Union Bank Loan Against Property
Union Bank Loan Against Property starting at just 10.45% p.a.
Union Bank offers Loan Against Property (LAP) solutions that enable you to unlock the value of your property to meet your financial needs. Read More...
Union Bank Loan against Property Highlights
| Loan Amount | Up to 10 Cr |
|---|---|
| Tenure | Up to 15 years |
| Rate of Interest | 10.45% p.a. onwards |
| Processing Fee | 0.50% to 1.00% of the loan amount, with a minimum fee of Rs. 10,000 |
| Prepayment/Foreclosure Charges | Nil |
Union Bank Loan Against Propertys Comparison Table
Compare Union Bank Loan against Property interest rates with other lenders to find the best deal. See how Union Bank’s competitive rates stack up in our comprehensive comparison table.
| Name of Lender | Amount Up to | Interest Rate | Tenure |
|---|---|---|---|
| Axis Bank | ₹5 cr | 10.05% Onwards | Up to 25 years |
Union Bank Loan against Property EMI calculator
Enter the loan amount, interest rate, and loan tenure into theUnion Bank loan against property EMI calculator below to determine your monthly EMI and the total interest due over the loan period.
EMI: ₹63,337.89
Total interest: ₹26,00,546.8
Total principal: ₹50,00,000
Union Bank Loan Against Property Eligibility
Term Loan
Overdraft Facility
Term Loan
This option allows borrowers to secure a lump sum amount against their property, which is repaid in fixed installments over a specified tenure. It is suitable for individuals needing a substantial amount for personal or business purposes.
Repayments:
The maximum repayment tenure will be the lowest of the following three:- 15 years (180 months)
- Residual period till the borrower attains the age of 75 years
- 5 years prior to the residual life of the property
Union Bank Loan Against Property Processing Fees and Charges
Union Bank Loan against Property Charges
Union Bank Loan against Prepayment Charges
0.50% to 1.00% of the loan amount, with a minimum fee of Rs. 10,000
How to Apply for Union Bank Loan Against Property?
Prospective borrowers interested in an Union Bank Loan Against Property have the option to apply online either through the bank's official website, as outlined below:
Apply here
Via the Union Bank Official Website
- Visit the Union Bank Loan Against Property official website.
- Click on Apply now
- Enter the necessary details to determine the eligible loan amount.
- Complete the required information on right side and tap "Submit".
Documents Required for Union Bank Loan against Property
Following is the list of documents required for different categories of customers
Union Bank Loan against Property list of documents for Salaried
Union Bank Loan against Property list of documents for Self-employed professionals
Union Bank Loan against Property list of documents for Self-employed
Union Bank Loan against Property list of documents for Salaried
- Identity and residence proof (KYC), such as an Aadhaar, PAN card, or Voter ID card.
- Income proof, such as the last 3 months' salary slip, the latest Form 16, and a six-month bank statement.
- A Cheque for The Processing Fee for The Loan Application.
- Property Documents Such as Sale Deed, NOC From the Builder or Housing Society, Advance Payment Receipt to The Builder, And Approved Construction Plan.
- Title deeds including previous chain of property documents
Union Bank Loan Against Property FAQ’S
Here are some of the frequently asked questions with regards to Union Bank Loan Against Property
What is Loan Against Property?
A Loan Against Property is a secured loan where you can mortgage your residential, commercial, or special-use property to obtain immediate funds for various needs, such as business expenses or personal requirements. In an LAP, the property you own, which has a clear title, is used as collateral with Union Bank to provide you with financial assistance.
Who can avail a Loan Against Property?
Union Bank’s Loan Against Property is available for salaried individuals aged between 25 and 65, who need funds for wedding expenses, child’s education, medical treatment, property purchase, debt consolidation, or other purposes. Self-employed individuals with their own business or practice can also apply, provided they meet the age criteria of 25 to 65 years. Medical professionals can easily qualify for a LAP and receive instant approval for loan amounts up to 75% of their property value. The loan is also available for industrial or special-use properties, with a tenure of up to 15 years.
What is the maximum term for which I can avail a Loan Against Property?
You can avail an Union Bank Loan Against Property for a maximum tenure of up to 15 years.
What is the security that I need to provide to avail a Loan Against Property?
To avail a Loan Against Property, you need to mortgage your property. This property, which can be residential, commercial, or special-use, must be well-constructed, have a clear title, and be free from legal complications. It will act as security against the loan amount.
What are the documents required for a Loan Against Property?
For both salaried and self-employed individuals, the following documents are required:
Identity & Address Proof: Aadhaar Card, PAN Card, Passport, or Voter ID
Income Proof: 6 months' bank statements, 3 months' salary slips, Income Tax Returns (ITR) or Form 16 for salaried individuals. Self-employed individuals need a business existence document of a minimum of 5 years and ITR of 3 years.
Property Documents: Title Deed, No Encumbrance Certificate, and previous chain of ownership documents.
Passport Size Photos: To affix on the LAP application form.
What type of property can I mortgage for a LAP?
Union Bank allows you to mortgage residential, commercial, or special-use properties (owned or rented) for a LAP. This includes properties like schools, warehouses, industrial buildings, or nursing homes with a capacity of 30 beds.
Can you offer a LAP as an Overdraft?
Yes, an overdraft facility is available to all customers. It provides a credit limit that you can withdraw from as needed during the loan tenure, and interest is charged only on the amount utilized.
What percentage of the property value can I avail as a LAP?
Union Bank offers a loan amount of up to 75% of the property value. The loan amount depends on the overall condition, age, and prevailing market value of the property. This is known as the Loan to Value (LTV) ratio, which varies by the type of property.
For what purposes can I avail an LAP?
LAP can be used for various purposes, including wedding expenses, child’s higher education, medical emergencies, purchasing a new home, business expansion, debt consolidation, purchasing medical equipment, and more.
