Union Bank offers home loans at competitive rates starting from 6.70% 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.
Union Bank of India offers prospective homebuyers loans at competitive interest rates starting from 6.70% 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.
| UBI Home Loan Schemes | Interest Rates |
|---|---|
| Union Home | 6.70% to 7.15% p.a. |
| Union Awas | 6.90% to 7.15% p.a. |
| Union Smart Save | 7.05% to 7.65% p.a. |
Note: Union Bank of India Home Loan interest rate at 6.70% is available for Salaried Women customers with Cibil score above 700 applying for a loan up to 30 Lakhs
| Interest rate for floating rate home loan | 6.70% to 7.15% p.a. |
| Interest rate for fixed rate home loan (up to 5 years) | 11.40% to 12.65% p.a. |
| Processing fee | 0.50% of the loan amount (Min. Rs.5,000; Max. Rs.15,000) plus GST |
| Interest rate for floating rate home loan | 6.90% to 7.15% p.a. |
| Interest rate for fixed rate home loan (up to 5 years) | 11.40% to 12.65% p.a. |
| Processing fee | 0.50% of the loan amount (Min. Rs.5,000; Max. Rs.15,000) plus GST |
| Loan amount | Effective Rate of Interest (Salaried) | Effective Rate of Interest (Non-Salaried) |
|---|---|---|
| Up to Rs.30 lakh | 7.05% to 7.15% p.a. | 7.15% to 7.25% p.a. |
| Between Rs.30 to Rs.75 lakh | 7.25% to 7.35% p.a. | 7.25% to 7.35% p.a. |
| Above Rs.75 lakh | 7.55% to 7.65% p.a. | 7.55% to 7.65% p.a. |
| Processing Fee | 0.50% (Min. Rs.5,000; Max. Rs.15,000) plus GST | 0.50% (Min. Rs.5,000; Max. Rs.15,000) plus GST |
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.
| Eligibility Criteria | Requirement |
|---|---|
| Age |
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| Residency Status |
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| Type of Employment |
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| Identity Proof (any one) |
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| Proof of Residence (any one) |
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| Proof of Income |
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| Property Documents |
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| Other Documents |
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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:
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:
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.
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.
Yes, you can apply online through the Union Bank of India website.
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.
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.
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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