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Union Bank Home Loan Review

Discussion in 'Home finance' started by real_buzz, Jan 3, 2013.

  1. real_buzz Moderator

    Union Bank Home Loan Review

    PURPOSE
    Purchase/ construction of house/ flat
    Purchase of plot from Government agencies**
    Repairs/ improvements/ extension of the existing residential property

    ELIGIBILITY
    Indian citizen above 21 years
    Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants
    NRIs are also eligible for the home loan. Contact our nearest branch for further details.

    QUANTUM OF LOAN
    Maximum Rs. 5 Crore for metropolitan areas including state capitals
    Maximum Rs. 3 Crore for urban areas (other than metros)
    Maximum Rs. 1 Crore for rural and semi-urban areas
    Maximum Rs. 10 Lakh for repairs

    MARGIN, I.E. YOUR SHARE
    20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 2 Crores
    35% of the total cost of the purchase/ construction of house/ flat for loans above Rs. 2 Crores
    20% of the total cost of the plot
    20% of the total cost of the repairs

    MORATORIUM PERIOD
    Moratorium period of up to 18 months

    REPAYMENT
    Repayment period of up to 25 years; 10 years in case of repairs
    Flexible methods of repayment

    RATE OF INTEREST AND PROCESSING CHARGES
    Please click here to know our latest interest rates
    Processing charges are 0.50% of the loan amount subject to maximum of Rs. 15,000.
    INDEPENDENCE DAY TO REPUBLIC DAY OFFER: Processing charges waived from 15/08/2012 to 26/01/2013

    PREPAYMENT PENALTY
    Floating rate loans
    There is no prepayment penalty if loanis prepaid from own verifiable sources or taken over by other banks/FIs.
    Fixed rate loans
    There is no prepayment penalty if loanis prepaid from own verifiable sources.
    A take-over penalty of 2% is chargedon the average outstanding balance of the preceding 12 months if the loanis taken over by any other bank / FI or adjusted by the borrower in lumpsumfrom any third party/source (except genuine sale)

    SECURITY
    Equitable mortgage (E.M.) of the residential property
    If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion)
    GUARANTEE
    Third party guarantee is not mandatory

    INSURANCE
    Property insurance is compulsory to the tune of the value of the property

    TOP-UP LOAN
    Facilitates existing home loan borrowers to avail additional loan, who have repaid 24 EMIs in the existing home loan account, to meet any expenditure with respect to the house such as repairs, renovations, furnishing, etc.**
    Loan upto 50% of the EMIs repaid subject to minimum of Rs. 0.5 Lakh and maximum upto Rs. 5 Lakhs
    EM of the existing housing loan will be extended as security
    Repayment tenure of upto 5 years**
    INDEPENDENCE DAY TO REPUBLIC DAY OFFER
    No processing charges on home loans from 15/08/2012 to 26/01/2013.
  2. Grace Harris New Member

    This is a very good info,i was planning to get some loan to union bank but i don't have any idea and this one is really helpful for me.I am glad that you share this information.
  3. Mark Pratt New Member

    Good information this must be bookmarked for many people to know this is really helpful to them.

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