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Retail Loans
UNION MORTGAGE PLUS
Features
PURPOSE
 
  • For personal or business needs.
  • Repayment of high cost loans.
 
ELIGIBILITY  
 

To avail "Union Mortgage Plus" you need to meet the following criteria:

  • Existing housing loan borrowers.
  • Borrowers whose home loans are taken over from other Bank/FI.
  • Minimum age - 21 years and maximum age - 70 years.
  • Individual, either singly or jointly with other family members viz. father, mother, son, spouse who have regular sources of income as co-applicants.
  • Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as applicants/co-applicants subject to the property must be in the joint names of the siblings.
  • All the owner(s) of the property have to join in as co-applicant(s).
 
QUANTUM OF LOAN
 
  • Minimum - Rs. 1 Lakh
  • Maximum  - Rs. 500 Lakh
 
MARGIN
 
  • 25% of the value of the property after including outstanding of existing housing loan as well as proposed loan amount under mortgage plus.
 
REPAYMENT
  • Residual repayment period of housing loan.
  • No moratorium period permitted.
 
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest rate of interest.
  • Processing charges are 1.00% of the loan amount plus service tax.
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.
 
PREPAYMENT PENALTY
  • There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources
  • A penalty of 2% plus service tax on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI.
 
SECURITY
  • Extension of mortgage of home loan.
  • The residual age of the property to be 5 years more than the repayment tenure.
 
GUARANTEE
  • If any guarantee is obtained for existing housing loan, the same is to be required for mortgage plus loan.
 
INSURANCE
  • Property should be comprehensively insured for an amount not less than the value of the property, covering all risks with Bank clause.
 
**Conditions apply. For further details, please visit our nearest branch.
 
I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
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