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%.
You will have to meet the following eligibility criteria in order to avail the Union Bank of India Reverse Mortgage Loan scheme:
Quantum of Loan
The repayment tenures for this scheme are given below:
Given below is the list of documents you will have to submit in order to avail the Union Bank of India Reverse Mortgage Loan:
Given below are the steps you will have to follow in order to avail the Union Bank of India Reverse Mortgage Loan Scheme:
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.
The home loan scheme levied under this scheme is 0.50% of the loan amount subject to a maximum of Rs.1,000 + GST.
Yes, you will have to open a bank account with Union Bank of India in order to avail this loan scheme.
It will take up to 7 business days for the loan to get approved.
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.
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