It takes only 5 working days to get the Home Loan sanctioned from Union Bank of India after the submission of requisite documents and papers.

Own contribution i.e., (Margin) means the total cost of the property minus the Home Loan.

EBLR stands for external benchmark lending rate. Union Bank of India has adopted the Repo rate as the External benchmark to link its floating rate home loans with effect from 01.10.2019.

The External Benchmark shall be reset at least once in three months or any other frequency as prescribed by Bank/RBI.

We will determine Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, co-applicants' income, margin offered by you, continuity of occupation and Credit Information Bureau (CIBIL/Experian etc.) track record. However, the sanction of loans to individuals is the sole discretion of the Bank. Here the Bank may reserve the right to approve or reject the loan without assigning any reason.

Instant In-principal approval can be obtained. However final sanction will be given after scrutiny of all documents and processes.

You could collect an application form from our nearest branch or simply download it from our website and submit it along with documents and the processing fees cheque at any Union Bank of India Branch. Alternatively, you have the option to make an online application on our website.

Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions which banks take from an approved independent valuer.

For a borrower to understand the same better, there are two types of insurance covers available for Home Loan: Property Insurance: To safeguard the Bank’s interest against any loss to the property caused by unpredictable damages and natural disasters, insurance cover is mandatory. Property insurance policy should cover the structure as well as its contents or possessions.

Liability Insurance or Life Insurance: This is optional and purely at the discretion of the Borrower. However, it is always advisable to get liability/life insurance coverage so that family members don’t suffer in case of any unfortunate event. For the benefit of the borrowers, a one-time liability insurance premium can be added to the cost of the property so that the burden can be reduced. Further, the bank also has tied up with various insurance providers so that suitable products can be available to its customers with reasonable premiums.

Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search, you consider properties which are free of encumbrances of any sort.

Yes, you can apply for a loan to us for repaying a Home Loan availed by you from another bank/housing finance. For more details contact our nearest branch/office.

Existing Home Loan Customers of Union Bank are eligible for various additional loans with special concessions such as:

1. Union Mortgage Plus, or
2. Union Ashiyana overdraft Scheme, or
3. Union Ashiyana personal loan Scheme.