Union Bank of India- Union Top-up Scheme

Purpose of Loan:

To meet any type of expenditure in respect of the House viz. repairs/ renovation/ remodeling / furnishing etc.

Eligibility:

Existing home loan borrowers (Standard Assets with regular EMI repayment) who:

• Are salaried/professional & self employed, agriculturists or business men having regular source of Income.

• Have repaid minimum 24 EMIs in Home loan account.

• Where net take home pay/monthly income is not be less than 35% of gross monthly income/earnings after considering all deductions including the EMI of the proposed TOP-up Loan.

Quantum of Loan:

The maximum amount of loan can be extended upto 50% of EMIs repaid subject to minimum of Rs.50,000/- to Maximum of Rs.5,00,000/-

Rate of Interest:

Term Loan

BPLR – 1.75% i.e. 10.00% (Floating)

BPLR –1.00% i.e. 10.75% (Floating)

Margin:

50% [i.e. only 50% of the amount already repaid will be considered as top-up loan subject to maximum cap].

Processing Fee:

0.50% of the Top-up Loan amount.

Repayment of Loan:

The maximum repayment period is of 5 years or left over period for the borrower before he attains retirement or 60 years of age which ever is earlier. Term loan is subject to review every year.

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