Customers can take out a Personal Loan for Existing Housing Loan Borrowers to meet miscellaneous expenses related to their house, like insurance premium payments, furniture, house warming, interiors, etc.
Customers who wish to take out this loan will have to be either salaried individuals or non-salaried persons who have already taken out a home loan from Union Bank.
The maximum amount you can avail through this loan is 5% of the amount of your existing home loan, but not exceeding Rs.5 lacs.
The eligibility criteria for this loan are limited. Customers must be either salaried individuals or non-salaried persons and should have already taken out a housing loan from Union Bank.
Customers will be charged a floating rate of interest which includes the interest rate calculated by the bank plus a base rate of 9.65%.
The maximum repayment tenure for the Union Personal Loan for Existing Housing Loan Borrowers is five years.
In case the borrowers adjust the loan from their own certifiable legitimate sources, there will be no prepayment penalty. However, takeover fees of 2% on the average outstanding amount of the previous 12 months will be charged if the customer closes the loan or transfers it to another financial institution.