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I have availed a housing loan jointly with my brother. Can I get a Union Mortgage Plus in my personal name? No, all the applicants/co N applicants of the existing home loan have to join as applicant/co-applicant in the Mortgage Plus loan also.
Is there any restriction with regard to the end use of the loan? No, there is no restriction and loan can be used for any personal or business need. However, customer has to undertake that he/she will not use the loan amount for any speculative purpose.
Can I get Union Mortgage Plus loan as overdraft facility? We offer flexible loan account with features of both Term Loan as well as Overdraft. Limit gets reduced every month with fixed amount so as the total principal is repaid in the tenure of the loan. Within the limit, customer can withdraw and deposit as per his convenience without any restrictions. However interest will be calculated on the basis of actual uses of the limit and will be debited separately.
Will I get a cheque book for my account? Facilities available to running accounts viz. cheque book, Debit card, account statement, internet banking will be available to the account
Is guarantor must for the loan? No, however If any guarantee is obtained for the existing Home Loan, the same to be obtained for Mortgage Plus also.
Do I need to open an account with Union Bank of India for availing and/ or servicing the home loan? Although opening of account is not mandatory for Resident Indian for availing a loan, we would recommend to bank with us in order to benefit from other value added services. For NRI opening of a NRE account with Union Bank of India is mandatory for availing a loan.
My Housing Loan is ending in 3 years. Will I get extended repayment term for Union Mortgage Plus? Repayment period up to 30 years from the date of sanction is available for the Union Mortgage Plus. In case the home loan is ending prior to the Union Mortgage Plus there is no effect. However, property papers will be released only after completion of Union Mortgage Plus loan
What documents do I need to submit to avail a home loan? Please see the Forms & Documents Tab above for information on the list of documents required.
How much time will it take for my home loan to be approved? It takes 5 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 home 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 braches. To locate a branch, click here Request for a contact online You can also contact our 24 x 7 Call Centre