UBI Home Loan Eligibility
Union Bank of India offers affordable home loans to suit the requirements of the customers. The home loans can be availed for a loan repayment tenure of up to 30 years for purchase or construction of a property. Renovation and extension home loans can also be availed by the customers for a period of up to 15 years. The rates of interest start at 6.80%* p.a.
*Note: The interest rate is applicable to all female borrowers with a CIBIL score of 700 or more. For all other borrowers with a CIBIL score of 700 or more, the rate starts at 8.70% p.a. onwards The rates mentioned here are floating rates.
Union Bank of India Home Loan Eligibility Criteria
Age | 18 years to 75 years (including exit age) |
Employment Type | Salaried and non-salaried individuals |
Resident Status | Indian citizens and NRIs |
Union Bank of India Home Loan Eligibility Based on Salary
There are a number of factors on which the home loan eligibility dependent. You can use the home loan eligibility calculator of Union Bank of India to find out the approximate loan amount that you will be eligible for. The figures mentioned will be based on the information that you provide.
For the loan amounts listed in the table below, the loan repayment tenure is assumed to be 30 years and the rate of interest is assumed to be 6.85% p.a.
Monthly Income | Loan Amount |
Rs.25,000 | Rs.15,26,114 |
Rs.30,000 | Rs.20,60,253 |
Rs.35,000 | Rs.24,03,629 |
Rs.40,000 | Rs.27,47,004 |
Rs.45,000 | Rs.30,90,380 |
Rs.50,000 | Rs.34,33,756 |
Rs.55,000 | Rs.41,96,812 |
Rs.60,000 | Rs.45,78,341 |
Rs.65,000 | Rs.49,59,869 |
Rs.70,000 | Rs.53,41,398 |
Rs.75,000 | Rs.57,22,926 |
Note: The figures mentioned above are indicative and are based on certain assumptions. The figures are subject to change on the basis of other relevant factors such as the age of the applicant, etc.
Union Bank of India Home Loan Eligibility Based on Age
The maximum repayment tenure for Union Bank of India Home Loans is primarily dependent on the age of the applicant. Getting a home loan earlier will make you eligible for the longest loan repayment term. The following list shows the maximum loan repayment tenure that an applicant will be eligible for on the basis of his or her age.
Applicant Age | Maximum Eligible Tenure |
21 years to 45 years | 30 years |
46 years | 29 years |
47 years | 28 years |
48 years | 27 years |
49 years | 26 years |
50 years | 25 years |
51 years | 24 years |
52 years | 23 years |
53 years | 22 years |
54 years | 21 years |
55 years | 20 years |
56 years | 19 years |
57 years | 18 years |
58 years | 17 years |
59 years | 16 years |
60 years | 15 years |
Union Bank of India Home Loan Eligibility based on Value of Property
Listed below are the rates of interest on Union Bank of India Home Loan which are offered on the basis of LTV ratio:
CIBIL Score | LTV Ratio | Rate of Interest (p.a.) |
700 or more | Less than 80 to less than 90 | 6.80% p.a. to 6.90% p.a. |
More than 600 but less than 700 | Less than 80 to less than 90 | 6.85% p.a. to 7.00% p.a. |
Less than 600 | Less than 80 to less than 90 | 7.10% p.a. to 7.25% p.a. |
Note: The rates of interest mentioned above are applicable to loans of up to Rs.30 lakh only.
Union Bank of India Home Loan Eligibility Based on Credit Score
Home loan eligibility on the basis of credit scores - For Salaried Employees
The following rates of interest are applicable for the quoted CIBIL scores:
Credit Score | Rate of Interest for Women Borrowers (p.a.) | Rate of Interest for Other Borrowers (p.a.) |
700 or more | 6.80% p.a. to 6.85% p.a. | 6.85% p.a. to 6.90% p.a. |
More than 600 but less than 700 | 6.85% p.a. to 7.00% p.a. | 6.90% p.a. to 7.00% p.a. |
Less than 600 | 7.10% p.a. to 7.20% p.a. | 7.15% p.a. to 7.25% p.a. |
Home loan eligibility on the basis of credit scores - For Non-Salaried Individuals
The following rates of interest are applicable for the quoted CIBIL scores:
Credit Score | Rate of Interest for Women Borrowers (p.a.) | Rate of Interest for Other Borrowers (p.a.) |
700 or more | 6.85% p.a. to 6.95% p.a. | 6.90% p.a. to 7.00% p.a. |
More than 600 but less than 700 | 6.95% p.a. to 7.05% p.a. | 7.00% p.a. to 7.10% p.a. |
Less than 600 | 7.20% p.a. to 7.30% p.a. | 7.25% p.a. to 7.35% p.a. |
Note: The rates of interest mentioned above are applicable to loans of up to Rs.30 lakh only.
Minimum CIBIL Score for Union Bank of India Home Loan
As mentioned in the table above, a higher credit score will help you avail a home loan from Union Bank of India at a lower rate of interest. A higher CIBIL score also strengthens the possibility of your home loan application being approved.
Union Bank of India Home Loan Eligibility for Women
The eligibility criteria for women applicants are in line with the other borrowers. The women borrowers are, however, eligible for a special rate of interest for the loans that they avail under the Union Bank of India Home Loan scheme. The rate of interest is 0.5% lower than the interest rates which applies for the other borrowers.
Factors Affecting Union Bank of India Home Loan Eligibility
Some of the factors which affect the home loan eligibility of Union Bank of India are listed below:
- The age of the applicant
- The credit score of the applicant
- The repayment capability of the applicant
- The credit history of the applicant
- The loan repayment history of the applicant
- Any other active loans for which the applicant is a co-borrower
FAQs on Union Bank of India Home Loan Eligibility
- What is the maximum loan amount that can be borrowed under the Union Bank of India Home Loan schemes?
On the basis of your eligibility and loan repayment capability, you will be able to avail a home loan of up to Rs.75 lakh for the purchase or construction of a new property. In addition to that, Bank of India also offers home renovation and home extension loans for existing properties. These loans can be availed to an extent of Rs.30 lakh only subject to a repayment tenure of up to 15 years.
- I am an NRI. Am I eligible for a Union Bank of India Home Loan?
Yes, NRIs are eligible for home loans offered by the Union Bank of India. Being an NRI, you can apply for a home loan from Bank of India either singly or with another eligible co-applicant.
- What is the security that has to be provided by an applicant to be eligible for the Union Bank of India Home Loans?
The applicant will be required to provide simple or equitable mortgage (EM) of the house or flat to be eligible for availing a home loan from Union Bank of India. However, if the property is under construction, the applicant will be required to provide an acceptable interim security mortgage or equitable mortgage until the completion of the housing project.
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