My father wants to apply for Home Loan at Union Bank of India. He wants to know about eligibility criteria to apply for Home Loan. So please tell me about eligibility criteria for Home Loan with interest rates by Union Bank of India?

The Union Bank of India is one of the leading public sector banks in India.

Here I am providing details about Home Loan of Union Bank of India.

Union Bank of India Home Loan Details

Eligibility:
Minimum Age: 21 Years

Nationality: Indian Citizen

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.

Siblings, i.e. brother-sister, brother- brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.

NRIs are also eligible for the home loan.

QUANTUM OF LOAN
Depending on repayment capacity of the borrower 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 36 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
TENOR MCLR (%)
Overnight MCLR 9.05%
One month MCLR 9.10%
Three month MCLR 9.15%
Six month MCLR 9.25%
One year MCLR 9.30%
Two year MCLR 9.35%
Three year MCLR 9.40%

Our Base Rate w.e.f. 01/12/2016 9.55% .
Our Bench Prime Lending Rate [BPLR] w.e.f. 01/03/2016 14.25%

Union Bank of India Home Loan Interest Rate






PREPAYMENT PENALTY
Floating rate loans
There is no prepayment penalty if loan is prepaid from own verifiable sources or taken over by other banks/FIs.

SECURITY
Equitable mortgage (E.M.) of the residential property

GUARANTEE
Third party guarantee is not mandatory for Resident Indian

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

Helpline:
All-India Toll Free number
1800 22 22 44
1800 208 2244