Union bank home loan | Interest rates | Documents | Eligibility

Union bank of India home loan: Details on Interest rates as 10.25% p.a, Documents and Eligibility of Union bank housing loans. Apply online With lowest EMI and Latest Interest Rates 2014.

ELIGIBILITY Required for Union Bank of India Housing Loan -

  • 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.

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Interest Rates of Home loans on Union Bank of India – 2014

Up to 75 lacs Loans 75lacĀ  to 5 crore Above 5 crore
Interest Rates 10.25% 11.00% 11.00%

QUANTUM OF LOAN

  • 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 repairs

Repayment Period-

  • Repayment period of up to 30 years; 10 years in case of repairs
  • Flexible methods of repayment

Processing charges:

  • No processing charges for loans upto Rs. 75 lakh (offer valid till 31/03/2014)
  • Processing charges @ 0.25% of the loan amount subject to maximum of Rs. 7,500 for loans above Rs. 75 lakh (offer valid till 31/03/2014)

Prepayment Charges : NIL
PREPAYMENT PENALTYFloating rate loans

  • There is no prepayment penalty if loan’s prepaid from own verifiable sources or taken over by other banks/FIs.
    Fixed rate loans

    • There is no prepayment penalty if loan’s prepaid from own verifiable sources.
    • A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan’s taken over by any other bank / FI or adjusted by the borrower in lump sum from any third party/source (except genuine sale)

GUARANTEE – Third party guarantee is not mandatory

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

Other Available Products of Union Bank of India are -

Source: Union Bank of india Website

 

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