Union Bank Of India Loan Against Property

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All About Union Bank Of India Loan Against Property

Eligibility: Union Bank Of India Loan Against Property

Any Individual in the age group of 18-60 years of age owning residential/ commercial property (land/plot/ building) and who is Income-tax assesses having net monthly income of Rs.10, 000/- pm in the case of salaried persons and an annual income of Rs.1.20 lacs p.a. in the case of non-salaried persons. Earning family members income can also be clubbed to arrive at the maximum Loan quantum.
Individuals who are not Income Tax assessees are also eligible for this scheme, subject to production of proof of income acceptable to the Bank. A minimum of 40 points as per investment-grade scoring chart.

Purpose: Union Bank Of India Loan Against Property

To meet any personal expenditure of varied needs like the marriage of children, higher education, medical expenses or any unforeseen expenses and also as liquidity finance.

Quantum Of Loan:

Metro

Urban

https://unionbankofindia.co.in/images/spacer.gifMaximum

50 lakh

25 lakh

Minimum

1 lakhs

1 lakhs

Subject to 36 times of gross monthly income of salaried persons OR
two times the Net Annual Income in case of others (Income as per the latest IT return less taxes payable) whichever is lesser.

Nature Of Facility: Union Bank Of India Loan Against Property

The facility can be given in the form of Term Loan or Secured Overdraft. However, SOD Facility will not be considered for salaried persons.

Margin: Union Bank Of India Loan Against Property

50% of the fair market value of the property mortgaged as per the latest valuation report not older than six months from an approved valuer of the Bank.
Fresh valuation at the cost of the borrower(s) once in three years required during the currency of advance.

Margin: Union Bank Of India Loan Against Property

Repayment:

Loan amount together with interest is to be repaid in maximum 84 equal monthly instalments.
Post-dated cheques for the 84 EMIs will be collected up-front.
Subject to the closure of the loan with full adjustment prior to the retirement in case of salaried class.

Union Bank Of India Loan Against Property Rate Of Interest:

Union Bank Of India Loan Against Property

Fixed-Rate:
17.25%
– Floating rate:  Base Rate + 5.75% i.e.16.50%

Processing Charges :

One time fee of 0.50% of the loan amount plus service tax as applicable collected upfront.

Security: Union Bank Of India Loan Against Property

Equitable Mortgage of unencumbered residential house/flat, commercial or industrial property situated in Metro, Urban & Semi-urban centres only in the name and possession of the borrower and/or his/her family member.

Other Condition: Union Bank Of India Loan Against Property

No Prepayment penalty if the loan is adjusted by the borrower from his verifiable legitimate sources or genuine sale. However, 2% charged on an average outstanding balance of last 12 months if the loan is closed on takeover by other Banks/Financial Institutions.

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