MORTGAGE LOAN

Features

PURPOSE
In life we face circumstances where we cannot avoid few expenses. And these include personal expenditure of varied needs like marriage, higher education, medical emergencies, business travel or any unforeseen expenses. Repayment of existing mortgage loan taken at higher interest rate from another bank / FI (Take over). Union Mortgage is the solution for such needs; you can avail Loan against property and meet such expenditure..

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

Indian national owning non-agricultural (residential / commercial/industrial) property.
Minimum age - 18 years and maximum age - 70 years.
Applicant and co-applicants should be filing Income Tax return.
Individual, either singly or jointly with other family members viz. father, mother, son, unmarried daughter and/or spouse, who have regular sources of income as co-applicants.
All the owner(s) of the property have to join in as co-applicant(s).
Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.
NRIs are also eligible for mortgage loan

QUANTUM OF LOAN

Minimum of Rs. 5 Lakh
Maximum -

Resident Indian	Agriculturist	NRI
Rs. 10 Crore	Rs. 1 Crore	Rs. 5 Crore

MARGIN

50% of the fair market value of the property mortgaged as per the latest valuation report. The valuation report should be from an approved valuer of the Bank and not older than six months at the time of sanction
Fresh valuation at the cost of the borrower(s) is required once in three years during the tenure of the loan

NATURE OF FACILITY

For salaried people, term loan facility is available.
For non-salaried people, term loan and secured overdraft facilities are available.

REPAYMENT

Term loan: The maximum repayment tenure will be lowest of the following three:
- 12 years (144 months)
- Residual period till the borrower attains the maximum age of 70 years
- Residual age of the property less 5 years
The repayment tenure norm to be applicable in respect of individuals whose income is being considered for the purpose of repayment.
SOD limit to be scaled down commencing 5 years prior to the borrower attaining the age of 70 years, by reducing 1/5th of the original sanctioned limit every year so as to ensure adjustment of overdraft completely by the time the borrower attains the age of 70. In case the residual age is less than 5 years at the time of sanctioning SOD facility, it is to be adjusted proportionately every year.
No moratorium period

RATE OF INTEREST AND PROCESSING CHARGES

Please click 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% on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI or adjusted by the borrower in lumpsum from any third source/party (except genuine sale).

SECURITY

Equitable mortgage (E.M.) of the non-agricultural (residential / commercial) property, which is in the name of the borrower(s).
Lease hold properties can be considered as security which are on lease from urban development authority, such as DDA, HUDA, HUDCO, LDA etc. subject to necessary permission/NOC/tripartite agreement as appliacable for creation of mortgages is obtained from the respective development authority
Open plots can also be considered as security which are well demarcated and have been acquired by the borrower from urban development authorities such as DDA, HUDA, HUDCO, LDA etc.
All the co-owner(s) of the property need to join in as co-applicant(s).

GUARANTEE