Union Bank Loan Against Property:

Introduction:

Union Bank Loan Against Property is also known as ‘Union Mortgage Scheme’. The bank allows loan for various purposes and the flexible eligibility makes it possible for almost everyone to utilize Union Bank Loan Against Property for Marriage, Higher Education, Medical emergencies etc. Union Bank Loan Against Property is a unique general purpose loan for various financial needs.

Why Loan Against Property?

People usually go ahead for this loan for the following reasons.

• It is cheaper to personal loan
• It usually has a longer tenure which makes it affordable for people
• The documentation and approval process is much faster

Union Bank Loan Against Property reviews shows that the competitive Union Bank Loan Against Property Interest rate is the reason for many businesses opting for Union Bank Loan Against Property.

Union Bank Loan Against Property Interest Rate:

Union Bank Loan Against Property rate is 16.00% at fixed rate and floating rate of interest is 15.25% linked to base rate which is subject to change.  Any changes are specified from time to time and applicable. More details about Union Bank Loan Against Property rate can be found from the nearest branch.

Union Bank Loan Against Property Eligibility:

Union Bank Loan Against Property Reviews Shows That Union Bank Loan Against Property Eligibility Criteria Is:

• Any individual who is an employee, professional, self-employed or engaged in agricultural and allied activities with regular or steady income can apply for Union Bank Loan Against Property rate.
• The salary criteria should be met which is Net Monthly Income in excess of Rs.10, 000 or Net Annual Income in excess of Rs.1, 20,000

• A customer availing Union Bank Loan Against Property rate should be in the age range 18 to 60 years at the time of application.

Whosoever is able to meet the Union Bank Loan Against Property eligibility criteria is eligible for Union Bank Loan Against Property.

Union Bank Loan Against Property Documentation Process Is Simple And The Common Documents Required Are:

• Application form
• Proof of identity
• Proof of address
• Two photographs

Union Bank Loan Against Property Reviews Shows That Other Documents Required Are:

• Financial Statements Profit and Loss Account, Balance Sheet
• ITR for last 3 years, property documents (Title Deed, Tax Receipts, Possession Certificate) etc.

Union Bank Loan Against Property reviews shows that documents required are specific to purpose of loan and additional details for documents required are available in the branch. Union Bank Loan Against Property reviews shows that Union Bank Loan Against Property interest rate can be availed for maximum loan tenure of 7 Years or 84 EMI’s. The loan can be repaid in easy equated monthly installments. The loan can be processed in 7 working days once the documents have been submitted.

Prepayment And Late Fee Charges:

If the loan is paid back before the tenure it is known as prepayment. Union Bank charges 2% of outstanding as prepayment, however no prepayment charge if prepaid with own source. Information on late payment charges if any can be checked at nearest branch. Service tax and other taxes are applicable as per the rate prevailing in the market. The maximum and minimum loan amount will depend according to the value of the property as decided by the bank.

Union Bank Loan Against Property Tax Benefits:

One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Union Bank Loan Against Property eligibility and Union Bank Loan Against Property Interest Rate etc. are on the official site at http://www.unionbankofindia.co.in/

Remarks:  Late payment charges not available.