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Re: Union Bank of India Plot Loan
Yes you can take the Plot loan from the Union Bank of India here I am giving you the details PURPOSE Purchase/ construction of house/ flat Purchase of plot and construction of house thereon Repairs/ improvements/ extension of the existing residential property. Take-over of housing loan availed from another bank / FI ELIGIBILITY Indian citizen above 21 years Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants. NRIs are also eligible for the home loan. Contact our nearest branch for further details. QUANTUM OF LOAN Depending on repayment capacity of the borrower and value of property Maximum Rs. 30 Lakhs for Repairs. MARGIN, I.E. YOUR SHARE 20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 75 Lakhs 25% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 75 lakhs to Rs. 2 Crores 35% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 2 Crores 20% of total cost of the repairs MORATORIUM PERIOD Moratorium period of up to 18 months. REPAYMENT Repayment period of up to 30 years 10 years in case of repairs Flexible methods of repayment RATE OF INTEREST AND PROCESSING CHARGES Please click here to know our latest interest rates The applicable processing charges are 0.50% of loan amount subject to a maximum of Rs.15,000/- plus service tax as applicable):- PRESENTLY WAIVED (From 15th Aug 2015 to 31st Mar 2016) Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals. PREPAYMENT PENALTY Floating rate loans There is no prepayment penalty if loan is prepaid from own verifiable sources or taken over by other banks/FIs. Fixed rate loans There is no prepayment penalty if loan is prepaid from own verifiable sources. A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loanis taken over by any other bank / FI or adjusted by the borrower in lumpsum from any third party/source (except genuine sale) SECURITY Equitable mortgage (E.M.) of the residential property If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion) GUARANTEE Third party guarantee is not mandatory for Resident Indian One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the NRI applicant INSURANCE Property insurance is compulsory to the tune of the value of the property |
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