15 Lakh Union Bank of India Home Loan

Union Bank of India offers eligible candidates a Rs. 15 Lakh home loan. You can finance the purchase or construction of your own home with a 15 lakh Union Bank of India home loan. Indian nationals and NRIs at least 18 and under 75 are eligible for this loan. You can apply on your own or in groups. If your income is sufficient to repay, you can take this loan. They consider your credit score, employment, and income. The value of the property and your capacity to repay the loan will determine how much you can borrow. Various loan repayment options are available from the bank, and early payment incurs no additional fees.

15 Lakh Home Loan Union Bank of India – Highlights

Here are Union Bank of India’s home loan interest rates for 15 Lakh, along with certain highlights:

15 Lakh Home Loan EMI for 5 Years Union Bank of India

Union Bank of India housing loan EMI for 15 Lakh is mentioned below in detail:

15 Lakh Home Loan EMI for 10 Years Union Bank of India

Here are the 15 Lakh home loan EMI for 10 years from Union Bank of India in a detailed format:

15 Lakh Home Loan EMI for 15 Years Union Bank of India

Here are 15 Lakh home loan EMI for 15 years Union Bank of India, along with highlights:

15 Lakh Home Loan EMI for 20 Years Union Bank of India

15 Lakh home loan EMI for 20 years Union Bank of India are as follows:

15 Lakh Home Loan EMI for 25 Years Union Bank of India

Union Bank of India home loan of 15 Lakh EMI for 25 years is mentioned below:

15 Lakh Union Bank of India Home Loan – Fees and Charges

There are some additional fees with Union Bank of India home loan interest rate of 15 Lakh. These fees are mentioned below:

Processing Charges:

• The processing charge is 0.50% of the loan amount.
• For a 15 lakh loan, the processing fee would be 0.50% of ₹15,00,000 = ₹7,500.
• This is subject to a maximum cap of ₹15,000 plus GST. This amount will be applicable since the calculated fee (₹7,500) is below the maximum cap.

Valuation / Legal / Stamp Duty / CERSAI / Memorandum Registration Charges:

• These are charged based on the actual expenses incurred. The costs can vary based on the property’s location, legal complexities, and the required documentation.

Prepayment Penalty:

• For floating-rate loans, there is no prepayment penalty or take-over penalty if other banks or financial institutions take over the loan.
• There is no prepayment penalty for fixed-rate loans if the loan is repaid from verifiable sources. However, a take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank or financial institution or adjusted by the borrower in a lump sum from any third party/source (except a genuine sale).

Home Loan Security:

• The loan requires a simple/equitable mortgage on the residential property. If the property is under construction, suitable interim security might be needed until completion unless there is a builder tie-up with a tripartite agreement.

Insurance:

• The property must be comprehensively insured for an amount not less than the property’s value (excluding the land cost). This insurance should cover all risks and include a Bank clause.

15 Lakh Union Bank of India Home Loan – Documents Required

Here are the required documents for Rs.15 Lakh Union Bank of India home loan:

15 Lakh Union Bank of India Home Loan – Eligibility Criteria

The Union Bank of India Rs. 15 Lakh Home Loan is open to both salaried and self-employed individuals, with specific income and age requirements: