|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|
For Salaried Individuals
For Business Class
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
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.