Union Bank Of India Eligibiltiy Documents

Union Bank Of India Eligibiltiy Documents

PURPOSE

Purchase/ construction of house/ flat Purchase of plot and construction of house thereon** Repairs/ improvements/ extension of the existing residential property..

ELIGIBILITY

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. Contact our nearest branch for further details.

QUANTUM OF LOAN

Depending on repayment capacity and value of property

Maximum Rs. 30 Lakhs for Repairs.

MARGIN, I.E. YOUR SHARE

20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 75 Lakhs 25% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 75 lakhs to Rs. 2 Crores 35% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 2 Crores 20% of total cost of the repairs

MORATORIUM PERIOD

Moratorium period of up to 18 months.

REPAYMENT

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

RATE OF INTEREST AND PROCESSING CHARGES

Please click here to know our latest interest rates 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) Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.

INTEREST SUBVENTION SCHEME OF GOI

Interest subvention of 1% is available on housing loans of upto ` 15 Lakhs, where the cost of the house does not exceed ` 25 Lakhs, subject to terms & conditions. Please visit our nearest branch to know more on the scheme.

PREPAYMENT PENALTY

Floating rate loans There is no prepayment penalty if loanis prepaid from own verifiable sources or taken over by other banks/FIs. Fixed rate loans There is no prepayment penalty if loanis prepaid from own verifiable sources. A take-over penalty of 2% is chargedon the average outstanding balance of the preceding 12 months if the loanis taken over by any other bank / FI or adjusted by the borrower in lumpsumfrom any third party/source (except genuine sale)

SECURITY

Equitable mortgage (E.M.) of the residential property If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion)

GUARANTEE

Third party guarantee is not mandatory...a

INSURANCE

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

**Conditions apply. For further details, please visit our nearest branch.