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Old 14th November 2015, 07:29 PM
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Default Union Bank of India Plot Loan

Sir I want to take Plot Loan from the Union Bank of India spo can I take it and what are the requirements
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Old 16th November 2015, 12:38 PM
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Join Date: May 2012
Default 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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