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car-loan  UNION MORTAGE PLUS

PURPOSE

  • For personal or business needs.
  • Repayment of high cost loans.

MORTGAGE PLUS ELIGIBILITY

  • Home Loan borrowers (Existing as well as new)**
  • Borrower whose home loans are taken over from other Bank/FI. In case of takeover of home loan, the loan can be sanctioned simultaneously with housing loan.
  • All the owner(s) of the property have to join in as co-applicant(s).

Note:

  • Property should be in the name and possession of the borrower. Loan can’t be considered for under construction property

QUANTUM OF LOAN

  • Minimum - Rs.1 Lakh
  • Maximum - Rs.1000 Lakh

NATUE OF FACILITY

  • Flexible account with features of both Term Loan as well as OD

MARGIN

  • 25% of the value of the property after including outstanding of existing housing loan as well as proposed loan under mortgage plus.

REPAYMENT

  • Lowest of the following:
  • 30 years from the date of sanction
  • Borrower attaining age of 75 years (subject to assessment at the time of sanction the adequacy of income to meet repayment till the age of 75 years).
  • Five years prior to residual age of the building i.e. loan should be liquidated 5 years prior to the residual age of the building

MORATORIUM

  • No moratorium period permitted.

MORTGAGE PLUS RATE OF INTEREST

  • 1% higher than the rate of interest on the Home Loan against which the Union Mortgage Plus loan is extended.
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual

PREPAYMENT PENALTY

  • There is NO prepayment penalty

SECURITY

  • Extension of mortgage on residential property.

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 (less cost of land), covering all risks with Bank clause.

MORTGAGE PLUS EMI CALCULATOR

**Conditions Apply**

**Contact our nearest Branch for more details**