Union Bank of India Home Loan in Purnea, Bihar

Avyud Finance provides Home Loan from Union Bank of India with flexible tenures of up to 30 years, you can get a financing of up to Rs.25 lakh, you can get a financing of up to 80% of the total property cost with this facility. The good part is you don’t have to pay any prepayment penalty fee if you decide to foreclosure the loan (only for floating rate loans).

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

Union Bank of India Home Loan Important Information

Purpose

Purchase of a new/old residential unit (house/ flat/villa/apartment etc.)

Construction of residential unit on existing non agriculture plot.

Purchase of non-agricultural plot and construction of residential unit (composite project) thereon**

Repairs/ improvements/ extension of the existing residential property.

Take-over of housing loan availed from another bank / FI

Completion of under construction residential unit.

Purchase of solar power panel along with purchase / construction of house.

Eligibility Criteria for Union Bank of India Home Loan

Indian citizens and NRIs

Minimum entry age is 18 years and maximum exit age up to 75 years.

Individuals may apply singly or jointly with other eligible individuals.

Documents Required for Union Bank of India Home Loan

Simple/Equitable mortgage (E.M.) of the residential property

In case the proposed residential unit is under construction, suitable interim security is required (till the period of its completion)

However, interim security is not required if tie-up with the builder (with tripartite agreement) for the particular housing project exists.

Third party guarantee is not required for Resident Indian

One/two guarantors of Indian Residents (other than spouse), having means equivalent to that of the loan amount, is to be provided by the NRI applicant.

KYC - PAN, address & ID proof

Income proof, bank statement and a photograph

Salary Certificate and Form No.16 (in case of salaried persons)

Fees & Charges for Union Bank of India Home Loan

Interest Rate: 6.60% p.a. onwards.

Current EBLR: 6.80% p.a.

Processing Fees: 0.50% of the loan amount

Max Repayment Tenure: 30 years

FAQ for Union Bank of India Home Loan

What is the normal time required for disbursement of home loan?

It takes only 5 working days to get the Home Loan sanctioned from Union Bank of India after submission of requisite documents and papers.

What does the own contribution (Margin) mean?

Own contribution (Margin) means the total cost of the property minus Home Loan.

What is the PMAY scheme and how can it benefit Home loan buyers?

Hon’ble Prime Minister envisioned Housing for All by 2022 when the Nation completes 75 years of its Independence. In order to achieve this objective, the Ministry of Housing and Urban Poverty Alleviation (MoHUPA), Govt. of India has launched a comprehensive mission “Housing for all by 2022. Under the scheme the Central Government provides an upfront interest subsidy to eligible home loan borrowers under EWS/LIG.

Does Bank offer some concessions to Female borrowers ?

Yes, Union bank of India offers 0.05 % concession in the applicable rate of interest where female applicant/s stands as borrowers/co-borrowers in the loan and owner/co-owner in the proposed housing property.

When will my interest Rate change under the EBLR regime?

The interest rate Change at quarterly interval on 1st day of calendar quarter subsequent to the change in RBI’s repo rate.

Note: This content is taken from Union Bank of India website

Purpose for Home Loan

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