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 | | Link To: Union Smart Rupee Deposit |
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| UNION PARADISE |
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| Features | | | | Forms & Documents | | | | FAQs | | | | Special Offers | | |
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| PURPOSE |
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Union Paradise loan can be availed of by NRIs for the following purposes:
- Purchase/ construction of house/ flat in India
- Purchase of plot from Government agencies**
- Repairs/ improvements/ extension of the existing residential property
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| ELIGIBILITY |
A person has to meet the following criteria to avail the loan:
- NRI above 21 years
- Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants
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| QUANTUM OF LOAN |
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- Up to Rs. 3 Crores for A-class cities** and up to Rs. 1 Crore for other cities
- Up to Rs. 10 Lakhs for repairs
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| MARGIN, I.E. YOUR SHARE |
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- 20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 2 Crores
- 35% of the total cost of the purchase/ construction of house/ flat for loans above Rs. 2 Crores
- 20% of the total cost of the plot
- 20% of the total cost of the repairs
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| MORATORIUM PERIOD |
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- Moratorium period of up to 18 months**
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| REPAYMENT |
- Repayment period of up to 25 years (300 EMIs); 10 years (120 EMIs) in case of repairs
- Flexible methods of repayment
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| RATE OF INTEREST AND PROCESSING CHARGES |
- Please click here to know our latest Interest Rates
- The applicable processing charges are 0.50% of loan amount subject to a maximum of Rs.15,000/- plus service tax as applicable
- 50% of the processing charges plus service tax as applicable at the time of application
- 50% of the processing charges plus service tax as applicable on acceptance of sanction
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| 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% on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI or adjusted by the borrower in lumpsum from any third source/party (except genuine sale).
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| SECURITY |
- Equitable mortgage (E.M.) of the residential property
- If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim (additional) security may be required (till the period of its completion)
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| GUARANTEE |
- One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the applicant
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| INSURANCE |
- Property insurance is compulsory to the tune of the loan amount
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| **Conditions apply. For further details, please contact your branch |
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| LIST OF DOCUMENTS |
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- Proof of identity (any of the following)
- Passport
- PAN Card
- Employee identity card
- Any other valid proof
- Proof of address (any of the following)
- Electricity bill
- Telephone bill
- Ration card
- Any other valid proof
- PAN Card
- Last 12 months bank statement
- Proof of income
- For salaried class –
- Last one year ITR
- Form-16/ letter from Employer
- Last 6 months salary slip
- For business class –
- Last three years ITR
- P and L Balance sheet
- Agriculturists
- Income certificate from concerned revenue officer (Tahsildar)
- Proof of land holding
- Property papers
- Allotment letter
- Advance money receipt
- Title Deed
- 3 photographs
- Proof of out-goes
- Loan repayment statement, if any
- LIC Policies, if any
- Valid proof of any other out-go
- Copy of Visa stamped on the passport
- Latest work permit
- Employment contract (if the contract is in any language other than English, the same has to be translated into English and attested by Employer/Indian Embassy)
- Any other document required as per the application form
- Any other document required as per the application form
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| APPLICATION FORM |
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| To download the application form, please click here |
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| What is the maximum loan amount? |
| The maximum amount of loan sanctioned would be minimum of A, B or C |
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- 80% of the total cost of the house (which includes cost of the house, stamp duty, registration fee, transfer fee, cost of furnishing, etc. if any)
- Maximum Amount as per our latest eligibility calculations
- Rs. 3 Crores, in case of A-class cities, and Rs. 1 Crore in case of other cities
The maximum loan amount would be decided by the repayment capacity of the borrower, which is determined mainly with reference to the present income. However, it should be borne in mind that besides present income, several factors like age, qualifications, spouse's income, present outgoing towards rent, future potential for earning higher income, present level of assets and liabilities of the borrowers, etc. will have a bearing on the repayment capacity of the borrower. In case the net take home income after all deductions (such as proposed EMI, taxes, Insurance premium and other out go) is not sufficient, the eligible amount of loan would then be reduced. The income of co-applicant can be added to that of the applicant to improve the repayment capacity. |
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| Who can be the co-applicants for the home loan? |
You can avail loan either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants. This will help in enhancing your loan amount and repayment capacity.
In case there are any other co-owners of the house/ flat, they also need to be co-applicants. |
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| What are the loan tenure options? |
| The repayment period is maximum of 25 years (300 EMIs), including the moratorium period of 18 months from the date of disbursal or the completion of the house, whichever is earlier. The repayment period is 10 years (120 EMIs) in case the loan is availed for repair of the house. |
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| What are the applicable rates of interest? |
Union Bank of India offers two different schemes – (a) Fixed rate of interest (b) Floating rate of interest. Under the fixed rate, the rate applicable during the date of sanction would be applicable throughout the entire duration of the loan. Under the floating rate, the interest rate would vary with the Base Rate of the bank.
Please click here for information on rate of interest. |
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| What are the processing charges? |
The applicable processing charges are 0.50% of loan amount subject to a maximum of Rs.15,000/- plus service tax as applicable.
- 50% of the processing charges plus service tax as applicable at the time of application
- 50% of the processing charges plus service tax as applicable on acceptance of sanction
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| How is the interest charged/calculated? |
| Interest will be applied in the account on the basis of reducing balance method at monthly rests. During moratorium period compounding interest would be charged. |
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| What is a Monthly Reducing balance? |
| An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan. |
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| How do I repay the home loan? |
The loan shall be repaid in equated monthly installments (EMIs).
You can pay the EMI in any of the following ways –
- Through standing instruction to your Union Bank of India savings account to directly remit the EMI amount to your loan account
- Through internet banking facility available on your Union Bank of India savings account
- ECS (Debit) facility
- Post Dated Cheques (PDCs)
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| Can I prepay my home loan? |
| Yes, you can make your prepayment. There is no charge on pre payment if the loan is adjusted by the borrower from his own verifiable legitimate sources. However, a charge of 2% on the average balance of the preceding 12 months if the loan is taken over by any other Bank/ FI or adjusted by the borrower in lumpsum from any third source/party (except genuine sale). |
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| What security/ collateral do I have to provide? |
| Equitable mortgage (EM) of the residential property, proposed to be purchased from Bank’s finance, is required. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim (additional) security may be required (till the period of its completion). |
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| Is a guarantor a must? |
| One/two guarantors of Indian residents, having means equivalent to that of the loan amount, is to be provided by the applicant. |
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| Can I avail the Top-up loan facility on my home loan? |
| A top-up loan is a facility for the existing home loan borrowers, who have a good repayment track record, for the purpose of repairs, renovations, furnishings, etc. To know more on the loan, kindly contact your branch where you have availed the loan from. |
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| Do I need to open an account with Union Bank of India for availing and/ or servicing the home loan? |
| Opening of a NRE account with Union Bank of India is mandatory for availing a loan. |
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| What documents do I need to submit to avail a home loan? |
| Please see the Forms & Documents Tab above for information on the list of documents required |
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| How much time will it take for my home loan to be approved? |
| It takes 5 days for your loan to be sanctioned, after you have submitted all the required documents. |
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| What are the stages involved in taking a loan? |
There are three main stages -
- Application - Whereby you submit a completely filled in application with all necessary documents
- Sanction - Whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities
- Disbursement - Whereby the loan amount is disbursed
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| How do I approach Union Bank of India for a home loan? |
You can approach us in any of the following ways –
- You can visit any of our special retail lending branches called Union Loan Points (ULPs). To locate a ULP, click here.
- You can visit any of our braches. To locate a branch, click here
- You can also contact our 24 x 7 Call Centre
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Top-up loan
- Facilitates existing home loan borrowers to avail additional loan, who have repaid 24 EMIs in the existing home loan account, to meet any expenditure with respect to the house such as repairs, renovations, furnishing, etc.**
- Loan upto 50% of the EMIs repaid subject to minimum of Rs. 0.5 Lakh and maximum upto Rs. 5 Lakhs
- To know rate of interest, please click here
- The processing charges applicable are 0.50% of the loan amount
- EM of the existing housing loan will be extended as security
- Repayment tenure of upto 5 years** (60 EMIs)
Car loan
- Concessional rate of interest for 4-wheeler loan to the existing home loan borrowers*
**Conditions apply. For further details, please contact your branch.
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