Union Bank of India Loan Against Property in Purnea, Bihar

Avyud Finance offers Loan Against Property from Union Bank of India, which is also known as a Mortgage Loan. 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. Mortgage loan EMI in Union Bank of India depends upon the type of property (residential, commercial, industrial), occupation (businessmen, self-employed, salaried), loan amount, loan tenure, and interest rate.

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 Loan Against Property Important Information

Purpose

Personal needs such as marriages, higher education, business travel, medical emergencies or any unforeseen expenses

Secured overdraft may be allowed as liquidity finance

For taking benefit of lower interest rate, customers can also apply for takeover of existing mortgage loan/s from other Banks/FI

Eligibility Criteria for Union Bank of India Loan Against Property

Indian citizens (both resident and non-resident) having a regular source of income and owning non-agricultural (residential / commercial/industrial) property.

Minimum age - 18 years and maximum age - 75 years.

Individuals may apply singly or jointly with other eligible individuals.

Documents Required for Union Bank of India Loan Against Property

Application form and Credit Information

KYC documents of applicant & co-applicant/guarantor (if any): Identity proof (PAN Card/Passport/Voters ID/Aadhaar etc), Address proof (Passport/Driving License/Aadhaar etc) & 2 passport size photographs (latest)

Income proof for Salaried: ITR/Form 16 of last 2 years, latest 3 months salary slips, and proof of any other income (in case not mentioned in ITRs/Form 16)

Income proof for other than Salaried:ITR of last 2 year’s and proof of other income (in case not mentioned in ITRs/Form 16)
Last 6 months bank statements

Fees & Charges for Union Bank of India Loan Against Property

Processing Fees: Upto 0.50%

Interest Rate: 9.80% - 9.90%

Loan Tenure: 12 Years

Maximum Loan Amount: ₹ 10 Cr

FAQ for Union Bank of India Loan Against Property

What is Union Bank of India's loan against property interest rate?

Union Bank of India offers loans against property at a rate of 9.80% with the lowest EMI of ₹ 1,184. If you are currently paying a higher interest rate than the Union Bank of India rate, you can opt for a balance transfer of loan to Union Bank of India.

What are the processing charges levied on the loan amount?

The processing fee levied on the loan amount is 0.50% of the loan amount + GST.

Can I pre-close my loan against property account?

Yes, you can. You need to submit a written request to the nearest Union Bank of India branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.

Can I get an overdraft facility against my property?

Yes, you can avail overdraft facilities against your property as a term loan.

What is the benchmark rate applicable for Mortgage loan?

The benchmark rate applicable for property loans in Union Bank of India is RLLR

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

Purpose for Loan Against Property

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