Union Bank of India Loan Against Property

4.5
Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian government-owned bank with 120+ million customers and a total business of US$106 billion

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Union Bank of India LAP

Interest Rate

10.5% - 13.15%

Loan Amount

₹25L - ₹75L

EMI Per Lakh

₹2,149 - ₹2,283

Processing Fees

Up to 1% of the loan amount

Pre-Payment Charges

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Features and Benefits of Union Bank of India Loan Against Property

Union Bank is among India’s largest public sector banks that offer individual and corporate loans against property. The Union Bank of India LAP interest rate ranges between 12.05% to 12.90% based on the applicant’s property type and CIBIL score. A borrower can avail of a loan amount of up to INR 10 crores if they meet the Union Bank of India Loan Against Property eligibility criteria. There is an availability of an overdraft facility under liquidity finance.

The features and benefits of the Union Bank of India loan against property are below:

  • The applicant’s current property secures the loan.
  • Anything from business needs to educational necessities can be paid using the loan.
  • The costs are competitive.
  • Regular and overdraft loans are the types of loans offered.
  • Flexi of the applicant’s bank; the loan account is linked to the current account.
  • Professionals living in India who are salaried, independent, or unemployed are eligible for the loan.
  • Large loan amounts of up to INR 10 crores for a maximum of 15 years
  • The application process is straightforward 
  • The customer service staff is committed to assisting the client’s

Documents Required for Union Bank of India Loan Against Property

The documents required for Union Bank of India loan against property are below:

KYC Documents

  • Address Proof like passport, driving license, aadhaar card etc
  • Identity Proof like PAN card, aadhaar card, driving license etc.
  • Two passport-size photographs

Other Documents

  • Application form 
  • Credit Information
  • Last two years ITR/Form 16, latest 3 months salary slips, and proof of any other income (in case not mentioned in ITRs/Form 16) for salaried applicants
  • Last two year’s ITR and proof of other income (in case not mentioned in ITRs/Form 16) for non-salaried applicants
  • Last six months bank statements
  • Property documents include Agreement to sell/Allotment letter, copy of approved plan by local body, original Sale Deed/Title deed/ advance payment receipts or own contribution receipts, estimated cost of construction/extension/repairs/renovations, NOC from Developer/Builder/Society, Statutory and regulatory approval as per state laws

In The Case of a Take-over from Other Bank/Financial Institution:

  • Sanction letter
  • Last 12 months statement of account
  • Confidential credit report required from existing bank

In The Case of an NRI  

  • Employment contract/offer letter
  • Latest work permit
  • Passport copy
  • Local address proof, if any
  • Visa stamped on the passport
  • Identity card issued by current employer
  • The document attested by the respective Indian Embassy in case NRI borrowers execute a power of attorney (POA) abroad.

How Does the EMI Calculation Work for Union Bank of India Loan Against Property?

Applicants can use the IDBI Bank of India LAP calculator to calculate their Equated Monthly Instalments (EMIs). The following formula is used to calculate EMIs.

EMI = {P x R x (1 + R) ^ N} whole divided by { (1 + R) ^ N (N – 1) }

Here, ‘P’ represents the Principal amount, ‘R’ represents the interest rate and ‘N’ means the loan tenure. 

How Does the Union Bank of India Compare With Other Lenders?

A borrower must do vigorous research when opting for a lender. This tedious task is made easy with the table below, comparing Union Bank of India Loan Against Property interest rates with other lenders.

Name of the Lender Interest Rate (% p.a.)
State Bank of India 10.00-10.70
Bank of Baroda 10.55-16.20
PNB Housing Finance 7.99-11.00
IDFC First Bank 8.40-15.90
HDFC Bank 9.00-11.90
L&T Housing Finance 9.40
LIC Housing Finance 9.10-12.25
Godrej Housing Finance 9.75-14.50
ICICI Bank 9.75-10.90
Tata Capital 10.10 onwards
Bajaj Housing Finance 8.60-18.00
Axis Bank 9.90-10.35
Kotak Mahindra Bank 9.50-11.70

Note: The interest rates used for comparison are as of December 2022.

Union Bank of India Loan Against Property Customer Care Number

Union Bank of India LAP customer care can be reached at the following numbers.

All-India Toll-Free number- 1800 22 22 44 / 1800 22 22 43 / 1800 208 2244 / 1800 425 1515

Charged Numbers- 080-61817110

The dedicated number for NRIs is +918061817110

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of loans against property in Union Bank of India?

The interest rate of loans against property in Union Bank of India ranges from 12.05% to 12.95%.

What are the benefits Union Bank of India Provides on loans against the property?

The major benefit of Union Bank of India LAP is that a borrower can borrow up to INR 10 crores against their property. Follow our guide to learn more about its benefits.

Does the Union Bank of India have a fixed interest rate on loans against the property?

No, the Union Bank of India does not have a fixed rate of interest on a loan against property.

How to check a loan against property Status in Union Bank of India?

Applicants can visit the bank or log in to their accounts to check the LAP status.

Does Union Bank of India check for CIBIL score for loans against the property?

Yes, Union Bank of India checks for CIBIL scores for loans against property.

What is the maximum and minimum loan against property amount I can get from Union Bank of India?

Loan up to INR 10 crores is offered by the bank on LAPs.

What KYC documents must I submit to apply for a loan against property from Union Bank of India?

Address proof, residence proof, photographs, and income source documents are a few KYC documents you must submit to apply for a Union Bank of India loan against property. Read the ‘Documents Required’ section to know more.

What is the processing fee on the Union Bank of India loan against property?

The processing fee charged to meet Union Bank of India loan against property requirements is 0.50%-1.00% of the loan amount, subject to a minimum of INR 10,000. Customers may contact the bank's customer service or banking representative for more information.

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