Union Bank of India Loan Against Property
Last Updated : Nov. 18, 2016, 2:26 a.m.
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
| Particulars | Details |
|---|---|
| Minimum Loan Amount | Rs. 5 Lakh |
| Maximum Loan Amount | For Resident Indian – Rs. 10 Crores For Agriculturist – Rs. 1 Crores For NRI – 5 Crores |
| Interest Rate | 8.40% - 10.65% |
| Tenure | Up to 12 years |
| Processing Fees | 0.50% 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.) |
|---|---|---|---|---|---|
| 10,00,00,000 | 12.30% | 1 | 88,98,919 | 67,87,031 | 10,67,87,031 |
| 10,00,00,000 | 12.30% | 2 | 47,21,369 | 1,33,12,862 | 11,33,12,862 |
| 10,00,00,000 | 12.30% | 3 | 33,35,778 | 2,00,88,000 | 12,00,88,000 |
| 10,00,00,000 | 12.30% | 4 | 26,48,137 | 2,71,10,592 | 12,71,10,592 |
| 10,00,00,000 | 12.30% | 5 | 22,39,634 | 3,43,78,066 | 13,43,78,066 |
| 10,00,00,000 | 12.30% | 6 | 19,70,655 | 4,18,87,166 | 14,18,87,166 |
| 10,00,00,000 | 12.30% | 7 | 17,81,357 | 4,96,33,980 | 14,96,33,980 |
| 10,00,00,000 | 12.30% | 8 | 16,41,812 | 5,76,13,982 | 15,76,13,982 |
| 10,00,00,000 | 12.30% | 9 | 15,35,390 | 6,58,22,076 | 16,58,22,076 |
| 10,00,00,000 | 12.30% | 10 | 14,52,105 | 7,42,52,645 | 17,42,52,645 |
| 10,00,00,000 | 12.30% | 11 | 13,85,603 | 8,28,99,607 | 18,28,99,607 |
| 10,00,00,000 | 12.30% | 12 | 13,31,642 | 9,17,56,466 | 19,17,56,466 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 3894400 | 12085304 | 96105600 |
| 2 | 4401362 | 11578342 | 91704238 |
| 3 | 4974315 | 11005389 | 86729923 |
| 4 | 5621854 | 10357850 | 81108069 |
| 5 | 6353689 | 9626015 | 74754380 |
| 6 | 7180791 | 8798913 | 67573589 |
| 7 | 8115562 | 7864142 | 59458027 |
| 8 | 9172017 | 6807687 | 50286010 |
| 9 | 10365999 | 5613705 | 39920011 |
| 10 | 11715409 | 4264295 | 28204602 |
| 11 | 13240483 | 2739221 | 14964119 |
| 12 | 14977630 | 1015622 | 0 |
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 Form | Application 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 statement | Last 12 months bank statement |
| Property Papers Title Deed | Property Papers Title Deed |
| 3 Passport size photographs | 3 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 |
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 raning from 11.45% to 12.20% per annum.
- 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 ranges from 11.45% to 12.20% 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