Union Bank Loan Against Property Eligibility Calculator

Union Bank of India allows you to fund immediate or urgent needs with a loan against property. Union Bank of India loan against property is a secured loan that does not have any end usage restrictions. The bank offers different types of mortgage schemes at affordable rates to eligible salaried and self-employed individuals. Union Bank of India loan against property eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:

Union Bank of India considers your age as one of the important parameters to calculate your Union Bank of India property loan eligibility. To be eligible for availing a loan from Union Bank of India, one has to be of 18 years of age. The maximum age for loan from Union Bank can be 60 years. Union Bank of India eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. For instance, if your current age is 25 years, you can avail the maximum loan for 15 years and if your age is near retirement, say 60 years, you can avail the loan for lesser tenure.

• Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Union Bank of India typically applies a multiplier of up to 60 times on the monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Union Bank of India to approve a property loan is ₹70,000. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.40% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
  

  Age	Net Monthly Income (₹)
  	50,000	75,000	100,000
  25 years	33.20 Lakh	49.80 Lakh	66.40 Lakh
  30 years	33.20 Lakh	49.80 Lakh	66.40 Lakh
  35 years	33.20 Lakh	49.80 Lakh	66.40 Lakh
  40 years	33.20 Lakh	49.80 Lakh	66.40 Lakh
  50 years	26.33 Lakh	39.49 Lakh	52.65 Lakh

• You may consider repaying any loans with short tenure and high EMI in order to increase your Union Bank of India loan against property eligibility.
• Nature of Employment: Union Bank of India requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

• Value of Property: Union Bank of India does not finance the entire property value. The maximum loan against property eligibility would depend upon the value of the property. You can get a maximum of 50% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh. The percentage of Union Bank of India loans will get lower if it is against commercial property.
  

  Property Type	LTV	Property Value	Maximum Loan Amount
  Commercial Property	50%	₹ 20 Lakh	₹ 10 Lakh
  Residential Property	50%	₹ 20 Lakh	₹ 10 Lakh

• Co-Applicant: In order to enhance the eligibility of a loan with Union Bank of India, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the loan amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
• Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Union Bank of India.

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Union Bank of India requires a minimum credit score of 650 to be eligible for a property loan.

Union Bank of India calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Union Bank of India. Always calculate your eligibility with the Union Bank of India mortgage loan calculator to estimate your eligible loan amount before applying for a loan and reduce the chances of getting your loan application rejected.

You can check SBI Loan against Property eligibility online using MyLoanCare Eligibility calculator using the steps mentioned below:

• Fill in the required details like name, mobile number, income etc in Loan against property eligibility calculator form and click on ‘Check Eligibility’.
• Complete OTP authentication by entering OTP received on the entered mobile number.
• Enter additional details about your profession, the reason for taking a home loan, and your current work experience.
• Verify all the details and click ‘Get Offers’.
• You can now view the multiple banks for which you are eligible based on the details filled in by you.
• You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.

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

• 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.

• 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.

To avail Union Bank of India loan on property, you will be required the following documents:-

• Application form
• Passport size photograph
• Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
• Address Proof- Ration card, Utility bill, Driving license
• Age proof- PAN Card, Passport, Class 10th certificate
• Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
• Processing fee cheque
• Property documents of mortgaged property

✅What factors determine the eligibility criteria of property loan from Union Bank?

The factors that determine the eligibility criteria of Union Bank of India property loan are:-

• Age of the applicant
• Monthly income
• Existing liabilities
• CIBIL Score
• Value of the property to be mortgaged

✅Am I eligible for Union Bank loan against property if my salary is 20000?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. It is difficult to get approval for the loan, however if your CIBIL is high, you may negotiate with the bank or add an co-applicant to improve your eligibility.

✅What should be the minimum net monthly income of the customer to get Union Bank of India mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 0 per month. If you do not meet the eligibility criteria you can increase income eligibility by adding a co-applicant and maintaining a good cibil score above 650.

✅What is the tenure of an Union Bank property loan?

Union Bank of India offers property loans for a tenure upto 12 years. However, the longer the loan tenure, the higher will be the eligibility. Also, higher loan tenure means a higher rate of interest.

✅How much Union Bank of India mortgage loan can be availed by the applicant?

You can avail mortgage loan from Union Bank of India up to 50% of the market value of the property against an residential property whereas you can avail up to 50% of the market value if you decide to pledge a commercial property.

✅Can I get a loan on my property from Union Bank of India if I am not an Union Bank of India customer?

Yes, you can get a loan against property from Union Bank of India if you are not an Union Bank of India customer. However, you can get a competitive interest rate if you are already a customer of a bank.