Union Bank Of India Home Loan

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Union Bank Of India Home Loan Highlights

The Union Bank Of India home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

Category	Highlights
Interest Rate	7.85% p.a. onwards
Loan Amount	Maximum Amount: Rs. 5 Crores
Loan Tenure	30 Years
Processing Charges	0.50% of the loan amount
Prepayment Charges	2.00% on average balance in last 12 months

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Union Bank Of India Home Loan Interest Rates

Union Bank Of India provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.

Union Bank of India Home Loan Interest Rate Based on CIBIL Score

Key Highlights	Details
New Floating Interest Rate	Starting at 7.80% for female salaried borrowers with a CIC score of 800+
Effective Benchmark Lending Rate (EBLR)	8.75% (RBI Repo Rate 6.00% + Spread 2.75%)
Interest Rate for Salaried (Male) – CIC 800+	7.85% (EBLR – 0.90%)
Interest Rate for Salaried (Female) – CIC 800+	7.80% (EBLR – 0.95%)
Interest Rate for Non-Salaried (Male) – CIC 800+	7.95% (EBLR – 0.80%)
Interest Rate for Non-Salaried (Female) – CIC 800+	7.90% (EBLR – 0.85%)
Fixed Interest Rate (Up to 5 Years)	11.40% for loans up to ₹30 lakh, 12.40% for ₹30 lakh to ₹50 lakh, 12.65% for above ₹50 lakh to ₹2 crore

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Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

Bank	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI Bank	8.00% p.a. onwards	8.00% p.a. onwards	8.00% p.a. onwards
HDFC Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
LIC Bank	8.50% – 10.35% p.a.	8.50% – 10.55% p.a.	8.50% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Punjab National Bank	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.
Bank Of Baroda	8.40% onwards	8.40% – 10.65% p.a.	8.40% – 10.90% p.a.
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Axis Bank	8.75%-10.30% p.a.	8.75%-10.30% p.a.	8.75%-10.30% p.a.
Bank of India	8.40% p.a onwards	8.40% p.a onwards	8.40% p.a onwards
TATA Capital	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards

Check Out: Union Bank of India vs SBI vs HDFC

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Union Bank Of India Home Loan Processing Fees

Union Bank Of India takes processing fees to cover the cost of reviewing your documents and assessing your loan application. 

Category	Processing Fees
For Individuals	0.50% of the loan amount

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Union Bank Of India: Top Home Loan Schemes

Union Bank Of India provides a variety of home loan schemes tailored to meet different needs. These include Home Loans for property purchases, Top-Up Loans for additional financial needs, loans for NRIs and HNIs, Overdraft (OD) Loans for flexible funding, and loans for Home Renovation or Extensions. 

Union Bank Of India Home Loan

The Union Bank Of India Home Loan offers flexible financing and expert support to make your dream home a reality. Enjoy competitive interest rates, hassle-free paperwork, and personalized assistance throughout the process. With customized repayment options and continuous guidance, owning your dream home has never been easier.

Highlights

Tenure	30 years
Rate of Interest	7.85% p.a. onwards
Moratorium Period	36 Months

Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age	18 years – 75 years
Nationality	Indian/ NRI/ PIO
Profession	Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates

Note: Trust is not eligible under the scheme.

Must Read: Find Out How Much You Can Save with a Home Loan Overdraft

Union Bank Of India Green Home Loan

Encouraging sustainable living, this initiative supports housing projects certified by the Indian Green Building Council (IGBC) or other approved rating agencies, promoting eco-friendly construction practices through recognized certification standards like Certified, Silver, Gold, and Platinum.

Highlights

Tenure	30 years
Rate of Interest	7.85% p.a. onwards
Moratorium Period	36 Months

Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age	18 years – 75 years
Nationality	Indian/ NRI/ PIO
Profession	Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates

Union Bank Of India Union Awas Home Loan

A special home loan scheme designed to facilitate the purchase, construction, repair, improvement, or extension of residential properties in semi-urban and rural areas, fostering affordable housing development in underserved regions.

Highlights

Tenure	30 years
Rate of Interest	7.85% p.a. onwards
Moratorium Period	36 Months

Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age	18 years – 75 years
Nationality	Indian/ NRI/ PIO
Profession	Permanent employees of schools/colleges/ Farmers having regular source of income not less than Rs.48,000 per annum.
Place of Residence	Residents of rural and semi urban areas

Union Bank Of India Plot Loan

A tailored loan scheme for purchasing residential plots or sites from government development authorities, statutory bodies, or approved private entities, ensuring compliance with state approvals, RERA regulations, and eligibility for registration in both direct and resale transactions.

Highlights

Tenure	30 years
Rate of Interest	7.85% p.a. onwards
Moratorium Period	36 Months
Processing Fees	0.50% of the loan amount

Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age	18 years – 60 years
Nationality	Indian/ NRI/ PIO
Place of Residence	Residents of rural and semi urban areas

Union Bank Of India Smart Save (OD)

A flexible housing loan scheme where borrowers can reduce their interest burden by depositing surplus funds beyond scheduled EMIs, with the unique benefit of withdrawing the surplus amount when needed, all while maintaining a minimum outstanding balance of 10% of the scheduled amount.

Highlights

Tenure	30 years
Rate of Interest	7.85% p.a. onwards
Moratorium Period	36 Months
Processing Fees	0.50% of the loan amount

Note: A moratorium period is a temporary pause that allows you to skip loan repayments for a set time.

Eligibility Criteria

Age	18 years – 60 years
Nationality	Indian/ NRI/ PIO
Place of Residence	Residents of rural and semi urban areas

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Union Bank Of India Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate Union Bank Of India Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the Union Bank Of India to finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

1. A 20-Year Loan (240 months)
2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

	Home Loan Amount	Interest Rate	Tenure	EMI	Interest Payment	Total Payment
Scenario 1	₹50,00,000	8.35% p.a.	20 years	₹42,918	₹53,00,236	₹ 1,03,00,236
Scenario 2	₹50,00,000	8.35% p.a.	30 years	₹37,915	₹86,49,548	₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

• Although the monthly EMI is higher, your total interest outflow is much lower. 
• Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

• However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.
• You’ll pay a lower EMI each month, easing short-term financial burden. 

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Union Bank Of India Home Loan Eligibility Criteria

Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Union Bank Of India:

Criteria	Requirements
Age	18 years – 75 years
Nationality	Indian/ NRI/ PIO

Note: Trust is not eligible under the scheme.

Check Out: Union Bank Of India EMI Calculator

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Documents Required For Union Bank Of India Home Loans

When applying for a home loan with the Union Bank Of India, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:

General Documents

Category	Documents Required
Proof of Identity	PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card
Proof of Address	Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement

Based on Employment Type

Employment Type	Required Documents
Salaried Individuals	– Latest 3 months salary slips and Form 16.
	– Appointment/promotion letters.
	– Employee Identity Card.
	– 6 months bank account statement.
Self-Employed Individuals	– Balance Sheet & Profit & Loss Account for the last 2 years.
	– Income Tax Returns for the last 2 years.
	– Business proof (licenses/registrations).
	– 12 months individual bank account statement.
Farmers/Agriculturist	– Income proof from local authorities (Talati’s/Gram Sevak).
	– Land revenue records (Form 6, 7/12, 8A).

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Union Bank Of India Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Union Bank Of India offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

• Minimum Tenure: 5 years
• Maximum Tenure: 30 years

Read More: How to Reduce Your Home Loan Tenure?

Impact of Home Loan Tenure on EMIs

• EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
• Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
• Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
• Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best Union Bank Of India Home Loan Tenure?

• Assess income, expenses, and job security for consistent repayments.
• Opt for shorter tenures to reduce overall interest costs.
• Choose EMIs that fit comfortably within your budget.
• Calculate total interest to minimize long-term costs.
• Check for prepayment options without heavy penalties.
• Align tenure with long-term financial goals.
• Plan to settle the loan before retirement.
• Factor in potential salary growth for shorter tenures.
• Balance EMI affordability with loan tenure.

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How To Apply For a Home Loan From Union Bank Of India ?

1. Check Eligibility Criteria: Verify age, income, credit score, and employment status.
2. Calculate Loan Amount and EMI: Use Union Bank Of India’s online calculator to determine affordable loan amounts and monthly installments.
3. Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
4. Choose Application Method: Apply online through Union Bank Of India’s website or visit a nearby branch in person.
5. Submit the Application: Complete the application form accurately and attach all necessary documents.
6. Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
7. Property Valuation and Legal Checks: Union Bank Of India assesses the property’s market value and performs legal due diligence.
8. Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
9. Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
10. Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
11. Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.

Read More: Home Loans in Bangalore

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Union Bank Of India Home Loan: Minimum and Maximum Loan Amount

Union Bank Of India offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search. 

Home Loan Types	Maximum and Minimum Loan Amount
Union Home Loan	90% of the property value
Union Green Home Loan	90% of the property value
Union Awas	10% of the total cost of the purchase/ construction. 20% of total cost of the repairs/improvement.
Union Plot Loan	Up to 80% of the property value
Union Smart Save	90% of the property value

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Union Bank Of India Customer Care Details

To facilitate effective communication with customers, Union Bank Of India offers various channels for support.

Contact Method	Details
Toll Free Number	1800 208 2244 / 1800 425 1515 /1800 425 3555
Call back Facility for NRI Customers	+91848484845
Dedicated Helpline for reporting fraud/disputed transactions	Dedicated Helpline for reporting fraud/disputed transactions
Website	Union Bank Of India Home Loan

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Frequently Asked Questions