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Key Features of Union Bank Mortgage Loans

  • Union Home Loan: - Purpose: For purchasing a new house/flat, constructing a house, or buying a plot for construction.
    - Eligibility: Individuals aged 18 to 75 years (salaried, self-employed, professionals, NRIs).
    - Loan Amount: ₹1 lakh to ₹15 crore for metro cities.
    - Interest Rates: Starting at 8.35% p.a. (linked to EBLR).
    - Tenure: Up to 30 years.
  • Union Mortgage Loan (LAP): - Purpose: For personal or business needs by mortgaging residential/commercial property.
    - Eligibility: Individuals aged 21 to 65 years.
    - Loan Amount: ₹10 lakh to ₹7.5 crore.
    - Interest Rates: Starting from 9.25% p.a.
    - Tenure: Up to 12 years.
  • Union Affordable Housing Loan (PMAY): - Purpose: For EWS, LIG, and MIG groups to buy/construct affordable homes.
    - Eligibility: Based on annual household income (₹3-18 lakh).
    - Loan Amount: Up to ₹30 lakh.
    - Interest Rates: Starting at 8.35% p.a. with subsidy benefits.
  • Union Top-Up Loan: - Purpose: Additional funding for existing home loan borrowers.
    - Eligibility: Existing Union Bank home loan customers.
    - Loan Amount: Up to ₹2 crore.
    - Interest Rates: Starting at 9.00% p.a.
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    • Affordable Financing: Competitive interest rates starting at 8.35% p.a. for home loans and 9.25% p.a. for mortgage loans, making financing accessible for both salaried and business owners.
    • Flexible Repayment Options: Long tenures (up to 30 years for home loans) with no prepayment penalties on floating-rate loans.
    • Tax Benefits: Deductions available on interest (up to ₹2 lakh under Section 24) and principal (up to ₹1.5 lakh under Section 80C).
    • Digital Convenience: Online application and loan management through Union Bank's app or website.
    • Insurance Options: Optional insurance plans linked to mortgage loans for financial security.
    • PMAY Benefits: Interest subsidies up to ₹2.67 lakh for eligible borrowers.
    • Quick Processing: Streamlined approval process with minimal documentation.
    • Balance Transfer Facility: Option to transfer high-cost loans from other lenders.
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Benefits of Union Bank Mortgage Loans

  • Wealth Creation: Access to substantial funds for investment in property and other financial instruments.
  • Financial Security: Insurance options protect against unforeseen events.
  • Tax Advantages: Multiple tax benefits for both salaried and business borrowers.
  • Flexible Structures: Various loan products catering to different needs and profiles.
  • Business Growth: Support for business expansion and working capital needs.
  • Digital Access: Convenient online management of loans and applications.
  • Eligibility Criteria: Age 18-75 years for home loans, 21-65 years for mortgage loans, with stable income and good credit score (700+ preferred).
  • Documentation: Identity proof, address proof, income documents, property papers, and loan application form.
  • Processing Time: 5-15 days depending on document completeness and verification.
  • Processing Fees: 0.50% for home loans (max ₹15,000), 0.75% for mortgage loans (max ₹50,000).
  • LTV Ratio: Up to 90% for home loans (₹30 lakh), 80% for higher amounts, 60% for residential LAP, 50% for commercial LAP.
  • Prepayment Options: No penalty for floating-rate loans, flexible repayment schedules.
  • Customer Support: Dedicated assistance throughout the loan journey.
  • Special Schemes: Concessions for women borrowers and high credit scores.
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How to Apply for Union Bank Mortgage Loans

  • 1. Visit the Bank's Website: Go to the official Union Bank website: >https://www.bankofbaroda.in. Navigate to the ‘Loans’ section and choose ‘Car Loan’.
  • 2. Use the Online Application Form: Fill in your personal, professional, and financial details in the online form.
    • Personal Details: Name, age, contact number, email ID, etc.
    • Loan Details: Type of car (new or used), loan amount, tenure, etc.
    • Income & Employment Details: Monthly income, employer/business details depending on your employment type.
  • 3. Document Upload: Upload the required documents:
    • Identity Proof (Aadhaar, PAN, Passport, etc.)
    • Address Proof (Utility bills, bank statements, etc.)
    • Income Proof (Salary slips, ITR, bank statements)
    • Car Documents (if applying for a used car loan)
  • 4. Submit the Application: Review all filled details for accuracy and completeness before submitting the form online.
  • 5. Loan Approval and Processing: After submission, the bank will verify the application. A loan officer will contact you to confirm interest rates, tenure, and disbursement details.
  • 6. Track Your Application: You can track the status of your car loan application through the bank's website or via email/SMS notifications sent by Union Bank.

Eligibility Criteria for Union Bank Mortgage Loans

  • Age Criteria:
    • Salaried Individuals: 21 to 60 years at the time of loan application.
    • Self-employed Individuals: 21 to 65 years at the time of loan application.
    • The loan tenure should not extend beyond retirement or business age.
  • Income Criteria:
    • Salaried Applicants: Minimum monthly income should be ₹15,000 to ₹20,000, depending on location and car type.
    • Self-employed Applicants: Stable income with minimum 2 years in business. Annual income should meet threshold based on loan amount and location.
  • Employment Status:
    • Salaried: Employed with a reputed organization/public sector, with minimum 1–2 years of continuous service.
    • Self-employed: Minimum 2 years of continuous business or professional practice.
  • Credit Score: Preferred CIBIL score is 750 or above. Applicants with lower scores may still qualify but could face higher interest rates.
  • Nationality: Must be an Indian citizen or a Non-Resident Indian (NRI). NRIs must hold a valid passport and be employed/self-employed abroad.
  • Minimum Work Experience:
    • Salaried: At least 1 year with current employer.
    • Self-employed: At least 2 years in current business or practice.
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Documents Required Union Bank Mortage Loan

  • Identity & Address Proof: Aadhaar, PAN, Passport, Voter ID
  • Income Proof (Salaried): Salary slips (last 3 months), Form 16, bank statements (last 6 months)
  • Income Proof (Self-Employed): ITR (last 2-3 years), profit/loss statement, bank statements (last 12 months)
  • Business Proof: GST registration, Shop Act License, etc.
  • Car Documents: For new cars: Proforma Invoice, quotation with ex-showroom price, RTO, insurance details
  • Used Car Documents: RC Book, Insurance Papers, PUC Certificate, Sale Deed/Agreement
  • Additional Documents: Passport-size photographs (2 copies), loan application form
  • Special Cases: For government employees: Service Certificate/ID Card; For NRIs: Passport, Visa, Overseas Bank Statements

Usage of Union Bank Mortage Loan

  • Income Stability: Salaried individuals need a minimum annual income of ₹5 lakh (metro/urban), while self-employed or business owners require ₹6 lakh p.a.
  • Employment/Business Tenure: Certified pre-owned cars up to 5 years old with up to 85% financing for dealer-certified vehicles.
  • Two-Wheelers: Premium bikes, electric two-wheelers, and select scooters under special schemes.
  • Vehicle Conversion: Petrol/diesel to CNG conversion kits and electric vehicle conversion packages.
  • Commercial Vehicles: Taxis, ride-sharing vehicles, and fleet purchases for corporate use.
  • Loan Amount and Tenure: Balance transfer from other banks/NBFCs and top-up loans for accessories/repairs.
  • Interest Rates and Costs:Floating rates (starting at 9.85% p.a., linked to Baroda Repo Linked Lending Rate, currently 9.15%).
  • Ownership and Title: The property must be self-owned with a clear, marketable title (free from disputes or litigation).

Frequently Asked Questions (FAQs)

What is a Union Bank Mortgage Loan?
A Union Bank Mortgage Loan is a secured loan where you pledge a self-owned residential or commercial property as collateral. It provides funds for purposes like business expansion, education, medical expenses, or personal needs (except speculative activities), with loan amounts ranging from ₹10 lakh to ₹10 crore.
Who is eligible for a Union Bank Mortgage Loan?
Resident Indians (salaried, self-employed, or business owners) and NRIs/PIOs/OCIs (except from restricted countries).
- Age: 21-70 years (by loan maturity).
- Minimum income: ₹5 lakh p.a. for salaried, ₹6 lakh p.a. for self-employed (metro/urban areas).
- Property: Self-owned with a clear title (residential or commercial, not vacant land or industrial).
What is the interest rate for a Union Bank Mortgage Loan?
Interest rates start at 9.85% p.a. (floating, linked to Bank of Baroda's Repo Linked Lending Rate, currently 9.15%). Rates vary based on your credit score, loan amount, and profile (salaried vs. self-employed). Check with Union Bank for the latest rates.
What is the maximum loan amount and tenure?
- Loan Amount: Minimum ₹10 lakh, maximum ₹10 crore (₹7.5 crore in non-metro areas), based on 60% (residential) or 55% (commercial) of the property's market value.
- Tenure: Up to 15 years (180 months), subject to the applicant's age not exceeding 70 at loan maturity.
What types of properties can be mortgaged?
You can mortgage self-owned residential properties (house, flat, apartment) or commercial properties (shop, office). Vacant land, industrial properties, or properties under litigation are not eligible.
What documents are required to apply?
- KYC: Aadhaar, PAN, passport (for NRIs), voter ID, etc.
- Income Proof: Salary slips (3 months), ITR (2-3 years), bank statements (6 months), or business financials.
- Property Documents: Title deed, encumbrance certificate, tax receipts, approved plans.
- Others: Application form, photographs, business proof (if applicable). NRIs need overseas income proof and power of attorney, if required.
How can I apply for a Union Bank Mortgage Loan?
- Online: Visit bankofbaroda.in, go to "Loans" > "Mortgage Loan," fill the form, and upload documents.
- Offline: Visit a Union Bank branch, submit the application form and documents.
- Digital: Use the Union Bank mobile banking app (for existing customers) or authorized platforms. Post-submission, Union Bank verifies documents and property before disbursal.
What are the processing fees and other charges?
- Processing Fees: 0.25% to 1% of the loan amount (e.g., ₹7,500 to ₹50,000, depending on loan size). Concessions may apply during offers.
- Other Charges: Property valuation, legal verification fees, and mortgage registration costs (borne by the applicant).
- No prepayment penalty for floating-rate loans.
Can I use the loan for any purpose?
Yes, for legitimate purposes like business expansion, working capital, education, medical expenses, or personal needs. However, speculative activities (e.g., stock trading or gambling) are not allowed.
What is the Loan-to-Value (LTV) ratio?
The loan amount is up to 60% of the market value for residential properties and 55% for commercial properties, as assessed by Union Bank's empanelled valuer. For example, a ₹1 crore residential property could fetch up to ₹60 lakh.
Is a good credit score necessary?
A credit score of 700+ (CIBIL or equivalent) improves approval chances and secures lower interest rates. Applicants with lower scores or no credit history may still be considered, but with stricter scrutiny or higher rates.
Can I prepay or foreclose the loan?
Yes, floating-rate loans can be prepaid or foreclosed without any penalty (partially or fully). Fixed-rate loans (if offered) may incur charges, so confirm with Union Bank.

List of Union Bank Mortgage Loans

  • Baroda Home Loan
  • Baroda Top Up Loan
  • Baroda Pre-Approved Home Loan
  • Baroda Home Suvidha Personal Loan
  • Home Improvement Loan
  • Baroda Max Savings Home Loan
  • Plot Loan
  • Loan Against Property
  • Baroda Home Loan Takeover Scheme
  • Balance Transfer Home Loan
  • Pradhan Mantri Awas Yojana (PMAY) Loan