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Image  UNION MORTAGE PLUS


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

To avail "Union Mortgage Plus" you need to meet the following criteria:

  • Existing housing loan borrowers.
  • Borrowers whose home loans are taken over from other Bank/FI.
  • Minimum age - 21 years and maximum age - 70 years.
  • The maximum age and tenure norms to be applicable in respect of individuals whose income are being considered for the purpose of repayment.
  • Individual, either singly or jointly with other family members viz. father, mother, son, spouse who have regular sources of income as co-applicants.
  • Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as applicants/co-applicants subject to the property must be in the joint names of the siblings.
  • All the owner(s) of the property have to join in as co-applicant(s).
Note: Loan not to be considered in case of under construction properties.
QUANTUM OF LOAN
  • Minimum - Rs. 1 Lakh
  • Maximum  - Rs. 500 Lakh
MARGIN
  • 25% of the value of the property after including outstanding of existing housing loan as well as proposed loan amount under mortgage plus.
REPAYMENT
  • Residual repayment period of housing loan.
  • No moratorium period permitted.
RATE OF INTEREST AND PROCESSING CHARGES
  • Pleaseclick here to know our latest rate of interest.
  • Processing charges are 0.50% of the loan amount + GST.
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.
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% plus service tax on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI.
SECURITY
  • Extension of mortgage of home loan.
  • The residual age of the property to be 5 years more than the repayment tenure.
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, covering all risks with Bank clause.
**Conditions apply. For further details, please visit our nearest branch.

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