Mandatory Documents Required for Union Bank Home Loan
Here is the list of documents needed based on applicant type:
1. Proof of Identity (Pick One)
- • PAN Card (usually needed)
- • Aadhaar Card
- • Passport
- • Voter ID
- • Driver's License
Needed for all people applying for the loan.
2. Proof of Address (Pick One)
- • Aadhaar Card
- • Passport
- • Voter ID
- • Driver's License
- • Utility Bills (like electricity, phone, water – no older than 3 months)
- • Rent Agreement
This verifies where you live.
3. Proof of Age
- • Birth Certificate
- • PAN Card
- • Aadhaar Card
- • Passport
- • 10th Standard Marksheet
This proves you're old enough to get the loan.
4. Photos
- • Recent color photos of everyone applying.
5. Proof of Income
If you're employed:
- • Last 3-6 months of salary slips
- • Form 16 or Income Tax Returns (ITR) from the last 2 years
- • Job offer letter (if you have it)
- • Salary certificate from your job, if needed
- • Bank statements (last 6 months showing your salary)
If you're self-employed:
- • Business license
- • Partnership deed
- • ITR from the last 2-3 years
- • Profit & Loss statement and Balance Sheet from a Chartered Accountant (last 2-3 years)
- • Business bank statements (last 6 months)
- • Proof of business address (utility bill, rental agreement, trade license)
6. Property Documents
- • Sale Agreement
- • Property Title Deed
- • Approved Building Plan
- • Property Tax Receipts
- • Allotment letter & receipts of initial payments to the builder
- • Completion/Occupancy Certificate
- • NOC from builder or housing society (no objection certificate), if needed
These prove you own the home.
7. Other Things
- • Statements for any other loans you have.
- • Investment proofs (like fixed deposits).
- • KYC documents for guarantors
- • For people who live outside of India, such as a passport copy, a visa, a work permit, foreign address proof, NRE/NRO bank statements
Union Bank Home Loans: The Details
1. Who Can Apply
- • Indian residents and people who live outside of India.
- • Must be 18 or older; loans must be paid off by age 75.
- • Can have other people apply with you (like spouse, parents, kids, siblings).
- • Need a regular income.
2. How Much Can You Borrow?
- • Maybe up to 90% of the property’s value.
- • The smallest & largest loan amounts depend on the property, how much you can repay, and where you live.
3. How Long to Repay?
4. Interest Rates
- • It depends on if they are fixed or variable; rates might be lower for women and the government employees.
- • There might be processing fees.
5. How it Works
- 1. Fill out the application.
- 2. The bank checks your documents and assesses the property.
- 3. If approved, you get a letter with the loan details.
- 4. Home is registered, then the loan is disbursed.
6. Other Things to Know
- • Top-Up Loan - If you're getting money already from them, you might get more.
- • No Extra Fees - if you pay early with your own money.
- • Insurance - Insure the property for the loan amount.
- • Account - NRIs need an NRE account with Union Bank; it's a good idea for others.
- • Down Payment - You will need to pay 10%–25% of the property value upfront.
7. Tax Benefits
You can deduct both the principal and interest you repay on the loan. Up to ₹2 lakh can be deducted on interest and ₹1.5 lakh on the principal.
Getting a Union Bank Home Loan means paperwork. Double-check everything and make sure it's spot on. If you have any questions, want the most up-to-date info, or are an NRI, check with the bank yourself. If you’re looking for a loan, Union Bank of India is pretty good.