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 2013.
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.
Interest Rates of Home loans on Union Bank of India
|Up to 75 lacs||Loans 75lac to 5 crore||Above 5 crore
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 of up to 30 years; 10 years in case of repairs
- Flexible methods of repayment
- 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 PENALTY – Floating 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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