Union Reverse Mortgage

Union Reverse Mortgage is a home loan scheme provided by Union Bank of India bank. It acts as a source of income for senior citizens as it pays either a monthly sum of money or a combination of monthly payout and a lump-sum amount (for medical purposes), so that the person can take care of their personal needs.

You can avail this loan scheme if you meet the eligibility criteria at a rate of interest fixed at 12.15%.

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

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

• You must be a citizen of India and above the 60 years of age.
• You must own either a self-acquired or a self-occupied property in India.
• You can apply for this loan scheme either individually or jointly with your spouse. In case you are applying for this scheme jointly, then the age of the spouse should not be more than 55 years. The number of spouses at the time of sanctioning of the loan should not be more than one.

Residential Property

• The property against which you wish to avail the home loan scheme should belong to you.
• The property can either be self-acquired or self-occupied by you.
• You will have to inform the bank if you cease to use the property for yourself.

Quantum of Loan

• Minimum quantum of loan: Rs.1 lakh
• Maximum quantum of loan: Up to Rs.1 crore inclusive of interest and subject to a maximum of 90% of the total market value of the property.

Repayment Tenure

The repayment tenures for this scheme are given below:

• If your age is between 60 years and 65 years, then the minimum repayment tenure will be 15 years and the maximum repayment tenure being 20 years.
• If your age is above 65 years, then the minimum repayment tenure will be 10 years and the maximum repayment tenure being 20 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 Reverse 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
• 3 photographs
• Property papers such as the title deed and proof of ownership confirming that you are the owner/co-owner of the property against which you wish to avail the home loan scheme.
• Documents required as per the application form

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

Given below are the steps you will have to follow in order to avail the Union Bank of India Reverse 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’. A new page will appear.
• 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 ‘Existing’ and enter your reference number and mobile number and click on ‘Submit’.
• You will have to fill the application form and get a printout for the same. Visit the Union Bank of India branch nearest to you 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 apply for this scheme offline by visiting the nearest branch of Union Bank of India. You will have to carry the necessary documents along with you. Once you submit the documents, a representative from the bank will assist you with the process of applying for the Reverse Mortgage Loan.

FAQs

1. What is the processing fee levied under this home loan scheme?

   The home loan scheme levied under this scheme is 0.50% of the loan amount subject to a maximum of Rs.1,000 + GST.

2. Do I need to open a bank account with Union Bank of India in order to avail this loan scheme?

   Yes, you will have to open a bank account with Union Bank of India in order to avail this loan scheme.

3. How much time will it take for the loan to get approved?

   It will take up to 7 business days for the loan to get approved.

4. What is the security or collateral I will have to provide in order to avail this home loan from Union Bank of India?

   You will have to provide the Equitable Mortgage (EM) of the residential property as the security or the collateral in order to avail this home loan scheme from Union Bank of India.