Union Bank of India home loans brings you the opportunity to remove the financial obstacles that get in your way to your dream home. The bank offers a range of home loan schemes including home loan balance transfer and affordable housing loans (PMAY). UBI home loans feature highly competitive rates of interest and are availed for a tenure that is flexible.
|
Loan Amount |
Ranges from Rs 5 lakh to Rs 5 Crore |
|
Interest Charges |
Starts at 6.80% per annum and goes up to 12.65% |
|
Processing Fees |
0.50% of the loan amount (Maximum Rs 15000) |
|
Tenure |
Up to 30 years |
|
Prepayment |
NIL |
Here are the noteworthy features of Union Bank of India housing loan:
UBI home loans have got multiple purposes covered. You can avail this home loan for construction of a new house/flat/villa or to buy a land for construction. Apart from that, you can also count on the Union bank home loans when you are planning to transform the interior of your home. UBI housing loans can be availed for extension and completion of a house that is under construction.
The Union bank home loan amount depends on the value of property. You can avail up to Rs 30 lakh on home loans for repairs. Know that your repayment track plays a crucial role in determining the home loan amount you will be able to fetch.
UBI home loan interest rates start at 6.80% and range up to 12.65%. The rates are subject to a number of factors such as your credit score, employment history, repayment record etc.
Union bank of India balance transfer is a home loan feature using which you can transfer your current home loan with high interest rate to UBI home loan and save up on rate of interest.
Pradhan Mantri Awas Yojana is a credit linked subsidy scheme launched by the government that aims at offering affordable housing loans to financially weaker sections of society. This scheme provides home loans to economically weaker groups, middle income groups and low income groups with interest subsidy up to 6.50%.
You must meet the certain conditions to qualify as an eligible applicant for a Union bank home loan. Here is the eligibility criteria for Union bank home loan:
When you apply for a Union bank housing finance loan, there are documents that you are required to submit to proceed with the home loan application. You need to make sure you have all the required documents for a Union bank home loan.
Here are the UBI home loan documents that you need to submit with UBI home loan application:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
|
BANKS |
INTEREST RATE |
|
7.75% to 9.40% |
|
|
6.95% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
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6.80% to 8.40% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
|
| Tata Capital Home Loan |
Starting at 6.90% |
Here are two ways to apply for Union home loan:
If you opt to apply for the Union bank housing loan, then you will have to hop to the nearest branch of Union bank of India. You must have all the Union bank of India home loan required documents when visiting the branch. You can seek assistance from the Union bank official with the home loan application procedure.
It is seamless and quick to apply for Union bank of india home loan online. All you need to do is jump to the official website of the bank and get it started.
Here are the steps to apply for Union bank home loan online:
For more assistance with the Union bank home loan application, you can contact the Union bank of India customer service.
For further details, queries or in case of any grievances or complaints, you can contact the Union bank of India customer care.
Here are the Union bank of India toll free numbers:
1800 22 22 44, 1800 208 2244
FAQs On Union Bank Home Loan
Residents Indians do not need to provide any third party guarantee in order to get Union bank home loan. If you are an NRI, then you will be required to have a guarantor who is a resident of India.
Yes. Union bank of India enables borrowers to prepay the UBI Home loan and close it already.
The UBI home loan interest starts at 6.80% and goes up to 12.65%. The rates of interest are subject to the type of rate, repayment period, credit history and other factors.
The Union bank home loan processing fee is 0.50% of the loan amount and is subject to the maximum amount of Rs 15,000.
If you have followed the documentation correctly, then the bank will take up to 5 days to sanction the UBI Home loan.
You can opt for Union bank top up home loan facility. This facility allows you to avail additional loan on your existing housing loan, given that you have a strong repayment track. You can contact the Union mortgage customer service or reach out to the bank in order to enquire about this facility.
As per the Union home loan eligibility criteria, the applicant should be between the age of 18 years to 75 years. Resident Indians and NRIs fall under the UBI home loan eligibility criteria. Besides that, it is required that the applicants have a good credit history.
Last Updated on : 08/Apr/2021Know More About
You're eligible for a Union Bank Of India Home Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Union Bank Of India Home Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 0% - 0% |
| Processing Fees | 0.50% |
| Loan Tenure | - year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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