Union Bank of India Home Loan

Union Bank of India
4.5

Union Bank of India Home loans are tailored to their client's requirements. Customers can finish their applications more easily because the bank requires limited documentation. In addition, Union Bank of India provides a selection of home loan solutions to match consumers' different demands, all with flexible repayment options, low-interest rates and minimal processing charges. Moreover, the bank also offers committed customer care support that aids clients in the loan application procedure.

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Union Bank of India

Union Bank of India Home Loan

  • Interest Rate

    9.5% - 14.8%

  • Loan Amount

    Up to ₹50L

  • EMI Per Lakh

    ₹2,100 - ₹2,369

  • Processing Fees

    Up to 3% (plus applicable taxes) of the facility amount for sanctioned cases only
  • Pre-Payment Charges

    Up to 5.5% depending upon scheme and tenure completed

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.

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:

Application form Duly filled application form along with 3 passport-size photographs
Identity proof
  • PAN Card
  • Passport
  • Voter ID
  • Aadhar Card
  • Driver Licence
Address proof
  • Telephone bill
  • Electricity bill
  • Water bill
  • Gas bill
Property Documents
  • Agreement of sale
  • Permission of construction
  • Occupancy certificate
  • Approved construction plan
  • Registered Development Agreement of the builder
  • Conveyance deed
  • Payment Receipts or bank A/C statements showing all the payments made to Builder/Seller
Income statement (salaried)
  • Salary Slip or Salary Certificate for the last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
  • Last 6 months' Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year
Income Proof (Non- Salaried)
  • Business address proof
  • IT returns for the last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

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.

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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