bank of India Mortgage Loan

You can avail a mortgage loan from Union Bank of India at interest rates ranging between 10.20% and 11.05% p.a. for general applicants and 8.80 to 11.05% p.a. for Government employed applicants, and flexible repayment tenure. You can avail a mortgage loan from the Union Bank of India to meet the various personal expenses of yours.

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

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

• You must be a resident of India who owns a non-agriculture property or residence.
• The minimum age of eligibility is 18 years and the maximum age of eligibility is 70 years.
• You either as an applicant or a co-applicant should be filling income tax returns.
• 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.
• Non-Resident Indians (NRIs) are also eligible to apply for the mortgage loan scheme from Union Bank of India.

Quantum of Loan

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

Resident Indian	Agriculturist	NRI
Rs.10 Crore	Rs.1 Crore	Rs.5 Crore

Repayment tenure

The repayment tenure will be the lowest of one of the following:

• 12 years
• Residual period till you attain the age of 70 years
• If the residual age of your property is less than 5 years

Documents required to be submitted

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

• 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
• Title deed as property papers
• 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

Documents required to be submitted if you are an NRI

• Latest work permit
• Copy of your visa stamped on the passport
• Employment contract. If the contract is any other language other than English, then you will have to translate it to English and submit it to the bank. The translated contract must be attested by the Indian Embassy or the Employer

How to apply for Union Bank of India Mortgage Loan scheme?

Given below are the steps you will have to follow in order to avail the Union Bank of India Mortgage Loan Scheme:

• Visit the official website of Union Bank of India.
• Under the ‘Product’ section 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 ‘Mortgage Loan’ under ‘Loan Against Property’ section. 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.

You can also visit the nearest branch of Union Bank of India along with the necessary documents to apply for a mortgage loan. A representative of Union Bank of India will help you with the process of applying for a personal loan.

FAQs

1. What are the processing charges levied on the loan amount?

   The processing fee levied on the loan amount is 0.50% of the loan amount + GST.

2. 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 by any other lender, then a prepayment penalty of 2% will be charged on the average balance of the preceding one year.

3. How much time will it take for the lender to approve my mortgage loan?

   It will take the lender up to 7 days to approve your mortgage loan.

4. How can I repay my mortgage loan?

   You can repay the mortgage loan through the following ways:

   • You can pay your EMIs through a standing instruction to the Union Bank of India. The EMI payable is auto debited from your bank account on the date on which the EMI is supposed to be paid.
   • You can pay your EMIs through the internet banking facility offered by Union Bank of India.
   • Through ECS facility.
   • Through postdated cheques.