Union Bank Home Loan Details
|Interest Rates||8.30% – 8.35%|
|Processing Fees||No processing charges (offer valid till 31/03/2018)|
|Pre payment Charges||Nil|
|Loan Amount||upto 90%|
|Lowest EMI||Rs. 755/- per Lakh|
|Min. Income||Rs.12000/- p.m|
|Loan Repayment||30 years|
Why to Apply for Home Loans with Union Bank
✔ Good Presence in Indian Banking
✔ 49 million + Trusted Customers
✔ 4078 Branches (61% branches in rural/semi-urban markets)
✔ Most advanced Technology for Operating Customers
✔ Customer Service is upto the Mark.
Union Bank Home Loan Interest Rates 2018
FLOATING RATE UNDER REGULAR UNION HOME (For up to 30 years)
Up to 75 Lakh = 8.30% | Above 75 Lakh = 8.35%
FLOATING RATE UNDER UNION HOME – SMART SAVE (For up to 30 years)
Up to Rs.75 Lakh = 8.55%
Above Rs.75 Lakh = 8.85%
UNION TOP-UP Home Loan
Up to Rs.30 Lakh = 9.35%
Above Rs.30 Lakh = 9.60%
FIXED RATE of Interest Union Bank (For maximum 5 years)
Up to Rs.30 Lakh = 11.40%
Rs.30 Lakh to Rs.50 Lakh = 12.40%
Rs.50 Lakh to Rs.2 Crore = 12.65%
How is the interest charged/calculated?
Interest will be applied in the account on the basis of reducing balance method at monthly rests. During moratorium period compounding interest would be charged.
Can I prepay my home loan?
Yes, you can make your prepayment. There is no charge on pre payment if the loan is adjusted by the borrower from his own verifiable legitimate sources. However, a charge of 2% on the average balance of the preceding 12 months if the loan is taken over.
What are the tax benefits I get from my home loan?
Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act, 1961. A deduction of up to Rs. 2,00,000 can be claimed towards the total interest that one would pay on the home loan. The interest on home loans taken for repairs, renewals or reconstruction, also qualifies for the deduction of Rs. 2,00,000. The principal repayment of up to Rs. 1,50,000 on the home loan is allowed as a deduction from the gross total income subject to fulfillment of prescribed conditions. These benefits on interest on housing loans are allowable only for the original loan and for a second loan taken to repay the first loan and not for subsequent loans.
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 –