20 Lakh Union Bank of India Home Loan

Citizens belonging to the middle class prioritise affordability when it comes to their spending, even when purchasing a home. Union Bank of India, one of the country's prominent public sector banks, understands the needs of its customers and offers home loans that are affordable for the vast majority. The bank provides a range of home loan options to meet the financial requirements of different individuals. A 20 lakh home loan from Union Bank of India is designed to offer competitive interest rates, flexible repayment tenures, and minimal processing fees. This makes it an attractive option for those looking to invest in their dream home without straining their budget. Whether you are a first-time homebuyer or looking to upgrade to a larger property, Union Bank of India’s home loan offerings ensure that your journey to homeownership is smooth and financially manageable.

20 Lakh Home Loan Union Bank of India – Highlights

Below are the key highlights of the 20 lakh home loan from Union Bank of India:

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

Opting for a 20 lakh home loan from Union Bank of India with a tenure of 5 years is an excellent choice for those who want to repay their loan quickly and reduce the overall interest burden. Below are the details of the EMI and the total amount payable for a 5-year tenure:

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

A 10-year tenure for a 20 lakh home loan from Union Bank of India balances the EMI amount and the total interest paid. This option is suitable for those who prefer moderate monthly payments. Below are the details for a 10-year tenure:

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

Choosing a 15-year tenure for a 20 lakh home loan from Union Bank of India provides lower monthly EMIs, making it easier to manage your finances while still working towards owning your home. Below are the EMI and total amount payable details for a 15-year tenure:

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

A 20-year tenure for a 20 lakh home loan from Union Bank of India spreads the loan repayment over a more extended period, reducing the monthly EMI significantly. This option is ideal for those who want to lower their monthly payments. Below are the details:

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

Opting for a 25-year tenure for a 20 lakh home loan from Union Bank of India offers the lowest monthly EMI, making it the most affordable monthly payment option. However, it also results in the highest total interest paid over the loan period. Below are the details for a 25-year tenure:

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

Union Bank of India maintains a transparent fee structure, ensuring borrowers are well-informed about the costs. Below are the details of the processing fee for a 20 lakh home loan from Union Bank of India:

20 Lakh Union Bank of India Home Loan – Documents Required

Below is a list of the required documents for a 20 lakh home loan from Union Bank of India:

• Identity Proof: Aadhaar Card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills (electricity, water), Passport, Voter ID, or Rent Agreement.
• Income Proof: Salary slips for the last 3 months, Form 16, Income Tax Returns for the last 2 years (for salaried individuals); IT returns for the last 3 years; Balance Sheet, and Profit and loss Account for the last 3 years (for self-employed individuals).
• Property Documents: Sale Deed, Agreement to Sell, Approved Building Plan, and Property Tax Receipts.
• Bank Statements: Bank account statements for the last 6 months.
• Photographs: Recent passport-sized photographs of the applicant.

20 Lakh Union Bank of India Home Loan – Eligibility Criteria

Union Bank of India ensures that a broad spectrum of individuals can apply for home loan offerings. The eligibility criteria are designed to accommodate various applicant profiles, ensuring accessibility and inclusivity. Below are the detailed eligibility requirements for a 20 lakh home loan from Union Bank of India:

• Citizenship: The loan is available to Indian and Non-Resident Indians (NRIs).
• Age: Applicants must be at least 18 years old at the time of loan application. The maximum age at loan maturity is 75.
• Application Type: Individuals can apply for the loan singly or jointly with other eligible individuals.