Union Bank of India Home Loan

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Union Bank of India Home Loan

Union Bank of India Home Loan Key Features

Feature Value
Interest Rate 6.90% onwards
EMI / Lakh Rs. 662
Loan Tenure Up to 30 years
Loan Amount Percentage based on property value
Loan to Value Ratio Up to 90% of property value
Loan Available on the Following Types of Property
  • New flat
  • Ready to Move-in House
  •  Plot From MHADA, DDA, etc.
  • Home construction
  • Home extension
  • Home renovation
Special Offer for Women Interest rate concession of 0.05%
Processing Fee Up to 0.5% of loan amount excluding GST
Prepayment Charges No prepayment charges for floating rates
Part Payment Charges Nil
Guarantor Required Nil

Please Note: The above figures are only indicative and are subject to change without any prior notice.

Union Bank of India Home Loan Interest Rate

Union Bank of India Home Loan Schemes Interest Rate For Women Interest Rate for Others
Union Bank of India Home Loan 6.90% – 7.95% 7.00% – 8.00%
Union Bank of India Reach Loan 8.75% – 14.00% 8.75% – 14.00%
Plot Loan 7.05% – 8.05% 7.10% – 8.10%
Rural Housing Loan 6.90% – 8.70% 7.00% – 8.70%
Home Improvement Loan 6.90% – 7.95% 7.00% – 8.00%
Home Extension Loan 6.90% – 7.95% 7.00% – 8.00%
Home Loan Top Up As per home loan slabs As per home loan slabs
Home Loan Balance Transfer 6.90% onwards 6.90% onwards

Please Note: The above rates and values are floating in nature and are based on adjustable rates. These are subject to change at the time of loan disbursement.

Union Bank of India Home Loan Eligibility Criteria 

Salaried Individual:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.
  3. Must have working experience and a legitimate source of salary i.e working under the same employer for at least one year.

Self Employed Individual:

Applicants who are not professionally engaged in the working sector but have their own source of steady income are also eligible for the Union Bank of India Home Loan. This includes everybody who is a:

  • Traders
  • Commission agent
  • Contractors

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Self Employed Professionals:

Applicants who are professionally engaged in the working sector are also eligible for the Union Bank of India Home Loan. This includes everybody who is a:

  • Doctors
  • Lawyers
  • Charted Accountant
  • Architect
  • Consultant
  • Engineer
  • Company Secretary

The following criteria must be met to apply for a home loan:

  1. The applicant’s nationality should be Indian.
  2. The applicant must be between the age group of (Minimum) 18 years to (Maximum) 65 years.

Additional Criteria for Co-applicants:

  • Co-applicant must be a family member of the primary applicant.
  • All co-applicants are not required to be the co-owners of the property.

Please find more information on Eligibility by visiting Dialabank.

Union Bank of India Home Loan Documents Required

Salaried Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Latest Salary Slips from the last 3 months.
  • Latest Form-16 and IT returns
  • Employment Contract/Appointment Letter if the current employment is less than a year old.

Property Related Documents:

  • A cheque for processing fee favouring ‘Union Bank of India.’
  • Copy of the Buyer Agreement/Allotment Letter
  • Receipt/(s) of payment/(s) made to the developer

Self Employed Individual:

Valid ID and Residence Proof: A copy of Proof of Identity and Residence such as Aadhaar, PAN, Driving License, Passport, Voter ID, etc.

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Business Profile and Previous 3 years Income Tax returns (Both self and business)
  • Previous 3 years Profit/Loss Account and Balance Sheet.

Proof Of Business: 

  • Educational Qualifications Certificates
  • Business achievements (Certificate or awards if any)

Property Related Documents:

  • A cheque for processing fee favouring ‘Union Bank of India.’
  • Copy of the Buyer Agreement or Allotment Letter 
  • Receipt/(s) of payment/(s) made to the developer

Agriculturists:

KYC Proof – PAN Card (Mandatory) and any Driving License/Voter ID/Passport

Income Proof:

  • Bank Statements showing salary credits from the last 6 months.
  • Copies of title documents of agricultural Land showing crops being cultivated

Property Related Documents:

  • A cheque for processing fee favouring ‘Union Bank of India.’
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer

Additional requirements for Co-applicants:

Passport size photograph of all co-applicants to be affixed on the Application Form and signed across

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Common Documents for Salaried and Self-Employed

Terms 

Salaried

Self Employed

Application Form with photo and signed by Primary Borrower and Co-borrower(s)

Identity Proof of Primary Borrower and Co-borrower(s) – PAN Card (Mandatory)

Residential Address proof of Primary Borrower and Co-borrower(s) – Any one of passport, Aadhaar card, voter I card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. Bills and statements must not be more than 3 months old

Office address – ownership/ lease / rent agreement/ utility bill

 

Union Bank of India Home Loan Interest Rates & Offers 

UBI Home Loan Schemes

Interest Rates

Union Home

6.80% to 7.40% p.a.

Union Awas

6.80% to 7.40% p.a.

Union Smart Save

7.05% to 7.65% p.a.

Different Home Loan Schemes By Union Bank of India

Union Bank of India Home Loan – For Resident Indians

This type of loan is specifically for those individuals who are Indian residents and require funds to purchase a house or a plot for further construction.

Specific Information for Home Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Union Bank of India Home Loan for NRI/PIO – For NRIs and PIOs

This type of loan is available to those who are NRIs, PIO, and OCI. The loan helps the individual who is willing to:

  • Purchase a flat, row house, bungalow in India from private developers in approved projects.
  • Properties can be purchased from Development Authorities such as DDA, MHADA, etc.
  • Construct on a plot allotted by a Development Authority in India or a freehold/leasehold plot.
  • Properties can be purchased in an existing Co-operative Housing Society, Apartment Owners Association, Development Authorities settlements, or privately built-up homes.

Union Bank of India Plot Loans – For Buying a New Plot

This type of loan is specifically established for those individuals who are looking to purchase a new plot. This loan supports buying a new direct allotment plot or a plot from the resale.

Specific Information for Plot Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Union Bank of India Top Up Loans – For Union Bank of India Home Loan Borrowers

This scheme helps the borrowers to get additional funding over their already opted home loan. The funds from this scheme can be used for various personal and business purposes.

Specific Information for Top-Up Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate New Customer – 8.30% onwards

 

Existing Customer – As per Home Loan Slabs

Processing Fee  Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Union Bank of India Home Extension Loans – For Adding Space in Your Home

This type of loan is specifically for those individuals who want to extend or add space to their home property.

Specific Information for Home Extension Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 20 years

Union Bank of India Home Loan Balance Transfer – For All Home Loan Borrowers

Union Bank of India Home Loan Balance Transfer is available to those customers who are willing to lower their repayments.

Specific Information for Home Loan Balance Transfer Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to Rs. 50 Lakhs
Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 30 years

Union Bank of India Home Loans under Pradhan Mantri Awas Yojana

This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).

Specific Information for Home Loan Pradhan Mantri Awas Yojana Scheme
Eligible Profiles Available to EWS/LIG, MIG-I, and MIG -II
Loan Amount No Cap
Interest Subsidy 3.00% onwards
Maximum Subsidy Up to Rs. 2.67 Lakhs
Loan Tenure 20 years

Union Bank of India Reach Loans – For Indians With Income Of At least Rs. 10,000 Per Month

This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. This loan can cover the costs of purchasing a new or already built house, a new plot for further construction, renovations, and extension or construction on both residential and non-residential properties.

Specific Information for Reach Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount Up to 80% of the value of Property
Interest Rate 6.90% onwards
Processing Fee Up to 2% of the loan amount + GST
Loan Tenure 30 years

Union Bank of India Rural Housing Loans – For Indians Living in Rural Areas

This type of loan is specifically for those individuals who are agriculturists, planters, horticulturists, dairy farmers, and others who are living in remote areas and are willing to buy an under-construction property or a new residential property or an existing residential property in rural and urban areas. This loan is also eligible for individuals who are salaried or self-employed!

Specific Information for Rural Housing Loan Scheme
Eligible Profiles Available to Salaried, Sef-employed Individuals and Agriculturists
Loan Amount Up to 90% of the value of Property
Interest Rate 6.90% onwards (0.05% concession to women)
Processing Fee Salaried/Self-employed – Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST

 

Agriculturists/ Self-Employed Non-Professionals – Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST

Loan Tenure 30 years

Union Bank of India Home Improvement Loans – For Covering Home Renovation Costs

This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds.

Specific Information for Home Improvement Loan Scheme
Eligible Profiles Available to Salaried and Sef-employed Individuals
Loan Amount New Customer – Up to 90% of the estimates from improvements.

 

Existing Customer – Up to 100% of the estimates from improvements.

Interest Rate 6.90% onwards
Processing Fee Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST
Loan Tenure 15 years

Union Bank of India Home Loan Procedure

  • Either of the three methods mentioned below can be used to apply for a Union Bank of India home go to the home loan section of the website. There, select Union Bank Home Loan and click the ‘Apply Now button. After that, fill in the requested information and press the ‘Submit’ button.
  • Applying through the Union Bank website: To apply through the bank’s website, go to the Union Bank of India’s official website. After that, go to the home loan section and click on ‘Apply Online,’ then follow the on-screen instructions.
  • Offline application: To apply offline, bring the necessary documentation to any bank branch.

Union Bank of India Pradhan Mantri Awas Yojana Subsidy 2021

The Government of India’s Pradhan Mantri Awas Yojana is a home loan subsidy program designed to support housing for everyone. The scheme provides financial assistance to lower-income classes of the population who earn less than 18 lakh rupees per annum by providing them with home loans with subsidized interest rates.

EWS stands for the economically poorer segment, LIG for the lower-income group, MIG-1 for the middle-income group-1, and MIG-2 for the middle-income group-2. On Union Bank home loans, a gross subsidy of 2.67 lakh can be obtained via PMAY. The Union Bank PMAY Home loan has a 15-year maturity period.

  • Households earning between 6,00,001 and 12 lakhs a year are classified as Middle Income Group I.
  • Households in the Middle Income Group-II have an annual income of between 12,00,001 and 18 lakh rupees.
  • A family is described as a husband and wife, as well as their unmarried children.
  • An adult earning member (regardless of marital status) may be considered as a different household and be eligible for subsidy on their own.
  • In the case of a married couple, one of the spouses, or both of them together in shared possession, would be liable for a single home, based on the household’s income eligibility under the program.

Compare Union Bank of India Home Loan with Other Banks

Bank

UNION BANK OF INDIA

HDFC

Interest Rate

8.25% – 8.35%

6.75% – 8.20%

Processing Fees

Upto 0.50%

Max ₹ 15,000

Min ₹ 3,000;

Maximum Loan Amount

₹ 5 Cr

₹ 5 Cr

Maximum Tenure

30 Years

30 Years

Lowest EMI Per Lakh

₹ 751

₹ 649

Benchmark Rate

RLLR

PLR

Minimum Age

21 Years

24 Years

Maximum Age

65 Years

65 Years

For Women

N

Y

Overdraft Facility

N

N

 

Union Bank of India Home Loan Customer Care

Toll-free numbers: 1800 22 22 44/1800 208 2244

Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021 

080-61817110 is the phone number to call (Chargeable)

customerservice@unionbankofindia.com

Advantages of Union Bank of India Home Loan

Union Bank of India Home Loan

Union Bank of India Home Loan is a saviour to those who are in need of financial support relating to homes and plots. It offers the following:

  • A huge variety of home loan schemes.
  • The most helpful Pradhan Mantri Awas Yojana is also available.
  • Provide a 0.05% concession to women to encourage them for their own homeownership.
  • Provide several repayment methods to choose from and opt for the one best suited to you.
  • Full transparency as Union Bank of India promises no hidden costs and fees.
  • Easy application with minimum documentation and paperwork.
  • Provides loan approval prior to the selection of the property. 

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Union Bank of India Home Loan Charges and Fees

Particulars Charges
Processing Fees Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher
Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher
Prepayment charges No prepayment charges for floating rates
Check dishonor charges Up to Rs. 200
List of documents Up to Rs. 500
Photocopy Of documents Up to Rs. 500
PDC Swap Up to Rs. 200
Disbursement cheque cancellation charges post disbursement Up to Rs. 200
Increase/Decrease in the loan term Up to Rs. 500
Re-appraisal of loan post 6 months from sanction Up to Rs. 2,000

Please Note: The above figures are only indicative and are subject to change without any prior notice.

How to apply for the Union Bank of India Home Loan

  • Visit Dialabank for a Home Loan.
  • Go to the Union Bank of India Home Loan page.
  • Check out all the eligibility and documents criteria for a Home Loan.
  • Fill out all the details required in the Home Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

Union Bank of India Home Loan EMI Calculator

Other Loan Products from Union Bank of India

Union Bank of India Personal Loan Union Bank of India Gold loan Union Bank of India Car Loan
Union Bank of India Education Loan Union Bank of India Two Wheeler Loan

Union Bank of India Home Loan FAQ

How to repay my Union Bank of India home loan?

There are different payment methods through which you can repay your Union Bank of India home loan, this can be done:

  • By issuing Standing Instructions to pay the loan instalments through Electronic Clearing System.
  • By opting for direct deduction of monthly instalments by your employer.
  • By issuing post-dated cheques from your salary account.

When can you apply for Union Bank of India’s top-up loan?

A year after the disbursement of the existing loan amount and the possession or completion of the financed property.

In the case of prepayment is made, is there any change in home loan EMI?

Union Bank of India accepts a prepayment at nil charges in case of floating rate home loans. When a prepayment is made, the outstanding balance of the principal amount on your home loan gets reduced. 

What is the maximum loan amount from the home loan can I get on my salary?

A customer can get the loan amount on his/her salary, depends on their repayment capacity. To determine the repayment capacity the following variables are considered: age, the number of dependants, credit history, education qualification, current liabilities, etc.

What is a Floating Interest Rate?

Floating interest rates are different from the fixed rates, the rates are not the same throughout the loan tenure. It may vary with the change in the lender’s benchmark rate.

How Dialabank can help you get a Home Loan?

Dialabank is a bridge to find the best option between several Banks and NBFCs by providing you with a detailed and structured market comparison of different banks. This eliminates the unnecessary worries about the complex information and process you have to go through if you choose to search and applying by own.

✅ How the rate of interest will change if the interest rate is linked to PLR?

Home Loan Interest Rate is linked to PLR, and any change in PLR will lead to a change in rates of interest on the home loan. Interest rates on home loan account will rise or fall with the increase or decrease of PLR, proportionately.

Who is a Co-obligate or Guarantor?

Co-obligate or guarantor is an individual who undertakes to re-pay the bank loan in case the principal borrower fails. The amount of his liability will be the same as that of the principal borrower and the Bank can take strict actions against him for recovery along with the principal borrower. Guarantor can’t say that his liability will start only after the remedies against the principal borrower are exhausted.

Is there an option for pre-closure of a loan account?

A pre-closure option is also available and charges will be levied at rates as decided by the lender

Does missing an instalment affect CIBIL?

Non-payment of EMIs as per terms and conditions will adversely affect the credit rating of the borrower.

Are there any penalty Charges?

Penalty charges of 2% will be levied on the instalment amount unpaid.

How is the calculation of interest rates is done?

Interest rates are charged on a daily balance method and are debited once in a month in your loan account. A 2% penalty on the unpaid Installment amount will be charged.

News

Housing projects worth Rs.4,197 crore were approved by the Special Window for Affordable and Mid-Income Housing (SWAMIH).

The Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has approved 33 housing projects totalling Rs.4,197 crore, resulting in the completion of over 25,000 residential units. The SWAMIH Investment Fund seeks to finish projects that have been delayed due to a lack of funding and are RERA-registered and in the mid-income tier. The SWAMIH Investment Fund will now see more than 60,000 homes built across India.

Danger weighting on home loans would be rationalized by the RBI

To encourage more interest, the Reserve Bank of India agreed to rationalize risk weighting on housing loans. When the LTV is less than or equal to 80 per cent, the risk weight is 35 per cent, and when the LTV is more than 80 per cent but less than or equal to 90 per cent, the risk weight is 50 per cent. According to a senior Bank of India official, the move by the RBI would boost the housing sector in India, especially retail housing.

During the forthcoming holiday season, home sales are projected to rise by 35%

The festive season in India, which runs from October to December, is projected to increase real estate sales by around 35%. Sales have increased in the second quarter of 2020. During the festive season, real estate builders and developers will announce a number of appealing deals and discounts in order to draw more customers, as most people consider it to be an auspicious time to purchase a new home.

In the third quarter of 2020, more than 29,000 units were sold in seven of India’s major cities

In Bengaluru, 5400 homes were sold in the third quarter. For the same period in Delhi NCR, the figure was 5200 units. The Union Bank of India has cut interest rates on home loans. The new 6.7 per cent annual rate for salaried borrowers has been set. The current rate is lower than that of the State Bank of India’s general group mortgages (SBI).

For salaried borrowers with a credit score of at least 700, the Union Bank of India is now charging interest at the rate of 6.7 per cent per annum on loans up to Rs.30 lakh. The interest rate has been set at 6.95 per cent per annum for loans of more than Rs.30 lakh but less than Rs.75 lakh. Interest rates begin at 7% for loans above Rs.75 lakh.

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