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The application process can be broken up into 3 major steps. One of the initial concerns towards seeking funds through home loans is the cost of capital. The two primary factors that impact the cost of capital are the rate of interest and the fee which are charged upfront. As a first step, let us learn the mechanics of the interest regime in practice. Union bank is one of the leading public sector banks with a legacy of almost hundred years since its establishment in 1919. UBI plays an important role in the housing sector in the country where the scope to fund construction or purchase of a house or flat is enormous.
Evaluation and sanction of the loan based on the submitted documents. Submission of a fully complete form along with the requisite documents. On deputation with international agencies, employers or our embassies spread across the world. Duis aute irure dolor in reprehend in Duis dolor in reprehend in Duis aute irure dolor in reeprehend in Duis . One of our customer care representatives will get back to you within 24 hours and schedule visits for collecting document copies . Schedule the pick-up of your documents at a convenient time and from a convenient location.
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Interested in debt consolidation, home renovations, education funds, etc.? Our Fixed Rate Home Equity Products are competitively priced in today's market place. Answer- Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions. All the co-owner of the property need to join in as co-applicant.
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. As already learnt, there are a host of schemes offered by UBI. The schemes are innovatively designed providing a lot of flexibility to the borrowers to choose the best to one’s advantage.
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Answer- Yes, you can apply for a loan to us for repaying a Mortgage Loan availed by you from another Bank/ housing Finance. For more details Contact our Nearest Branch/Office. Answer- Yes, you can apply for a loan to us for repaying a Home Loan availed by you from another bank/ housing Finance.
Among these, the Union Paradise Home Loan specially designed for the NRIs are in high demand. As far as the scheme goes, it is very much like the Union Home Loan Scheme in its features and facilities. However, being a NRI, you will have to comply with additional documentation typically relevant in your case. Additionally, you will need to assign a close blood relative co-applicant and a suitable Power of Attorney in his /her favor.
Which Union Bank of India Home Loan Scheme is Right for You?
The home purchase or construction loan may be as per eligibility of the customers and for renovation/repairs the maximum amount of loan opted for is up to Rs. 30 lakhs. After understanding that you are eligible to take the loan, and paying the monthly EMI amount is feasible, get ready to check for the right set of home loan documents. The bank makes sure that the documents are 100% original and serves the purpose of the housing loan. This loan makes all those borrowers who have availed of housing loan of over Rs.15L.
There is no prepayment penalty if loan is prepaid from own verifiable sources. The application process of the Union Bank of India Housing Loan works out through the offline and online process. To apply easily for the Union Bank Of India, the client must fit with the following home loan eligibility requirements. Please see the Forms & Documents Tab above for information on the list of documents required.
There is no clear definition of who constitute the class of High – net – worth individuals than the fact that they hold abundant liquid assets. It is advantageous for the bank in extending home credit to them as there is no possibility of the credit turning sticky. Ideal for them is the United Combo Loan Scheme which is a combination of housing and a car loan. In addition to these specific eligibility norms, there are a few other important parameters at the uniformly applicable to all the schemes. UBI home loans are attractive as they offer flexible repayment terms and competitive rates of interest.
For purchase of plot for construction the amount is 40 % of the loan amount eligibility subject to 25 % margin on the cost of plot. The maximum tenure of the loan should terminate at 70 years of age. Submit the application form, and the lender/lender representative will call you. Mention your loan requirements and verify them. The house purchase loan amount can be up to Rs 10 lakhs in the semi-urban areas and Rs 7 lakhs in rural areas. For renovation and repair, the loan amount can be up to Rs 5 lakhs.
There is no charge on pre-payment if the loan is adjusted by the borrower from his own verifiable legitimate sources. An Equated Monthly Instalment has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan. Processing charges are 0.50% of the loan amount subject to maximum of Rs.15,000 plus GST as applicable. LTV is the loan to value ratio and is expressed in percentage.
This loan is customized for any suitable home financing solution for the individuals like improving/repairing/extending an existing residential property. Union Bank of India also offers a moratorium period of up to 36 months. However, the moratorium period is not applicable to loans availed for the purchase of a completed house/flat. The repayment period is 30 years, including the moratorium period of 36 months from the date of disbursal or the completion of the house, whichever is earlier. The repayment period is 15 years including the moratorium period of 12 months in case the loan is availed for repairs of the House/Flat. Union bank lays great emphasis on the credit score and it acts as the benchmark for application of rate of interest as well as the quantum of loan eligibility.
A General power of Attorney in our format in favor of a blood relation supported by KYC documents. Copy of employment contract or offer letter in English duly attested by the Indian Embassy or bank branch in that country. The full margin money has to be spent before disbursal of loan.
Processing Fees 0.50% of the loan amount Max Repayment Tenure 30 years Union Bank of India offers prospective homebuyers loans at competitive interest rates starting from 8.25% p.a. Longer tenures of up to 30 years coupled with EMIs as low as Rs.727 per lakh ensures a flexible repayment period. You can also get up to Rs.30 lakh as loan for home repairs. The bank also offers a full waiver of prepayment penalty on floating rate loans. Union bank of India offers housing loans on floating interest rates or fixed interest rates.
The floating rate of interest for this UBI home loan is 8.25% onwards. Housing loans availed under the PMAY scheme are eligible for an interest subsidy up to 6.50% depending on the category the beneficiary belongs to. Answer- Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.
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