Urban Money

Union Bank Loan Against Property (LAP) 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 of India Loan Against Property EMI or equated monthly instalment is a fixed amount of money paid to the bank every month on a fixed day until your loan is fully paid back. Union Bank of India Loan Against Property EMI Calculator computes monthly EMIs on your loan until it is paid in full. It uses mathematical algorithms to accurately describe your loan EMIs based on factors such as loan amount, property value, repayment term, etc.

Why Should You Use a Union Bank LAP EMI Calculator?

Union Bank LAP EMI calculator should be used for the following reasons:

  • You can compare the EMI on your loan against property with different loan tenures and amounts using the Union Bank of India LAP EMI Calculator. To calculate the EMI, you must first check the interest rate on the Union Bank of India loan against property. Union Bank of India currently offers the lowest EMI per lakh of 1,207 at 10.20%.
  • You can also use the Union Bank of India loan EMI Calculator to estimate your loan against a property compared to other banks for the same loan amount and tenure. You can select the most reasonable offer based on the Union Bank of India Loan against Property EMI.
  • The Union Bank of India loan against property calculator allows you to divide total EMIs into interest and principal repayments at various points throughout the loan term.
  • Finally, you can use the Union Bank of India EMI Calculator to determine the remaining loan tenure for any outstanding balance. As a result, it can assist you in reducing your loan tenure through prepayment or foreclosure or in obtaining a loan at a lower rate through a balance transfer.

Factors Affecting Union Bank Property Loan EMI

An individual can use the loan against the property EMI calculator Union Bank multiple times to calculate their, keeping in mind the following factors affecting EMI.

Amount

If you apply for a more significant loan amount, your EMI on Union Bank LAP will be higher. Union Bank LAP is available for amounts ranging from INR 10,00,000 to 10,00,00,000.

Interest Rate

A higher interest rate raises your Union Bank LAP EMI, which increases the overall cost of the loan. According to current rates, Union Bank offers loans against property starting at 10.20%. Before applying for a loan, you should compare LAP rates and EMIs using the Union Bank of India loan against the property calculator.

Tenure

If you take out a mortgage loan for a maximum term of 12 years, your EMI will be lower; however, if your term is shorter, your EMI will be higher.

Comparison of Union Bank Loan Against Property EMI with other Banks

A comparison has been made in the table below between the Union bank LAP EMI and other banks:

Bank Name Interest Rate Loan Amount of 10 lakhs  (in INR) Loan Amount of 30 Lakhs  (in INR) Loan Amount of 50 Lakhs  (in INR)
Union Bank of India 10.20% 12,067 36,200 60,333
Punjab and Sind Bank 10.25% 12,096 36,287 60,478
Canara Bank 10.35% 16,783 50,348 83,913
Indian Bank 10.50% 16,861 50,582 84,303
Dhan Laxmi Bank 10.60% 11,116 33,348 55,580
ICICI Bank 10.60% 11,116 33,348 55,580
Andhra Bank 10.75% 13,634 40,902 68,169
United Bank of India 10.75% 16,991 50,974 84,956
Oriental Bank of Commerce 10.95% 13,747 41,240 68,734
Cholamandalam 11.00% 11,366 34,098 56,830
Federal Bank 11.00% 13,775 41,325 68,875
Lakshmi Vilas Bank 11.00% 13,775 41,325 68,875
Karnataka Bank 11.28% 11,542 34,627 57,712
Corporation Bank 11.35% 13,974 41,922 69,869
Piramal Housing Finance 11.50% 10,664 31,993 53,321
Central Bank of India 13.75% 15,377 46,130 76,883
Allahabad Bank 14.15% 16,422 49,265 82,108

Loan Against Property Amortisation Calculator

The amortisation schedule divides the principal and interest amount you will pay in the form of EMIs into monthly payments. In other words, with each monthly EMI, the share of interest and the principal amount change, with the former decreasing and the latter increasing. As a result, if you decide to pay off your loan early, you will discover that you have only paid a small portion of the principal amount.

Union Bank Loan Against Property Fees and Charges

Union Bank loan against property fees and charges are mentioned below:

Term Loan 1% of the loan amount -Minimum INR 5000; Maximum INR 1 lakh For Staff Members: 0.25% of loan amount
Union Mortgage (secured overdraft) 0.25% of loan amount with no minimum charges; Maximum: INR 1 lakh For Staff: NIL

Note: The fees and charges mentioned above are as of January 2023.

Frequently Asked Questions (FAQs)

How much loan can I get against my property from Union Bank?

You can get a maximum of INR 50 lakhs.

What is a loan's interest rate against property in Union Bank?

A loan’s interest rate against property in Union Bank is 10.20% p.a.

Is a Union Bank loan against my property available in my city?

Union Bank LAP can be applied online even if the bank’s branch is unavailable in your city.

How is the interest rate on loan against property calculated in Union Bank?

The Union Bank loan against property EMI calculator can be used to calculate the EMIs.

What is the tenure of the LAP in Union Bank?

The maximum tenure of UNion bank LAP is 15 years.