Union Top-Up Loan
The Union Top-Up Loan is an additional loan offered by Union Bank to existing home loan borrowers who have repaid a minimum of 24 EMIs. The loan amount can be used to meet any home-related expenses such as renovations, repairs, furnishing, etc.
Union Top-Up Loan Interest Rates
The bank charges floating interest rates on the Union Top-Up Loan. The floating rates are pegged to Union Bank's 1-year MCLR or Marginal Cost of funds-based Lending Rate. The present 1-year MCLR stands at 8.55%.
The final interest rate you are offered will be based on your loan amount. Find below the interest rates charged on this top-up loan:
Loan Amount | Interest Rate |
Up to Rs.30 lakh | 9.70% p.a. |
Above Rs.30 lakh | 9.95% p.a. |
Features and Benefits
Here are features and benefits of this home loan:
- The minimum additional loan amount offered under the Top-Up Loan is Rs.50,000 and the maximum loan amount will depend on your repayment capability.
- The proposed loan amount and the Union Home Loan amount together cannot exceed the original home loan limit.
- The equitable mortgage on your current home loan will be extended to the Top-Up loan as well.
- The processing fee charged on this loan will be 0.50% of the loan amount.
- The repayment period offered under this home loan scheme is up to 5 years or the remaining tenure of your existing home loan, whichever will occur earlier.
The Union Top-Up Loan cannot be used for any purpose. It must be related to your home expenses. If you wish to know more details about this loan and ways you can use the loan amount, you can contact Union Bank.
Karishma VP has over a decade of experience in content writing which includes over five years specializing in personal finance. Her career in BankBazaar has given her the opportunity to write on a wide variety of financial products ranging from credit cards and home loans to insurance policies and government schemes. She believes that an understanding of personal finance is an important step to leading an independent, empowered life. This has led to her being passionate about learning more about the BFSI sector and writing about personal finance as clearly, concisely, and accurately as possible to make it accessible to a larger audience through BankBazaar.
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