Union Bank of India is one of the largest government-owned banks of India and was founded in the year 1919.

Purpose of Housing Loan

Purchase/ construction of house/ flat
Purchase of plot and construction of house thereon
Repairs/ improvements/ extension of the existing residential property
Take-over of housing loan availed from another bank / FI

Eligibility

You should be 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.

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.

Down-Payment:

Property costs upto Rs.75 lakhs- 20% of total cost.
Property costs upto Rs.75 lakhs to Rs.2 crores- 25% of total cost.
Property costs above Rs.2 crores- 35% of total cost.
Loan sought for repair of existing property- 20% of the total cost of repairs.
Union Bank Home Loan Details:

Pre-closure Charges: Nil
Interest Rate 9.60% to 9.65%

Processing Fees
0.50% of loan amount subject to a maximum of Rs.15,000/- plus service tax

Loan Tenure
30 years

Guarantor Requirement
No guarantor required

Documents required for this Home Loan statement:

Salaried Self
ID Proof
PAN card/Voters ID/Passport/Driving License/Any other valid proof
PAN card/Voters ID/Passport/Driving License/Any other valid proof
Recent telephone bill/Electricity bill/Passport/Voters ID/Driving License/Any other valid address proof
Recent telephone bill/Electricity bill/Passport/Voters ID/Driving License/Any other valid address proof
Statements (latest 3 months bank statement / 6 months bank passbook)
Latest 6 months salary slip with latest Form 16/letter from employer
Last one year ITR
Last 3 years ITR
B/S & P&L a/c for the last 2 yrs. certified by a CA

Contact:

Union Bank of India
Union Bank Bhavan, 239, Vidhan Bhavan Marg
Nariman Point, Mumbai - 400 021
Maharashtra, India
Phone number [Board]
022-22892000