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What is the maximum loan amount? Minimum of Rs.1 Lakh Maximum of Rs.100 Lakh. Note: The quantum of loan will also depend on the value and location of property which is 90% of the assessed value of the properties in metro, 80% in urban and 70% in other areas.
Who can be the co-applicants for the loan? You can avail loan either singly or jointly with spouse, in case of a living spouse older than 55 years, as co-applicants. Number of surviving spouses on the date of sanction should not be more than one.
How much can I get monthly as pay outs? Monthly pay outs will depends on the sanction amount, age of the applicant and tenure of the loan. However, under no circumstance Monthly pay out should not exceed Rs.50,000/- per month.
Will monthly pay outs decided at the time of sanction will remained unchanged during the tenure of loan? No, monthly payouts are subject to downward revision in case of fall in the property price and/or increase in rate of interest (if any) at the time reset.
What is the monthly payments tenure? The payment period is minimum of 15 years and maximum of 20 years if the borrower is aged between 60 and 65. For borrower above 65 years of age, minimum repayment tenure is 10 years and maximum of 20 years.
Do I need to pay anything during my lifetime? No, loan shall become due and payable only when the last surviving borrower dies or opts to sell the home or permanently moves out of the home to an institution or to relatives.
What are the applicable rates of interest? Please click here for information on rate of interest.
What are the processing charges? One time upfront fee of 0.50% of the loan amount, subject to a maximum of Rs10000/- plus GST.
What security/ collateral do I have to provide? Equitable Mortgage (EM) of the residential property which is permanent primary residence, of the applicant and should be self-owned and self-occupied.
If I survived after the payment tenure is over, shall I have to vacate the house immediately? No, you may continue to live in the house. Loan shall become due and payable only when the last surviving borrower dies or opts to sell the home or permanently moves out of the home to an institution or to relatives. However, monthly payouts will stop after the agreed tenure.
Do I need to open an account with Union Bank of India for availing and/ or servicing the loan? Yes, opening of account with Union Bank of India is mandatory.
What documents do I need to submit to avail a reverse mortgage loan? Please see the Forms & Documents Tab above for information on the list of documents required.
How much time will it take for my loan to be approved? It takes 7 days for your loan to be sanctioned, after you have submitted all the required documents.
What are the stages involved in taking a loan? There are three main stages - Application - Whereby you submit a completely filled in application with all necessary documents Sanction - Whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities Disbursement - Whereby the loan amount is disbursed
How do I approach Union Bank of India for a reverse mortgage loan? You can approach us in any of the following ways You can visit any of our special retail lending branches called Union Loan Points (ULPs). To locate a ULP, click here You can visit any of our branches. To locate a branch, click here Request for a contact online You can also contact our 24 x 7 Call Centre