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UNION BANK OF INDIA HOME LOAN BALANCE TRANSFER

Switching your existing home loan to Union Bank of India can provide advantages such as competitive interest rates, flexible repayment options, and low processing fees.

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PROCESS OF HOME LOAN BALANCE TRANSFER

  • Application Submission: Start by applying to Union Bank of India, available online or in-person. Include details of your current loan, personal data, and financial situation.
  • Documentation: Gather the necessary documents, which typically include:
    • Proof of Identity: Such as an Aadhaar card, PAN card, passport, or driving license.
    • Proof of Address: Like an electricity bill or telephone bill.
    • Income Proof:
      • For Salaried Individuals: Recent three months’ salary slips, Form-16 or employer’s letter, and last six months’ bank statements.
      • For Self-Employed Individuals: Last two years’ Income Tax Returns with computation, CA-certified financials (if applicable), and six months’ bank statements.
    • Property Documents: Original sale deed, title deed, approved building plan, and NOC from the builder or society.
    • Existing Loan Documents: Past 12 months’ loan account statement and a foreclosure letter from your current lender.
  • Loan Evaluation and Approval: The bank will review your application based on your credit score, repayment history, and property value. If approved, you’ll get a sanction letter with details like the loan amount, interest rate, and terms.
  • Balance Transfer Execution: Upon approval, Union Bank will pay off your existing lender to clear the outstanding balance. Your property documents will be transferred to Union Bank of India.

BENEFITS OF TRANSFERRING TO UNION BANK OF INDIA

  • Processing Fees: A fee of 0.50% of the loan amount, capped at ₹15,000 plus applicable taxes.
  • Eligibility Criteria: Includes age (18 to 75 years) and income (₹15,000 minimum net monthly for salaried, ₹12,500 minimum monthly PAT for self-employed).
  • Credit Score: A good credit score is critical for approval.
  • Documentation: Ensure completeness to facilitate a smooth transfer.
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CONSIDERATIONS BEFORE TRANSFERRING

  • Processing Fees: BOI may apply a processing fee. Check the specific charges during the application.
  • Eligibility Criteria: Confirm you meet BOI’s requirements:
    • Age: 18 to 70 years at the time of final repayment.
    • Income: Stable income, whether you are salaried or self-employed.
    • Credit Score: A favorable credit score is crucial for approval.
  • Documentation: Complete and accurate documentation is essential for a smooth transfer.

FLOATING RATE

  • The approved interest rate for new Union Home and Union Awas loan customers (including those switching from other benchmarks like MCLR/Base Rate/BPLR to EBLR) ranges from 8.35% to 10.75%.
  • Processing charges remain at 0.50% of the loan amount, capped at ₹15,000 plus GST.
  • Valuation/Legal/Stamp Duty/CERSAI/Memorandum registration charges as per actual.

Frequently Asked Questions

What are the benefits of transferring my home loan to Union Bank of India?

Transferring your home loan to Union Bank of India offers competitive interest rates starting from 8.40% per annum, flexible repayment options up to 30 years, no charges for prepayment or foreclosure on floating rate loans, and the possibility of availing a top-up loan for additional financial needs.

What is the process to transfer my home loan to Union Bank of India?

The process involves submitting an application (online or at a branch), preparing and submitting necessary documents such as proof of identity, address, income, property documents, and existing loan documents, followed by loan evaluation and approval. Once approved, Union Bank will settle the outstanding balance with your current lender and transfer the property documents.

What documents are required for a home loan balance transfer to Union Bank of India?

Required documents include proof of identity (Aadhaar, PAN, passport, or driving license), proof of address, income proof (salary slips for salaried individuals, income tax returns for self-employed), property documents (sale deed, title deed), and existing loan documents (loan statement, foreclosure letter).

What are the eligibility criteria for transferring my home loan to Union Bank of India?

Eligibility criteria include being aged between 18 to 75 years, having a minimum net monthly income of ₹15,000 for salaried individuals or a minimum Profit After Tax of ₹12,500 per month for self-employed individuals, and a good credit score.

Are there any fees involved in transferring my home loan to Union Bank of India?

Yes, there is a processing fee of 0.50% of the loan amount, capped at ₹15,000 plus applicable taxes. Additional charges include valuation, legal fees, stamp duty, CERSAI, and memorandum registration charges, which are as per actuals.

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AAP KA BAZAR, GURUGRAM, GURUGRAM, HR-122001

Customer care working hours:

Monday through Saturday,
10:00 A.M. to 6:30 P.M.

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