Under the Union Bank of India home loan scheme the bank disburses a maximum of Rs. 300 lakh loan for customers in Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Ahmedabad, Hyderabad,Gurgaon, Noida and New Delhi and 100 lacs in other cities. Union Bank of India home loan for repair is maximum Rs 10 lacs.

Union Bank Of India Home Loan Interest Rate:

Union Bank of India home loan rate offered is variable at different amounts of loan disbursed.

 Union Bank of India home loan interest rate is based on base rate system. Union Bank of India home loan rate is based on 9.00% base rate.

Union Bank Of India Home Loan Interest Rate For Loan Upto Rs 30 Lacs:

Fixed Union Bank Home Loan Rate Is -

10.75% upto 5 years

Floating Union Bank Home Loan Rate Is -

Upto 5 years-9.50%

5-10 years-9.75%

10-15 years-9.75%

15-25 years-10.00%

Union Bank Of India Home Loan Interest Rate For Loan Above Rs 30 Lacs To 50 Lacs:

Fixed-

11.75% upto 5 years

Floating-

Upto 5 years-10.25%

5-10 years-10.50%

10-15 years-10.50%

15-25 years-10.75%

Union Bank Of India Home Loan Interest Rate For Loan Above Rs 200 Lacs:

Floating-

Upto 5 years-10.75%

5-10 years-10.75%

10-15 years-11.00%

15-25 years-11.00%

Union Bank Of India Home Loan Criteria:

Union Bank of India home loan eligibility Criteria for salaried people:

As per the Union Bank of India home loan review the minimum age at the time of application of the loan should be 21 years. Union Bank of India home loan applicant should have a salary certificate. As per the Union Bank of India home loan eligibility a salaried customer should have at least been in service for 2 years.

Union Bank Of India Home Loan Eligibility Criteria For Self Employed:

Union Bank of India home loan review shows the self employed person has to show proof of income. Union Bank of India home loan self employed applicant needs proof of experience.  As per the Union Bank of India home loan eligibility an applicant should have 3 years of minimum work experience.

Criterion's and documents required for salaried and self employed

Common Documents For Union Bank of India Home Loan Customers

Duly Filled Application Form

Sale Agreement Copy of House / Flat

Co- operative or societies membership proof

Valuation report for construction/Estimate of construction from bank approved Engineer / Lawyer

Union Bank of India Home Loan Documents For Salaried People

Salary Certificate as an income proof

Union Bank of India Home Loan Documents for Self Employed

Proof of income

Proof of experience for professionals or self employed

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

According to the Union Bank of India Home Loan review the loan is provided for a maximum period of 25 years in case of payment in equated monthly installments. In case of fixed interest rate options the period is reduced to 10 years.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of Union Bank of India home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges a 2 % penalty in case if the loan is being taken over by any other financial institution. However if the loan is being paid back through own resources of the customer no pre closure charges would be charged.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.