- Know about the City Union Bank Home Loan and the affordable interest rate offered by it!
- What are the required documents and eligibility criteria to avail a home loan facility from City Union Bank?
In a country like India, buying their own home is still a luxury for many individuals because of the extravagant prices of homes. Because of these prices, not many people can afford to pay the full amount in one go, depriving themselves of having a dream home. To facilitate the same, there are several banks and housing companies that provide the home loan facility by which they can borrow and repay it via easy monthly installments. If you’re looking for a housing loan at an affordable rate of interest, a City Union Bank Home Loan can be the best option for you. City Union Bank is also one of the Indian private banks of the country that provide housing loan facility, known as City Union Bank Swayam Graha. You can know more about this in this page.
What are Some of the Exciting Features of City Union Bank Home Loan Facility?
Before opting for a City Union bank home loan, it’s important that you know about some of its exciting features mentioned below.
- The loan amount can be taken for various purposes. Some of them are the purchase of a site for the construction of the house, purchase of a ready to move house or flat, for repair or renovations of the existing house or flat, for the purchase of a flat under construction, or for the transfer of existing loan facility from other banks.
- You can take a maximum loan amount of INR 1 crore or 75% of the property value for any of the above-mentioned purposes.
- For purposes like the purchase and construction of houses, the maximum tenure can be 15 years or 180 months. For any other purpose, you can take the loan amount for a longer tenure which can be more than 15 years.
An Overview of Some of the Important Details Related to City Union Bank Home Loan
While applying for any home loan facility, the interest rate would be the first thing that an individual looks for. You must be wondering why? The answer would be its impact on the monthly installments that you will set aside to repay the loan. Higher the interest rate, the higher would be your Equated Monthly Installments (EMI). You can get the loan at an affordable rate of interest so that you can opt according to your financial state and repayment capability. You can have a quick glance at the tables mentioned below to have some knowledge about the important details related to City Union Bank home loan.
|Interest Rates||10.50% - 13% Per Annum|
|Loan Amount||Maximum of 1 Crore and 75% of the Property Value|
|Repayment Period||Above 15 years|
|Processing Fee||Upto 1% of the Loan Amount + GST Charges |
Minimum INR 700
City Union Bank Home Loan Interest Rate July 2022
You can have a look at the rate of interest offered by City Union Bank as per the loan amount and tenure you choose.
|CUB Swayam Graha Scheme|
(Upto INR 25 lakhs)
|Rate of Interest|
|Upto 5 Years||10.50% per annum|
|Above 5 Years and upto 10 years||11% per annum|
|Above 10 Years and upto 15 years||11.50% per annum|
|Above 15 years||12.50% per annum|
|Housing Loans (Above INR 25 Lakhs)|
Other than the CUB Swayam Graha Scheme
|Rate of Interest|
|Upto 5 Years||11% per annum|
|Above 5 Years and upto 10 years||11.25% per annum|
|Above 10 Years and upto 15 years||12% per annum|
|Above 15 years||13% per annum|
- This loan facility is available to salaried and self-employed individuals, and also to professionals and businessmen.
- Any salaried individual can take the maximum loan amount as 60 months of their net take-home salary.
- While for professionals, self-employed and businessmen, the eligible loan amount can be 5 times their latest declared Income Tax Return (ITR).
What are the documents required for getting a Home Loan from City Union Bank?
You need to submit a set of documents at the time of the loan application. Know about them below.
- Address Proof – Aadhaar Card/ Passport/ Voter’s Identity Card/ Telephone Bill which should not be older than 2 months/ Driving License
- Identity Proof – Aadhaar Card/ Passport/ PAN Card/ Ration Card/Voter’s Identity Card
- Demand Promissory Note