It takes only 7 working days to get the Mortgage Loan sanctioned from Union Bank of India after the submission of requisite documents and papers.

Property insurance is mandatory to safeguard the bank's interest against any loss to the Property caused by unpredictable damages and natural disasters. Liability Insurance or Life Insurance is optional.

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.

After submitting the necessary documents and papers, it takes only 7 working days for the Union Bank of India to sanction the Mortgage Loan.

The external benchmark will be reset at least once every three months or at any other frequency as prescribed by the bank/RBI.

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

Your mortgage loan eligibility will largely be determined by your income and repayment capacity. Other important factors include your age, co-applicants income, margin offered by you, continuity of occupation, and your Credit Information Bureau (CIBIL/Experian, etc.) track record.

For borrowers to better understand this, there are two types of insurance covers available for Mortgage Loans:

·         Property Insurance - This insurance cover is mandatory to safeguard the bank's interest against any loss to the property caused by unpredictable damages and natural disasters. The property insurance policy should cover the structure as well as its contents or possessions.

·         Liability Insurance or Life Insurance - This is optional and solely at the borrower's discretion. However, it is always advisable to get a liability/life insurance cover so that family members do not suffer in the event of an unfortunate incident. Furthermore, the bank has tied up with various insurance providers so that suitable products can be available to its customers with reasonable premiums.

The market value refers to the estimated amount that the property is expected to fetch as per the prevailing market conditions.

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

Yes, you can apply to us for a loan to repay a mortgage loan that you have taken from another bank/housing finance. For more details, please contact our nearest branch/office.