Union Bank of India Union Mortgage Loan

A Loan Against Property from Union Bank of India to meet your financial needs

A low-interest mortgage loan to consolidate your debts

Union Bank of India Mortgage Loan

This loan helps borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education, etc. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.

Features of Union Mortgage Loan (Loan Against Property)

Why this Loan?

  • The Union Mortgage Loan is meant for individual borrowers who want to avail financial assistance by pledging their residential property to the bank to meet their urgent financial needs. This loan can be availed for personal or business needs but not for capital market, trading or speculative purposes
  • Borrowers can also avail this scheme as a consolidation loan to pay off their debts

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to Rs. 10 crore for resident Indians and Rs. 5 crore for NRIs


  • The interest rate for this loan is defined as the sum of two factors: External Benchmark Lending Rate (EBLR) and Credit Risk Spread. As of October 2020, the EBLR of Union Bank of India is 6.80% and the Spread for this loan depends on the CIBIL score of the borrower. The applicable interest rate to this loan ranges from 9.80% to 10.65%


  • This loan must be repaid within 15 years or before the borrower attains the age of 75 years, whichever is earlier

Security Needed

  • The bank asks for the first charge of equitable/registered mortgage of residential property in metro, urban or semi-urban areas

Margin Money (Borrower’s Contribution to Total Cost)

  • The bank charges up to 50% of the fair market value of the property mortgaged

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.
  • Property related documents

Reference Facts:

  • Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 2222 44, 1800 208 2244