Union Bank of India Loan Against Property

Loan Against Property

When you are in need, loans are the best way to get out of the chaos. Just like any other loan, loan against property is also a multi-purpose loan which can be taken for unavoidable circumstances including personal expenditures of varied needs like marriage, higher education, medical emergencies, business travel or any unforeseen expenses. To meet such expenses, Union Mortgage is the solution.

Union Bank of India Loan Against Property Details

ParticularsDetails
Minimum Loan AmountRs. 5 Lakh
Maximum Loan AmountFor Resident Indian – Rs. 10 Crores
For Agriculturist – Rs. 1 Crores
For NRI – 5 Crores
Interest Rate12.30% per annum
TenureUp to 12 years
Processing Fees0.50% of the loan amount

How to Apply

To apply for Union mortgage loan, you have to submit all the documents as per the eligibility criteria and submit it to the nearest bank branch.

EMI Calculator

The below-given data of the total EMIs, total interest outgo and the total amount for the tenure period of 12 years at 12.30% interest rate for the loan amount of  Rs. 10,00,00,000/- is calculated with the help of the EMI calculator.

Table for EMI per month, Total Interest Outgo and Total Amount

Amount (in Rs.)Interest Rate (p.a)Loan Tenure (in years)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount (Principal + Interest) (in Rs.)
10,00,00,00012.30%188,98,91967,87,03110,67,87,031
10,00,00,00012.30%247,21,3691,33,12,86211,33,12,862
10,00,00,00012.30%333,35,7782,00,88,00012,00,88,000
10,00,00,00012.30%426,48,1372,71,10,59212,71,10,592
10,00,00,00012.30%522,39,6343,43,78,06613,43,78,066
10,00,00,00012.30%619,70,6554,18,87,16614,18,87,166
10,00,00,00012.30%717,81,3574,96,33,98014,96,33,980
10,00,00,00012.30%816,41,8125,76,13,98215,76,13,982
10,00,00,00012.30%915,35,3906,58,22,07616,58,22,076
10,00,00,00012.30%1014,52,1057,42,52,64517,42,52,645
10,00,00,00012.30%1113,85,6038,28,99,60718,28,99,607
10,00,00,00012.30%1213,31,6429,17,56,46619,17,56,466
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Amortization Table

YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
138944001208530496105600
244013621157834291704238
349743151100538986729923
456218541035785081108069
56353689962601574754380
67180791879891367573589
78115562786414259458027
89172017680768750286010
910365999561370539920011
1011715409426429528204602
1113240483273922114964119
12149776301015622

Eligibility Criteria

  • Indian national owning non-agricultural (residential/commercial/industrial) property
  • Minimum age of the applicant is 18 years
  • Maximum age of the applicant is 70 years
  • Applicant and co-applicant should be filing Income Tax Return
  • Individual, either single or jointly with other family members like father, mother, son, unmarried daughter and/or spouse, who have regular sources of income as co-applicant
  • All the owner(s) of the property have to join in as co-applicant(s)
  • Siblings that is brother-sister, brother-brother, sister-sister can be permitted as an applicant/co-applicants subject to the property must be in the joint names of the siblings
  • Partnership firms & Proprietary concerns
  • NRIs are also eligible for mortgage loan

Documents Required

For Salaried For Self-employed
Application FormApplication Form
Identity Proof (any one)
Passport
PAN Card
Employee Identity Card
Any other valid proof
Identity Proof (any one)
Passport
PAN Card
Employee Identity Card
Any other valid proof
Address Proof (any one)
Electricity Bill
Telephone Bill
Aadhar Card
Any other valid proof
Address Proof (any one)
Electricity Bill
Telephone Bill
Aadhar Card
Any other valid proof
Income Proof
Last 1 year ITR
Form 16/letter from Employer
Last 6 months salary slip
Income Proof
Last 3 years ITR
Profit & Loss Balance sheet
Last 12 months bank statementLast 12 months bank statement
Property Papers
Title Deed
Property Papers
Title Deed
3 Passport size photographs3 Passport size photographs
Proof of out-goes
Loan repayment statement, if any
LIC policies, if any
Valid proof of any other out-go
Proof of out-goes
Loan repayment statement, if any
LIC policies, if any
Valid proof of any other out-go
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Additional Documents required for NRI

  • Copy of Visa stamped on the passport
  • Latest work permit
  • Employment contract (if the contract is in any language other than English, the same has to be translated into English and attested by Employer/Indian Embassy)
  • Any other document required as per the application form

Features & Benefits

  • Loan against resident/commercial/industrial property
  • Minimum age of the applicant -18 years
  • Maximum age of the applicant – 70 years
  • Attractive interest rate of 12.30%
  • Longer tenure period of up to Rs. 12 years
  • Higher loan amount up to Rs. 10 Crores
  • Multi-purpose loan
  • Owners of the property have to join in as co-applicant(s)
  • Loan to Individuals/Proprietary concerns/Partnership firms

Union Bank of India Loan Against Property Interest Rate

The interest rate of loan against property or mortgage loan from Union Bank of India is 12.30% per annum.

Union Bank of India Customer Care Number

For any details related to loans, you can contact the bank on the toll-free number: 1800 22 2244