Union Mortgage Scheme Scheme for financing against Mortgage of immovable property ELIGIBILITY Any Individual in the age group of 18-60 years of age owning residential/ commercial property (land/plot/ building) and who are Income-tax assesses having net monthly income of Rs.10,000/- pm in the case of salaried persons and an annual income of Rs.1.20 lacs p.a. in the case of non salaried perosns. Earning family members income can also be clubbed to arrive at the maximum loan quantum. Individuals who are not Income Tax assessee are also eligible for this scheme, subject to production of proof of income acceptable to the Bank. A minimum 40 points as per investment grade scoring chart. PURPOSE To meet any personal expenditure of varied needs like marriage of children, higher education, medical expnses or any unforeseen expnses and also as liquidity finance. QUANTUM OF LOAN Metro Urban Maximum 50 lakh 25 lakh Minimum 1 lakhs 1 lakhs subject to 36 times of gross monthly income of salaried persons OR 2 time the Net annual Income in case of others (Income as per the latest IT return less taxes payable) whichever is lesser. NATURE OF FACILITY Facility can be given in the form of Term Loan or Secured Overdraft. However, SOD Facility will not be considered for salaried persons MARGIN 50% of the fair market value of the property mortgaged as per the latest valuation report not older than six months from an approved valuer of the Bank. Fresh valuation at the cost of the borrower(s) once in three years required during currency of advance. REPAYMENT Loan amount together with interest is to be repaid in maximum 84 equal monthly installments. Post-dated cheques fot the 84 EMIs will be collected up-front. Subject to closure of the loan with full adjustment prior to the retirement in case of salaried class. RATE OF INTEREST (Base Rate w.e.f. 01.07.2010) - Fixed Rate : 14.50% - Floating rate : Base Rate + 5.75% i.e.13.75% PROCESSING CHARGES One time fee of 0.50% of the loan amount plus service tax as applicable collected up front. SECURITY Equitable Mortgage of non-encumbered residential house/flat, commercial or industrial property situated in Metro, Urban & Semi-urban centres only in the name and possesion of the borrower and/or his/her family member. OTHER CONDITIONS No Prepayment penalty if the loan is adjusted by the borrower from his own verfiable legitimate sources or genuine sale. However, 2% charged on an average outstanding balance of last 12 months if loan is closed on take over by other Banks/Financial Institutions.
Union Mortgage Scheme
Scheme for financing against Mortgage of immovable property
Any Individual in the age group of 18-60 years of age owning residential/ commercial property (land/plot/ building) and who are Income-tax assesses having net monthly income of Rs.10,000/- pm in the case of salaried persons and an annual income of Rs.1.20 lacs p.a. in the case of non salaried perosns. Earning family members income can also be clubbed to arrive at the maximum loan quantum. Individuals who are not Income Tax assessee are also eligible for this scheme, subject to production of proof of income acceptable to the Bank. A minimum 40 points as per investment grade scoring chart.
To meet any personal expenditure of varied needs like marriage of children, higher education, medical expnses or any unforeseen expnses and also as liquidity finance.
subject to 36 times of gross monthly income of salaried persons OR 2 time the Net annual Income in case of others (Income as per the latest IT return less taxes payable) whichever is lesser.
Facility can be given in the form of Term Loan or Secured Overdraft. However, SOD Facility will not be considered for salaried persons
50% of the fair market value of the property mortgaged as per the latest valuation report not older than six months from an approved valuer of the Bank. Fresh valuation at the cost of the borrower(s) once in three years required during currency of advance.
Loan amount together with interest is to be repaid in maximum 84 equal monthly installments. Post-dated cheques fot the 84 EMIs will be collected up-front. Subject to closure of the loan with full adjustment prior to the retirement in case of salaried class.
- Fixed Rate : 14.50% - Floating rate : Base Rate + 5.75% i.e.13.75%
One time fee of 0.50% of the loan amount plus service tax as applicable collected up front.
Equitable Mortgage of non-encumbered residential house/flat, commercial or industrial property situated in Metro, Urban & Semi-urban centres only in the name and possesion of the borrower and/or his/her family member.
No Prepayment penalty if the loan is adjusted by the borrower from his own verfiable legitimate sources or genuine sale. However, 2% charged on an average outstanding balance of last 12 months if loan is closed on take over by other Banks/Financial Institutions.
