1.      PURPOSE

1.1 For personal or business needs.

1.2 Repayment of high cost loans.

2.      MORTGAGE PLUS ELIGIBILITY

2.1 Home Loan borrowers (Existing as well as new)**

2.2 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.

2.3 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

3.      QUANTUM OF LOAN

3.1 Minimum - Rs.1 Lakh

3.2 Maximum - Rs.1000 Lakh

4.      NATUE OF FACILITY

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

5.      MARGIN

5.1 25% of the value of the property after including outstanding of existing housing loan as well as proposed loan under mortgage plus.

6.      REPAYMENT

6.1 Lowest of the following:

6.1.1    30 years from the date of sanction

6.1.2    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).

6.1.3    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

7.      MORATORIUM

7.1 No moratorium period permitted.

8.      MORTGAGE PLUS RATE OF INTEREST

8.1 0.75% higher than the rate of interest on the Home Loan against which the Union Mortgage Plus loan is extended.

8.2 Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

9.      PREPAYMENT PENALTY

9.1 There is NO prepayment penalty

10.  SECURITY

10.1      Extension of mortgage on residential property.

11.  GUARANTEE

11.1      If any guarantee is obtained for existing housing loan, the same is to be required for mortgage plus loan.

12.  INSURANCE

12.1      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.

13.MORTGAGE PLUS EMI CALCULATOR

13.1 Please Click here for EMI Calculator