A Top-up Loan for Home Loan Borrowers to Help Consolidate Their Debts.

A top-up loan for you to pay off your debt or meet other personal needs.

Union Bank of India Union Top-up Loan for Home Loan Borrowers

This loan helps home loan borrowers get the funds to meet their personal needs. It can also be used to consolidate high-interest debts. This loan cannot be availed for speculative reasons. Only existing home loan borrowers are eligible for this loan.

Features of Union Top-up (Home) Loan

Why this Loan?

  • The Union Bank of India Top-up Loan is meant for home loan borrowers who want to avail financial assistance for personal needs. Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and other loans, thereby reducing their debt burden
  • All existing Union Bank of India home loan borrowers are eligible for this loan

Loan Amount

  • The maximum loan amount offered by Union Bank of India under this loan depends on the repayment capacity of the borrower. The minimum loan amount sanctioned under this scheme is Rs. 5 lakh. It should be noted here that the top-up loan amount cannot exceed the original home loan limit

Interest

  • As of October 2020, the interest rate applicable to this loan is not mentioned on this website. We suggest talking to a bank representative for details

Repayment

  • This loan must be repaid within 5 years or the residual period of the home loan, whichever is earlier

Security Needed

  • The bank may ask for the extension of charge on existing property mortgaged by the bank

Margin Money (Borrowers Contribution to Total Cost)

  • As of October 2020, this information is not available on the bank’s website. Please talk to a bank representative and get the required details before applying for this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh and if the margin is 20%, the margin money comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges 0.50% of the total loan amount for processing this loan

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/Insurance Agents: 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.

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