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Union Bank of India Home Loan
|Union Bank Of India Home Loan schemes provided to the home loan seekers come along with perks like - cheap and easily repayable home loan installments, the whole process involves least paper work and the home loan schemes offered come together with umpteen value added services. UBI or the Union Bank Of India is one of India's primary public sector banks providing lucrative housing loans at easy interest rates. Following are certain purposes that are applicable to avail UBI home loans:
- The housing loan can be availed to buy an already existing independent house/flat.
- A home loan seeker can avail home finance from Union Bank Of India building an independent flat or a house.
- Union Bank Home Loan is also applicable for renovation or for further extension or improvement in the house.
- The bank also provides a finance option in order to settle/repay the loan acquired from any other bank or finance lending company or organization.
- People who are already having an abode can avail the home loan to buy or construct second property.
- A special home loan package is also available for land/plot sold by Government authorized different agencies.
Union Bank Of India has set certain guidelines pertaining to the eligibility criterion for home loan seekers:
- First of all the home loan applicant should be an Indian civilian and must be at least 21 years old in order to avail home loan scheme from Union Bank Of India.
- The home loan applicant should either have a personal account or a joint account with any of the family members - father, mother, wife, daughter/son.
- Self-employed professionals like doctors, advocates, businessmen etc. doing a self-practice and having a steady source of income can apply for Union Bank Of India Home Loans.
- The home loan applicant must have scored at least 40% according to the investment grade scoring plan.
Following are certain features regarding the 'Quantum Of Home Loan' for acquiring home loans from UBI:
- The maximum amount of home loan that can be acquired in case the home loan applicant is a resident of or wants to a buy/build a house/flat or for any other purpose in a major 'A' class city is Rs 100 Lakhs.
- The greatest amount of home loan that can be acquired from Union Bank Of India in case the home loan applicant lives in other cities is Rs 50 Lakhs for any purpose.
- The bank offers a maximum home loan amount of Rs 10 Lakhs for the purpose of construction/other repair works in the existing house/flat.
The home loan offered covers a margin in the following manner:
- In case of buying/building a house or a flat the margin covered is 20% of the value of a separate house/flat.
- In case of repair works the margin covered is 20% of the entire cost of the refurbishment of house/flat.
- The loan amount covers a margin of 20% of the value of the plot/land in case the home loan is acquired to buy a plot of land.
Home Loan Repayment Options:
The Home Loans offered by Union Bank Of India are easily repayable and the bank provides various facile home loan repayment alternatives:
- The bank offers an adjournment option of up to 18 months if the loan is availed for an under-construction flat/house.
- The home loan acquired can be paid by coughing up a fixed amount of Equated Monthly Installment(EMI).
- The home loan can be repaid over a period of a maximum of 20 years for the purpose of - building/buying a house or a flat.
- The home loan acquired for renovation/repair works in the existing house/flat can be repaid up to a maximum period of 10 years.
- Union Bank Of India also provides certain unique options like - flip/balloon or Step-up(EMI) repayment modes to ensure the client's convenience.
Union Bank Of India Home Loan Interest:
Union Bank Of India Home Loan Interest charged from the home loan borrowers are very competitive and attractive at the same time enabling the home loan seekers to repay the home loans with ease without having to fret much. The bank charges interest on its varied home loan schemes according to the following pattern:
For latest Union Bank Home Loan rates you can log on to the bank's website.
- For a home loan amount of up to Rs 5 Lakhs - The bank charges a fixed interest rate of 8.50% for first three years for a period of 5 years to 20 years. The rate changes to 9% floating interest rate from the 4th year onwards for the same loan period.
- For a home loan amount of over 5 lakhs and up to 30 lakhs - The bank charges a fixed rate of interest at 8.50% for a period of over 5 years to 20 years and the interest rate changes to 9% floating interest for a period of 5 years to 10 years and the floating interest rate of 9.25% for a period of over 10 years to 20 years.
- For a home loan amount of over 30 Lakhs to 50 Lakhs - A fixed rate of 8.50% is charged for first 3 years for a loan period of 5 years to 20 years and the rate of interest increases to 9.25% floating interest rate from 4th year onwards for a period of 5 years to 10 years and increases to 9.50% for a period of over 10 years to 20 years.
- For a home loan amount of over Rs 50 lakhs - The bank charges floating interest rate of 9.25% for first 3 years for a loan period of 5 years to 20 years and it increases to 10% for a period of 5 years to 10 years and 10.25% for a period of over 10 years to a period of 20 years.
Union Bank Of India Home Loan Insurance:
Union Bank Of India offers a home loan insurance scheme to its home loan borrowers thereby providing a shield in order to ensure that the burden of home loan repayment doesn't fall on the family of the home loan borrower in case something inevitable and unexpected happens to the individual's life. The home loan insurance amount offered under the home loan insurance scheme covers an amount similar to that of outstanding amount of the home loan. Union Bank Of India has an agreement with the Star Union Dai-ichi Life Insurance Co. Ltd., which bears the liability for the insurance so as to repay the remaining loan amount on the basis of the original EMI schedule.
Perks offered on home loan schemes:
Union Bank Of India provides certain value added services on its home loan schemes -:
- A credit card free of admission fees and annual fees for the first year is issued to the home loan borrowers.
- Pliable loan repayment options for the home loan borrowers.
- The bank also provides home loan insurance on its home loan schemes.
- The whole process of loan disbursement is very prompt and doesn't take much time.
- There are no hidden costs or miscellaneous charges applied by the bank.
Union Bank Of India Home Loan Application Form:
The bank provides the home loan application form on its website. The home loan applicants can download the housing loan application form and can submit the same when it is duly filled up and is furnished along with the relevant documents.
Union Bank Of India Home Loan EMI calculator:
The bank provides its customers with a home loan EMI calculator that enables them to compute the amount of installments they will have to cough up on a monthly basis towards home loan repayment during the period of home loan. The individual has to mention the details of the interest rate opted for, amount of home loan acquired and the number of installments depending upon the loan tenure.
For further details on Union Bank Of India Home Loan schemes, interest rate and other relevant details you can call on the Customer Care service toll free helpline number: 1800 2222 44
Or you can also log on to the Union Bank Of India Website: http://www.unionbankofindia.co.in
Home Loan Calculator
|The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities. |
(Rs. in Lacs)
|Union Bank of India
||18 to 25
||0.5% of loan amount
|* UBI offers 8.5% fixed for first 3 yrs, 9% floating upto 10 yrs, thereafter BPLR- 2.5%.|
|Pre-payment charges: If paid from own source- Nil, in other case- 2% on principal amount prepaid.|