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  • Union Bank Home Loan

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  • Union Bank offers home loans at competitive rates starting from 8.45% p.a. With flexible tenures of up to 30 years, you can get a financing of up to Rs.25 lakh, you can get a financing of up to 80% of the total property cost with this facility. The good part is you don’t have 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. 

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    Union Bank of India offers prospective homebuyers loans at competitive interest rates starting from 8.45% p.a. Longer tenures of up to 30 years coupled with EMIs as low as Rs.783 per lakh ensures a flexible repayment period. You can also get up to Rs.30 lakh as loan for home repairs.

    The loans attract a processing fee of 0.50% of the loan amount plus GST, subject to a minimum of Rs.5,000 and a maximum of Rs.15,000 plus GST. The bank also offers a full waiver of prepayment penalty on floating rate loans. You also get a repayment holiday of up to 3 years.

    Union Home

    Key Highlights
    • Available for single and joint application, even with siblings
    • Several convenient ways to make repayments
    • Also available for NRIs to purchase property in India
    Interest rate for floating rate home loan 8.65% p.a. onwards
    Interest rate for fixed rate home loan (up to 5 years) 11.40% p.a. onwards
    Processing fee 0.50% of the loan amount (Min. Rs.5,000; Max. Rs.15,000) plus GST

    Union Home – Special Scheme for BSNL Employees

    Key Highlights
    • Exclusively for permanent employees of BSNL and employees permanently deputed to BSNL from the Department of Telecom (DoT)
    • Full waiver of processing fee
    • Benefits also available for balance transfer of housing loan from another bank
    Loan amount Effective Rate of Interest
    Up to Rs.75 lakh 8.65% p.a. - 8.75% p.a.
    Above Rs.75 lakh 8.70% p.a. - 8.80% p.a.

    Union Awas

    Key Highlights
    • Customised for individuals with a minimum income of Rs.48,000 per year
    • Specially for purchase of houses with a maximum cost of Rs.7 lakh
    • Can be availed for purchase/construction of a house, repairs/improvements/extension of an existing property or purchase of plot from government agencies.
    Interest rate for floating rate home loan 8.65% p.a. onwards
    Interest rate for fixed rate home loan (up to 5 years) 11.40% p.a. onwards
    Processing fee 0.50% of the loan amount (Min. Rs.5,000; Max. Rs.15,000) plus GST

    Union Smart Save

    Key Highlights
    • 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 requirements
    Effective Rate of Interest Processing Fee
    8.90% p.a. onwards 0.50% (Min. Rs.5,000; Max. Rs.15,000) plus GST
    9.25% p.a. - 9.35% p.a.

    Use BankBazaar Union Bank of India Home Loan EMI Calculator to Know Your EMI

    Knowing the Equated Monthly Instalments (EMIs) payable on your loan is of utmost importance when it comes to getting a housing loan. BankBazaar 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.

    Union Bank of India Home Loan Eligibility Criteria

    Eligibility Criteria Requirement
    Age
    • Minimum Age: 21 years
    • Maximum Age: 70 years
    Residency Status
    • Resident Indian
    • Non-Resident Indian (NRI)
    Type of Employment
    • Salaried
    • Self-employed
    • Agriculturist

    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 any
    • Processing fee cheque in favour of the bank
    • Duly 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 house
    • Purchase a residential plot for construction
    • 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 for MIG - I/MIG - II categories and up to 18 months for beneficiaries in the EWS/LIG category. However, the moratorium period is not applicable to loans availed for the purchase of a completed house/flat.

    Union Bank of India Home Loan Resource Centre

    Union Bank of India Home Loan FAQs

    1. 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.

    2. Can I apply for Union Bank of India Home Loan online?

      Yes, you can apply online through the Union Bank of India website.

    3. 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.

    4. 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.

    5. 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.

      

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    Union Bank Home Loan Reviews

    • Union Bank of India Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan with United Bank of India. The customer services are good. I got a good response as well. The rate of interest and processing charges are normal. In all it has been a good experience and the after loan services are also hassle free.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 24, 2019
    • Union Bank of India
      Union Bank of India Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a home loan and It was with UNION BANK .I was highly impressed. My home loan was approved in few days.Loan amount is satisfactory . They are awesome and they take care of you need very well.The good thing about UNION BANK is their customer service.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jul 04, 2019
    • Union Bank of India Home Loan
      "GOOD BANKING"
      0.5 4.0/5 "Great!"
      The reason for getting the loan is because it is govt bank also the rate of interest was lesser when compared to the others. They have given with the 8.6% which was satisfactory. The documentation process was simple and quick to get the loan. The loan amount was good. The customer support and responsiveness is good, there is no option of getting the service through the online.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 08, 2019
    • Union Bank of India Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Home loan directly through Bank itself.The loan amount was 45 lakhs for the tenure of 15 years and so far completed paying the premium for 2 years.The rate of interest and the processing fee was nominal.The loan got sanctioned on time .The process was very smooth and satisfied with the service .
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 03, 2019
    • Union Bank of India Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a Home Loan from UNION BANK OF INDIA almost three years back and the experience i had has been good so far. The interest rate with them has been nominal when compared with the other banks. Their customer support team has also been helpful at times.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 29, 2019
    • Union Bank of India Home Loan
      "Excellent Service "
      0.5 5.0/5 "Blown Away!"
      This union Bank has given good service to me when applied for Home loan .This bank is providing good service and the rate of interest and the processing fee was nominal .The loan got on time and the loan amt was sufficient as well.The documents was less as well .The Overall service is Good .
      Was this review helpful? 1
      , mumbai
      Reviewed on Apr 03, 2019
    • Union Bank of India Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan with UNION BANK OF INDIA . The documentation was also very fast. I am happy with their services considering the loan experience. The tenure period is 15 year. I am happy with the services and the loan amount is 200000 which was very satisfactory .
      Was this review helpful? 2
      , surat
      Reviewed on Mar 26, 2019
    • Union Bank of India Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan through UNION BANK OF INDIA , the Application process was smooth and the loan amount was credited to my account with in few days.I am very old customer of this bank i got 850000 as my loan amount . The tenure period is 15 year .
      Was this review helpful? 2
      , surat
      Reviewed on Mar 26, 2019
    • Union Bank of India Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with Union bank, they have given me sufficient loan amount and the rate of interest they have charging me was nominal for me and they have charged me processing fee it was nominal ,and still this loan is running.Their service is good.
      Was this review helpful? 6
      , thane
      Reviewed on Mar 03, 2019
    • Union Bank of India Home Loan
      "Good Loan services"
      0.5 4.0/5 "Great!"
      I have taken a home loan from Union bank. Since my builder had a tie up with union bank, they have not asked the much documentation and they have sanctioned the loan on time. They have offered me a interest rate of 8.75% and the processing fee was around Rs. 9000.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 22, 2019
    • Union Bank of India Home Loan
      "Good Loan services"
      0.5 4.0/5 "Great!"
      I have taken a home loan from Union bank. Since my builder had a tie up with union bank, they have not asked the much documentation and they have sanctioned the loan on time. They have offered me a interest rate of 8.75% and the processing fee was around Rs. 9000.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 22, 2019
    • Union Bank of India Home Loan
      "Good Experience"
      0.5 4.5/5 "Excellent!"
      In 2008, I took the housing loan from Union bank of india, they gave me the set of documentation list, I have submitted it got approved on time. The interest rate is good around 8.2% it was the floating one it was fine for me. The response is good, I directly deal with the bank manager.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 09, 2019
    • Union Bank of India Home Loan
      "Good in Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a home loan from Union Bank of India. Well at the time of applying, there was not much delay and it was processed on time. I have compared the rate of interest with other banks as well and i found union bank given that same market value . Well the loan tenure period is 30 years.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Nov 24, 2018
    • Union Bank of India Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with this loan where the loan amount has been satisfactory and the interest rate has been nominal when compared with the market rate. There is almost 9 months left to close this loan and there has not been any hassle faced with their banking services so far.
      Was this review helpful? 5
      , ahmedabad
      Reviewed on Oct 23, 2018
    • Union Bank of India Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience i had with this Home Loan has been easy, the loan amount which they had provided me has been satisfactory as well. The interest rate with them has been around 8.4% which has been nominal when compared with the market rate. Their customer support team also had been helpful and had been good as well.
      Was this review helpful? 5
      , chandigarh
      Reviewed on Oct 06, 2018
    • Union Bank of India Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Union Bank of India and my loan experience was good, the loan amount was for Rs 12-13 lacs with little high interest when compared to others. Customer service was good and the tenure period was 15 years but i preclosed in 8 years, there was no penalty charged for preclosure.
      Was this review helpful? 9
      , kolkata
      Reviewed on Sep 06, 2018
    • Union Bank of India Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a home loan with Uniion Bank of India and my experience was average. The loan amount was for Rs 17 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 20 years.
      Was this review helpful? 3
      , kolkata
      Reviewed on Aug 29, 2018
    • Union Bank of India Home Loan
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      I took a home loan from the Union Bank of India. The whole loan process took considerable time. The loan amount was 10 lacs, the interest rate is nominal and they offered a floating rate of interest. Overall it has been a very good experience with the home loan with the Union Bank of India.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 23, 2018
    • Union Bank of India Home Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I got the housing loan service with the UNION BANK OF INDIA around 4 years ago. The customer support service and the response is good with the Union bank of India and they took around a week time to disburse the loan amount. The rate of interest and the charges are average with the UNION BANK OF INDIA home loan services.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 13, 2018
    • Union Bank of India Home Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have taken this loan almost 4 and a half years ago. The rate of interest which they have provided was 8.3% which is very good. The whole process had been very good. Everything has been very good and even the customer service had been good where they had been making calls at time to time for updates.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 24, 2018
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