Union Bank offers home loans at competitive rates starting from 6.60% p.a. 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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| 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.
| 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.
Compare: Home Loan Interest Rate all Banks
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.
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 |
| Rs.10 lakh | Rs.11,304 | Rs.7,397 | Rs.6,255 |
| Rs.20 lakh | Rs.22,608 | Rs.14,794 | Rs.12,510 |
| Rs.30 lakh | Rs.33,912 | Rs.22,191 | Rs.18,765 |
| Rs.50 lakh | Rs.56,520 | Rs.36,985 | Rs.31,275 |
| Eligibility Criteria | Requirement |
|---|---|
| Age |
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| Residency Status |
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| Type of Employment |
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| Interest rate for floating rate home loan | 6.60% p.a. onwards |
| 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 (Subject to maximum of Rs.15,000 plus GST as applicable) |
| Interest rate for floating rate home loan | 6.60% p.a. onwards |
| 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 |
| Loan amount | Effective Rate of Interest (Salaried) | Effective Rate of Interest (Non-Salaried) |
|---|---|---|
| Up to Rs.30 lakh | 7.05% to 7.50% p.a. | 7.10% to 7.60% p.a. |
| Above Rs.30 lakh | 7.15% to 7.60% p.a. | 7.20% to 7.65% p.a. |
| 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. However, the moratorium period is not applicable to loans availed for the purchase of a completed house/flat.
A home loan from Union Bank of India can be applied using any of the three ways mentioned below:
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’.
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.
To apply offline, you can visit any branch of the bank with the required documents.
Toll Free numbers: 1800 22 22 44/1800 208 2244
Contact Number: 080-61817110 (Chargeable)
Email – customercare@unionbankofindia.com
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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