Union Bank Home Loans: A range of home loan packages are available from Union Bank of India to satisfy the various needs of its clients. This is a thorough rundown of all the important details of Union Bank home loans, such as the qualifying requirements, loan amount, margin needs, length of moratorium, interest rates, and processing fees.
Eligibility
In order to qualify for a house loan from Union Bank of India, candidates need to fulfill several requirements:
Age: At the time of loan maturity, the applicant must be at least eighteen years old and no older than seventy-five.
Income: The applicant must earn enough money to meet the EMI installments. Those with salaries as well as independent contractors are qualified.
Credit Score: To be approved, you must have a high credit score. Generally speaking, Union Bank demands a decent CIC score.
Quantum of Loan
The purpose of the loan and the applicant’s ability to repay it are two among the many variables that determine the quantum of the loan, or the total amount that can be borrowed. In most cases, there is no maximum loan amount for building or buying a home.
Margin, i.e., Your Share
The amount of the cost that the borrower must contribute is known as the margin. Union Bank often demands a margin of 20% of the total cost of the property in order to grant house loans. This means that up to 80% of the property’s worth is financed by the bank.
Home Loan Moratorium Period
Union Bank provides a moratorium period, in which the borrower is exempt from repayment obligations. The moratorium period for house loans utilized for construction or acquisition may last up to three years. Loans taken out for renovations or repairs may be subject to a one-year moratorium.
Home Loan Rate of Interest
Union Bank allows its customers to take advantage of a moratorium period, in which they are not obliged to make any payments. The moratorium period may last up to three years for house loans utilized for construction or acquisition. The moratorium may last up to a year for loans taken out for renovations or repairs.
Processing Charges
A processing fee of 0.50% of the loan amount, up to a maximum of Rs. 15,000 + GST, is assessed by Union Bank. This is a one-time fee that is due at the moment the loan is processed.
To sum up, Union Bank of India provides flexible and competitive home loan alternatives to meet the financial demands of anyone looking to buy, build, or remodel a home. Many aspirant homeowners still choose it since it has clear restrictions about eligibility, loan amounts, margins, moratorium periods, and interest rates.
