Documentation»UNION BANK OF INDIA

Highlights
• Loans available for purchase, construction, repair/improvement/extension of independent house/flat and purchase of second
  property or plots sold by a government-recognized agency viz., HUDA, HOUSEFED and such others.
• Provisions of Free Building Insurance, Natural Death Insurance and Free Personal accident cover.
• Value- added services like issue of credit card
• Union Mortgage scheme provides loans against properties to those within the age group of 18-60 years of age owning residential/ commercial property) and are income tax assesses having net monthly income of Rs.10, 000 per month in the case of salaried persons and an annual income of Rs.1.20 lakh per annum (in case of non salaried individuals).A top-up loan for existing home loan borrowers who have repaid at least 24 home loan EMI’s or if the net monthly take-home income is not be less than 35 per cent of the gross monthly income/earnings after considering all deductions including the EMI of the proposed top-up loan.

Eligibility
• Should be of a minimum age of 21 years, employed or self-employed with a regular source of income.
• A minimum of 40% marks as per investment grade scoring chart (cant make sense. Please explain).
• Loans available for purchase, construction, repair/improvement/extension of independent house/flat and purchase of second
  property or plots sold by a government-recognized agency viz., HUDA, HOUSEFED and such others.
• Union Mortgage scheme provides loans against properties to those within the age group of 18-60 years of age owning
  residential/ commercial property) and are income tax assesses having net monthly income of Rs.10, 000 per month in the case
  of salaried persons and an annual income of Rs.1.20 lakh per annum (in case of non salaried individuals). ?

Loan Amount
• Maximum Rs. 100 lakh for major 'A' class cities; for other cities Rs.50 lakh (purchase).
• Maximum Rs. 10 lakh for repair.
• For loans against properties, subject to 36 times of gross monthly income of salaried persons (Net of all deductions including
  TDS etc.) whichever is less OR 2 times the net annual income in case of others (Income as per the latest IT return less taxes
  payable) whichever is lesser.
• The maximum Top-up loan amount - up to 50 per cent of EMIs repaid; subject to minimum of Rs.50,000 and a maximum of
  Rs.5 lakh.
• 50% of the fair market value of the property mortgaged as per the latest valuation report not older than six months from an approved valuer of the Bank.

Margin
20% of the value of the property for purchase/construction for a house, plot or renovation of existing house needs to be brought in by the home buyer.

Processing Fee
• In case of a home loan, 0.25 per cent of the loan amount at the time of application, 0.25 per cent on the acceptance of the
  sanction and 0.50 per cent of the loan. amount subject to a maximum of Rs.15, 000. (Service tax applicable on all fees).
• For mortgage loans, one time fee of 0.50 per cent of the loan amount.
• In case of a top-up loan, 0.50 per cent of the loan amount.

Pre-payment Fees
No prepayment penalty if the home loan is repaid by the borrower from his own verifiable legitimate sources or genuine sale and not for switching to another lender. Two per cent extra penalty charged on average outstanding balance of last 12 months if the loan is transferred to another bank / financial institution.

Repayment Period
• Maximum repayment period of 20 years for home loan taken for construction / purchase of house/ flat and 10 years for repair. In
  case of under construction properties, a moratorium up to 18 months from wherever the loan is taken.
• Option of Flip/Step-up/Balloon methods of repayments for the convenience of the borrowers for home loan borrowers.
• In case of a mortgage loan, the loan principal as well as the interest is to be repaid in maximum 60 equal monthly installments
  (for which, 60 post-dated cheques will be collected). The loan is to be closed prior to retirement in case of the salaried class.
• For a top-up loan, the maximum repayment period is 5 years or left over period for the borrower before he attains retirement or
  60 years of age (which ever is earlier). Term loan is subject to review every year.

Documents
• 2 Passport size photograph of each applicants
• Proof of income, salary certificate, Income tax returns etc.
• Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
• Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID /Bank Account
  statement/passbook for the previous six months
• Proof of business address in respect of businessmen/ industrialists
• Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as
  applicable and subject to satisfaction report from our empanelled lawyer)
• Copy of approved plan and approval from the Local Body
• Original NOC under the Provisions of ULC Act
• Copy of the Order permitting Land Conversion in case of conversion of Agricultural land
• Non Encumbrance Certificate for 30 years
• Copy of the land tax receipt/building tax receipt
• Copy of the Allotment letter of Housing Board/Builder/Co-op. Society
• Affidavit