In our previous post, we discussed the SBI Home loan interest rates, PNB home loan interest rates, Bank of Baroda home loan interest rates, etc. Not only SBI but also Union Bank of India and many other banks provide Home loans to fulfill your dream of making your own home. Union Bank of India home loan interest rates start from 8.40% p.a. with a maximum loan tenure of 30 years. The Union Bank of India provides a home loan for renovation, repair of an existing house, purchase of a plot as well as a home, etc.
Union Bank of India Home Loan Interest Rate
| Types of Home Loan | Interest Rate |
| Union Home | 8.40% p.a. onwards |
| Union Awas | 8.40% p.a. onwards |
| Union Smart Save | 9.35% to 10.95% p.a. |
Types of Union Bank of India Home Loan
Union Home
- The main purpose of this home loan scheme is to purchase new, old residential units (houses, flats, villas, apartments, etc). Repairs/ improvements/ extension of the existing residential property.
- Completion of under-construction residential unit.
- Resident Type:- Indians & NRIs.
- Age: The minimum entry age is 18 years and the maximum exit age is up to 75 years.
- The maximum loan amount for repairs/renovation is Rs.30 lakh.
- Processing fee 0.50% of the loan amount.
- In the case of purchase and construction repayment period of up to 30 years and for repair & renovation repayment period is15 years.
Union Awas
- This home loan scheme is used to purchase, and construct houses in semi-urban or Rural Areas.
- Repairs, improvements, and extension of the existing residential property in semi-urban or Rural Areas.
- Age: The minimum entry age is 18 years and the maximum age is up to 75 years.
- Processing fee 0.50% of the loan amount.
- Quantum of loan
Purpose Semi-urban Rural For the purchase/construction of a house Rs.20 lakhs Rs.15 lakhs For repairs/improvement of a house Rs.10 lakhs Rs.10 lakhs
Union Home-Smart Save
- A housing loan will be sanctioned as per terms and conditions under Union Home; disbursements will be made in the housing loan account as per extant norms and the borrower will be required to pay regular EMI/EQIs every month /quarter.
Loan for Purchase of Plot
- Purchase of Residential Plots/Sites from State Development/Town Planning Development Authorities or from any other body constituted by the Government for distribution of sites.
- Age- Maximum Entry Age should be less than- 60 years.
- NRI is also eligible.
- Processing Charges: – 0.50% of max. Rs.15000/- (No processing charges for our bank staff under this scheme).
Documents Required for Union Bank of India Home Loan
- Duly filled out the application form.
- Identity proof for example PAN card, Voters ID, Passport, Aadhaar etc.
- Address proof for example Driving license, Passport, Aadhaar card etc.
- Latest passport-size two photographs.
- For salaried – income proof i.e. last 2 years ITR/Form 16, latest 3 salary slips, and proof of other Income if any (In case not reflected in ITRs/Form 16).
- For other than salaried – income proof i.e. last 3 year’s ITR and proof of other Income if any (In case not reflected in ITRs/Form 16).
- Bank statement for the last 6 months
- Property documents (based on the proposed property i.e. Flat/House/Plot).
For more information also visit the official site of the Union Bank of India Click Here.
Also Read:-
Canara Bank Home Loan Interest Rate
Bank of India Home Loan Interest Rate
Central Bank Home Loan Interest Rate
Nupur Tanan
"Nupur Tanan" works at Financewisdom.in. She has experience in writing a vast range of varied content. She write knowledgeable, well-researched, and engaging articles on various personal finance and banking related topics.