Union Bank of India Home Loan
Union Bank provides home loans at competitive rates starting from 6.60% p.a. The best part is borrowers don’t need to pay any prepayment penalty fee if you decide to foreclosure the loan (only for floating rate loans). The applicable processing fee is 0.5% of the sanctioned amount plus GST.
Union Bank of India Home Loan Details
|Interest rate||6.60% p.a. onwards.|
|Current EBLR||6.80% p.a.|
|Processing Fees||0.50% of the loan amount|
|Max Repayment Tenure||30 years|
Union Bank of India offers prospective homebuyers loans at competitive interest rates starting from 6.80% p.a. Longer tenures of up to 30 years coupled with EMIs as low as Rs.652 per lakh ensures a flexible repayment period. You can also get up to Rs.30 lakh as loan for home repairs. The bank also offers a full waiver of prepayment penalty on floating rate loans.
Union Bank of India Home Loan Interest Rates 2022
|UBI Home Loan Schemes||Interest Rates|
|Union Home||6.60% p.a. onwards|
|Union Awas||6.60% p.a. onwards|
|Union Smart Save||7.05% to 7.65% p.a.|
Note: Union Bank of India Home Loan can be availed by salaried women borrowers at an interest rate at 6.60% if their Cibil score is equal to or above 800 when applying for a loan up to 30 Lakhs.
Union Bank of India Home Loan EMI Calculator
Knowing the Equated Monthly Instalments (EMIs) payable on your loan is of utmost importance when it comes to getting a housing loan. Union Bank of India Home Loan EMI Calculator is one such online tool that will help you get an idea of the EMIs you need to pay to the bank during the tenure.
This automated tool takes into account basic parameters such as the principal, rate of interest, loan tenure and the processing fee to calculate the EMI you will have to make against a loan.
The EMI calculator also provides a break-up of the total amount payable during the entire tenure and an amortisation schedule illustrating your repayments on a monthly and an annual basis.
Here are the EMIs for different loan amounts and different tenures based on the lowest interest rate of 6.60% p.a.
|Amount||10 years||20 years||30 years|
Union Bank of India Home Loan Eligibility Criteria
|Age||Minimum Age: 21 yearsMaximum Age: 70 years|
|Residency Status||Resident IndianNon-Resident Indian (NRI)|
|Type of Employment||SalariedSelf-employedAgriculturist|
Union Bank of India Home Loan Schemes
- Union Home
- Available for single and joint application, even with siblings
- Several easy ways to make repayments
- Also available for NRIs to purchase property in IndiaInterest rate for floating rate home loan6.60% p.a. onwardsInterest rate for fixed rate home loan (up to 5 years)11.40% to 12.65% p.a.Processing fee0.50% of the loan amount (Subject to maximum of Rs.15,000 plus GST as applicable)
- Union Awas
- Customised for individuals with a minimum income of Rs.48,000 per year
- Specially for purchase or construction of houses with a maximum loan amount of up to Rs.10 lakh for semi urban areas and up to Rs.7 lakh for rural areas. of cost of Rs.7 lakh.
- Can be availed for purchase/construction of a house, repairs/improvements/extension of an existing property.Interest rate for floating rate home loan6.60% p.a. onwardsInterest rate for fixed rate home loan (up to 5 years)11.40% to 12.65% p.a.Processing fee0.50% of the loan amount
- Union Smart Save
- Allows borrowers to deposit additional funds with the regular EMIs
- Savings on interest payments in case of additional deposits
- Opportunity to withdraw the excess funds later for personal requirementsLoan amountEffective Rate of Interest (Salaried)Effective Rate of Interest (Non-Salaried)Up to Rs.30 lakh7.05% to 7.50% p.a.7.10% to 7.60% p.a.Above Rs.30 lakh7.15% to 7.60% p.a.7.20% to 7.65% p.a.
Document Required for All Home Loan Applicants Under UNION Bank
|Identity Proof (any one)||Voter ID,Aadhaar Card,Valid Passport,Driving Licence,PAN Card|
|Proof of Residence (any one)||Driving Licence,Passport,Copy of Utility Bills (electricity bill, telephone bill)Aadhaar Card,Voter ID|
|Proof of Income||Bank account statements for the last 12 months,Income Tax Return for the last one year|
|Property Documents||Title Deed,Allotment letter,Advance money receipt|
|Other Documents||Proof of outgoing loans, if anyProcessing fee cheque in favour of the bankDuly filled loan application form with 3 passport-sized photographs|
Union Bank of India Pradhan Mantri Awas Yojana
Union Bank of India provides central assistance to the urban poor including slum dwellers to buy a house under the Pradhan Mantri Awas Yojana. The scheme can be availed by eligible beneficiaries looking to:
- Purchase/construct a new residential house
- Purchase of plot and construction of a residential house
- Extend/renovated an existing property
In order to be eligible for benefits under PMAY, the applicant must be a resident Indian citizen of at least 21 years of age and belong to one of the following categories:
- Economically Weaker Section (EWS)
- Low-Income Group (LIG)
- Middle Income Group – I (MIG – I)
- Middle Income Group – II (MIG – II)
Furthermore, the beneficiary or any of the beneficiary’s family should not own a pucca house under their name in any part of the country.
Housing loans availed under the PMAY scheme are eligible for an interest subsidy up to 6.50% depending on the category the beneficiary belongs to.
Union Bank of India also offers a moratorium period of up to 36 months. However, the moratorium period is not applicable to loans availed for the purchase of a completed house/flat.
How to Apply for Union Bank Home Loan
A home loan from Union Bank of India can be applied using any of the three ways mentioned below:
- Application through BankBazaar:To apply for a home loan from Union Bank of India through BankBazaar, you need to visit the BankBazaar website and go to the home loan section. There, click on the ‘Apply Now’ button against Union Bank Home Loan. Next, provide the details asked for and click on ‘Submit’.
- Applying through the website of Union Bank:In order to apply from the bank’s website, you need to visit the official website of Union Bank of India. Following that go to the home loan section and click on ‘Apply Online’ and follow the steps mentioned there. In case, you need any assistance you can contact Union Bank customer care on the toll-free numbers.
- Applying offline:To apply offline, you can visit any branch of the bank with the required documents.
Union Bank of India Home Loan Customer Care
Union Bank of India Central Office:Union Bank Bhavan, 239,
Vidhan Bhavan Marg, Nariman Point,
Mumbai – 400021
Toll Free numbers: 1800 22 22 44/1800 208 2244
Contact Number: 080-61817110 (Chargeable)
Email – [email protected]
Who can be a co-applicant for my housing loan?
Any immediate family member – your parents, spouse, earning children, or siblings – is permitted to be a co-applicant for a loan. Adding a co-applicant will increase your loan eligibility as the income of the co-applicants will also be considered while determining the eligible loan amount.
Can I apply for Union Bank of India Home Loan online?
Yes, you can apply online through the Union Bank of India website.
an I make prepayments towards my loan? What are the charges?
Yes, you can choose to prepay your loan. The bank offers a full waiver of prepayment charges if the loan is being prepaid through personal sources or through balance transfer to another bank.
What is the moratorium period?
Moratorium period is defined as the period during the tenure when you will not be required to make kind of repayment towards your loan. You will have to make repayments in the form of EMIs only after the completion of the moratorium period. It is also known as repayment holiday.
What is an amortisation schedule?
An amortisation schedule is a table that depicts the repayments to be made during the loan tenure. The table also illustrates the contribution of your EMI towards the interest and principal components of the loan.