Urban Money

Union Bank Home Loan Calculator

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Union Bank Home Loan Calculator allows users to calculate the EMI amount of their home loan from the comfort of their homes. The calculator allows the users to gain an estimate of their EMI payments on their home loan so that they can plan the repayment better.

Union Bank is one of the most renowned financial institutions in the banking sector, offering a myriad of financial and investment products to the customer base in India. The bank merged with Andhra and Cooperation Bank in April 2020. The bank caters to the requirements of its customer base in India through 9,500 branches spread across the country. The bank also boasts an international presence in Antwerp, Dubai, Sydney and Hong Kong.

Union Bank home loan is a financial product offered to individuals to cater to their housing requirements. One can raise to Rs 30 Lakhs at attractive interest rates from 6.70% per annum. 

Union Bank Home Loans EMI Calculator: Key Features and Benefits

Union Bank Home loan calculator provides the following features and benefits to the users:

  • Union Bank Home Loan calculator allows users to compare the EMIs at varying tenures. One can also compare the home loan interest rates offered under various schemes to meet the one that fits the applicant's budget. The calculator allows the user to research and derive the repayment amount on an easily manageable home loan.
  • Union Bank Home Loan calculator is a free-to-use tool that can be easily accessed online. Users can quickly mention the necessary values on the calculator and compute the EMI amount from their homes at their discretion. 
  • Union Bank Home Loan Calculator is an AI-powered tool featuring a straightforward interface that even first-time users can easily access. It is a better alternative to manual calculations, which are prone to errors and inaccuracies. 

How Union Bank Home Loan Calculator Works & Formula

Union Bank Home Loan Calculator allows users to compute the EMI amount on their home loan instantly. The user can conveniently use the calculator from the comfort of their home. They are required to mention their desired values in the following fields.

  • Loan Amount: refers to the amount the individual is willing to borrow from the Union Bank to obtain property.
  • Rate of interest: refers to the interest rate offered by the Union Bank to the applicant.
  • Tenure (months): refers to the repayment tenure of the home loan. The duration in which the loan will be paid in full, along with interest.
  • After successfully mentioning the values in the fields, the applicant would be provided with the following values:
  • EMI Amount: The monthly payments against the loan amount.
  • Total Interest: Refers to the borrower's total interest amount to the bank and the principal.
  • Total Amount: refers to the total amount accrued to the bank, i.e. Principal plus interest. 

How Does EMI Calculation Help in Planning the Home Purchase?

Union Bank Home Loan EMI calculator assists the users in the following ways to plan to make a purchase.

  • It gives an accurate estimate of the EMIs on the loan amount.
  • The user can budget their loan better if they can review the EMIs.
  • Users can input multiple values in the calculator, enabling them to compare the varying interest rates and tenures.
  • Union Bank Home Loan EMI calculator provides accurate and instantaneous results.

Factors Affecting Union Bank Home Loan EMI 

The following factors impact the EMIs of the Union Bank Home Loan.

  • The EMI amount on the home loan with the Union Bank will be directly proportional to the loan amount borrowed from the financial institution. A substantial loan amount increases the monthly repayments.
  • The interest rate is the fee the bank charges to loan the amount to the applicant. The applicant should compare different banks' interest rates to obtain the best deal in the market.
  • The loan tenure is another important factor that impacts the EMI amount on a loan. A lengthier tenure ensures the repayment is spread out and makes the repayments more manageable. 

Union Bank Home Loan Amortisation Schedule

The following table showcases the repayment schedule of the loan amount of Rs 25 Lakhs. The interest rate charged for the loan is 6.70% per annum, and the repayment tenure is set at ten years. 

Year Opening Balance EMI (Annual) Interest (Annual) Principal (Annual) Closing Balance 
2023 15,00,000 1,58,785 98,676  60,109  14,39,891
2024 14,39,891  1,58,785 94,523 64,262  13,75,629 
2025 13,75,629 1,58,785 90,083 68,702  13,06,927
2026 13,06,927 1,58,785 85,336 73,449  12,33,478
2027 12,33,478 1,58,785 80,261 78,524  11,54,953
2028 11,54,953 1,58,785 74,835  83,950 10,71,003
2029 10,71,003 1,58,785 69,034 89,751  9,81,252
2030 9,81,252 1,58,785 62,833 95,952  8,85,300
2031 8,85,300 1,58,785 56,203  1,02,582  7,82,718
2032 7,82,718 1,58,785 49,115  1,09,670 6,73,048
2033 6,73,048 1,58,785 41,537  1,17,248  5,55,800
2034 5,55,800 1,58,785 33,436  1,25,349  4,30,450
2035 4,30,450 1,58,785 24,775 1,34,011 2,96,440
2036 2,96,440 1,58,785 15,515  1,43,270  1,53,170
2037 153,170  1,58,785 5,616  1,53,170 0

Union Bank Home Loan EMI for ₹10 Lakh

The following table showcases the EMI amount for Rs 10 lakhs at different tenures.

Loan Amount  Interest Rate  Tenure  EMI 
10,00,000 6.70%  19,660
10,00,000 6.70% 10  11,457
10,00,000 6.70% 15 8,821 
10,00,000 6.70% 20  7,574 
10,00,000 6.70% 30 6,453

Union Bank Home Loan EMI for ₹20 Lakh

The following table showcases the EMI amount for Rs 20 lakhs at different tenures.

Loan Amount  Interest Rate  Tenure  EMI 
20,00,000 6.70%  39,320
20,00,000 6.70% 10  22,914
20,00,000 6.70% 15 17,643 
20,00,000 6.70% 20  15,148
20,00,000 6.70% 30 12,906 

Union Bank Home Loan EMI for ₹ 25 Lakh

The following table showcases the EMI amount for Rs 25 lakhs at different tenures. 

Loan Amount  Interest Rate  Tenure  EMI 
25,00,000 6.70%  49,150
25,00,000 6.70% 10  28,642 
25,00,000 6.70% 15 22,053 
25,00,000 6.70% 20  18,935 
25,00,000 6.70% 30 16,132

Union Bank Home Loan EMI for ₹30 Lakh

The following table showcases the EMI amount for Rs 30 lakhs at different tenures.

Loan Amount  Interest Rate  Tenure  EMI 
30,00,000 6.70%  58,980
30,00,000 6.70% 10  34,370 
30,00,000 6.70% 15 26,464 
30,00,000 6.70% 20  22,722
30,00,000 6.70% 30 19,358

Union Bank Home Loan EMI for ₹50 Lakh

The following table showcases the EMI amount for Rs 50 lakhs at different tenures. 

Loan Amount  Interest Rate  Tenure  EMI 
50,00,000 6.70%  98,300
50,00,000 6.70% 10  57,248 
50,00,000 6.70% 15 44,107
50,00,000 6.70% 20  37,870 
50,00,000 6.70% 30 32,264 

Comparison of Union Bank Home Loan Interest Rates with other Banks

The following table showcases a comparison between Union Bank Home Loan Interest Rates with other banks and lenders.

Bank Interest Rate
Union Bank of India 8.25% Onwards
HDFC Bank 8.60% Onwards 
SBI Bank 8.70% Onwards 
ICICI Bank 8.65% Onwards
Axis Bank 8.65% Onwards 

Frequently Asked Questions (FAQs)

What happens if Union Bank home loan EMI is missed?

If the borrower defaults on their loan repayments, they will be required to pay penalty fees.

Can I change my housing loan EMI date for union bank?

Yes, one can change the EMI date on their repayments. The Union Bank has established various online and offline channels.

How does your home loan repayment work in union bank?

The repayment would be made through EMI payment. That is a sum of principal and interest.

What are the interest rates on housing loans in union Bank?

The interest rate on the home loan commences from 8.25% per annum.

What is the Union Bank home loan processing fee?

The Union Bank home loan processing fee is 0.5% of the loan amount.

Why should I calculate the Union Bank housing loan EMI before taking a loan?

The calculator provides an estimate of the EMI amount on the home loan. This AI-powered tool is free and convenient to use.