The Union Smart Save loan product allows you to make additional payments over your EMIs (equated monthly instalments) along with the option to withdraw the amount at any time in the future. The additional funds that you deposit will lower your outstanding principal amount and subsequently the interest as long as the additional amount remains in your account.
The final interest rate that you are offered on the Union Smart Save Loan is based on your loan amount and your CIBIL Score.
Union Bank offers floating interest rates on this loan pegged to Reserve Bank of India’s repo rate.
Here are the interest rates charged on this home loan product:
|Loan Amount||Interest Rate|
|TransUnion CIBIL Score (Above 700 )||TransUnion CIBIL Score (Below 700)|
|Up to Rs.30 lakh||7.05% to 7.15% p.a.||7.15% to 7.25% p.a.|
|Up to Rs.75 lakh||7.25% p.a.||7.35% p.a.|
|Above Rs.75 lakh||7.55% p.a.||7.65% p.a.|
Find below the features and benefits offered on this home loan product:
You need to meet certain criteria set by the bank to apply for this loan. They are as follows:
You need to provide the below-mentioned documents to the bank for hassle-free processing of your home loan application:
Mandatory documents to be provided by all applicants:
Identity proof documents (one of the following):
Address proof documents (one of the following):
Income documents for salaried individuals:
Income documents for business class individuals:
Income documents for Agriculturists:
Proof of out-goes:
Additional documents for NRIs:
The bank at its discretion can request for any other document.
Union Bank currently does not charge a processing fee on the Smart Save loan.
You will be required to pay the CERSAI charges, stamp duty charges, valuation fees, legal fees, and memorandum registration charges.
There will be no prepayment charges on floating rate home loans whether the prepayment occurs through own sources or from loan takeover from another bank/financial institution. In case of fixed rate home loans, 2% will be charged on the average outstanding balance of the last 12 months in case of loan takeover or lumpsum payment through any third-party source. However, no charges will be imposed in case the loan is settled through own sources.
You will have to contact your nearest Union Bank branch to apply for this loan.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.