Union Bank is one of the largest government-owned banks of India. Currently, the bank operates with over 4298 branches and has 28 extension counters with 60 satellite offices and 48 service branches. The bank holds an international presence with 4 branches in Sydney, Belgium, Hong Kong, and Dubai. In addition to this, the bank has provided 12963 ATMs including 5407 micro ATMs for their customers.
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Union Bank Home Loan
A Home Loan is offered to those individuals who wish to purchase or construct a house. A Home Loan, in general, is a large amount of money; a borrower takes for a longer period to fuel his/her dream of owning a home. The Union bank offers their home loan product and services to its customers to fulfill their dreams.
Union Bank Home Loan Eligibility
The eligibility standard for home loan should be matched with applicant in order to avail Union Bank Home Loan.
- An applicant who wishes to apply for the home loan should be an Indian citizen, and who is above 21 years of age.
- An applicant should have a regular source of income, and should be a salaried employee, reflecting job stability.
- Loan to value ratio is up to 90%
- City- in which property is based so that the bank can verify its total value
- Any applicant either singly or jointly with his family members like a spouse, brother, a father having a regular source of income can become a co-applicant for a home loan.
- NRI’s are also eligible to apply for a home loan
- Saving History, Assets, continuity of occupation and number of dependents
Parameters That Decide Union Bank Home Loan Rates
The bank has some set criteria on which interest rate depends and varies according to the market. The loan amount you are opting for depends upon your salary, your age, your occupation, etc. and several other factors. Usually, Union Bank Home Loan rates revolve around 8.35%.
Loan Amount: The final home loan rate will depend on loan amount you opt. Higher the Loan amount, lesser the interest rate.
Your Salary: An applicant salary speaks a lot and becomes one of the deciding factors for the rate of interest as higher the salary lower would be the interest rate.
Features of Union Bank Home Loan
- Loan tenure is between 5 to 30 years and the loan to value ratio is 90%
- Home Loan rates are granted to the age group between 21 years to 60 years
- Interest Rate usually ranges in between 8.35% to 8.55%
- There is a special rate of interest for women borrowers.
- Union Bank Home Loan is available for both salaried professionals and self-employed businessmen.
Union Bank Home Loan Documents
In case of salaried, an applicant must possess valid proof of identities such as a valid passport, a valid driving license with a photograph, Aadhar Card, PAN Card, or a voter ID.
Proof of Income: An applicant must possess proof of income. Latest three months’ salary slip or a certificate from a company stating your fixed salary, Form 16. In addition to this, you have to submit the last six months bank statement which reflects your financial status.
Residential Proof: Any utility bill such as electricity, telephone or gas bill will do them justice, but of recent 3 months.
In case of self-employed, an applicant must possess a valid passport or any photo ID.
Proof of Income: An applicant has to submit the IT returns for the last 2 years along with the total computation of income certified and last 6 months of bank statement showing the operation of both personal and current account.
Proof Of Residence: Latest Bill of Utilities such as gas pipe connection, telephone or electricity bill of not more than 3 months old.