MORTGAGE LOAN

PURPOSE

• Personal needs such as marriages, higher education, business travel, medical emergencies or any unforeseen expenses
• Secured overdraft may be allowed as liquidity finance
• For taking benefit of lower interest rate, customers can also apply for takeover of existing mortgage loan/s from other Banks/FI

MORTGAGE LOAN ELIGIBILITY

• Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property.
• Minimum age - 18 years and maximum age - 75 years.
• Individuals may apply singly or jointly with other eligible individuals.

QUANTUM OF LOAN

• Minimum of Rs.5 Lakh
• Maximum - Resident Indian - Rs.15 Crore and Non-Resident Indians - Rs.15 Crore

MORTGAGE LOAN MARGIN

• 50% of the fair market value of the property mortgaged as per the latest valuation report.

NATURE OF FACILITY

• Term Loan
• Overdraft

REPAYMENT
Term loan:

• The maximum repayment tenure will be lowest of the following three:
• 15 years (180 months)
• Residual period till the borrower attains the age of 75 years
• 5 years prior to the residual life of the property

• Overdraft:
• Maximum tenor of 15 years (180 months)
• The limit will reduce every month with fixed amount so as the total principal is repaid in the tenure of the loan
• Interest will be calculated and debited every month on the basis of actual use of the limit and to be serviced monthly.
• Account to be adjusted 5 years prior to the remaining life of the property

MORATORIUM

• No moratorium allowed under the scheme

MORTGAGE LOAN RATE OF INTEREST

• Please click here to know our latest interest rates
• Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

PREPAYMENT PENALTY

• There is NO prepayment penalty.

SECURITY

• Residential / Commercial property, which is in the name of the borrower(s).
• Property should be located at metro/urban/Semi-urban areas coming within municipal limits & outside municipal limits.
• All the co-owner(s) of the property need to join in as co-applicant(s).
• Open Plot/Land not acceptable.

GUARANTEE

• Third party guarantee is not mandatory for resident Indian.
• In case of NRI:

  Guarantee of a local resident Indian, acceptable to the bank, and having means equivalent or more to the loan amount, to be obtained. In case where a resident co-applicant with sufficient means (other than spouse) is available for the loan, guarantee need not be mandatory. Resident co-applicant has to be among the close relatives of the main applicant as per bank’s extant norm.

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 LOAN EMI CALCULATOR

• Please Click here for EMI Calculator

**Conditions Apply**

**Contact our nearest Branch for more details**

FAQ: UNION MORTAGE

• What is the normal time required for disbursement of Union Mortgage Loan ?

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

• What is EBLR ?

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

• When will my interest Rate changes under EBLR regime ?

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

• How do I make a Union Mortgage Loan Application ?

Answer:-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 online application on our website.

• How will Union Bank of India decide the loan amount I am eligible for ?

Answer- We will determine Mortgage loan Eligibility largely by your income and repayment capacity. Other important factors include your age, co-applicant’s income, margin offered by you, continuity of occupation and Credit Information Bureau (CIBIL/Experian etc.) track record.

• Is it mandatory to buy insurances policy with Mortgage loan ?

Answer: For a borrower to understand the same better, there are two types of insurance covers available for Mortgage Loan:

1. Property Insurance: In order 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.
2. Liability Insurance or Life Insurance: This is optional and purely at the discretion of the Borrower. However it is always advisable to get a liability/life insurance cover so that family members don’t suffer in case of any unfortunate event. Further, Bank also have tied-up with various Insurance Providers so that suitable products can be available to its customers with reasonable premium.

• What does market value of the property mean?

Answer- Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.

• What does encumbrance refer to?

Answer- 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.

• Can i apply for a loan from Union Bank of India to repay a Mortgage Loan availed by me from another bank/ housing finance company?

Answer- Yes, you can apply for a loan to us for repaying a Mortgage Loan availed by you from another Bank/ housing Finance. For more details Contact our Nearest Branch/Office.