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  • Union Bank Home Loan is Rated as "Pretty good" by 139 Users

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    Promised Interest Rate

    Customer Service

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    Home Loan BYTES FROM OUR KITCHEN
    rated 3.5/5.0 by 139 users

    Union Bank Home Loan

    Union Bank of India (UBI) is one of the largest government-owned banks of India (the government owns 60.13% of its share capital) founded in Mumbai . The Bank now operates through over 4000+ branches across the country.The Bank has a large clientele base of over 49 million. All the bank's branches have been networked with its 6591 ATM's. UBI offer loans with different product like Home Loan , Personal Loan, Education Loan, Loans for Pensioners, Loan for Senior Citizen.


     

    You’re probably eligible for an Union Bank Home Loan if you are

    01
    02
    03
    04
    Union Bank Home Loan Minimum Age

    At least 21 years old

     Union Bank Home Loan Maximum Age

    Less than 65 years old

    Union Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Union Bank Home Loan Minimum Income

    Eligibility based on your
    repayment capacity


     

    Your Union Bank Home Loan amount eligibility is based on these factors

    01
    02
    03
    Union Bank Home Loan Minimum Salary

    EMI limited to about 60-75%
    of monthly income

    Union Bank Home Loan Maximum Loan to property value

    Loan capped @ 80%
    of property value

    Union Bank Home Loan EMI

    EMI's of other loans lower
    your eligibility


     

    Increase your eligible Union Bank Home Loan amount by these steps

    01
    02
    03
    Union Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Union Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Union Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Union Bank Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee cheque
    • 4. Last 6 months bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 months salary-slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Education qualification certificate & proof of business existence
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

     

    Union Bank Home Loan Interest RatesUpdated on 22 Oct 2017

    Union Bank Home Loan Details
    Interest Rate 8.30% to 8.35%
    Processing Fees 0.50% of the LA subject to maximum of Rs. 15,000 + ST
    Loan Tenure 30 years
    Pre-closure Charges Nil
    Guarantor Requirement No guarantor Required

     

    Union Bank of India Home Loan

    Home loans- simple words that define the themes of financial independence and ‘growing-up’ for many of us. Today, owning a house of your own isn’t just a statement that you have arrived, financially, but also is a prerequisite for modern living and a sensible option in these times of rising real estate/boarding costs and inflation. Many banks count their home loan products as central pillars in their assortment of offerings- Union Bank Home Loan is no different, though the service offered, the facilities promoted and the enduring faith and loyalty exhibited by its patrons, sets it apart from its immediate competition.

    Perfect Home Loan Deals for you

    Home Loans from Union Bank of India (UBI) :

    Founded on 11th November 1919 in the erstwhile Bombay, Union Bank had the distinction of its HQ being inaugurated by Mahatma Gandhi himself in the year 1921. Today, the bank boasts of 4000+ branches and a customer base exceeding 49 million across the country, and has consistently been a profitable venture throughout its glorious 95+ year history. Union Bank plays a very hands-on role in the development of India, extending credit to the varied sectors of the Indian economy- exports, industries, trading, infrastructure, agriculture etc.

    Union Bank Home Loans have always been a favored commodity. A versatile resource, this loan can be used to purchase or construct a house or flat, buy a plot of land for future construction of the house, an assortment of repairs or extensions to an existing residential property or to take over a housing loan that was availed from another bank. Combine this with easy documentation, a customer centric approach, competitive interest rates and a widely responsive network to complete the picture.

    Features of the Union Bank Home Loan:

    A comprehensive bag of benefits await a prospective applicant. The Union Bank Home Loan boasts of the following features-

    1. Disbursable Loan Amount- depends on the value of the property and the repayment capacity of the borrower. For repairs of an existing property, up to Rs.30 lakhs will be sanctioned.

    2. Loan Repayment- The Union Bank Home Loan employs flexible repayment options including a tenure of up to 30 years. Loans taken for repair of existing property must be repaid in 10 years.

    3. Applicable Guarantee- for Indian citizens, third party guarantee isn’t mandatory. However, NRI applicants must produce one/two guarantors of Indian origin, whose individual means must equal the prospective loan amount.

    4. Applicable Security- Equitable mortgage (E.M.) of the residential property and if the intended property/house is still under construction or construction is yet to begin, then an interim security might be required.

    5. What’s your down-payment?
      • Property costs upto Rs.75 lakhs- 20% of total cost.
      • Property costs upto Rs.75 lakhs to Rs.2 crores- 25% of total cost.
      • Property costs above Rs.2 crores- 35% of total cost.
      • Loan sought for repair of existing property- 20% of the total cost of repairs.
    6. Moratorium Duration- Up to 18 months.
    7. Insurance- Compulsory property insurance for the value of the property.
    8. Prepayment Penalty-
      • Floating rate loans- No prepayment penalty.

      • Fixed rate loans- No prepayment penalty. However, if loan is transferred to another bank/ adjusted against a lump-sum from any thirty party, 2% on the average outstanding balance of the previous 12 months is charged.

    Union Bank Of India UBI MCLR Rates :

    The Union Bank of India (UBI) has set its MCLR rates for the year 2017 as follows. These rates are effective from January 1st 2017.

    LOAN TENOR MCLR (%)
    Overnight MCLR 8.15%
    One month MCLR 8.35%
    Three month MCLR 8.40%
    Six month MCLR 8.50%
    One year MCLR 8.40%
    Two year MCLR 8.70%
    Three year MCLR 8.75%

    Eligibility Criteria for the Union Bank Home Loan:

    • The applicant must be an Indian citizen, aged above 21 years.
    • The loan can be applied for individually or with co-applicants. The latter could be your family members who have a regular source of income.
    • The Union Bank Home Loans are also available to NRIs, however, additional requirements might be sought from them.

    New Union Bank of India (UBI) Home Loan Interest Rate:

    Time Period Revised Interest Rate (%) < 1 CR
    7 day – 14 day 5.00%
    15 day – 30 day 5.00%
    31 day – 45 day 5.00%
    46 day – 90 day 5.50%
    91 day- 120 day 6.25%
    121 day to - 179 days 6.25%
    180 days 7.00%
    181 day to <1 Year 7.05%
    1 year 7.25%
    >1 Year - 3 Year 7.25%
    >3 year - 5 Year 7.25%
    >5 year - 10 Year 7.25%

    Union Bank Home Loan FAQ

    1. Who can sign on as co-applicants for my home loan?

      The co-applicants could include your family members, including parents, spouse, son/daughter who have a regular source of income. Including co-applicants enhances your loan amount and capacity to repay the same.

    2. What is the applicable processing charge on my Union Bank Home Loan?

      The processing charge is 0.50% of the loan amount. This applies to a maximum of Rs.15000 along with any applicable GST.

    3. What are the various modes of repayment?
      • Standing instruction to your Union Bank savings account to deduct EMI amount in favour of the loan account.
      • Net Banking- As available with your Union Bank of India savings account.
      • Electronic Clearing Service (ECS) facility.
      • Post Dated Cheques (PDCs)
    4. How long does it take from application to approval of the loan?

      If all the submitted documents are in order, your home loan will be approved in just 5 working days.

    5. In order to avail a Union Bank home loan, must I open an account with the Union Bank of India?

      It’s not mandatory but it is recommended as you can then avail other value added services as offered by the bank in conjuncture with the loan. For NRIs however, opening an NRE account with the Union Bank is mandatory.

    6. Do I get any tax breaks as a recipient of this home loan?

      As per the Income Tax Act, 1961, tax benefits apply on both the principal and interest applicable as per the home loan. As much as Rs.2, 00,000 can be claimed with regards to the total interest paid and a deduction of up to Rs.1, 50,000 is applicable on the principal repayment, as part of the gross total income, subject to the appeasement of certain set conditions.

    News about Union Bank Home Loan

    • Loan Recovery Done Using In-House App by UBI

      Union Bank of India or UBI is one of the largest banks in India. The bank has launched an app recently to help them in the process of loan recovery. This app will help the bank’s loan recovery team to track the customers who have taken loans from Union Bank of India and stand at a position where they can become defaulters. This will ensure that the loan amount never turns into a non-performing asset.

      This app will help Union Bank of India with the recovery of loans up to an amount of Rs.5 crore. DART will help in the recovery of the mid-sized loans. These loan generally amount to Rs.50 crore or more. The bank’s aim is to recover an amount of Rs.4,000 crore by the end of this fiscal year.

      4th September 2017

    Union Bank Home Loan Reviews

    • Union Bank of India Home Loan
      "Good home loan"
      0.5 4.0/5 "Great!"
      Expect for the statements UNION Bank of India is doing good when it comes to housing loan. The process was a bit lengthy ultimately I had taken loan from Union bank of INDIA. Interest rate is good when compared to others in the market. It is a sole account not a joint home loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 26, 2017
    • Union Bank of India Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I availed home loan from Union bank. The rate of interest is 9.8% and I almost done with the loan. I had paid till eleven lakhs still have to pay the balance amount. The services are good with Union bank for the home loan and their customer support is fine.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 06, 2017
    • Union Bank of India Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Union bank of India is really good, their service is also excellent. I had taken the housing loan during the year 2012, at the time they charged me 10.5% of interest rate on home loan. My loan amount is Rs.10 lakhs for the tenure of ten years. I am very much fine with their service completely.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 15, 2017
    • Union Bank of India Home Loan
      "Smooth services"
      0.5 4.0/5 "Great!"
      I had availed my home loan from Union Bank of India. It was a nice experience and I had no struggles in getting my loan through. The documentation part was normal and the disbursement also happened on time as well. The rate of interest and processing charges were very much minimal too.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on May 06, 2017
    • Union Bank of India Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Four years ago, I had taken a home loan from Union Bank of India. At that time, the interest rate was 10.50% I believe this is very much nominal. Also the loan process went smooth without any hassles. Even there was no challenge in documentation process too.
      Was this review helpful? 0
      , nanded
      Reviewed on Apr 21, 2017
    • Union Bank of India Home Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      My home loan is with Union Bank of India. The services and response has been good from the on start of my process and even after the loan has been disbursed. I had no issues in paying my EMI as it is deducted on time. I am also happy now that the rate of interest has reduced to 9.85% from around 12%.
      Was this review helpful? 1
      , kochi
      Reviewed on Mar 20, 2017
    • Union Bank of India Home Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      They are very good in the service provided related to the home loan process related to the Union Bank of India They require very simple documents and the process was convenient also. I got the loan on timely basis and they were able to assist the customer in a good manner. Loan amount is for ten laks and I have completed 4 years now with EMI of 12700 rest six years to go.
      Was this review helpful? 3
      , vijayawada
      Reviewed on Mar 19, 2017
    • Union Bank of India Home Loan
      "Okay "
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the Union bank of India and their interest rate is around 9.3% as base. Customer service is fine with them and they are friendly. Processing charges are also good one with them and it took around a month of time for the loan amount to be disbursed.
      Was this review helpful? 1
      , new delhi
      Reviewed on Mar 11, 2017
    • Union Bank of India Home Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Union bank is not good in providing customer support offered to the customer for a home loan.Their rates are not put in a understanding manner and they are not transparent to the customer.I do have few friends in the branch and that was the only reason for visiting the branch still.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 22, 2016
    • Union Bank of India Home Loan
      "Great"
      0.5 4.0/5 "Great!"
      It was purely because the organization which I am working has a tie up with the Union Bank of India I decided to go with them for my home loan process. Being the value customer of the bank would respond me on perfect time. Since it was a home loan it took a while to verify the documents and to disburse the loan, which was good in one way.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 03, 2016
    • Union Bank of India Home Loan
      "Easy to get loan"
      0.5 5.0/5 "Blown Away!"
      They are very good in the service provided related to the home loan process related to the Union Bank of India.The interest rate applied for the loan was good for the home loan process.They require very simple documents and the process was convenient also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 19, 2016
    • Union Bank of India Home Loan
      "Excellent !!!!"
      0.5 5.0/5 "Blown Away!"
      Union bank of India were ready to disburse the home loan within one week but i did not finalize the property on time so the disbursement took delay. Interest rate charged was 9.65% and the processing fee was waived off.Paper works were decent . Good customer service was given by the bank.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Mar 17, 2016
    • Union Bank of India Home Loan
      "Excellent..."
      0.5 4.0/5 "Great!"
      At the Union Bank of India the evaluation value is 80% on the proper agreement value and balance 20% of contribution from the owner side. Amazing to have the home loan with this bank. The best part is floating rate and they automatically reduces the rate according to rules where at some private banks we need to fill an application. Interest rate is pretty decent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 10, 2016
    • Union Bank of India Home Loan
      "Excellent!"
      0.5 4.0/5 "Great!"
      Home loan process was excellent with Union Bank of India. They disbursed the loan amount in a weekâ??s time by collecting generic documents for the loan process. I submitted my employment details and land documents for the loan process. Adding to that, there is no processing fee charged for the loan process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 05, 2016
    • Union Bank of India Home Loan
      "Higher charges "
      0.5 2.0/5 "Expected more"
      The builder have tie up with union bank so I have taken loan with this bank.The service provided was very good with Union bank based on the application being submitted.They are taking around 1months time to process the loan.The interest rate applied was around 10%
      Was this review helpful? 4
      , hyderabad
      Reviewed on Dec 23, 2015
    • Union Bank of India Home Loan
      "High charges "
      0.5 5.0/5 "Blown Away!"
      The service provided by Union bank was really good based on the Home loan process.I got the loan on timely basis and they were able to assist the customer in a good manner.The private financial institute those who arrange home loan are not deducting any charges from the customer.The interest rate applied was reasonable rates
      Was this review helpful? 0
      , pune
      Reviewed on Dec 19, 2015
    • Union Bank of India Home Loan
      "Good services"
      0.5 4.0/5 "Great!"
      My home loan is from Union Bank of India. The services are good. I have taken this loan around eight years ago. Where I was not able to get a loan from a private bank. And there were offers only for 18Lakhs. But this bank provided me a 20 Lakh loan. They were very supportive. The rate of interest and charges is good. In case if I delay to make my payment. There are minimal charges
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 12, 2015
    • Union Bank of India Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan with union bank of India with the interest rate of 10.25% and they charged the normal processing fee. They took two week for the disbursement . Documentation was easy .
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 02, 2015
    • Union Bank of India Home Loan
      "Need to improve in maintaining customer ethics"
      0.5 2.0/5 "Expected more"
      I inquired for the housing loan with the Union Bank of India. I dont like the way how they approached me like they have contacted me after some delay and said me to finalize the property and come to the respective branch. Finally I went there but they are not recognizing me, like they are not having the proper follow up details.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 22, 2015
    • Union Bank of India Home Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I am not satisfied with the approach of the Union Bank of India while it comes to the aspects of documentation and the requirements gathering. They simply contacted me and just send the mail to me. I would like to suggest that they give the continuous follow up to the customer. Finally I have closed the housing loan application with them.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 22, 2015
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