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Union Mortgage Scheme by Union Bank For Loan Against Property

You may need money for other expenses such as higher education, marriage, business travel, medical emergencies, or any type of unforeseen expenses. Now, you can rest in peace as the Union Bank of India’s Union Mortgage Scheme is the ultimate solution for all of your needs; you can avail of the Union Bank loan against property to meet such expenditure.

Eligibility: If you wish to avail of the Union Mortgage Scheme, you should be able to meet the following requirements:

  • You should be an Indian national and owning non-agricultural property.
  • Your minimum age should be 18 years and your maximum age should be 70 years.
  • Both the co-applicants and the applicant should be filing their Income Tax return.
  • It is necessary for all of the owner(s) of the property to join in as co-applicant(s).
  • Partnership firms as well as the Proprietary concerns.

Moratorium Period: The Moratorium period is of up to 18 months.

Repayment: You can repay the loan in 10 years in case of repairs or in 30 years. There are flexible ways for repayment.

Prepayment Penalty

  • Floating rate of loans: If you avail of the Bank loan against property, you will not have to pay any prepayment penalty provided that the loan is being prepaid from own verifiable sources.
  • Fixed rate of loans: If you avail of this loan, you will not have to pay any prepayment penalty provided that the loan is being prepaid from own verifiable sources.

Security: In order to avail of the loan, you will have to deposit 

  • If the house or flat which you wish to purchase is under construction or is yet to be constructed then you will have to give an interim security till it gets completed.
  • Equitable mortgage also known as EM in short  of the residential property.

Documents Required: You will have to submit the following documents:

  • PAN Card
  • Proof address
  • Proof identity
  • 3 photographs
  • Proof income
  • Property papers
  • Last 12 months bank statement
  • Title Deed
  • LIC Policies, if any
  • Loan repayment statement, if any
  • Any other document required as per the application form
  • Hence with the help of the above tips, you can easily avail of the Union Mortgage Scheme.

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