How to Transfer Home Loan to Union Bank – All You Need to Know

How long have you been paying off your current home loan? If you’ve been in debt with your mortgage company for longer than you had expected, then it may be time to think about transferring your home loan balance to Union Bank.

Home loans with Union Bank come with attractive interest rates, 0% balance transfer, and no fee on the first year of transfer all in one package! 

It can be difficult to know where to start and what options are available to you. With so many options on the market, it can be tricky to determine which one will work best for your needs and budget.

One of the most popular ways of re-financing your mortgage is through a Union Bank home loan balance transfer, which allows you to consolidate all of your debts under one loan at a lower interest rate. And also make regular repayments that are much more manageable in comparison to what you were paying before.

About Union Bank Home Loans

The first step in protecting your family is making sure you have enough money saved for a rainy day. With Union Home Loans, you can rest easy knowing that your needs will be met when it comes time to call upon them.

We offer competitive rates and flexible payment options so you can choose how much of your money goes toward interest and how much goes toward paying down your principal balance each month.

And if you’re looking to transfer your home loan balance from another bank or lender, we make it simple with our Home Loan Balance Transfer program. Learn more about Union Home Loans today!

Advantages of a Balance Transfer

A balance transfer is when you pay off an existing credit card balance with a lower interest rate by using a new credit card that has lower interest rates.

If you haven’t been paying close attention to your balance, a 0% introductory offer could help get you out of debt faster and potentially save you thousands of dollars in interest charges. 

Here are 5 reasons why Union Bank customers should consider transferring their existing balances to us. 

1. Union bank has an industry-leading savings account, and currently offers 6.80% – 7.40% interest on all home loans. This could really help when it comes time to make an extra-large payment towards your debt. 

2. Union bank home loans have zero closing costs, which means you can take that money and use it for anything else (like paying off your debt!). 

3. Take advantage of union banks’ new creative financing program for purchasing your dream home 

4. Union bank offers a variety of loan programs with competitive rates 

5. The union bank customer service team is second to none and will be there for you every step of the way during your loan process. 

If you would like more information about union bank’s current products and services, please contact them at their local branch or visit their website.

Union Bank of India Home Loan Balance Transfer Interest Rates

UBI Home Loan SchemesFor SalariedFor Self-EmployedBest Suited For
Union Home6.80% – 7.35%6.85% – 7.40%Purchase, renovation or construction of a residential property
Union Awas6.80% – 7.35%6.85% – 7.40%Purchasing, construction, extension or improvement of a property in Semi Urban or in a Rural Area
Union Smart Save7.05% – 7.60%7.10% – 7.65%Customers who are willing to avail a home loan overdraft facility
Union Top-Up6.80% onwards6.80% onwardsExisting UBI home loan borrowers for meeting any expense/expenditure related to their existing house

Union Bank of India’s Home Loan Balance Transfer Eligibility Requirements

Loan Amount – Calculated by eligibility.
Resident Indian Citizenship
Starting Age – 21 years
Loan Term – Maximum Loan Term of up to 30 Years
Maximum Age – 70 years

How Do I Start?

When you’re looking for a loan Transfer, first ask yourself what you need and what’s most important to you. Having clear goals will help your lender better understand your situation and how much they can do for you.

Do you want a lower interest rate? A fixed or variable rate? Are there other features that are important to you, like flexible repayment options or home insurance coverage?

Make sure you talk with your bank or mortgage broker about all of these things before proceeding with a new home loan application. 

Why is it so important?

Before you even start applying for a loan, it’s crucial to know why you’re doing it in the first place. What do you hope to achieve? What needs to happen in order for that goal to be reached? Is there anything standing in your way?

These questions should be asked as soon as possible ideally when beginning your search and used as guideposts throughout every step of securing a home loan.

Union Bank Application Process

Although Union Bank typically offers lower interest rates than other institutions, that doesn’t necessarily mean it’s your best option. Before making a final decision, compare multiple lenders and see what kind of deal you can negotiate.

You may find that you save money by closing out your old home loan instead of transferring it to a new one. However, if your credit is good and Union Bank has a low rate on offer, then you should definitely consider taking advantage of their balance transfer promotion.

Disadvantages of a Balance Transfer

Now that you know what a balance transfer is, let’s take a look at some of its potential downsides. One downside is that if you have high-interest credit card debt and low interest personal loans or mortgages, transferring those balances might not actually save you any money.

However, depending on how much debt you have and how much each individual loan costs, transferring those balances could still make sense. 

Another major disadvantage of a balance transfer is that it can be difficult to qualify for. Most banks require excellent credit scores (750+), meaning that consumers with poor credit histories may struggle to get approved for a new line of credit.  

Finally, even if you do manage to secure a balance transfer offer from your bank, there are usually fees associated with making such a switch. These fees vary from bank to bank but typically range between 3% and 5% but in Union Bank, it is Zero charges.

Union Bank Special Promotion for New Customers

For a limited time, Union Bank is offering special home loan balance transfer plans for new customers. To take advantage of their low rates and special package deals, it’s a good idea to evaluate your financial situation and get an accurate snapshot of where you stand with your loan provider.

This can help ensure that you understand what you’re getting into with any proposed balance transfer offer.

Union Bank Home Loan Benefits

There are several benefits that one can derive from a Union Bank Home Loan. 

Firstly, it is convenient and can be applied online or at any of their branches. 

Secondly, you need not have an existing bank account with them. Instead, they will create one on your behalf, so applying is a smooth process. 

Furthermore, there are no hidden charges or processing fees when you apply for a home loan balance transfer with Union Bank as against other banks. 

Additionally, you do not require an Extreme credit score to avail of their services. 

Lastly, they offer flexible repayment options which include EMI and No-EMI schemes. Furthermore, you can avail a home loan balance transfer with Union Bank even if you have an existing home loan account with another bank. 

However, there are certain eligibility criteria that one must fulfil in order to be eligible for a home loan balance transfer with Union Bank.

Is There Anything Else I Should Know?

We live in a global world. If you have an existing home loan, there is nothing stopping you from taking a loan from another bank and transferring it to your Union Bank Home Loan account.

Of course, you may face an early repayment charge for doing so, but if it’s important for you to close on your new home sooner rather than later, that might be worth it. So what are some of the other reasons why people transfer their home loans? Here are some of them

Lower interest rates: With rates falling almost every day, now could be a good time to look into refinancing or re-structuring your current home loan. A lower rate means more money left over at the end of each month which could translate into better returns on investments or more spending money!

Cheaper fees: Just like with credit cards, banks offer many different kinds of home loans. Some are better than others in terms of fees and other charges so before you sign on that dotted line, make sure you know what you’re getting into!

A good way to do that is by looking at a sample Union Bank Home Loan agreement. It contains all the information you need about interest rates and other costs associated with your loan. If you have any questions or concerns, be sure to speak with one of their qualified advisors for further clarification.

Better customer service: If you’ve ever had to deal with customer service for your current bank, then you know how frustrating it can be sometimes. With Union Bank, they are always looking for ways to improve their services and that includes listening carefully to our customers!

Our advisors are available 24/7 via phone or email; just give us a call if you have any questions about your home loan. We will help answer them as best we can and see if there is anything else we can do to make things easier on you!

More convenient options: Sometimes it makes sense to transfer your home loan because of convenience rather than cost savings alone. For example, if you’re planning on buying a new house in another city, you might want to consider moving your Union Bank Home Loan account with you!

This is especially true if you have been with us for a long time and are accustomed to our services – or if you like how we treat our customers! So when is it worth transferring your home loan? The answer is simple: whenever it’s in your best interest.

Where Can I Get Assistance with My Application?

Your Union Bank home loan consultant will be able to help you with every step of your application, including verifying your details and paperwork, applying for a mortgage broker and more.

Make sure you get in touch with us today! Our experienced consultants are ready to take on any questions or concerns you may have about getting a new home loan.

Conclusion

There are various reasons why you should look at transferring your home loan balance. Before proceeding, there are certain terms and conditions that you need to know. They vary slightly depending on your lender, so it is important that you ask them directly.

Then think about how long you’ll be staying in your home if it’s at least four years, then transferring your loan may make sense as it will save you money over time.

Finally, consider talking with a financial planner who can help guide you toward your financial goals. thankyou for reading my post on Union Bank Home Loan Balance Transfer – Reasons to Transfer. I hope you found it helpful! 🙂

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