MORTGAGE LOAN

PURPOSE
Personal needs such as marriages, higher education, business travel, medical
emergencies or any unforeseen expenses
Secured overdraft may be allowed as liquidity finance
For taking benefit of lower interest rate, customers can also apply for takeover of
existing mortgage loan/s from other Banks/FI
ELIGIBILITY
Indian citizen (both resident and non-resident) having regular source of income and
owning non-agricultural (residential / commercial/industrial) property.
Minimum age - 18 years and Maximum age - 75 years.
Individuals may apply singly or jointly with other eligible individuals.
QUANTUM OF LOAN
Minimum of Rs.5 Lakh
Maximum - Resident Indian - Rs.10 Crore and Non Resident Indians - Rs.5 Crore
MARGIN
50% of the fair market value of the property mortgaged as per the latest valuation
report.
NATURE OF FACILITY
Term Loan
Overdraft
REPAYMENT
Term loan:
The maximum repayment tenure will be lowest of the following three:
15 years (180 months)
Residual period till the borrower attains the age of 75 years
5 years prior to the residual life of the property
Overdraft:
Maximum tenor of 15 years (180 months)
The limit will reduce every month with fixed amount so as the total
principal is repaid in the tenure of the loan
Interest will be calculated and debited every month on the basis of
actual use of the limit and to be serviced monthly.
Account to be adjusted 5 years prior to the remaining life of the
property
MORATORIUM
No moratorium allowed under the scheme
PREPAYMENT PENALTY
There is NO prepayment penalty.
SECURITY
Residential / Commercial property, which is in the name of the
borrower(s).
property should be located at metro/urban/Semi-urban areas coming
within municipal limits only
All the co-owner(s) of the property need to join in as co-applicant(s).
Open Plot/Land not acceptable.
GUARANTEE
Third party guarantee is not mandatory for resident Indian.
Guarantee of a local resident Indian having means equivalent to that of
the loan amount, is to be provided by the NRI applicant.
INSURANCE
Property should be comprehensively insured for an amount not less
than the value of the property (less cost of land), covering all risks
with Bank clause.
UNION MORTAGE PLUS
PURPOSE
For personal or business needs.
Repayment of high cost loans.
ELIGIBILITY
Home Loan borrowers (Existing as well as new)**
Borrower whose home loans are taken over from other Bank/FI. In case of takeover of
home loan, the loan can be sanctioned simultaneously with housing loan.
All the owner(s) of the property have to join in as co-applicant(s).
Note: Property should be in the name and possession of the borrower. Loan can’t be
considered for under construction property
QUANTUM OF LOAN
Minimum - Rs.1 Lakh
Maximum - Rs.1000 Lakh
NATUE OF FACILITY
Flexible account with features of both Term Loan as well as OD
MARGIN
25% of the value of the property after including outstanding of existing housing loan
as well as proposed loan under mortgage plus.
REPAYMENT
Lowest of the following:
30 years from the date of sanction
Borrower attaining age of 75 years (subject to assessment at the time of sanction the
adequacy of income to meet repayment till the age of 75 years).
Five years prior to residual age of the building i.e. loan should be liquidated 5 years
prior to the residual age of the building
MORATORIUM
No moratorium period permitted.
PREPAYMENT PENALTY
There is NO prepayment penalty
SECURITY
Extension of mortgage on residential property.
GUARANTEE
If any guarantee is obtained for existing housing loan, the same is to be required for
mortgage plus loan.
INSURANCE
Property should be comprehensively insured for an amount not less than the value of
the property (less cost of land), covering all risks with Bank clause.
UNION REVERSE MORTGAGE
PURPOSE
To provide a source of regular income for senior citizens who own self occupied house property in India.
Income in the form of monthly payout or combination of monthly payout and lump sum.
Note: Lump-sum available for medical purpose only.

ELIGIBILITY
The product is available only to senior citizens of India.
Owns self-occupied residential property in India
Individual, either singly or jointly with spouse as co-applicant.
Minimum age of borrower to be 60 years and that of the spouse to be 55 years.
Number of surviving spouses on the date of sanction should not be more than one

QUANTUM OF LOAN
Minimum Rs.1 Lakh
Maximum up to Rs.100 Lakhs
Loan eligibility depending on value of property
Note: Loan amount is inclusive of future interest up to maturity.

LOAN TO VALUE
In case the property located in Metro – 90% of the assessed value of the property
In case the property located in Urban – 80% of the assessed value of the property
In case the property located in other than Metro/Urban – 70% of the assessed value of the property
TENURE OF PAYMENT
Minimum tenure of 15 years and maximum tenure of up to 20 years, if the borrower's age is between
60 and 65.
Minimum tenure of 10 years and maximum tenure of 20 years, if the borrower's age is above 65

REPAYMENT/SETTLEMENT
Borrower need not pay the amount in his/her lifetime.
Loan shall become due and payable only when the last surviving borrower dies or opts to sell the home
or permanently moves out of the home to an institution or to relatives.
Settlement of loan along with accumulated interest is to be met by the proceeds received out of sale of
residential property or prepayment by borrowers and his next of kin.

PREPAYMENT PENALTY
There is NO prepayment penalty

SECURITY
Self-occupied and owned residential property by the borrower.

INSURANCE & MAINTENANCE

House property to be insured against fire, earthquake and other calamities by the borrower at his cost
with usual Bank clause.
Borrower to maintain the property in good condition and ensure to pay all taxes and charges on time.
Thank You