A home loan is a secured loan using the property as collateral, providing substantial funding at competitive rates, repaid through EMIs. Upon full repayment, property title transfers to the borrower.
The home loan amount is disbursed by the bank or NBFC directly to the property owner or builder. Borrowers are required to repay the loan amount, along with interest, in the form of monthly EMIs over a chosen tenure.
Union Bank of India Home Loans welcome both salaried and self-employed applicants, aged 21 to 60, earning a minimum of Rs. 25,000 per month. Benefit from flexible loan tenures up to 30 years, no maximum loan limit, attractive interest rates (8.30% to 12.65%), minimal processing fees (0.50% or INR 15,000), and zero prepayment charges.
Identity proof: Passport, PAN Card, Employee ID, or any valid ID.
Address proof: Electricity bill, telephone bill, Aadhar, or valid proof.
PAN Card.
Last 12 months bank statement.
Proof of income: Company's last year ITR, Form-16/letter from Employer, and last 6 months salary slip.
Property documents: Allotment letter, advance money receipt, title deed, etc.
3 photographs.
Proof of outgoings: Loan repayment statement, LIC Policies, and valid proof of other expenses.