Union Bank of India Home Loan

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:

• Flexible Loan Amount: Union Bank of India offers a wide range of loan amounts, allowing borrowers to choose the loan that best suits their budget and requirements.
• Multiple Loan Options: Whether you’re looking to purchase a new house, construct one, or even renovate an existing property, Union Bank of India offers tailored loan solutions for different housing needs.
• Competitive Interest Rates: The bank provides competitive interest rates, making homeownership more affordable in the long run.
• Long Repayment Tenure: Union Bank of India offers extended repayment tenures, ensuring that your EMI (Equated Monthly Instalment) remains manageable and doesn’t strain your finances.
• Joint Loan Option: Prospective home buyers can avail the option of taking a joint home loan with a co-applicant, which can enhance their eligibility and loan amount.
• Pradhan Mantri Awas Yojana (PMAY) Benefits: For eligible applicants, Union Bank of India provides the benefits of the Pradhan Mantri Awas Yojana, a government initiative aimed at making affordable housing accessible to all.
• Balance Transfer Facility: Borrowers can transfer their existing home loan from other financial institutions to Union Bank of India to take advantage of better interest rates and terms.
• Quick Loan Approval: The bank endeavours to provide quick loan approval and disbursal, reducing the waiting time for borrowers.
• Online Loan Application: Union Bank of India offers the convenience of applying for a home loan online, simplifying the application process and minimising paperwork.
• Customer Support: The bank’s dedicated customer support team assists borrowers at every step, addressing their queries and concerns related to the home loan application.
• 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 must be a citizen of India.
• You must have a minimum age of 18 years and a maximum age of 75 years at the time of loan maturity.
• You must have a regular income.
• You must have a good credit score.
• You must have a valid PAN card and an Aadhaar card.
• You must be able to provide a security deposit.

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.

Types of Union Bank of India Home Loans

Finding your perfect home starts with the right financial partner. Union Bank of India Housing Loans offers a range of thoughtfully designed options to suit every need. With tailored solutions, competitive interest rates, and flexible repayment options, Union Bank makes owning a home an easy and achievable goal. Explore each Union Bank of India home loan type below and take the next step towards your dream home.

Union Home

The general Union Home Scheme features are as follows:

Union Awas

The features for Union Awas meant for purchasing and renovating houses are discussed below:

Loan for Purchase of Plot

Customers applying for a plot purchase loan from Union Bank of India can benefit from understanding the key features of the scheme. They are as laid out below:

Union Smart Save

The table below depicts the Union Smart Save scheme’s essential features:

*Union Bank of India Home Loans make financing your home simple, smart, and hassle-free. Click on the loan type that suits your needs best and explore detailed insights to make an informed decision.*

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:

Documents Required For Union Bank of India Home Loan

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

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

The EMI for a Union Bank of India home loan is calculated using the following formula:

EMI = P x R x T / 100

Where,

• P is the principal amount of the loan
• R is the interest rate
• T is the repayment tenure in years

For example, if you take a loan of Rs. 10 lakhs at an interest rate of 8.65% for a repayment tenure of 20 years, your EMI will be Rs. 6,360 per month.

The EMI amount will be fixed for the entire repayment tenure of the loan. However, the actual amount that you will need to pay every month may vary depending on the interest rate fluctuations.

Union Bank of India Home Loan Balance Transfer

A balance transfer in the context of home loans refers to the process wherein a borrower transfers the outstanding principal amount of the loan from one financial institution to another, usually to benefit from lower interest rates, better service, or additional features.

Union Bank of India Balance Transfer Features

• Competitive Interest Rates: One of the primary motivations for a balance transfer is a more favourable interest rate. Union Bank of India offers competitive rates, potentially leading to substantial savings over the loan tenure.
• Smooth Transition: The bank ensures a hassle-free transition process, aiding borrowers every step of the way, from providing clear documentation checklists to swiftly processing applications.
• Top-Up Option: Depending on eligibility, borrowers can also avail a top-up on their loan amount after the balance transfer, which can be used for various purposes such as renovation or further property investment.
• Extended Repayment Period: For borrowers who wish to reduce their monthly EMIs, the bank may offer the option to extend the loan tenure, given that certain conditions are met.
• Transparent Fees: Union Bank of India believes in maintaining transparency, and as such, all fees and charges associated with the balance transfer are communicated upfront.
• Customer Support: Dedicated customer support ensures that all your queries related to the balance transfer process are addressed promptly.