Union Bank Home Construction Loan

Building your dream home can be an overwhelming experience, and financing such projects can be daunting. This is where Union Bank of India offers financing solutions with home construction loan. The Union Bank’s construction loan is designed to ease the financial challenge of building or renovating a property. This scheme provides a structured and flexible financing option. It is an ideal choice for all your construction financing needs. It highlights its unique features, benefits, and the seamless process that sets it apart in real estate development and financing. Here is a quick snapshot of the Union Bank house construction loan.

Eligibility Criteria Salaried and Self-Employed
Income Criteria Minimum salary is INR 25000
Nationality Indian
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Written By
Utsah Sharma
Utsah Sharma
Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.
Reviewed By
Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Features of Union Bank Home Construction Loan

Union Bank’s Construction Loan comes with competitive interest rates, fixed or floating, aligning with market trends. Moreover, it offers diverse repayment options like step-up plans and flexible tenures, easing the financial load. Furthermore, with extended repayment periods, borrowers can manage monthly payments better. Generous loan amounts are granted based on eligibility and property value, while Union Bank’s efficient processing ensures swift disbursal. Additionally, the streamlined application requires minimal documentation, simplifying the customer borrowing experience.

Union Bank Home Construction Loan Interest Rates

Here is a quick rundown of the Union Bank house construction loan interest rates.

Loan Type Interest Rate
Union Bank Construction/Plot Loan Starting from 8.40%

Union Bank Home Construction Loan Fees & Charges

Following is a basic snapshot of the Union Bank house construction loan fees & charges.

Age Criteria Minimum: 21 years. Maximum: 60 years
Loan Tenure Up to 30 years
Loan Amount No cap, depending on your repayment capacity
Interest Rate 8.40% – 12. 65%
Processing Fees 0.50% of the loan amount, or INR 15,000
Prepayment Charges Nil

Union Bank Construction Home Loan Eligibility Criteria for Salaried and Self-Employed 

The Union Bank Construction Loan eligibility criteria for salaried and self-employed people follow. 

Age 18 years to 75 years (including exit age)
Employment Type Salaried and non-salaried individuals
Resident Status Indian citizens and NRIs

Union Bank House Construction Loan Documents Required for Salaried and Self-Employed 

Following are the documents required for the Union Bank construction housing loan.

  • Application form
  • Necessary KYC (Know Your Customer) documentation for the applicant and any co-applicant or guarantor, if applicable.

For salaried individuals

  • Proof of income, including the last two years’ Income Tax Returns (ITR) or Form 16, your latest three salary slips, and any additional income proof (if not reflected in ITRs/Form 16).

For non-salaried individuals

  • Proof of income, including the last three years Income Tax Returns (ITR) and any additional income proof (if not reflected in ITRs/Form 16).
  • Bank statements from the past six months.

Bank Wise Home Loan Interest Rate

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