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Union Bank Loan Against Property

Union Bank of India Mortgage Loan Interest Rates 2022

Last Updated 13th May 2022

Union Bank of India is one of the largest Public Sector Bank in the country that offers the lowest rates on loan against property. Currently, the bank offers loans starting from 9.80% with quick approval and online process. The bank offers special features and attractive rates for different income and occupation groups. Some of the key features of Union Bank of India Loan against property are mentioned below: Check Best Offers

Interest Rates 9.80% to 9.80%
Processing Fee Upto 0.50%
Max Tenure 12 years
Lowest EMI per lakh ₹ 1,184
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 18 and Max 60 years for Salaried
Min 18 and Max 70 years for Self Employed
    Apply for Loan Against Property @ 6.90%* Get upto ₹ 1,000* Voucher

    Union Bank of India Loan Against Property Fees and Other Charges

    Along with Union Bank Loan against Property Rates, Union Bank also charges various fees and charges when a borrower takes a loan against property:-

    • Processing Fee on Union Bank Loan against Property Loan is 0.50%. This fee is charged by Union Bank to maintain the applicant’s loan account and to process the loan application.
    • Advocate's fee for property search and title investigation report.
    • Valuer's fee for valuation report.
    • Stamp duty payable for Loan agreement and mortgage.
    • Property insurance premium.
    • CERSAI Registration Fee of ₹ 50 + GST up to ₹ 5 Lakh limit and ₹ 100 + GST for limits above ₹ 5 Lakh.

    Loan Against Property Interest Rates in Union Bank of India for Salaried Employees

    The mortgage loan interest rates in Union Bank of India for salaried employee are listed in the table:-

    Interest Rate for Salaried for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.80%
    ₹ 25 Lakh - ₹ 75 Lakh 9.80%
    ₹ 75 Lakh - ₹ 3 Cr 9.80%
    Above ₹ 3 Cr 9.80%

    Interest Rate for Salaried for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.80%
    ₹ 25 Lakh - ₹ 75 Lakh 9.80%
    ₹ 75 Lakh - ₹ 3 Cr 9.80%
    Above ₹ 3 Cr 9.80%

    Union Bank of India Property Loan Interest Rate for Business Man or Self-Employed Person

    The interest rate for mortgage loans for Self-employed people are listed in the table:

    Interest Rate for Self-Employed for Residential Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 9.80%
    ₹ 25 Lakh - ₹ 75 Lakh 9.80%
    ₹ 75 Lakh - ₹ 3 Cr 9.80%
    Above ₹ 3 Cr 9.80%

    Interest Rate for Self-employed for Commercial Property

    Loan Amount Rate
    Upto ₹ 25 Lakh 10.30%
    ₹ 25 Lakh - ₹ 75 Lakh 10.30%
    ₹ 75 Lakh - ₹ 3 Cr 10.30%
    Above ₹ 3 Cr 10.30%

    Steps to Apply for Union Bank of India Loan Against Property

    Apply With MyLoancare

    To get the best offers on SBI Loan against Property, you can apply for a Loan against Property at MyLoanCare. The online marketplace helps you compare the best offers, check eligibility, calculate EMI. To apply for a loan against property click here

    Apply With SBI Website

    • You can also apply for SBI Loan against Property with SBI through online and offline modes.
    • To apply for a loan offline, visit the official SBI bank branch and fill out the application form along with the required documents for a loan against property.
    • The bank will then complete the verification process and will sanction the loan on loan approval. Once the loan is approved, you will receive the amount in your bank account.
    • To apply online for SBI Loan against Property online, visit the official website of SBI and navigate to Loan Against Property.
    • Before applying, now check your eligibility for SBI Loan against Property. If you are satisfied and have cross verified all the details, fill out the application form and upload the required documents.
    • On successful verification, the bank will sanction the loan amount in 10-15 days.

    Compare Union Bank of India Loan Against Property Interest Rate with Top Banks

    Union Bank of India offers multiple schemes for loan against property at affordable interest rates. However, you must compare SBI and other bank’s home loan rates before applying:-

    Particulars Union Bank of India SBI HDFC
    Interest Rate 9.80% - 9.90% 8.80% - 13.10% 7.65% - 8.80%
    Processing Fees Upto 0.50%
    Upto 1.00%
    Max ₹ 50,000
    Upto 0.50%
    Min ₹ 7,500
    Loan Tenure 12 Years 10 Years 15 Years
    Maximum Loan Amount ₹ 10 Cr ₹ 7.50 Cr ₹ 5 Cr
    Age Min 18 and Max 70 years Min 18 and Max 70 years Min 24 and Max 65 years
    Benchmark Rate RLLR RLLR PLR
    Lowest EMI Per Lakh ₹ 1,184 per lakh ₹ 1,256 per lakh ₹ 936 per lakh
    Union Bank of India Floating Rate on Loan Against Property

    As on 18 May, 2022, Union Bank offers the lowest rate starting at 9.80%. Union Bank Loan against property rates have been dropped by 1.7%, from the earlier rate of 11.50% with effect from 01 Sep, 2021.

    Union Bank of India Mortgage Loan Interest Rates
    Union Bank of India Loan Against Property Floating 9.80%
    Union Bank of India Loan Against Property Floating
    Loan AmountCurrent Loan against Property Rates
    Upto ₹ 25 Lakh 9.80%
    ₹ 25 Lakh - ₹ 75 Lakh9.80%
    ₹ 75 Lakh - ₹ 3 Cr9.80%
    Above ₹ 3 Cr 9.80%

    Union Bank Loan Against Property Rate Trends of Last 1 Year

    Last Updated Date Interest Rates
    01 Sep, 2021 9.80%

    Factors Affecting Union Bank Loan against Property Interest Rates

    Some of the factors that impact Union Bank Loan Against Property rates are listed as follows:

    • Loan amount: Property loan rates in Union Bank depend upon the loan amount you apply. You can get a minimum loan of ₹ 10 Lakh from Union Bank.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for a higher loan amount.
    • Type of loan opted for: Union Bank offers differential rates for customers' different profiles, for fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan products.
    • Type of property: Typically, loans against prime residential properties can be availed easily at the lowest rates compared to loans against commercial and industrial properties.
    • Your profession: Union Bank may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman. A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

    Union Bank Loan Against Property Eligibility Criteria

    Union Bank has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 18 to 60 years
    Loan Amount ₹ 10 Lakh to ₹ 5 Cr
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 50%
    FOIR (Fixed Obligations to Income Ratio) 0.65

    Union Bank of India Mortgage Loan Interest Rate and EMI Calculator

    You can use an online Union Bank of India Loan against property EMI Calculator to calculate loan EMIs at different rates of interest and check and compare the lowest EMI per lakh on Loan against Property. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly higher in a longer tenure loan than a short tenure loan.

    Loan Against Property Top up, Transfer in Union Bank of India

    Union Bank of India offers mortgage loan balance transfer from another bank, subject to your meeting other eligibility criteria of Union Bank of India at an affordable interest rate, higher loan amount and convenient loan tenure. Union Bank of India loan against property balance transfer helps you make your loan repayment convenient and opt for a beer customer service. Current loan against property balance transfer rates in Union Bank of India are 9.80%. Along with that, you can also avail of additional top-up on your loan against property.

    Loan Against Property Union Bank of India Products

    Union Bank of India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Union Mortgage

    • Union Bank of India offers mortgage loan against all non-agricultural properties such as agricultural, commercial or industrial property. The loan allows borrowing of a minimum of Rs 5 lakhs and maximum of Rs 10 crores. The loan allows term loan and overdraft facility.
    • The loan can be taken to fulfil personal needs such as marriage, business travel, education, medical emergencies, or to fulfil unplanned expenses.
    • The loan can be taken by all Indian citizens who have a regular source of income and who own a property.

      Union Reverse Mortgage

      • Union reverse mortgage allows a regular source of income for senior citizens who own a self-occupied house. The loan allows a minimum borrowing of Rs 1 lakh while a maximum of Rs 100 lakhs is allowed.
      • The loan is taken to earn a regular income in the form of monthly payout or a combination of monthly payout and lump sum.
      • The loan can be taken by senior citizens who own residential properties in India.

        Union Bank of India Loan Against Property Documents Required

        For Self-Employed

        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 3 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
        • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
        For Salaried employee
        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 1 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
        • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
        Property documents
        • Registered Sale Deed/ Conveyance/ Lease Deed
        • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
        • Latest House Tax Return/ Receipt
        • Approved Building Plan from Municipal Corporation

        Check Loan Against Property Interest Rate in Major Banks

        FAQs

        What is Union Bank of Indias loan against property interest rate?

        Union Bank of India offers loan against property at a rate of 9.80% with the lowest EMI of ₹ 1,184. If you are currently paying a higher interest rate than the Union Bank of India rate, you can opt for a balance transfer of loan to Union Bank of India.

        Did Union Bank of India Loan against property rates drop?

        Yes, Union Bank of India loan against property rates has decreased by 1.7% from the previous rate of 11.50% to 9.80%. The lowest mortgage rates of Union Bank of India are effective from 01 Sep, 2021.

        How to increase my eligibility on Union Bank of India Mortgage loan?

        If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

        Can I foreclose my Mortgage loan? What are the charges applicable?

        Yes, you can foreclose your Union Bank of India loan against property anytime you want with Own sources- Nil, Refinance- 2% foreclosure charges.

        What is the maximum loan tenure I can opt under Union Bank of India Property loan?

        Union Bank of India offers a maximum tenure of 12 years to repay your loan.You can choose the tenure for your LAP loan as per your convenience and repayment ability.

        What is the benchmark rate applicable for Mortgage loan?

        The benchmark rate applicable for property loans in Union Bank of India is RLLR

        Can I transfer my Loan against Property from another bank to Union Bank of India?

        Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Loan balance transfer to Union Bank of India offers you to pay lower EMIs and save money and enables you to choose better customer service, if you are not satisfied with your existing bank. Current Balance transfer rates in Union Bank of India are 9.80%.

        What is Union Bank of India mortgage loan processing fees?

        The loan processing fee charged is 0.50% of the total loan amount.

        What security do I need to provide for Union Bank of India Mortgage Loan?

        Union Bank of India requires a registered mortgage of the property against which the bank will provide you a loan.

        • Property on which you intend to take a loan is not vacant land, has an approved map plan and is in a municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
        • Your total EMIs on all loans and credit cards (from Union Bank of India and other banks) are no more than 60 - 70% of your net monthly income.
        • You have not defaulted on loans or credit card dues to Union Bank of India and other banks and all EMI's have been paid. Note that Union Bank of India can see the record or status of your EMI defaults to all banks and NBFC’s in India and not just to Union Bank of India in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
        • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
        • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

        Are prepayment or foreclosure charges applicable on Union Bank of India loan against property?

        You can prepay a loan against property without any penalty or charges in case:

        • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
        • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

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        Union Bank Loan Against Property News - May 2022
        • 2022-05-02 : Union Bank Becomes the First Public Sector Bank to Go Live on Account Aggregator Framework.
          The Account Aggregator Framework has linked 332,000 accounts and has fulfilled over 310,000 consent requests since it has gone live. AA ensures swift data sharing with the consent of the user and eliminates the need for physical documents.
        • 2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
          Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.
        • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
          Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
        • 2020-12-03 : Union Bank completes integration of all branches of Corporation Bank
          Union Bank of India has completed the IT integration after which all the branches of former Corporation Bank have come fully under its fold as part of the amalgamation exercise. Union Bank offers retail loans like home, personal, car, two-wheeler, gold loan along with business and mudra loans.
        • 2020-08-24 : Union Bank of India posted Rs. 340.95 crore net profit in Q1FY21
          Union Bank of India posted a net profit of Rs.340.95 crores for the period ended June 30, 2020, as against a net loss of Rs.2713.03 crores for the period ended March 31, 2020. Further, the Bank reported total income of Rs.20487.01 crores bolstered by retail loans like home, personal, car, two-wheeler and gold loan along with business and mudra loans.
        *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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