Retired Staff of bank and their relative is to be treated on par with General Public and retail Loan/other loan to them are to be sanctioned on terms and conditions for general public except for any special schemes introduced by the bank.

For guidelines on Staff loans to Officers / employee respective guidelines as issued by Human Resources Department from time to time shall be referred.

Continuation of Housing loan by spouse of the retired employees

• In case of demise of a retired employee, the spouse of the retired employee may be given an option to continue or clear the loan which was availed by the employee before his/her retirement.

• In cases where the spouse opts for continuation of Housing loan, the same may be permitted as per the sanction terms applicable for general housing loans (as applicable to general public) subject to repayment capacity of the family.

Conveyance Loan

Repayment tenure in case staff conveyance loan is extended beyond retirement date of the employee and up to the age of 70 years:

• Officer employees are permitted to avail staff conveyance loan with repayment period beyond the age of retirement. An Officer employee has to avail this loan before the date of his/her superannuation with repayment period up to the age of 70 years or the repayment period as stipulated for the respective two-wheeler / four-wheeler loan, whichever is earlier.

• Retiring Officers should submit their conveyance loan applications preferably 30 days prior to their retirement. No request for granting Staff Conveyance loan shall be entertained after the date of retirement;

• Sanctioning Authority while sanctioning the loans with repayment beyond the age of retirement, should be satisfied with regard to the income (pension, regular income from other sources etc.) of the concerned Officer employee;

Union Cash Digital

Name : Union Cash Digital–For Regular Pensioner including staff pensioner

Purpose : To meet personal needs.

Loan not to be used for speculative purpose. An online declaration in this regard to be obtained from the customers.

Quantum : Minimum ₹25,000/- Maximum ₹5,00,000/-

Margin : Nil

Repayment : Minimum 12 & Maximum 60 months.

Moratorium : Nil

The link for applying is as under:

https://instaloan.unionbankofindia.co.in/pension/pensionlanding

Union Reverse Mortgage

PURPOSE

• To provide a source of regular income for senior citizens who own self occupied house property in India.
• Income in the form of monthly payout or combination of monthly payout and lump sum.

Note:

• Lump-sum available for medical purpose only.

REVERSE MORTGAGE ELIGIBILITY

• The product is available only to senior citizens of India.
• Owns self-occupied residential property in India
• Individual, either singly or jointly with spouse as co-applicant.
• Minimum age of borrower to be 60 years and that of the spouse to be 55 years.
• Number of surviving spouses on the date of sanction should not be more than one

QUANTUM OF LOAN

• Minimum Rs.1 Lakh
• Maximum up to Rs.100 Lakhs
• Loan eligibility depending on value of property

Note:

• Loan amount is inclusive of future interest up to maturity.

LOAN TO VALUE

• In case the property located in Metro –90% of the assessed value of the property
• In case the property located in Urban –80% of the assessed value of the property
• In case the property located in other than Metro/Urban –70% of the assessed value of the property

TENURE OF PAYMENT

• Minimum tenure of 15 years and maximum tenure of up to 20 years, if the borrower's age is between 60 and 65.
• Minimum tenure of 10 years and maximum tenure of 20 years, if the borrower's age is above 65

REPAYMENT/SETTLEMENT

• Borrower need not pay the amount in his/her lifetime.
• Loan shall become due and payable only when the last surviving borrower dies or opts to sell the home or permanently moves out of the home to an institution or to relatives.
• Settlement of loan along with accumulated interest is to be met by the proceeds received out of sale of residential property or prepayment by borrowers and his next of kin.

REVERSE MORTGAGE RATE OF INTEREST

• The rate of interest to be charged would be as per the extant guidelines issued from time to time.
• As on date, the rate of interest is 12.15% (Fixed).
• Rate of Interest to be reset in every five years
• Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual

PREPAYMENT PENALTY

• There is NO prepayment penalty

SECURITY

• Self-occupied and owned residential property by the borrower.

INSURANCE & MAINTENANCE

• House property to be insured against fire, earthquake and other calamities by the borrower at his cost with usual Bank clause.
• Borrower to maintain the property in good condition and ensure to pay all taxes and charges on time.

Group Insurance Cover for Staff Loans Accounts viz. Staff Housing, Staff Vehicle (Active &Retired Staff)

STAFF CIRCULAR N0.7655 Date: March 31", 2022 (for detailed guidelines)

The objective of the Group Insurance Scheme is to safeguard the bereaved families in the instances of untimely demise of an employee. Group Insurance cover against the staff loan portfolio shall provide the following benefits to the employees:

• Lower premium rates as compared to the individual term insurance.
• Easier a quick claim settlement.
• Financial support to the bereaved family during untimely demise of staff.

Insurance Premium Rates:

The insurance premium rates for the policy period 01.04.2022 to 31.03.2023 are as under: --

Type of Loan	Rates
Staff Housing Loan (SHL)	Rs. 3.8598 + GST per thousand
Staff Vehicle Loan (SVL)	Rs. 3. 72 + GST per thousand

Sum Assured:

The quantum of sum assured for staff loan accounts will be as under:

• Staff Housing Loan : Actual outstanding loan payment
• Staff Vehicle Loan : Actual outstanding loan

Any clarifications regarding the Group Insurance Cover for staff loan accounts shall be issued by HRAD, Central Office.

The contact details are as under: IP No. 116297 Landline: 022-22896280