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  • Union Bank of India Reverse Mortgage Loan is Rated as "Blown Away!" by 12 Users

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    Union Bank of India Reverse Mortgage Loan

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    UBI Reverse Mortgage Loan

    Union Bank of India was established in the year 1919 to offer the best banking facilities to their customers. The bank offers a wide range of products to their customers. The bank has its presence all over India and a large clientele of over 5.7 crores.

    Reverse mortgage loan is one such product that they provide to their customers that allows them to take loan to meet your financial requirements for business or personal purpose. People in India first try to ensure their security and the first thing they do is buy themselves a property to safeguard them against all the financial difficulties that they might face in the future. Having a property will also allow you to take mortgage against the property and make the most of the idle property.

    Purpose of Union Bank of India Reverse Mortgage Loan

    Union Bank of India offers reverse mortgage loan provide a source of income on a regular basis to the senior citizens in the form of monthly pay-outs. Lump sum pay-outs are made for the medical purposes as well.

    Eligibility Criteria for Union Bank of India Reverse Mortgage Loan

    Individuals who wish to obtain a Union Bank of India Reverse Mortgage Loan need to satisfy the following criteria:

    • The borrower must be an Indian citizen over the ages of 60 years.
    • The applicant must own self-acquired and self-occupied residential property in India.
    • Individual can apply either as a single individual or jointly with the spouse that is if the spouse is older than 55 years. The spouse can be the co-applicant for the loan.
    • The residential property must be the applicant’s permanent primary residence.
    • The property must be self-acquired and self-owned.
    • The borrower must inform the bank when they are changing their permanent residence.

    Note: The criteria is subject to change at the sole discretion of Union Bank of India.

    Documents Required for Union Bank of India Reverse Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Application form duly filled.
    • Proof of identity that can be either passport, PAN card, employee identity card or other valid proof.
    • Address proof that can be either electricity bill, telephone bill, ration card or other valid proof.
    • PAN card copy.
    • Property papers that is the ownership proof and title deed.
    • 3 passport sized photographs.
    • Any other required documents as expressed in the application form must be submitted.

    Features and Benefits of Union Bank of India Reverse Mortgage Loan

    Some of the salient features and benefits of Union Bank of India Reverse Mortgage loan are:

    • The loan is easy to avail and requires minimum documentation and is processed very quickly.
    • Competitive interest rate is offered by Union Bank of India.
    • The idle property can be used to avail funds.
    • The minimum loan amount offered is Rs.1 lakh.
    • The maximum loan amount offered is Rs.100 lakhs subject to 90% of the market value of the property.
    • Margin for a metro area is 10%, for urban area it is 20% and for other areas it is 30%.
    • The minimum loan tenure is 15 years and maximum is 20 years if the borrower is between the ages of 60 - 65.
    • If the borrower is above 65 years, then the minimum loan tenure is 10 years, the maximum loan tenure is 20 years.
    • Prepayment penalty is not charged if the loan is adjusted with funds from legitimate sources.
    • A penalty of 2% is charged on the balance on the preceding 12 months in the event the loan is taken by any other bank or if it is adjusted but the borrower in lump sum from any third party source.
    • The equitable mortgage of the residential or commercial property that is in the name of the borrower has to be provided as security.
    • Property insurance must be taken towards the value of the property.
    • You need to open an account with Union Bank of India to avail and service the reverse mortgage loan.

    Union Bank of India Reverse Mortgage Loan Interest Rate

    Union Bank of India charges an attractive interest on their reverse mortgage loan. The bank ensures that repaying the loan doesn’t become an additional financial burden on the borrower. The interest rate offered is 12.15% per annum. The rate of interest is fixed and it is reset every five years.

    Note – Interest rates charged by Union Bank of Indiaare at their sole discretion and are subject to change without prior intimation.

    Union Bank of India Reverse Mortgage Loan Reviews

    • Union Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I finally took the personal loan from Union bank of India. I went ahead with the bank because I got a better offer on the interest rate and the charges are normal. The process to get the loan is also great and the documentation is normal and the disbursement was as expected.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 27, 2017
    • Union Bank of India Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The response is really good with Union Bank of India. They have disbursed my personal loan within 10 days of time . They have offered me Rs.9,50,000 as a personal loan, the required loan amount has been given. The rate of interest is nominal. I got the loan for 10.65% interest rate which came under Pradhana manthiri budhi yojana. I am happy about the loan amount.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 10, 2017
    • Union Bank of India Personal Loan
      "Easy and quick loan experience "
      0.5 5.0/5 "Blown Away!"
      The rates and the calculation of interest is the speciality of this personal loan. The documentation is minimal and most details are with them since I am a staff account holder for about 5.5 years. The loan processing including the disbursal took place in a week. I have availed a personal loan from Union Bank of India which is calculated at 8% interest rate on simple interest basis.
      Was this review helpful? 3
      , kolkata
      Reviewed on May 23, 2016
    • Union Bank of India Personal Loan
      "great bank for loan facilites "
      0.5 5.0/5 "Blown Away!"
      I feel its an awesome service provided by Union bank related to the personal loan application.I like each and every step about the loan process.One of my friend who work their have assisted me very well.Union Bank service is good.They understand the customer very well and the behavior is awesome.
      Was this review helpful? 1
      , ranchi
      Reviewed on May 03, 2016
    • Union Bank of India Personal Loan
      "Need more flexible options..."
      0.5 4.0/5 "Great!"
      Last year I have taken my personal loan from Union bank of India. Their process was very fast I got my loan amount within 1 or 2 days. They offered good interest. Best thing they allow us to make a part payment. Processing charges are higher my suggestion is, it should be reduce.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 03, 2016
    • Union Bank of India Personal Loan
      "Need to speed up their service..."
      0.5 3.0/5 "Satisfactory"
      Interest part was similar in Union bank of India. I have taken the Personal loan from them. Documentary part was too lengthy. HDFC Bank was better compare to Union bank of India. Even the processing charges also higher side. Over all its fine.
      Was this review helpful? 7
      , varanasi
      Reviewed on Nov 07, 2015
    • Union Bank of India Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      The rate of interest for the car loan with the Union Bank of India is around 10.1%. There was some of the hundred Rupees as the processing charges. Loan amount disbursed within a week of time and it got happens before 3 to 4 days of time. There was no foreclosure charges like I can settle the loan after the first EMI.
      Was this review helpful? 3
      , pune
      Reviewed on Nov 02, 2015
    • Union Bank of India Personal Loan
      "Perfect bank for a corporate account holders "
      0.5 5.0/5 "Blown Away!"
      Since I a corporate account holder with UNION BANK OF INDIA took my personal loan from them. Recently I have taken this loan because they have offered me12.90% rate of interest with zero processing fees. My home branch is located in my native place.
      Was this review helpful? 1
      , jodhpur
      Reviewed on Oct 24, 2015
    • Union Bank of India Personal Loan
      "Union bank personal loan review"
      0.5 5.0/5 "Blown Away!"
      Based on my salary account UNION Bank of India , they have provided a personal loan to me.The interest rate offered by them was very less and also they managed to offer loan at a reduced interest rate. They did not ask for documentation fee and there was no verification for the same and they took around 2 days of time to provide the loan.
      Was this review helpful? 5
      , ernakulam
      Reviewed on Aug 22, 2015
    • Union Bank of India Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      The loan experience was really good because I have my salary account with Union Bank of India.The customer service provided was really good and the loan amount disbursed within 7-10days and I didn't face any issue with the bank.I will surely recommend this bank for the loan process.
      Was this review helpful? 6
      , kolkata
      Reviewed on Jun 19, 2015
    • Union Bank of India Personal Loan
      "Really happy"
      0.5 4.0/5 "Great!"
      I am happy that Union Bank of India was ready to offer me the loan when I was in need of that. I hold a savings account with them, apart from that I also hold a fixed deposit with them worth rs 2 lakh based on that I guess, they have offered me a loan of one lakh immediately. Response is very good and they took around a week time to provide this loan.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Apr 30, 2015
    • Union Bank of India Personal Loan
      "Outstanding"
      0.5 5.0/5 "Blown Away!"
      It was very easy for me to avail a personal loan from Union bank of India last month as I am an employee of the bank. They offered me a very good rate of interest around 10.25%. I was supposed to be taking the loan from another but I changed my mind and decided to avail the loan from UBI at the last moment. The documentation was very minimal and they disbursed my loan of rs5 lakhs in just 2 days of time. It was an excellent experience to me.
      Was this review helpful? 17
      , indore
      Reviewed on Nov 04, 2014
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