हिंदी में पढ़े
| Union Bank Home Loan Highlights | |
| Interest Rate (floating) | 8.35% – 10.95% p.a. |
| Loan Amount | As per the borrower’s eligibility and caps put on LTV ratio |
| Loan Tenure | Up to 30 years |
| Processing Charges | NIL (till 15th November 2023) |
Note: Rates as of 22nd September 2023
Apply for Home Loan with Union Bank of India at Low Interest Rates Click Here
|
Table of Contents |
Union Bank of India (UBI) Home Loan Interest Rate
Union Bank of India Housing Loan interest rates start from 8.35% p.a. onwards. The bank offers interest rates depending on credit score, loan amount, LTV ratio, occupation profile, gender of loan applicants and type of loan offered to home loan applicants.
Below-mentioned are the interest rates of various Union Bank Home Loan schemes offered to its home loan applicants.
Union Home/Awas
| Loan Type | Interest Rate (p.a.) |
| Home Loan (Festive Offer) | 8.35% |
For Government/PSU Employees
|
Loan Amount |
CIC Score | LTV Ratio |
Interest Rate (p.a.) |
|
Irrespective of Loan Amount |
750 & above | Up to 90% |
8.40% |
For Salaried/Professional Individuals
| Loan Amount | CIC Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | |||
| Irrespective of Loan Amount | 750 and above | As per quantum wise LTV norms | 8.55% | 8.55% |
| 700 to 749 (including -1 & 1 to 5) | 9.20% | 9.15% | ||
| 650 to 699 | 9.50% | 9.45% | ||
| 600 to 649 | 10.30% | 10.30% | ||
| Below 600 | 10.80% | 10.80% | ||
For Non-Salaried Individuals
| Loan Amount | CIC Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | |||
| Irrespective of Loan Amount | 750 and above | As per quantum wise LTV norms | 8.55% | 8.55% |
| 700 to 749 (including -1 & 1 to 5) | 9.30% | 9.25% | ||
| 650 to 699 | 9.55% | 9.50% | ||
| 600 to 649 | 10.30% | 10.30% | ||
| Below 600 | 10.80% | 10.80% | ||
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Union Bank Home Loan Fixed Rates (for up to 5 years)
| Loan Amount | Rate of Interest (p.a.) |
| Up to Rs. 30 Lakh | 11.40% |
| Rs. 30 Lakh – Rs. 50 Lakh | 12.40% |
| Rs. 50 Lakh – Rs. 2 Crore | 12.65% |
Union Bank Smart Save Home Loan
For Loan Amount Up to Rs 30 lakh
For Salaried/Professional Individuals
| CIBIL Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | ||
| 750 and above | Up to 80% | 9.35% | 9.35% |
| More than 80% to 90% | |||
| 700 to 749 | Up to 80% | 9.60% | 9.55% |
| More than 80% to 90% | 9.65% | 9.60% | |
| 650 to 699 | Up to 80% | 9.70% | 9.65% |
| More than 80% to 90% | 9.75% | 9.70% | |
| 600 to 649 | Up to 80% | 10.25% | 10.25% |
| More than 80% to 90% | |||
| Below 600 | Up to 80% | 10.75% | 10.75% |
For Non-Salaried Individuals
| CIBIL Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | ||
| 750 and above | Up to 80% | 9.35% | 9.35% |
| More than 80% to 90% | |||
| 700 to 749 | Up to 80% | 9.65% | 9.60% |
| More than 80% to 90% | 9.70% | 9.65% | |
| 650 to 699 | Up to 80% | 9.75% | 9.70% |
| More than 80% to 90% | 9.80% | 9.75% | |
| 600 to 649 | Up to 80% | 10.25% | 10.25% |
| More than 80% to 90% | |||
| Below 600 | Up to 80% | 10.75% | 10.75% |
| More than 80% to 90% | |||
For Loan Amount above Rs 30 lakh
For Salaried/Professional Individuals
| CIBIL Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | ||
| 750 and above | Up to 80% | 9.35% | 9.35% |
| More than 80% to 90% | |||
| 700 to 749 | Up to 80% | 9.70% | 9.65% |
| More than 80% to 90% | 9.75% | 9.70% | |
| 650 to 699 | Up to 80% | 9.80% | 9.75% |
| More than 80% to 90% | 9.85% | 9.80% | |
| 600 to 649 | Up to 80% | 10.40% | 10.40% |
| More than 80% to 90% | |||
| Below 600 | Up to 80% | 10.95% | 10.95% |
| More than 80% to 90% | |||
For Non Salaried individuals
| CIBIL Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | ||
| 750 and above | Up to 80% | 9.35% | 9.35% |
| More than 80% to 90% | |||
| 700 to 749 | Up to 80% | 9.75% | 9.70% |
| More than 80% to 90% | 9.80% | 9.75% | |
| 650 to 699 | Up to 80% | 9.85% | 9.80% |
| More than 80% to 90% | 9.90% | 9.85% | |
| 600 to 649 | Up to 80% | 10.40% | 10.40% |
| More than 80% to 90% | |||
| Below 600 | Up to 80% | 10.95% | 10.95% |
| More than 80% to 90% | |||
Apply for Home Loan with Union Bank of India at Low Interest Rates Click Here
Special Retail Lending Scheme for Government Employee, SRLGE
Home Loan
For Salaried/Professional Individuals
| Loan Amount | CIC Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | |||
| Irrespective of Loan Amount | 750 and above | As per quantum wise LTV norms | 8.55% | 8.55% |
| 700 to 749 (including -1 & 1 to 5) | 9.20% | 9.15% | ||
| 650 to 699 | 9.50% | 9.45% | ||
| 600 to 649 | 10.30% | 10.30% | ||
| Below 600 | 10.80% | 10.80% | ||
For Non-Salaried Individuals
| Loan Amount | CIC Score | LTV Ratio | Interest rate (% p.a.) | |
| Male | Female | |||
| Irrespective of Loan Amount | 750 and above | As per quantum wise LTV norms | 8.55% | 8.55% |
| 700 to 749 (including -1 & 1 to 5) | 9.30% | 9.25% | ||
| 650 to 699 | 9.55% | 9.50% | ||
| 600 to 649 | 10.30% | 10.30% | ||
| Below 600 | 10.80% | 10.80% | ||
Compare Union Bank of India Home Loan Interest Rates with Other Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
| HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
| Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
| Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
| Union Bank of India | 8.35% – 10.80% | 8.35% – 10.95% | 8.35% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
| Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |
Union Bank of India Home Loan Processing Fees & Charges
| Particulars | Charges |
| Processing fees | NIL (till 15th November 2023) |
| Legal & Valuation Charges | For new home loans: As applicable
For home loan balance transfer: Waiver of up to Rs.10,000 |
| Stamp Duty/ CERSAI/ Memorandum Registration Charges | As per actuals |
| Prepayment charges | For floating rate home loans: No charges
For fixed rate home loans:
|
Compare the home loan processing fee of top lenders
Types of Union Bank of India Home Loan
Union Home Loan
Purpose: Union Bank of India offers regular home loans to its applicants to finance the purchase of new/old dwelling unit, construction of house/flat, plot purchase and construction of house thereon, repair and renovation of existing home properties, addition and extension of existing home and completion of under-construction residential units.
The lender also offers home loan balance transfer facility to existing home loan borrowers of other banks and HFCs for transferring their existing home loans to Union Bank of India at lower interest rates.
Loan Amount:
- As per the repayment capacity of the borrower
- For repair/renovation: Up to Rs 30 lakh
LTV Ratio:
| Loan Amount up to Rs 30 lakh | Up to 90% of total purchase cost |
| Loan Amount Above Rs 30 lakh | Up to 80% of total purchase cost |
| Repair/renovation | Up to 80% of total cost |
Tenure:
- For purchase/construction: Up to 30 years
- For repair/renovation: Up to 15 years
Apply for Home Loan with Union Bank of India at Low Interest Rates Click Here
Union Awas
Purpose: Consumers can avail Union Awas, a special home loan scheme for residents of rural or semi-urban areas, to purchase or construct homes and for carrying out repair, improvement and extension of existing dwelling units.
Loan Amount:
- For construction/purchase: Up to Rs 10 lakh (semi-urban areas); Up to Rs 7 lakh (rural areas)
- For repair/improvement: Up to Rs 5 lakh (semi urban and rural areas)
LTV Ratio:
| For purchase and construction | Up to 90% of total purchase cost |
| For repair and improvement | Up to 80% of total purchase cost |
Tenure:
- For purchase/construction: Up to 30 years
- For repair/renovation: Up to 15 years
Apply for Home Loan with Union Bank of India at Low Interest Rates Click Here
Union Home-Smart Save
Purpose: Union Smart Save is a home loan overdraft facility wherein the applicants can deposit surplus amount in the linked overdraft account and can withdraw funds from it as per their needs. The balance maintained in the account is deducted from the outstanding home loan amount, which in turn reduces the interest cost of the borrower.
Union Loan for Plot Purchase
Purpose: Union Bank of India offers Plot Purchase Loan for purchase of residential plots or sites from State Development or Town Planning Authorities or from any other Government body for distribution of sites. Consumers can also purchase sites from statutory authorities of Central or State Government and local authorities either exclusively or in partnership.
Sites or layouts provided by private entities duly approved by statutory authority of the State Government and where registrations can be affected can also be purchased through Union Plot Purchase Loan. Consumers can also purchase residential land or plots of Government Development Authorities land such as LDA, HUDA, DDA, JDA, etc. directly from the authorities or under second sale.
Loan Amount:
- Minimum Loan Amount- Rs 50 lakh (Tier-I cities/Urban/Metro/State Capital)
- Maximum Loan Amount- Rs 5 crore (Tier-I cities/Urban) and Rs 10 crore (Metro/State Capital)
LTV Ratio:
| Loan Amount | LTV Ratio |
| Up to Rs 75 lakh | Up to 80% |
| Above Rs 75 lakh | Up to 75% |
Tenure:
- For borrowers who do not take home loan for construction purposes from Union Bank of India- Up to 10 years or 70 years of age of the borrower
- For borrowers who take home loan for construction also from Union Bank of India- Up to 30 years or 70 years of age of the borrowers
Union Ashiyana Personal Loan Scheme
Purpose: Union Ashiyana Personal Loan scheme is a home loan top-up facility offered to existing as well as fresh home loan borrowers of Union Bank to meet their personal expenses
Loan Amount: Up to Rs 15 lakh
Tenure: Up to 7 years
Union Ashiyana Overdraft Scheme
Purpose: Existing as well as new home borrowers of Union Bank Home Loan can avail Home Loan overdraft facility to meet their personal or business needs or for repayment of high cost loans.
Loan Amount: Up to Rs 20 lakh
Tenure:
- Retirement age of salaried applicants and up to 65 years for non-salaried applicants
- Overdraft account should be closed along with the home loan account
Apply for Home Loan with Union Bank of India at Low Interest Rates Click Here
Eligibility Criteria for Union Bank Home Loan
For Union Home Loan
- Eligible applicants: Indian citizens and NRIs
- Age: 18-75 years
For Union Awas
- Residents of rural and semi-urban are eligible for Union Awas Home Loan
- Age: 18-75 years
- Minimum income: Rs 48,000 p.a.
- Job Profile: Permanent employees of schools, colleges, other establishments and farmers
Union Ashiyana Personal Loan
- The applicant should be a new or existing home borrower
- Age: 18-retirement age for salaried; 18-65 years for non-salaried
- The Union Ashiyana Personal Loan will be sanctioned along with home loan for new applicants but will be disbursed to new home loan borrowers only after possession/completion of property and perfection of security
- Existing home loan borrowers should have a satisfactory repayment record
Union Ashiyana Overdraft
- Applicant should be new/existing home loan borrower
- Age: 18 to retirement age for salaried individual and 18 to 65 years for non-salaried individual
- For applicants with balance transfer home loans, loan is sanctioned along with the housing loan
Also check home loan eligibility of top 10 home loan lenders
Documents Required for Union Bank of India Home Loan
- Duly filled application form and credit information
- KYC documents- ID proof, address proof, passport size 2 photographs
- For Salaried: Last 2 year ITR/Form 16, latest 3 salary slips and proof of any other income
- For other than Salaried: Last 3 years ITR and [roof of any other income
- Bank statement for last 6 months
Property Documents:
- Allotment letter/Sale agreement
- Copy of approved plan by local body
- Advance payment receipt or own contribution receipt
- NOC from developer/builder/society
- Estimate cost of construction, extension, repair and renovation
- Copy of property ownership document: Original sale deed/Title deed/Share certificate issued by the society and other link parent documents conveying the relationship
In case of takeover of loans from other financial institution:
- Sanction letter
- Last 12 months account statement
- List of documents on the letter head of financial institution
- Authority letter from the bank or financial institution to directly handle over the security
- documents to the Union Bank authorized officials
In case the applicant is an NRI:
- Latest work permit
- Passport copy
- Local address proof
- VISA stamp on passport
- ID card issued by current employer
- Offer letter or employment contract
Know more about the home loan documents required for top lenders
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Union Bank of India Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply for Union Bank of India Home Loan at Attractive Interest Rates Click Here
FAQs
1. What is the normal time required for sanction of Union Bank of India home loan?
Ans. Union Bank of India takes around 5 working days to sanction the home loan after the applicant submits the required documents.
2. Can I choose between fixed and floating interest rates?
Ans. Yes, Union Bank of India offers home loans at both fixed and floating rates. However, the interest rates of its fixed rate home loans are much higher than its floating rate home loans.
3. How will Union Bank of India decide the loan amount I am eligible for?
Ans. Union Bank of India determines the loan amount eligibility of home loan applicants on the basis of their monthly income, repayment capacity, age, co-applicant’s income, credit score, continuity of occupation, repayment history, etc.
4. Can I prepay my home loans availed from Union Bank of India?
Ans. Yes, you can prepay your home loans availed from Union Bank of India. However, the bank does not charge any prepayment fees for home loans.
5. What is the moratorium period for Union Home Loans?
Ans. The moratorium period for Union Home Loans availed for purchase/construction is up to 3 years. For home loans availed for repair/renovation, the moratorium period can go up to 1 year. In case of composite home loans (i.e. loan availed for plot purchase and house construction thereon, the moratorium period can go up to 4 years from the date of first loan disbursement of the plot loan or up to the period allowed by Development Authority from the date of plot purchase, whichever is earlier.
6. Does Union Bank of India offer preferential interest rates on home loans to women applicants?
Ans. Yes, Union Bank of India offers concession of 5 bps on home loan interest rates to its women applicants.
7. Is it mandatory to have a co-applicant while applying for Union Bank Home Loans?
Ans. No, it is not mandatory to have a co-applicant while applying for Union Bank Home Loans. The applicants can apply singly or jointly for home loans.
8. What is the minimum credit score required to avail home loans from Union Bank of India?
Ans. Union Bank of India has not specified the cut-off credit score for home loan applicants. However, the bank offers lower interest rates to applicants with higher credit scores. For example, home loan applicants having credit scores of 800 and above are offered lowest interest rates following those having credit scores of 750-799, 700-749, 650-699, 600-649 and below 600.
9. Can I get reimbursement of the cost already incurred towards purchase/ construction of the property?
Ans. Yes, Union Bank of India allows the reimbursement of cost already incurred towards the purchase/construction of house or flats during the 6 months prior to availing the loan. However, the approval for reimbursement would be subject to the fulfilment of scheme criteria. Prospective borrowers should visit the concerned Union Bank branch to know more about the reimbursement-related criteria.
10. Can I apply for a loan to Union Bank of India to repay a home loan availed by me from another bank/ housing finance company?
Ans. Yes, you can apply for a home loan from Union Bank of India to repay the home loan availed by you from another lender. In this case, you can opt for Home Loan Balance Transfer facility wherein you can transfer your existing home loan from another bank or HFC to Union Bank of India at lower interest rates. You can also click here to compare the home loan balance transfer rates offered by Union Bank of India and other top home loan lenders based on your credit profile.