Union Bank of India Home Loan

Union Bank Home Loan Highlights 2022
Interest Rate (floating)	7.75% – 9.85% p.a.
Loan Amount	As per the borrower’s eligibility and caps put on LTV ratio
Loan Tenure	Up to 30 years
Processing Charges	Up to 0.50% of loan amount (Up to Rs. 15,000) + GST

Note: Rates as of 30th September 2022

Table of Contents Interest Rate Compare interest rates offered by other lenders Fees & Charges Types of Union Bank of India Home Loan Eligibility Criteria Documents Required EMI Calculator FAQs

Union Bank of India Home Loan Interest Rate 2022

Union Home/Awas

For Loan Amount Up to Rs 30 lakh

Salaried Individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
800 and above	Up to 80%	7.75%	7.75%
	More than 80% to 90%
750 to 799	Up to 80%	7.85%	7.85%
	More than 80% to 90%
700 to 749	Up to 80%	8.25%	8.20%
	More than 80% to 90%	8.30%	8.25%
650 to 699	Up to 80%	8.35%	8.30%
	More than 80% to 90%	8.40%	8.35%
600-649	Up to 80%	8.90%	8.90%
	More than 80% to 90%
Less than 600	Up to 80%	9.40%	9.40%
	More than 80% to 90%

Non-Salaried Individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
800 and above	Up to 80%	7.75%	7.75%
	More than 80% to 90%
750 to 799	Up to 80%	7.85%	7.85%
	More than 80% to 90%
700 to 749	Up to 80%	8.30%	8.25%
	More than 80% to 90%	8.35%	8.30%
650 to 699	Up to 80%	8.40%	8.35%
	More than 80% to 90%	8.45%	8.40%
600-649	Up to 80%	8.90%	8.90%
	More than 80% to 90%
Less than 600	Up to 80%	9.40%	9.40%

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For Loan Amount above Rs 30 Lakh

Salaried Individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
800 and above	Up to 80%	7.75%	7.75%
	More than 80% to 90%
750 to 799	Up to 80%	7.85%	7.85%
	More than 80% to 90%
700 to 749	Up to 80%	8.35%	8.30%
	More than 80% to 90%	8.40%	8.35%
650 to 699	Up to 80%	8.45%	8.40%
	More than 80% to 90%	8.50%	8.45%
600-649	Up to 80%	9.05%	9.05%
	More than 80% to 90%
Less than 600	Up to 80%	9.60%	9.60%
	More than 80% to 90%

 

Non-Salaried Individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
800 and above	Up to 80%	7.75%	7.75%
	More than 80% to 90%
750 to 799	Up to 80%	7.85%	7.85%
	More than 80% to 90%
700 to 749	Up to 80%	8.40%	8.35%
	More than 80% to 90%	8.45%	8.40%
650 to 699	Up to 80%	8.50%	8.45%
	More than 80% to 90%	8.55%	8.50%
600-649	Up to 80%	9.05%	9.05%
	More than 80% to 90%
Less than 600	Up to 80%	9.60%	9.60%
	More than 80% to 90%

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

Salaried Individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
750 and above	Up to 80%	8.25%	8.25%
	More than 80% to 90%
700 to 749	Up to 80%	8.50%	8.45%
	More than 80% to 90%	8.55%	8.50%
650 to 699	Up to 80%	8.60%	8.55%
	More than 80% to 90%	8.65%	8.60%
600-649	Up to 80%	9.15%	9.15%
	More than 80% to 90%
Less than 600	Up to 80%	9.65%	9.65%
	More than 80% to 90%

Non-Salaried Individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
750 and above	Up to 80%	8.25%	8.25%
	More than 80% to 90%
700 to 749	Up to 80%	8.55%	8.50%
	More than 80% to 90%	8.60%	8.55%
650 to 699	Up to 80%	8.65%	8.60%
	More than 80% to 90%	8.70%	8.65%
600-649	Up to 80%	9.15%	9.15%
	More than 80% to 90%
Less than 600	Up to 80%	9.65%	9.65%
	More than 80% to 90%

For Loan Amount above Rs 30 lakh

Salaried Individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
750 and above	Up to 80%	8.25%	8.25%
	More than 80% to 90%
700 to 749	Up to 80%	8.60%	8.55%
	More than 80% to 90%	8.65%	8.60%
650 to 699	Up to 80%	8.70%	8.65%
	More than 80% to 90%	8.75%	8.70%
600-649	Up to 80%	9.30%	9.30%
	More than 80% to 90%
Less than 600	Up to 80%	9.85%	9.85%
	More than 80% to 90%

 Non Salaried individuals

CIBIL Score	LTV Ratio	Interest rate (% p.a.)
		Male	Female
750 and above	Up to 80%	8.25%	8.25%
	More than 80% to 90%
700 to 749	Up to 80%	8.65%	8.60%
	More than 80% to 90%	8.70%	8.65%
650 to 699	Up to 80%	8.75%	8.70%
	More than 80% to 90%	8.80%	8.75%
600-649	Up to 80%	9.30%	9.30%
	More than 80% to 90%
Less than 600	Up to 80%	9.85%	9.85%
	More than 80% to 90%

Union Ashiyana Personal Loan Scheme

Scheme	CIBIL Score	Interest Rate (p.a.)
Union Ashiyana- Salaried	700 and above Below 700	10.70% 10.95%
Union Ashiyana- Non-Salaried	700 and above Below 700	11.20% 11.45%

Union Ashiyana Overdraft Scheme

Scheme	CIBIL Score	Interest Rate (p.a.)
Union Ashiyana Overdraft- Salaried	700 and above Below 700	9.90% 10.25%
Union Ashiyana Overdraft- Non-Salaried	700 and above Below 700	9.95% 10.30%

Also check the home loan interest rates offered by various home loan lenders

Compare Union Bank of India Home Loan Interest Rates with Other Lenders

Union Bank of India Home Loan Processing Fees & Charges

Particulars	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: No prepayment penalty if loan is prepaid from own verifiable sources A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank / FI or adjusted by the borrower in lump-sum from any third party/source (except genuine sale)

Compare the home loan processing fee of top lenders

Types of Union Bank of India Home Loan

Union Home Loan

This regular home loan scheme can be used for the following purposes:

Purpose:

• For purchase of new/old dwelling unit and construction of house/flat
• For plot purchase and construction of house on the same
• For repair and renovation of existing home properties, addition in existing dwelling unit and extension of existing home
• For home loan balance transfer at lower interest rates
• Completion of residential property under construction

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

Union Awas

Purpose:

• Special home loan scheme for purchasing or constructing houses in rural/semi-urban areas
• Also allowed for carry out repair/improvement/extension of existing dwelling units in rural or semi-urban areas

Loan Amount:

• For construction/purchase: Up to Rs 10 lakh (semi-urban); Up to Rs 7 lakh (rural)
• For repair/improvement: Up to Rs 5 lakh (semi urban and rural)

LTV Ratio:

• Up to 90% of total cost of purchase/construction
• Up to 80% of total cost of repair/improvement

Tenure:

• For purchase/construction: Up to 30 years
• For repair/renovation: Up to 15 years

Union Home-Smart Save

Purpose: Home loan with overdraft facility for purchase/construction of flat/house
Loan Amount: As per borrower’s eligibility

Pradhan Mantri Awas Yojna (PMAY)

Purpose: For purchase/construction of a new house/flat, for repair/renovation/extension/addition for Economically Weaker Sections, Lower Income Groups and Middle Income Groups

Loan Amount:

• Up to Rs 30 lakh as per the borrower’s eligibility
• Up to Rs 6 lakh where self declaration applicant is considered as income proof

Note: Interest subsidy 6.5% is provided for loan amount up to Rs 6 lakh. Loan amount above Rs 6 lakh will be at normal interest rate.

Union Ashiyana Personal Loan Scheme

Purpose: To meet the personal expenses of existing and fresh home loan borrowers
Loan Amount: Up to Rs 15 lakh
Tenure: Up to 7 years

Union Ashiyana Overdraft Scheme

Purpose: Home Loan overdraft for personal or business needs of home loan borrowers or 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

Eligibility Criteria for Union Bank Home Loan

For Union Home Loan

• Indian citizens and NRIs
• Age: 18-75 years

For Union Awas

• Rural and semi-urban residents
• Age: 18-75 years
• Permanent employees of schools/colleges/other establishment and good farmers with regular income not less than Rs 48,000 p.a.
• Repayment capacity to be assessed by the certificate issued by Tehsildar/Manal Revenue Officer

PMAY

• Age: 21-70 years
• Resident Indian, NRIs, Person of Indian Origin, Overseas Citizenship of India
• Economically Weaker Sections with household income less than Rs 3 lakh p.a. and Low Income Groups with household income Rs 3 lakh-Rs 6 lakh
• The borrower or his family should not own a pucca house anywhere in the country
• The borrower/family should not be a part of any other component of Pradhan Mantri Awas Yojna
• The property to be purchased should be in statutory towns as per census 2011

Union Ashiyana

• 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 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-retirement age for salaried; 18-65 years for non-salaried
• For applicants with balance transfer home loans, loan is sanctioned along with the housing loan

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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

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

Union Bank of India Home Loan EMI Calculator

FAQs

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.