UNION MORTAGE PLUS

PURPOSE

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

MORTGAGE PLUS ELIGIBILITY

• Home Loan borrowers (Existing as well as new)**
• Borrower whose home loans are taken over from other Bank/FI. In case of takeover of home loan, the loan can be sanctioned simultaneously with housing loan.
• All the owner(s) of the property have to join in as co-applicant(s).

Note:

• Property should be in the name and possession of the borrower. Loan can’t be considered for under construction property

QUANTUM OF LOAN

• Minimum - Rs.1 Lakh
• Maximum - Rs.1000 Lakh

NATUE OF FACILITY

• Flexible account with features of both Term Loan as well as OD

MARGIN

• 25% of the value of the property after including outstanding of existing housing loan as well as proposed loan under mortgage plus.

REPAYMENT

• Lowest of the following:
• 30 years from the date of sanction
• Borrower attaining age of 75 years (subject to assessment at the time of sanction the adequacy of income to meet repayment till the age of 75 years).
• Five years prior to residual age of the building i.e. loan should be liquidated 5 years prior to the residual age of the building

MORATORIUM

• No moratorium period permitted.

MORTGAGE PLUS RATE OF INTEREST

• 1% higher than the rate of interest on the Home Loan against which the Union Mortgage Plus loan is extended.
• Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual

PREPAYMENT PENALTY

• There is NO prepayment penalty

SECURITY

• Extension of mortgage on residential property.

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 (less cost of land), covering all risks with Bank clause.

MORTGAGE PLUS EMI CALCULATOR

• Please Click here for EMI Calculator