Union Bank - 10.50% for Loan Against Property - Loan Against Residential Property

Union Bank Of India Is The largest Public sector Bank in India.

Union Bank offers Loan Against Property (LAP) which is also known as Mortgage Loan, at an attractive interest rate starting from 10.50%-13.15% p.a.

Availing a LAP from Union Bank provides the flexibility to use the loan amount for any personal need such as marriage, higher education, business travel, medical emergency or any unforeseen expense.

Union Bank LAP can either be availed as a Term Loan or Overdraft facility, against mortgage of immovable property (Residential/Commercial).

Taking a loan from Union Bank has the following benefits:

1. Repayment tenure of up to 15 years.

2. Freedom to use funds for any personal need

3. High loan amount availability of up to Rs. 10 crore

4. Available to both Resident and Non-Resident customers

5. Affordable rate of interest

6. Availability of Overdraft facility

7. Availability of balance transfer facility

8. Swift and hassle-free loan processing

9. Simple documentation

 

Loan Against Property Interest Rate:

Interest Rate	10.50%-13.15% p.a.*
Loan amount	Up to Rs 10 crore
Repayment Tenure	Up to 15 years
Processing Charges	Up to 1% of loan amount

 

Residential Property (Self occupied/tenanted); Excluding Open Plots	800 & Above	10.60%
	750 to 799	10.80%
	700 to 749 -1 & 1 to 5	11.60%
	Below 700	12.40%
Non-Residential property but Self occupied commercial/industrial; Excluding open Plots	800 & Above	11.00%
	750 to 799	11.20%
	700 to 749 -1 & 1 to 5	12.00%
	Below 700	12.90%
Non-Residential property which are not self-occupied like Hospital Leased to third Parties, Multi-tenanted Commercial Building-; Excluding Open plots.	800 & Above	11.45%
	750 to 799	11.65%
	700 to 749 -1 & 1 to 5	12.25%
	Below 700	13.15%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Factors Affecting Union Bank Loan against Property Interest Rates

1. Loan amount:

Property loan rates in Union Bank depend upon the loan amount you apply.

You can get a minimum loan of ₹ 20 Lakh from Axis Bank.

 

2. Your Net Monthly Income: 

Income helps you in identifying your rate of interest.

Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

3. Type of loan opted for: 

Axis Bank offers differential rates for customers different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

4. Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

5. Your profession:

Union Bank may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or

business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

 

Union Bank Loan Against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of      business existence and business profile

 

For Salaried employee:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

Loan Against Property Union Bank Products:

Union Bank Of India offers the Customized Products for specific customers segments designed to meet their loan requirement.

Some of the popular Union Bank of India Loan Against property products are mentioned below:

 

1. Union Mortgage:

Union Bank Of India Offers mortgage Loan Against Property all non-agriculture properties such as agriculture, commercial, or industrial property.

The Loan Allows term Loan and overdraft facility.

 

2. Union Bank Reverse Mortgage:

 Union Reverse mortgage allows a regular source of income for senior citizens who own a self- occupied house.

The Loan Allows a minimum borrowing of Rs. 1 lakh while a maximum of Rs. 100 lakh is allowed

.

Frequently Asked Questions:

Q. What is Union Bank of india loan against property interest rate?

Ans. Union Bank  of india offers loan against property at a rate of 10.50%-13.15% p.a.* with the lowest EMI. 

If you are currently paying a higher interest rate than Union Bank rate, you can opt for a balance transfer of loan to Union Bank Of India.

 

Q. Did Union Bank Loan against property rates drop?

Ans. Yes, Union Bank lowest rates on loan against property have been decreased  by 1.7% From the previous rate of 10.50%-13.15% p.a.*

The lowest mortgage rate affect from 1 sept from 2021.

 

Q. How to increase my eligibility on Union Bank Mortgage loan?

Ans. If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your income will help you in increasing your eligibility to get a loan.

 

Q. Can I foreclosure my Mortgage loan? What are the charges applicable?

Ans. Yes, you can foreclose your Union Bank loan against property anytime you want with own sources - Nil refinance-2% foreclosure charges.

 

What is the maximum loan tenure I can opt under Union Bank Property loan?

Ans. Union Bank offers a maximum tenure of 12 years to repay your loan.

You can choose the tenure for your LAP loan as per your convenience and repayment ability.

 

Union Bank Loan Against Property News - March 2023:

 

2021-07-09 : UBI Update on change in IFSC For Merged Banks – Andhra Bank and Corporation bank

Union Bank of India Friday said the IFSC codes of the Andhra bank and the e-corporation bank branches will change the effect from  1 july 2021.

customers of the will have to get new cheque books will change IFSC and MICR Codes.

 

2021-06-03 : Union bank completes integration of all branches of corporation bank.  

Union bank of India has completed the IT integration after which all the branches of former corporation bank have come fully under its fold as part of amalgamation exercise.

Union bank offers retails loan like home, personal along with business loan.