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Union Bank Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Union Bank Home Loans 8.80% - 10.10% 0.5% of loan amount (maximum of Rs 15,000+ applicable taxes) maximum of above Rs 2 crores 30 years
Details
Documents Required

  • Proof of Identity: PAN Card, Passport, Employee Identity Card, Any other valid proof (any one of the following)
  • Proof of Address: Aadhaar Card, Utility Bills like electricity bill, water bill, telephone bill, any other valid proof (any one of the following)
  • Bank statement for the last 12 months
  • Duly filled in application form along with 3 passport sized photographs (recent one)

For Salaried Individuals

  • Proof of Income: Last one-year Income Tax Return, recent salary slips for the last 6 months, Form 16, letter from employer

For Business Class

  • Proof of Income: Profit and Loss account, Balance Sheet, last three years Income Tax Return

For Agriculturists

  • Proof of Income: Proof of land holding, Income certificate from the respective revenue (tahsildar) officer

Property Papers: Advance money receipt, allotment letter, title deed

Proof of out-goes: LIC Policies, Loan repayment statement, Valid proof of any other out-go

Documents to be submitted by the NRI’s apart from the above-mentioned ones

  • Latest work permit
  • Copy of visa stamped on the passport
  • Any other documents required as per the application form
  • Employment contract (in case if the contract is in any other language, then the same has to be translated to English and requires attestation of Indian Embassy or Employer)
Benefits

  • Attractive interest rates on home loans
  • Elaborate tenure to repay the home loan which is spread over 30 years
  • Flexible methods of repayment are available for borrowers
  • For Resident Indians third party guarantee is not mandatory
Eligibility

  • The minimum age of the applicant should be at least 21 years
  • Any of the following who have a regular source of income can apply for a home loan with Union Bank as a co-applicants – individual, singly or jointly with other family members (spouse, father, mother, brother-brother, brother-sister, sister-sister, son)
  • Non-Resident Indians are also available to secure home loans from Union Bank
Other Details

  • The maximum amount of loan for repair works is up to Rs 30,00,000
  • The repayment tenure for repairs is up to 10 years
  • A flexible method of repayment of the home loan is available
  • Processing charges stand at 0.5% of loan amount (maximum of Rs 15,000+ applicable taxes)

FAQs

Q: How many days does Union Bank of India will take for approve the home loan application?

A: If all the submitted documents are in order and correct, your home loan will be approved in just 5 working days.

Q: What is the interest rate in Union Bank of India for Housing loan?

A: The Union Bank of India offers an attractive interest rate for housing loan borrowers.

Based on the applicant's profile the interest rate will change. The interest rate range starts from 8.30% to 8.35%.

Q: Are there any tax benefits on Union Bank of India home loan?

A: Yes, As per the Income Tax Act, 1961, tax benefits apply to both the principal and interest applicable as per the home loan. As much as Rs 2, 00,000 can be claimed with regards to the total interest paid and a deduction of up to Rs 1, 50,000 is applicable on the principal repayment, as part of the gross total income, subject to the appeasement of certain set conditions.

Q: What are the various types of repayment for UBI home loan?

A: 1.Standing Instruction(SI) to your Union Bank savings account to deduct EMI amount in favour of the loan account.
2. You can pay by Electronic Clearing Service (ECS) facility.
3.Post Dated Cheques (PDCs) for auto debit from your personal account.
4.Net Banking- As available with your Union Bank of India savings account.

Q: Who is eligible to sign as co-applicants for UBI home loan?

A: The co-applicants could include your family members, including parents, spouse, son/daughter who have a regular source of income. Including a co-applicant enhances your loan amount and capacity to repay the same. It helps to get more eligibility on loan amount.


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