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Union Bank of India Home Loan

Home Home Loan Union Bank of India

Union Bank of India offers home loans @ 6.90% p.a. onwards, the lowest home loan interest rate offered in India. Union Home Loans finance up to 90% of property cost for tenures of up to 30 years. It also offers home loan overdraft facility to new home loan applicants and home loan balance transfer facilities to existing home loan borrowers of other banks and housing finance companies at lower interest rates. Union Bank of India also offers Union Awas, a special home loan scheme designed for applicants residing in semi-urban and rural areas.

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हिंदी में पढ़े
Updated: 16-05-2022 06:04:00 AM
Union Bank Home Loan Highlights 2022
Interest Rate (floating) 6.90% – 8.85% p.a.
Loan AmountAs per the borrower’s eligibility and caps put on LTV ratio
Loan TenureUp to 30 years
Processing ChargesUp to 0.50% of loan amount (Up to Rs. 15,000) + GST

Table of Contents

Union Bank of India Home Loan Interest Rate 2022

Union Home/Awas

Union Home/Awas

For Loan Amount Up to Rs 30 lakh

Salaried Individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
800 and aboveUp to 80%6.906.90
More than 80% to 90%
750 to 799Up to 80%7.007.00
More than 80% to 90%
700 to 749Up to 80%7.257.20
More than 80% to 90%7.307.25
650 to 699Up to 80%7.357.30
More than 80% to 90%7.407.35
600-649Up to 80%7.907.90
More than 80% to 90%
Less than 600Up to 80%8.408.40
More than 80% to 90%

Also Read: How Step UP Credit Card can be helpful in building/improving your credit score

Non-Salaried Individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
800 and aboveUp to 80%6.906.90
More than 80% to 90%
750 to 799Up to 80%7.007.00
More than 80% to 90%
700 to 749Up to 80%7.307.25
More than 80% to 90%7.357.30
650 to 699Up to 80%7.407.35
More than 80% to 90%7.457.40
600-649Up to 80%7.907.90
More than 80% to 90%
Less than 600Up to 80%8.408.40

For Loan Amount above Rs 30 Lakh

Salaried Individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
800 and aboveUp to 80%6.906.90
More than 80% to 90%
750 to 799Up to 80%7.007.00
More than 80% to 90%
700 to 749Up to 80%7.357.30
More than 80% to 90%7.407.35
650 to 699Up to 80%7.457.40
More than 80% to 90%7.507.45
600-649Up to 80%8.058.05
More than 80% to 90%
Less than 600Up to 80%8.608.60
More than 80% to 90%

 Non-Salaried Individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
800 and aboveUp to 80%6.906.90
More than 80% to 90%
750 to 799Up to 80%7.007.00
More than 80% to 90%
700 to 749Up to 80%7.407.35
More than 80% to 90%7.457.40
650 to 699Up to 80%7.507.45
More than 80% to 90%7.557.50
600-649Up to 80%8.058.05
More than 80% to 90%
Less than 600Up to 80%8.608.60
More than 80% to 90%

Union Bank Home Loan Fixed Rates (for up to 5 years)

Loan AmountRate of Interest
Up to Rs. 30 Lakh11.40%
Rs. 30 Lakh – Rs. 50 Lakh12.40%
Rs. 50 Lakh – Rs. 2 Crore12.65%

Union Bank Smart Save Home Loan

For Loan Amount Up to Rs 30 lakh

Salaried Individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
750 and aboveUp to 80%7.257.25
More than 80% to 90%
700 to 749Up to 80%7.507.45
More than 80% to 90%7.557.50
650 to 699Up to 80%7.607.55
More than 80% to 90%7.657.60
600-649Up to 80%8.158.15
More than 80% to 90%
Less than 600Up to 80%8.658.65
More than 80% to 90%

Non-Salaried Individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
750 and aboveUp to 80%7.257.25
More than 80% to 90%
700 to 749Up to 80%7.557.50
More than 80% to 90%7.607.55
650 to 699Up to 80%7.657.60
More than 80% to 90%7.707.65
600-649Up to 80%8.158.15
More than 80% to 90%
Less than 600Up to 80%8.658.65
More than 80% to 90%

For Loan Amount above Rs 30 lakh

Salaried Individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
750 and aboveUp to 80%7.257.25
More than 80% to 90%
700 to 749Up to 80%7.607.55
More than 80% to 90%7.657.60
650 to 699Up to 80%7.707.65
More than 80% to 90%7.757.70
600-649Up to 80%8.308.30
More than 80% to 90%
Less than 600Up to 80%8.858.85
More than 80% to 90%

 Non Salaried individuals

CIBIL ScoreLTV RatioInterest rate (% p.a.)
MaleFemale
750 and aboveUp to 80%7.257.25
More than 80% to 90%
700 to 749Up to 80%7.657.60
More than 80% to 90%7.707.65
650 to 699Up to 80%7.757.70
More than 80% to 90%7.807.75
600-649Up to 80%8.308.30
More than 80% to 90%
Less than 600Up to 80%8.858.85
More than 80% to 90%

 Union Ashiyana Personal Loan Scheme

SchemeCIBIL ScoreInterest Rate
Union Ashiyana- Salaried700 and above

Below 700

9.70% p.a.

9.95% p.a.

Union Ashiyana- Non-Salaried700 and above

Below 700

10.20% p.a.

10.45% p.a.

Union Ashiyana Overdraft Scheme

SchemeCIBIL ScoreInterest Rate
Union Ashiyana Overdraft- Salaried700 and above

Below 700

8.90% p.a.

9.25% p.a.

Union Ashiyana Overdraft- Non-Salaried700 and above

Below 700

8.95% p.a.

9.30% p.a.

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

Interest Rates (% p.a.)
Name of LenderUp to 30 LakhAbove 30 Lakh & up to 75 LakhAbove 75 Lakh
Union Bank of India6.90-8.656.90-8.856.90-8.85
State Bank of India6.65-7.656.65-7.656.65-7.65
HDFC7.00-8.457.00-8.607.00-8.70
Axis Bank7.00-11.907.00-11.907.00-11.90
ICICI Bank7.10-7.957.10-7.957.10-7.95
Kotak Mahindra Bank7.00 onwards7.00 onwards7.00 onwards
PNB Housing Finance6.75-12.006.75-12.006.90-9.75
Punjab National Bank6.95-8.356.90-8.056.90-8.00
Bank of Baroda6.90 – 8.406.90 – 8.406.90 – 8.65
IDFC First Bank7.10 onwards7.10 onwards7.10 onwards
L&T Housing Finance6.75 – 7.756.75 – 7.756.75 – 7.75
Bajaj Housing Finance6.65 onwards6.65 onwards6.65 onwards
Godrej Housing Finance6.94-9.996.94-9.996.94-9.99
Tata Capital7.15 onwards7.15 onwards7.15 onwards
LIC Housing Finance6.90-8.006.90-8.206.90-8.40

 

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Union Bank of India Home Loan Processing Fees & Charges

ParticularsCharges
Processing fees0.50% of the loan amount (Max. Rs. 15,000)
Legal & Valuation ChargesFor new home loans: As applicable

For home loan balance transfer: Waiver of up to Rs.10,000

Stamp Duty/ CERSAI/ Memorandum Registration ChargesAs per actuals
Prepayment chargesFor 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)

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.

Types of Union Bank of India Home Loan

Union Home Loan

Purpose:

  • For purchase of new/old dwelling unit
  • For construction of house/flat
  • Plot purchase and construction of house on the same
  • Repair/renovation/extension/addition
  • Balance transfer
  • 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 lakhUp to 90% of total purchase cost
Loan Amount Above Rs 30 lakhUp to 80% of total purchase cost
Repair/renovationUp 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

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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

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
EMI Calculator
₹
%
Year(s)
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 at Attractive Interest Rates Click Here

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.

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