Union Bank of India Home Loan Interest Rates

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Union bank of India offers home loans to Indian citizens and Non-Residents of India (NRIs). Under its various schemes, applicants can avail of a loan of up to 30 lakhs. The loan is repaid through Equated Monthly Installments (EMIs). The bank offers attractive interest rates and flexible tenures so that the pressure of repayment is not high. The bank has not disclosed its interest rate.

  • Home Loan offer for You

  • 9.5% - 14.8%

    Interest Rate (p.a.)
  • Up to ₹50L

    Tenure(Up to 4 Years)
  • ₹2,100 - ₹2,369

    EMI Per Lakh

Check Latest Home Loan Offer From Union Bank of India

  • 9.5% - 14.8%

    Interest Rate (p.a.)
  • Up to ₹50L

    Tenure(Up to 4 Years)
  • Up to 3% (plus applicable taxes) of the facility amount for sanctioned cases only

    Processing Fee

Compare Union Bank of India Home Loan Interest Rates with Other Lenders

The following table summarises the Union Bank of India Home Loan Interest rates with other banks.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

The Union Bank Home Loan Interest Rate commence from 8.60% per annum. A borrower can avail of a loan from this financial institution starting from Rs 30 Lakhs. The Union Bank of India also offers a wide range of facilities and features that the borrower can avail of to make the repayment of the loan more hassle-free and convenient. 

Union Bank of India Home Loan Interest Rate Highlights

Refer to the following table to gain knowledge of the key highlights offered by the Union Bank of India.

Loan amount  Rs 30 Lakhs Onwards 
Tenure  Ranges from One to 30 Years 
Loan Available To both salaried and self-employed Individuals 
Processing Fee 1% of the loan amount 

Union Bank of India Home Loan Interest Rates on Loan Schemes

The Union Bank offers the following home loan schemes to the applicant designed based on their varying needs and catering to the housing requirement of the country.

Union Bank Home Loan Scheme

  • The Union Bank home loan scheme offers an avenue for single and joint applicants to obtain properties in India. 
  • NRIs can also avail of funds under this scheme. 
  • The bank offers a wide range of repayment options making the EMIs more manageable. 
  • The Union Bank Home Loan Interest Rate on this scheme is 8.60% per annum. 
  • The processing fee under this scheme is generally 0.5% of the loan amount.

Union Bank Awas Home Loan Scheme 

  • Individuals with an annual income of up to Rs 48,000 can apply under this scheme. 
  • This scheme is designed specifically for houses with a value of up to Rs 10 Lakhs in Semi-Urban and rural areas. 
  • The Union Bank Home Loan Interest Rate on this scheme is 8.60% per annum. 
  • The processing fee charged on the loan amount is 0.50%. 

Union Bank Home Loan Smart Save

  • This scheme allows borrowers to deposit additional funds with their EMI repayments. 
  • One can also make withdrawals at their discretion.
  • Union Bank Home Loan interest rate commences from 9.10% on loan amount up to and above Rs 30 Lakhs. 

Union Bank of India Home Loan Interest for Salaried and Self-Employed

The Union Bank of India Home loan interest rate for salaried and self-employed individuals differs based on the applicant. The Bank evaluates the applicant's creditworthiness by referring to their CIBIL Score. Generally, the interest rate offered to salaried and self-employed individuals commences from 8.60% per annum.

Union Bank of India Home Loan Interest Rates for Govt Employees

Government employees can avail of lucrative interest rates from the Union Bank of India. They must reach out to the official channels established to understand the discounts and rebates offered on the interest rates and processing charges.

Union Bank of India Home Loan Interest Rates For Women

Union Bank of India offers subsidies on interest rates to women to stimulate female home ownership. The eligible applicants can visit the nearest branch of the Union Bank of India for further information.

Union Bank of India Home Loan Interest Rate For NRI

Non-Resident Indians invested in obtaining funds to acquire properties in India can apply under the Union Bank Home Loan scheme. The interest rate offered by the banks varies based on the CIBIL score and Financial stability of the applicant.

Union Bank of India Home Loan Interest Rate and Other Charges

The following table showcases the interest rates and the processing fee charged by the Union Bank of India.

Interest Rate  8.25% - 10.35% 
Processing Fee 0.50% of the loan amount 
Loan Amount  75% to 90% of the property
Tenure  Up to 30 Years 

How to Calculate Union Bank of India Home Loan Interest?

The Union Bank of India home loan interest rate can be calculated using the following formulae.

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

Where,

  • P is the Principal amount. 
  • r is the rate of interest on the loan 
  • n is the tenure of the repayment

One can also employ a Union Bank Home Loan calculator to compute the Interest amount from the comfort of their home. This AI-powered tool allows users to review the interest and loan repayment almost instantaneously.

Why is the Union Bank of India Home Loan Best for Customers?

The Union Bank of India has established a wide range of Home loan schemes to cater to the housing requirements of the population in India in both rural and urban areas. Customers can avail of attractive interest rates and flexible repayment tenures. 

Union Bank of India Home Loan Interest Rates for Existing Customers

The Union Bank of India home loan interest rates commence from 8.60% per annum. The existing customers can reach out to the nearest bank branch to learn about the discounts offered to the current customers on Home Loans. 

Factors that affect Union Bank of India Home Loan Interest Rates and EMI

The following factors impact the Union Bank of India Home Loan Interest Rates.

  • The interest offered to the borrower varies based on their CIBIL score. The bank evaluates its creditworthiness through the CIBIL score to determine the risk of the loan.
  • The repayment tenure on loans also severely impacts the EMIs. As a longer tenure spreads out the repayment and reduces the monthly payments against the loan, making it more budget-friendly.
  • The applicant's financial standing also impacts the loan interest rate offered, as applicants with a steady income stream are offered lucrative interest rates.

Frequently Asked Questions (FAQs)

What's the interest rate for the Union Bank of India?

The interest rate on Union Bank of India commences from 8.60% per annum.

Does Union Bank of India provide 90% of a home loan?

The loan-to-value ratio on a home loan depends on the scheme under which the applicant has applied for a home loan.

What is the EMI for 30 lakhs home loan for 20 years?

The EMI amount on the home loan of 30 Lakhs with a repayment tenure of 30 years would vary based on the interest rate.

How can I reduce my Union Bank of India home loan interest rate?

A borrower can avail of lucrative interest rates from the Union Bank home loan by maintaining a satisfactory CIBIL Score.

What is the average interest rate for a home loan in Union Bank of India?

The average interest rate offered by Union Bank of India varies from scheme to scheme and applicant to applicant.

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