Last Updated on July 1, 2024 by admin
Union Bank mortgage loans help customers to finance the purchase of fully completed residential buildings . Customers can access up to 150 million naira over 15 years at a minimum interest rate of 16% per annum.
This kind of homeowner’s loan from Union bank makes buyer dreams a reality with a convenient and flexible repayment . buyers do not have to pay an equity contribution of 20% if they go with the equity release option for the home loan.
The mortgage loan offer is only available to customers in Lagos, Abuja, PortHarcourt, Ibadan, Kano and Enugu. Borrowers should have a minimum salary of N250,000 and spouse’s income can also be considered subject to terms and conditions.
The financial institution put net monthly salary and ability to pay down over the loan tenor into consideration, however, the loan amount is subject to 80% of the Forced Sale Value.
Types of Union bank Mortgage loan
Union bank offer two type of home mortgage to their client , this include Equity release and Outright Purchase
1. Equity release
The Union bank equity release is a way of releasing cash from your home without having to move . This enables the owner to unlock the value of property and turn it into cash.
This type of equity release enables the borrower to get a personal loan while the residential property serves as collateral . The Maximum loan amount of 100 million naira with Maximum tenure of 15years.
Applicants must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered and borrower age must be between 21 and 65 years to be considered for mortgage. The Union bank equity release Interest rate is between 16% – 19% per annum.
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Documents required to apply for Union bank equity release
To apply for a union bank equity release mortgage you must present the following documents are adumbrated below.
1. Application form
2. Pictures of the property
3. Receipt of copy of the registered title (C of O, deed of assignment, deed of conveyance, or right of occupancy) to property backed by power of attorney or duly attested court affidavit
4. Land survey
5. Valuation report (to be conducted by the bank) 6 months’ account statement (minimum 1 month with Union Bank)
6. Offer for sale of property from a reputable vendor/agent
7. Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees
Also read: How to apply for First Bank Home Loan and-mortgages & requirements
2. Union Bank mortgage Outright Purchase
Paying cash for a home means you won’t have to pay interest on a loan and any closing costs.This type of mortgage financing helps to Finance completed residential properties.
Applicants must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered and have equity contribution of 20% it has Maximum tenure of 15 years to complete the repayment process
Union bank outright purchase has Maximum loan amount of 150 million naira with Interest rate between 16% – 19% per annum. Borrower should be between 21 and 65 years
Documents required to apply for Union Bank mortgage Outright Purchase
1. Letter of undertaking
2. Application form
3. Pictures of the property
4. Receipt of copy of the registered title (C of O, deed of assignment, deed of conveyance, or right of occupancy) to property backed by power of attorney or duly attested court affidavit
5. Land survey
6. Valuation report (to be conducted by the bank} 6 months’ account statement (minimum 1 month with Union Bank)
7. Offer for sale of property from a reputable vendor/agent
8. Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees
