Union Bank Home Loan

Union Bank of India offers prospective homebuyers loans at competitive interest rates starting from 8.70% 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.

Union Home

Check Eligibility

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	8.70% 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

Check Eligibility

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	8.70% p.a. - 8.80% p.a.
Above Rs.75 lakh	8.75% p.a. - 8.85% p.a.

Union Awas

Check Eligibility

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	8.70% 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

Check Eligibility

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
8.95% p.a. onwards	0.50% (Min. Rs.5,000; Max. Rs.15,000) plus GST
9.25% p.a. - 9.35% p.a.	0.50% (Min. Rs.5,000; Max. Rs.15,000) plus GST

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: 60 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 Eligibility

Union Bank of India Home Loan FAQs

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.

Home Loans from Top Banks

Home Loan Rates from Top Banks

News about Union Bank Home Loan

Loan Recovery Done Using In-House App by UBI

Union Bank of India or UBI is one of the largest banks in India. The bank has launched an app recently to help them in the process of loan recovery. This app will help the bank’s loan recovery team to track the customers who have taken loans from Union Bank of India and stand at a position where they can become defaulters. This will ensure that the loan amount never turns into a non-performing asset.

This app will help Union Bank of India with the recovery of loans up to an amount of Rs.5 crore. DART will help in the recovery of the mid-sized loans. These loan generally amount to Rs.50 crore or more. The bank’s aim is to recover an amount of Rs.4,000 crore by the end of this fiscal year.

4 September 2017

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.