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| Union Bank of India Loan Against Property Highlights | |
| Interest Rate | 10.45%-13.10% p.a. |
| Loan amount | Up to Rs 10 crore |
| Repayment Tenure | Up to 15 years |
| Processing Charges | Up to 1% of the loan amount |
Note: Rates as of 10 December 2024
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Table of Contents
Union Bank of India Loan Against Property Interest Rates
Union Mortgage Interest Rates
For Residential Property (Self-occupied/Tenanted) – Excluding open plots
| CIC Score | Interest Rates (p.a.) |
| 800 & above | 10.55% |
| 750 to 799 | 10.75% |
| 700 to 749 -1 & 1 to 5 | 11.55% |
| Below 700 | 12.35% |
For Non-Residential property but Self-occupied commercial/industrial; Excluding open Plots
| CIC Score | Interest Rates (p.a.) |
| 800 & above | 10.95% |
| 750 to 799 | 11.15% |
| 700 to 749 -1 & 1 to 5 | 11.95% |
| Below 700 | 12.85% |
For Non-Residential property which is not self-occupied like Hospital Leased to third Parties, Multi-tenanted Commercial Building- Excluding Open plots.
| CIC Score | Interest Rates (p.a.) |
| 800 & above | 11.40% |
| 750 to 799 | 11.60% |
| 700 to 749 -1 & 1 to 5 | 12.20% |
| Below 700 | 13.10% |
Special Retail Lending Scheme for Government Employee, SRLGE:
For Residential Property (Self-occupied/Tenanted) – Excluding open plots
| CIC Score | Interest Rates (p.a.) |
| 800 & above | 10.45% |
| 750 to 799 | 10.65% |
| 700 to 749 -1 & 1 to 5 | 11.45% |
| Below 700 | 12.25% |
For Non-Residential property but Self-occupied commercial/industrial; Excluding open Plots
| CIC Score | Interest Rates (p.a.) |
| 800 & above | 10.85% |
| 750 to 799 | 11.05% |
| 700 to 749 -1 & 1 to 5 | 11.85% |
| Below 700 | 12.75% |
For Non-Residential property which is not self-occupied like Hospital Leased to third Parties, Multi-tenanted Commercial Building- Excluding Open plots.
| CIC Score | Interest Rates (p.a.) |
| 800 & above | 11.30% |
| 750 to 799 | 11.50% |
| 700 to 749 -1 & 1 to 5 | 12.10% |
| Below 700 | 13.00% |
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
| State Bank of India | 10.00-11.30 | |
| Bank of Baroda | 10.85-18.60 | Apply Now |
| PNB Housing Finance | 9.25-15.00 | Apply Now |
| IDFC First Bank | 9.00-16.50 | Apply Now |
| HDFC Bank Limited | 9.50-11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50-11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| ICICI Bank | 10.85-12.50 | Apply Now |
| Tata Capital | 9.00 onwards | Apply Now |
| Axis Bank | 10.50-10.95 | Apply Now |
| Punjab National Bank | 10.40-12.75 | Apply Now |
Check LAP Interest Rates For Various Lenders Click Here
Types of Union Bank of India Loan Against Property
Union Mortgage Loan
Purpose: This Loan Against Property facility is offered to borrowers in the age group of 18 to 75 years to meet their personal needs such as higher education, marriages, medical emergencies, business travel, or any unforeseen expenses
Loan Amount:
Minimum: Rs 5 lakhs
Maximum (for resident Indian): Rs 10 crore
Maximum (for non-resident Indians): Rs 5 crore
LTV Ratio: 50% of property value
Union Mortgage (Overdraft facility)
- The sanction limit will reduce every month so that the total principal component is repaid by the end of the loan tenure
- On the basis of actual use of the limit, the interest will be debited every month and be serviced monthly
- Account to be adjusted 5 years prior to the remaining property life
Tenure:
Term Loan: The maximum tenure will be the lowest of the following:
- 15 years
- Residual period till the borrower reaches the age of 75 years
- 5 years prior to the residual life of the property
Overdraft: Maximum tenure: 15 years
Security:
- Residential or Commercial property in the name of the borrower(s)
- Property should be located at metro/urban/Semi-urban areas coming within municipal limits only
- All property co-owner(s) need to jointly apply as co-applicant(s)
- Open Plot or Land is not acceptable
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Union Bank of India Loan Against Property Fees & Charges
For Union Mortgage Loan
Processing Fees:
| Term Loan | 1 % of the loan amount – Minimum Rs 5000; Maximum Rs 1 lakh
For Staff Members: 0.25% of the loan amount |
| Union Mortgage (secured overdraft) | 0.25% of loan amount with no minimum charges; Maximum: Rs 1 lakh
For Staff: NIL
|
Eligibility Criteria For Union Bank of India LAP
- Indian citizens (both residents & non-residents) with a steady source of income and non-agricultural (residential, commercial, or industrial) property.
- Minimum age – 18 years; Maximum age – 75 years.
- Individuals may apply individually or jointly with other eligible people.
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Documents Required for Union Bank of India Loan Against Property
- Application form and Credit Information
- KYC documents of applicant & co-applicant/guarantor (if any): Identity proof (PAN Card/Passport/Voters ID/Aadhaar etc), Address proof (Passport/Driving License/Aadhaar etc) & 2 passport size photographs (latest)
- Income proof for Salaried: ITR/Form 16 of last 2 years, latest 3 months salary slips, and proof of any other income (in case not mentioned in ITRs/Form 16)
- Income proof for other than Salaried: ITR of last 2 years and proof of other income (in case not mentioned in ITRs/Form 16)
- Last 6 months’ bank statements
- Property documents: Agreement to sell/Allotment letter, Original Sale Deed/Title deed/ advance payment receipts or own contribution receipts, Copy of approved plan by the local body, NOC from Developer/Builder/Society, Statutory and regulatory approval as per state laws, the estimated cost of construction/extension/repairs/renovations
- Additional documents required in case of Take-over from other Bank/Financial Institution:
- Sanction letter
- Last 12 months’ statement of account
- Confidential credit report required from existing bank
- Additional documents in case applicant/co-applicant are NRIs:
- Employment contract/offer letter
- Latest work permit
- Passport copy
- Local address proof, if any
- Visa stamped on the passport
- Identity card issued by current employer
- The document attested by the respective Indian Embassy in case NRI borrowers execute the power of attorney (POA) abroad
Banks may also ask for additional loan aganist property documents of the applicants based on their credit profiles.