You can save substantially, by transferring the balance of your existing home loan to the Union Bank of India (UBI). By opting for this facility, you can get lower interest rates starting from 8.50% p.a. resulting in lower EMIs and reduced loan cost. Repay the loan as per your convenience over extended tenures of up to 30 years. Apply for this facility on Bajaj Markets and benefit from a hassle-free online transfer process.
The Union Bank of India Home Loan Balance Transfer interest rates and charges are as listed below:
₹15,000 or 0.50% of the loan amount (whichever is higher) + GST
*Disclaimer: The aforementioned details are subject to change at the lender’s discretion
at % interest rate for months
Here is a list of the Union Bank of India Home Loan Balance Transfer eligibility criteria:
Your age must be between 18-75 years
Your net monthly income should be at least ₹15,000 a month if you are salaried
Your minimum Profit After Tax (PAT) must be ₹12,500 per month if you are self-employed
Keep these documents handy for a smooth application process:
KYC Documents: Aadhaar Card and any one of the following
Bank statements of the last 12 months as income proof
Salary slips of the last 3 months (for salaried applicants)
Certificate and proof of business existence (for self-employed applicants)
Original Sale Deed, Title deed, Share Certificate(s) issued by the society (duly registered) or any other document conveying ownership
Agreement to sell or allotment letter
Copy of the plan approved by the local body
NOC from the builder, developer, or society
Statutory and regulatory approval of construction of proposed residential unit as per state laws
Form 16 or ITR filings
Duly filled credit information form
2 passport-size photographs
Here are some simple steps you can follow to apply for this facility on Bajaj Markets:
Click on the ‘Apply Now’ option on this page
Provide your profession, personal and financial details
Choose ‘Union Bank of India’ from the list of lenders
Select the preferred tenure and required loan amount
Click on ‘Submit’
Following this, a representative will reach out to you for further proceedings.
Yes. By doing so, you can enjoy a lower rate of interest on your home loan. You can also lengthen your loan tenure. This enables you to repay the loan as per your convenience.
Following the transfer, a new EMI amount will be set and shall remain constant, unless you restructure the loan again. This new instalment will be decided on the basis of the change in interest rates, loan tenure, and the balance principal amount.
No, there is no mandatory requirement for a guarantor for a home loan transfer to UBI.