Urban Money

Union Bank of India Home Loan

Union Bank of India
4.5

These are private, unsecured business loans to the MSME sector that mostly cater to clients in rural, semi-urban, and urban areas. Considering the unique product, which has a 36-month tenure and an interset rate cap of 23.50 percent

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Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Union Bank of India Home Loan Interest Rate

Union Bank of India

8.6%

Up to 0.5%

4.5

₹25L

Tenure(1 - 30 Years)

Details

Key Features and Benefits of Union Bank of India Home Loan

Headquartered in Mumbai, Maharashtra, Union Bank of India is a public sector entity with 83.50% government holdings. The bank has a huge network of branches and ATMs across the country, making it convenient for customers to access banking services. The bank offers its customers a wide range of deposit products, loans, credit cards, and other services. Union Bank of India also has a strong online presence, with a robust website and mobile banking app.

Union Bank’s home loans are a popular way to finance a home purchase and offer some great benefits. As you make your monthly payments, you'll slowly but surely build up equity you can tap into if you need to.

  • Both Indian residents and NRIs can avail of this loan
  • High-value loan of up to INR 30,00,000
  • Interest rate ranging from 8.6%

When it comes to securing a home loan, Union Bank of India offers some great features and benefits that make them a top choice for many borrowers. Here are some key features and benefits of a Union Bank of India home loan:

  • Competitive interest rates: Union Bank of India offers some of the most competitive interest rates on home loans in the market. This makes them a great option for borrowers looking to keep their monthly repayments low.
  • Flexible repayment options: Union Bank of India offers flexible repayment options on their home loans, which can be tailored to suit the borrower's individual needs and circumstances. This flexibility can make it easier to manage your repayments and keep on top of your loan.
  • A range of loan terms: Union Bank of India offers home loans up to 30 years, meaning you can choose a repayment period that suits your needs.
  • Generous loan amounts: Union Bank of India offers home loans of up to INR 30,00,000, making them a great option for borrowers looking to finance a high-value property.
  • Quick and easy application process: Union Bank of India's home loan application process is quick and easy, meaning you can get the finance you need with minimum hassle. Union Bank of India is a great option to consider if you're looking for a home loan that offers great features and benefits.
  • Easy eligibility criteria: Union Bank of India Home Loan has easy eligibility criteria, which makes it an ideal option for borrowers who may not meet the eligibility criteria of other lenders.

Eligibility Criteria of Union Bank of India Home Loan,

The eligibility criteria of the Union Bank of India Home Loan are easy, making it an ideal option for borrowers who may not meet the criteria set by other lenders. The Union Bank of India Home Loan eligibility criteria are as follows:

  • You can be an Indian citizen or NRI
  • You must be aged 18 years or above at the time of application
  • You must be of 75 years of age at the time of loan maturity
  • You must have a regular source of income
  • You must have a good credit history

Factors Affecting the Union Bank of India Home Loan

Applying for a home loan from Union Bank of India? Here are some key factors that will affect your loan application. Keep these in mind when applying for a Union Bank of India home loan, and you're sure to have a smooth loan application process.

  • Your credit score: This is one of the most important factors that the bank will consider. A good credit score indicates that you're a responsible borrower and are more likely to repay your loan on time.
  • Your income: The higher your income, the higher the loan amount you'll be eligible for. The bank will also consider your expenses and debts to determine how much you can afford to repay each month.
  • The type of property you're buying: The bank will assess the value of the property you're looking to purchase and whether it's suitable collateral for the loan.
  • The loan tenure: The longer the tenure, the higher the interest rate. Choose a tenure you're comfortable with that meets your repayment ability.

Fees and Charges of Union Bank of India Home Loan

The fees and charges of the Union Bank of India Home Loan are tabulated below:

Criteria Fees and Charges
Processing fees 0.50% of loan amount
Legal fees As applicable
Stamp Duty/ CERSAI/ registration charges According to actuals
Prepayment Charges (floating rates) N/A
Prepayment Charges (fixed rates)
  • When the loan is prepaid from own verified sources: N/A
  • Any financial institution taking over the loan: 2% penalty

Documents Required For Union Bank of India Home Loan

The documents required for a Union Bank of India Home Loan are mentioned below:

  • Duly filled application form with a passport-size photograph of the applicant 
  • KYC Documents: Aadhaar Card, PAN Card, Driving license, Voter ID, or passport
  • Income proof for salaried employees: Bank statements, ITR, form 16, and salary slips from the current employer
  • Income proof for self-employed individuals: ITR, business proof, and bank statement
  • Property documents: Allotment letter, property ownership deed, approved plan, NOC from the builder, and construction estimates.
  • For NRI applicants: Offer letter, latest work permit, a copy of passport, address proof, visa stamped, ID card issued by current employer.

How Does the EMI Calculation Work for a Union Bank of India Home Loan?

If you're looking to take out a home loan with Union Bank of India, it's important to understand how your EMI (equated monthly instalment) will be calculated. Here's a quick guide to help you understand the process.

First, your loan amount will be divided by the loan tenure in months. This will give you the monthly instalment amount. Next, this monthly instalment amount will be multiplied by the interest rate (annual percentage rate or APR) to arrive at your EMI. It's important to remember that your EMI will also include any additional charges such as processing fees, stamp duty, etc. So, be sure to factor these in when calculating your EMI. Now that you know how your EMI is calculated, you can make an informed decision when taking out a Union Bank of India home loan.

Alternatively, you can use the mathematical formula to ascertain the EMI on your home loan:

EMI = P × r × (1 + r)n/((1 + r)n - 1)

Here:

  • P denotes Principal
  • r refers to the rate of interest
  • n is the tenure of the loan

Union Bank of India Home Loan Balance Transfer

Home loan balance transfer is a process of transferring your existing home loan from one bank to another. This can be done for various reasons like getting a lower interest rate, better customer service, etc.

If you are considering transferring your home loan balance, Union Bank of India is a good option. They offer several advantages like low-interest rates, longer repayment tenure, etc.

So, if you are looking for a hassle-free home loan balance transfer, Union Bank of India is a good option!

Union Bank of India Customer Care Number 

For any more queries regarding the Union Bank home loan, you can contact customer service by dialling the toll-free number 1800-22-2244. You can also visit the nearest bank branch for any queries.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Union Bank of India provide home loans at the best rate?

The Union Bank of India offers attractive home loans ranging from 7.75% p.a. floating and fixed rates.

What benefits does Union Bank of India provide on a Home Loan?

Union Bank of India home loan offers competitive interest rates with extended tenure. Additionally, the bank offers high-value home loan amounts with a minimal and swift application procedure.

Does the Union Bank of India have a fixed interest rate on a home loan?

The Union Bank of India offers home loans fixed and floating interest rates.

How to check the housing loan status in Union Bank of India?

You can check your home loan status on the official website of the Union Bank of India. You may also visit the nearest bank branch for an update on the status.

Does the Union Bank of India check CIBIL Score for Home Loan?

The Union Bank of India offers home loans based on the borrower’s credit score.

What is the maximum and minimum housing loan amount I can get from Union Bank of India?

The maximum home loan you can avail of from Union Bank of India is INR 30 lakhs.

What KYC documents will I have to submit to apply for a home loan from Union Bank of India?

The KYC documents include  Aadhaar Card, PAN Card, Driving license, Voter ID, and passport.

Will I be penalised for not paying my EMI on the Union Bank of India housing loan?

Yes, Union Bank of India charges a minimal percentage of penalty for not paying your EMI on time.

What is the processing fee for the Union Bank of India home loan?

The processing fee on a Union Bank of India home loan is 2% of the loan amount sanctioned.

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