Corporation Bank Home Loan

Corporation Bank Union Home Loan

This versatile scheme caters to diverse housing needs, including purchasing new or existing homes, constructing on non-agricultural plots, or even combining plot acquisition with residential construction (composite project). It covers repairs, improvements, extensubDescsions, and loan transfers from other institutions for smooth transitions.

• Eligibility: Open to Indian citizens and NRIs, aged 18 to 75, applying individually or jointly.

• Loan Quantum: No upper limit; based on repayment capacity and property value. Maximum Rs. 30 lakhs for repairs.

• Moratorium Period: Up to 36 months for purchase/construction, up to 12 months for repairs, and up to 48 months for Composite Home Loans.

• Repayment: Up to 30 years for purchase/construction, 15 years for repairs.

• Repayment Methods: Offers various methods including EMI, EQI (for agriculture borrowers), Step-Up, Balloon, FLIP, and Bullet Payment.

Corporation Bank Union Awas Loan

The Corporation Bank Union Awas Loan offers affordable housing and property improvements for rural and semi-urban residents.

Crafted to suit their unique needs, this specialized scheme fosters homeownership and property enhancements.

• Eligibility: Targets rural/semi-urban residents, school/college employees, and farmers with an annual income of Rs. 48,000+. Age: 18-75. Repayment capacity evaluated through income certificate from Tehsildar/Mandal Revenue Officer.

• Loan Quantum: Supports purchase/construction and repairs/improvements. Semi-urban: up to Rs. 10 lakhs or Rs. 5 lakhs. Rural: up to Rs. 7 lakhs or Rs. 5 lakhs. Eligibility based on repayment capacity and property value.

• Moratorium Period: Purchase/construction up to 36 months; repairs/renovation up to 12 months for smoother financial transitions.

• Repayment: Purchase/construction up to 30 years; repairs/renovation up to 15 years. Agriculture borrowers can choose Quarterly, Half-Yearly, or Annual Installments for aligned repayment.

Corporation Bank Plot Purchase Loan

Corporation Bank’s Plot Purchase Loan offers a tangible opportunity for aspiring homeowners. The scheme covers a wide range of scenarios for buying residential plots from various sources, including government authorities and private developers. Key features:

• Purpose: Purchase plots from diverse sources, government or private, registered under RERA. Includes renowned developers like DLF, as well as government development authorities.

• Eligibility: Open to bank customers with satisfactory history, new customers, NRIs, and bank employees. Maximum entry age: 60 years.

• Loan Quantum: Based on repayment capacity. Ranges:

• Security & ROI: Equitable mortgage of the plot, personal guarantees. Interest as per Union Home Scheme.

• Repayment/ Tenure: Without home loan for construction: Up to 120 months or age 70.With home loan for construction: Up to 360 months or till age 70 at plot loan closure (whichever is earlier). No moratorium.

• Processing Charges: 0.50%, max Rs. 15000. Staff under the scheme exempt.

Corporation Bank Builder Tie-Ups (Approved Projects) Loans

Corporation Bank collaborates with builders across multiple locations for its Builder Tie-Ups (Approved Projects) Loans, streamlining the path to homeownership. This scheme offers several benefits:

• Quick Processing: Accelerated loan processing and sanctioning reduce waiting times.

• Fee Waivers: Legal and valuation charges are waived, easing financial burdens.

• No Interim Security: Exemption from interim security requirements simplifies the application process.

• Available Cities: The scheme is accessible in vibrant cities including Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chennai, Hyderabad, Jaipur, Kolkata, Lucknow, Mangaluru, Mumbai, Pune, Ranchi, Varanasi, and Vijayawada.

Union Paradise Home Loan for NRIs by Union Bank of India

Union Bank of India is proud to offer the Union Paradise Home Loan, specifically designed to cater to the housing needs of Non-Residential Indians (NRIs). Whether you’re looking to purchase a new residential unit, construct a home on an existing non-agricultural plot, or make repairs and improvements to your existing property, our Union Paradise Home Loan has you covered. Here are the key details and benefits of this specialized loan product:

• Purpose: Purchase of new/old residential unit (house/flat/villa/apartment, etc.)Construction of a residential unit on an existing non-agricultural plot.Purchase of a non-agricultural plot and construction of a residential unit (composite project).Repairs/improvements/extension of the existing residential property.Take-over of a housing loan availed from another bank or financial institution.Completion of under-construction residential units.Purchase of solar power panels along with the purchase/construction of a house.

• Eligibility: NRIs are eligible to apply.Minimum entry age is 18 years, and the maximum exit age is up to 75 years.Individuals may apply singly or jointly with other eligible individuals.

• Quantum of Loan: No limit on the quantum of the loan.Loan eligibility is determined based on the repayment capacity of the borrower and the value of the property.The maximum loan amount for repairs/renovation is Rs. 30 lakhs.

• Margin (Your Share): 10% of the total cost of the purchase/construction for loans up to Rs. 30 lakhs.20% of the total cost of the purchase/construction for loans above Rs. 30 lakhs.20% of the total cost of the repairs/renovation.

• Home Loan Moratorium Period: Moratorium period of up to 36 months in case of purchase/construction.Moratorium period of up to 12 months in case of repair & renovation.Moratorium period of up to 48 months in case of Composite Home Loans from the date of the first disbursement OR up to the period allowed by the Development Authority from the date of purchase of the plot, whichever is earlier.

• Repayment: Repayment period of up to 30 years in case of purchase/construction.Repayment period of 15 years in case of repair & renovation.

• Repayment Methods: Equated Monthly Installments (EMI).For borrowers engaged in agriculture or allied activities, Equated Quarterly Instalment (EQI) may be permitted instead of EMI.Step-Up Repayment Method, Balloon Repayment Method, Flexible Loan Installment Plan (FLIP) Method, and Bullet Payment options are available to suit your financial needs.

• Prepayment Penalty: Floating rate loans: No prepayment penalty/take-over penalty if the loan is taken over by other banks/FIs.Fixed rate loans: No prepayment penalty if the loan is prepaid from own verifiable sources. A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank/FI or adjusted by the borrower in lump-sum from any third party/source (except genuine sale).

• Home Loan Security: Simple/Equitable mortgage (E.M.) of the residential property.In case the proposed residential unit is under construction, suitable interim security is required until the period of its completion. However, interim security is not required if there is a tie-up with the builder (with a tripartite agreement) for the particular housing project.

• Guarantee: One/two guarantors of Indian Residents (other than a spouse), having means equivalent to that of the loan amount, are to be provided by the NRI applicant.

• Processing charges are 0.50% of the loan amount, subject to a maximum of Rs. 15,000 plus GST. Valuation, Legal, Stamp Duty, CERSAI, and Memorandum registration charges are as per actual.

With the Union Paradise Home Loan for NRIs, Union Bank of India is committed to helping you achieve your dream of owning a home in India. Our flexible terms, competitive interest rates, and comprehensive support make us the ideal choice for NRI home buyers. Feel free to visit our website or contact your nearest Union Bank branch to get started on your journey to owning your dream home.

Corporation Bank Union Home – Smart Save Loan

The Corporation Bank Union Home – Smart Save Loan revolutionizes home loans by prioritizing financial efficiency and flexibility. It optimizes interest savings and controlled withdrawals.

• Loan Structure: Like traditional Union Home loans, Smart Save follows norms with regular EMIs/EQIs. Its uniqueness lies in surplus fund management.

• Surplus Fund Management: Smart Save handles excess payments differently. Extra funds reduce the outstanding balance, lowering interest. Surplus funds can be withdrawn, unlike traditional loans.

• Withdrawal and Overflow: Excess deposited funds can be withdrawn, limited to the amount exceeding scheduled repayments. Outstanding balance decreases with deposits and rises with withdrawals.

• EMI Continuation: Regular EMIs continue as scheduled.

• Limitations and Closure: Outstanding balance must remain above 10% of scheduled outstanding. On loan closure, credit is provided for total outstanding.

• Security and Documentation: Requires Union Home (Smart Save) Agreement and Modified Letter of Continuity: AD 09M, in addition to standard security documents.

• Switch Over and Conversion: Borrowers can switch between Smart Save and regular home loans twice. Conversion fee: 0.25% of outstanding or max Rs. 5000+GST. New account opens for conversion.