|Union Bank Home Loan Details 2021|
|Interest Rate||6.80% onwards (Compare Rates)|
|Loan Amount||As per eligibility|
|Loan Tenure||Up to 30 years|
|Processing Charges||0.50% of the loan amount (Max. Rs. 15,000)|
Union Bank of India home loan starts at 6.80% p.a. interest rate. Customers can avail union bank housing loan for various purposes including the purchase of new/old house or a plot, construction of a house on an already owned plot and repair/improvements of an existing house. There is no limit on the quantum of loan for house loans as it will be decided majorly on the basis of the applicant’s repayment capacity and value of the property. However, UBI has capped home loans taken for repairs/ renovation of an existing property at Rs. 30 lakh.
Union Bank Home Loan Features & Benefits
- UBI home loan Lowest interest rate starts at 6.80% p.a.
- Flexible loan tenure of up to 30 years
- Different home loan products to suit customers’ fund requirements
- Various loan repayment options for customers’ convenience
- Easy and quick home loan documentation process
Check: Tax benefits on Home Loan
Union Bank Home Loan Interest Rates 2021
Union Bank of India Home Loan Floating Rate of Interest
|UBI Home Loan Schemes||For Salaried||For Self Employed||Best Suited For|
|Union Home||6.80% – 7.35%||6.85% – 7.40%||Purchase, construction, renovation of a residential property|
|Union Awas||6.80% – 7.35%||6.85% – 7.40%||Purchase, construction, improvement or extension of a house in Semi Urban or Rural Area|
|Union Smart Save||7.05% – 7.60%||7.10% – 7.65%||Customers who want to avail home loan overdraft facility|
|Union Top-Up||6.80% onwards||6.80% onwards||Existing UBI home loan borrowers to meet any expenditure with respect to their house*|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
*Conditions apply, for further details visit UBI’s nearest bank branch.
UBI Home Loan Fixed Rate of Interest (for maximum 5 years)
|Loan Amount||Rate of Interest|
|Up to Rs. 30 Lakh||11.40%|
|Rs. 30 Lakh to Rs. 50 Lakh||12.40%|
|Rs. 50 Lakh to Rs. 200 Lakh||12.65%|
Union Bank of India Home Loan Processing Fees & Charges
|Processing fees||0.50% of the loan amount (Max. Rs. 15,000)|
|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:
Note: The figures given in the table are indicative and are subject to change without prior information. GST might be applicable on some of the above charges.
Transfer Your Home Loan at the Lowest Interest Rate of 6.75% p.a. Apply Now
Union Bank of India Home Loan EMI Calculator
Paisabazaar’s home loan EMI calculator computes your home loan Equated Monthly Instalment (EMI) on the basis of a few key loan details, loan amount, interest rate and loan tenure. This online tool is simple for any to use. It also gives quick and accurate results and can be used multiple times till you get at an affordable EMI.
Union Bank of India Home Loan EMI Calculation
This table shows Union Bank of India home loan EMI calculation for different loan amounts, interest rates and loan tenures:
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||30 years|
|Rs. 30 lakh||6.80%||Rs. 26,630||>Rs. 22,900||Rs. 19,557|
|Rs. 60 lakh||7.00%||Rs. 53,929||Rs. 46,517||Rs. 39,918|
|Rs. 90 lakh||7.25%||Rs. 82,157||Rs. 71,133||Rs. 61,395|
|Rs. 1 crore||7.50%||Rs. 92,701||Rs. 80,559||Rs. 69,921|
- From the table above, it is clear that home loan EMIs increase with the rise in the loan amount and home loan interest rates. To reduce your housing loan EMI, borrow less from your lender or try to get the desired loan amount at the lowest rate possible. Customers servicing a housing loan at a higher interest rate can transfer their outstanding balance to a bank that offers lower rate of interest and better loan terms.
- The table also depicts that home loan EMIs decrease as the repayment tenure increases. Longer loan tenure reduces your loan EMI but it also increases your total interest payout. Therefore, make your choice after evaluating your finances carefully.
Union Bank of India Home Loan Eligibility
- The applicant can be an Indian citizen or a Non Resident Indian
- The applicant’s age should be between 18 years and 75 years
- Individuals may apply singly or jointly with other eligible individuals
- Third party guarantee is not required for a Resident Indian
- One/two guarantors who are Indian Residents, having means equivalent to that of the loan amount, is to be provided by an NRI applicant
- Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with bank clause
- In case the proposed residential unit is under construction, suitable interim security is required (till the period of its completion)
- However, interim security is not required if tie-up with the builder (with tripartite agreement) for the particular housing project exists.
Check Also: Housing Loan Eligibility Criteria
Union Bank of India Home Loan Documents Required
- Filled Union Bank of India home loan application form
- Passport size photographs
- PAN Card
- Last 12 month’s bank statements
- Proof of Identity (Any one): Aadhaar Card/ Passport/ Employee Identity Card, Driver’s License/ Voter ID Card
- Proof of Residence/ Address (Any one): A copy of recent Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
- Proof of Income (For Salaried): Last 6 months’ salary slips/ last one year ITR/ Form 16/letter from employer
- Proof of Income (For Non-Salaried): Last 3 months’ ITR, Profit & Loss balance sheet, etc.
- Property Documents: Allotment letter, advance money receipt and title deed, etc.
Note: Besides, the list of documents mentioned above, the lender may ask for more or less.
Union Bank of India Home Loan Schemes
Union Home Loan
Union Home Loan is for individuals who require funds to buy a new/old/under construction residential unit. The loan can also be availed for constructing a house on your own land, buying a plot and thereon constructing a house on it, improving or extending an existing residential property. Individuals who want to buy solar power panel along with purchasing or constructing a house can also apply for this loan.
|Loan Amount||As per eligibility|
|Interest Rate||Floating rate – 6.80% onwards|
Fixed rate (for max. 5 yrs.) – 11.40% onwards
|Loan Tenure||Up to 30 years|
Union Awas Loan
Union Awas Loan is a special home loan scheme for individuals needing funds to buy/ construct a house in semi urban or rural area. The loan is also a suitable home financing solution for individuals who want home loans for the purpose of repairing/improving/extending an existing residential property in the semi urban or rural area.
|Loan Amount||For house purchase/construction:|
In semi-urban areas – Up to Rs. 10 lakh
In rural areas – Up to Rs. 7 lakh
For repairs/improvement: Up to Rs. 5 lakh
|Interest Rate||6.80% – 7.40%|
|Loan Tenure||For house purchase/construction: Up to 30 yrs.|
For repairs/improvement: Up to 15 yrs.
Union Smart Save Loan
Union Smart Save Loan is an overdraft loan facility that allows customers to maximise their savings on loan interest without losing their financial liquidity. In this type of home loan, customers can deposit amount over and above the regular EMI of their loan. This excess deposition of funds in their loan account helps in decreasing their loan outstanding and the interest charged.
|Loan Amount||For house purchase/construction: As per eligibility|
For repairs/improvements: Up to Rs. 30 lakh
|Interest Rate||7.05% – 7.65%|
|Loan Tenure||For house purchase/construction: Up to 30 yrs.|
For repairs/improvement: Up to 10 yrs.
Union Top-up Loan
Union Top up loan allow existing Union Bank of India home loan borrowers to get additional loan to meet expenses with respect to the house such as repairs, furnishing, etc. Individuals who are servicing Union Bank of India housing loan and have repaid 24 EMIs in the existing home loan account are eligible to apply for this housing loan.
|Loan Amount||At least Rs. 50 lakh|
|Interest Rate||6.80% onwards|
|Loan Tenure||Up to 5 years or residual period of housing loan, whichever is earlier|
Apply for Union Bank of India Home Loan
You can apply for a Union Bank Home Loan at Paisabazaar by following the steps below:
Step 1: Visit Paisabazaar.com and fill out the online home loan application form to check offers.
Step 2: You will get offers from various banks listed as per the chances of approval.
Step 3: Contact Paisabazaar for assistance or select a prospective lender from the list.
Step 4: Complete and submit your loan application online.
- After successful submission of your loan application, Paisabazaar forwards your loan request to the chosen lender
- The lender’s representative will get in touch with you over a call to take the process forward
- Next, the lender either schedules a home loan documents pickup from your preferred location or gives an option to send them online. These documents will help you lender assess your eligibility for the loan
- On successful verification and approval by the bank, you will receive a sanction letter for approval
- Once the loan is approved and successfully verified, it is disbursed in a few working days. The actual duration for disbursal can vary on the basis of your profile, loan amount, loan tenure and other lender-specific factors
Get Home Loans @ 6.75% Onwards with Zero Processing Fees Apply Now
Union Bank of India Home Loan Customer Care
Customers can contact Union Bank of India customer care by calling on these numbers:
|All-India Toll-Free Number||1800-222-244 / 1800-208-2244|
|Landline Number (chargeable)||080-61817110|
|NRIs only Dedicated Number (chargeable)||(+91) 806-181-7110|
Union Bank of India Home Loan FAQs
How much can I borrow under Union Bank of India home loan?
The maximum amount that you can avail under Union Bank of India home loan would be the minimum of A or B:
|Loan Amount||Loan-to-Value Ratio*|
|For up to Rs. 30 lakh||Up to 90% of the total property value|
|For above Rs. 30 lakh to up to Rs. 75 lakh||Up to 80% of the total property value|
|For above Rs. 75 lakh||Up to 75% of the total property value|
The total cost of the property excludes stamp duty, registration fee, transfer fee, cost of furnishing, etc. if any)
B. Loan amount as per the bank’s eligibility calculations based on repayment capacity of the borrower and other several factors including age, educational qualifications, co-applicant’s income, existing financial liabilities, potential for earning higher income and present assets and liabilities. If the net take-home income (after all deductions like proposed EMI, taxes, insurance premium, etc.) is found to be insufficient, the eligible loan amount will be reduced.
Who can be the co-applicants for the Union Bank of India home loan?
- Permitted co-applicants for a male applicant: wife, parents, son, daughter in law, unmarried-daughter. Following family members are also permitted, if the property is in joint ownership – brother, unmarried-sister, grand children from son, grand parents
- Permitted co-applicants for an unmarried female applicant: Parents, Following family members are also permitted, if the property is in joint ownership – brother, un-married sister, grand parents
- Permitted co-applicants for a married female applicant: husband, son, daughter in law, unmarried-daughter, father in law and mother in law. Following family members are also permitted, if the property is in joint ownership – brother in law and grand children from son.
Check Also: Joint Home Loan
What is the repayment period under Union Bank of India housing loan?
- For new purchase or construction of a residential property, the maximum loan tenure is 30 years, including the moratorium period of 36 months from the date of disbursal or the completion of the house, whichever is earlier.
- For repairs or improvement of a house/flat, the maximum repayment period is 15 years, including the moratorium period of a year.
What are the margin requirements under Union Bank of India home loan?
The margin requirements (i.e. the borrower’s contribution should be as follow):
- For loans up to Rs. 30 lakhs: 10% of the total cost of the purchase/ construction of house/ flat
- For loans above Rs. 30 lakhs to Rs. 75 lakh: 20% of the total cost of the purchase/ construction of house/ flat
- For loans above Rs. 75 Lakh: 25% of the total cost of the purchase/ construction of house/ flat
- For loans taken for house repairs: 20% of the total cost of the repairs
What are the applicable rates of interest and how is it calculated?
Union Bank of India offers home loan at both fixed rate of interest and floating rate of interest. The interest is applied on the basis of reducing balance method at monthly rests. During moratorium period compounding interest would be charged.
What are the Union Bank of India home loan repayment options?
The Union Bank of India housing loan shall be repaid in Equated Monthly Instalments (EMIs) in any of the following ways:
- Through Standing Instruction (SI)
- Internet banking facility
- ECS (Debit) facility
- Post Dated Cheques (PDCs)
Do I need to open an account with Union Bank of India for availing and/ or servicing the home loan?
It is not mandatory for a Resident Indian to open an account with the Union Bank of India for getting a home loan but it is customers must do so to gain from other value added services.
For an NRI home loan applicant, opening of a NRE account with Union Bank of India is mandatory