Union Bank of India offers home loans at attractive interest rates to help you fulfil your dream of owning a home. This article provides all the details about the features, interest rates and EMI calculator of Union Bank of India Home Loan so that you can make an informed decision.
Union Bank of India Home Loan Highlights
| Interest Rate | 7.90% p.a. onwards |
| Loan Amount | up to 90% of property cost |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 0.50% of the loan amount |
Union Bank of India Home Loan
A home Loan is a type of loan that is provided by the Union Bank of India to help people finance their homes. This loan comes with a number of features and benefits that make it an attractive option for those looking to purchase a home.
One of the main advantages of taking out a Union Bank of India Home Loan is the competitive interest rate that is on offer. The current interest rate for this loan starts at 7.90% per annum, which is lower than what is offered by many other banks and financial institutions. You can avail loan amount of up to 90% of your property value from the bank.
Another advantage of this home loan is the flexible repayment options that are available. borrowers can choose to repay their loan over a period of up to 30 years, depending on their financial situation and ability to make repayments. This gives borrowers the flexibility to choose a repayment plan that suits their needs and budget.
Union Bank of India Home Loan Key Features
Union Bank of India Home Loan comes with a host of features that make it an attractive proposition for borrowers. Some of the key features of this home loan are:
- Attractive interest rates start at 7.90%
- Flexible repayment tenure Up to 30 Years
- Quick and easy approval
- No pre-payment charges
- Loan amount up to 90% of property cost
- Wide range of products
- Easy balance transfer facility
- Doorstep service for select cities
- Dedicated customer service
Read also – Bank of Maharashtra Personal Loan
Union Bank of India Home Loan Interest Rate
Union Bank of India offers home loans at an interest rate of 7.90% per annum for a loan tenure of up to 30 years. This interest rate is for both salaried and self-employed individuals. However, the interest rate may vary depending on the individual’s creditworthiness, loan amount, scheme, credit score and other factors.
Union Home/Awas
| Loan Amounts | Interest Rates |
|---|---|
| For Loan Amounts up to Rs 30 Lakh | 7.90%-9.40% p.a. |
| For Loan Amounts above Rs 30 Lakh | 7.90%-9.60% p.a. |
Union Bank Home Loan Fixed Rates (for up to 5 years)
| Loan Amount | Rate of Interest |
| Up to Rs. 30 Lakh | 11.40% p.a. |
| Rs. 30 Lakh – Rs. 50 Lakh | 12.40% |
| Rs. 50 Lakh – Rs. 2 Crore | 12.65% |
Union Bank Smart Save Home Loan
| Loan Amounts | Interest Rates |
|---|---|
| For Loan Amounts up to Rs 30 Lakh | 8.25%-9.65% p.a. |
| For Loan Amounts above Rs 30 Lakh | 8.25%-9.85% p.a. |
Union Ashiyana Personal Loan Scheme
| Schemes | Interest Rates |
|---|---|
| Union Ashiyana For Salaried | 10.70%-10.95% p.a. |
| Union Ashiyana For Non-Salaried | 11.20%-11.95% p.a. |
Union Ashiyana Overdraft Scheme
| Schemes | Interest Rates |
|---|---|
| Union Ashiyana Overdraft For Salaried | 9.90%-10.25% p.a. |
| Union Ashiyana Overdraft For Non-Salaried | 9.95%-10.30% p.a. |
Note: You can check the Current Union Bank of India Interest Rate PDF here.
Union Bank Home Loan Calculator
If you are planning to apply for a Union Bank of India home loan, it is important to know how much your monthly repayments will be. This is where our EMI calculator comes in handy.
All you need to do is enter the loan amount, interest rate and loan tenure, and the calculator will give you the monthly instalment amount. This is a great tool to use when budgeting for your new home purchase.
Types of Union Bank Home Loan
Here’s a look at some of the different types of home loans offered by Union Bank:
1. Union Home Loan
Union Home Loan is a perfect solution for those who are looking to finance the purchase of a new or old dwelling unit, as well as the construction of a house or flat. With this loan, you can also finance the purchase of a plot of land and the construction of a house on it.
Additionally, the loan can be used for the repair and renovation of existing home properties, as well as for the addition of new features to an existing dwelling unit or the extension of an existing home.
Plus, with Union Home Loan, you can transfer your outstanding home loan balance to another lender at lower interest rates, and complete your residential property under construction.
Loan Amount:
- For purchase: Based on the applicant’s profile (up to 90% of property cost)
- For repair/renovation: Up to Rs 30 lakh
Repayment Period:
- Purchase/ construction: up to 30 years
- Repair & renovation: up to 15 years
2. Union Home-Smart Save
Union Bank’s Home-Smart Save is a great option for those looking to finance the purchase or construction of a flat or house. The loan comes with an overdraft facility, which can be used to cover unexpected costs associated with the purchase or construction process.
- Loan Amount: As per the borrower’s eligibility
3. Union Awas
Union Bank of India has introduced the Union Awas Special home loan scheme to promote housing in rural and semi-urban areas. This scheme will provide financial assistance to people who want to purchase or construct houses in these areas.
Additionally, the scheme will also cover repair, improvement and extension work of existing dwelling units in rural and semi-urban areas. This will go a long way in improving the living conditions of people living in these areas.
Loan Amount:
- For construction/purchase: Up to Rs 10 lakh
- For repair/improvement: Up to Rs 5 lakh
Repayment Period:
- Purchase/ construction: up to 30 years
- Repair & renovation: up to 15 years
4. Union Ashiyana Personal Loan Scheme
Union Ashiyana Personal Loan Scheme is a great way to meet the personal expenses of existing and fresh home loan borrowers. The scheme offers attractive interest rates and flexible repayment options, making it an ideal solution for those in need of extra funds.
- Loan Amount: Up to Rs 15 lakh
- Tenure: Up to 7 years
5. Union Ashiyana Overdraft Scheme
The Union Ashiyana Overdraft Scheme is a home loan overdraft facility that helps borrowers with their personal or business needs, as well as the repayment of high-cost loans. This scheme provides much-needed financial assistance to those who are struggling to make ends meet, and it is a very useful tool for managing one’s finances.
- Loan Amount: Up to Rs 20 lakh
6. Pradhan Mantri Awas Yojna (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) is a housing scheme for economically weaker sections, lower-income groups and middle-income groups. The scheme was launched by the Government of India in 2015.
Under the scheme, eligible families can avail of interest subsidy on loans for the purchase/construction of a new house/flat, for repair/renovation/extension/addition of an existing house.
Loan Amount: Up to Rs 6 lakh
Eligibility Criteria For Union Bank of India Home Loan
Union Bank of India home loans is available to both salaried and self-employed individuals. The eligibility criteria for availing of a Union Bank of India home loan are as follows:
| Age | 21-70 years |
| Resident Type | Indian or NRIs |
| Type of Employment | Salaried, Self-employed or Agriculturist |
| Income | For Union Awas – at least 48,000 p.a. For PMAY – less than Rs 3 lakh p.a. |
Union Bank of India Home Loan Documents Required
When it comes to taking out a home loan, there are a number of documents that you will need to have in order to qualify. Here is a list of the most important documents that you will need to provide when applying for a Union Bank of India home loan:
- Photo: Passport size 2 photographs.
- Proof of identity: You will need to provide some form of government-issued ID in order to prove your identity. This could be your passport, driver’s license, or national ID card.
- Proof of address: You will need to provide proof of your current address, such as a utility bill or bank statement.
- Income proof: You will need to provide evidence of your income, such as latest salary slips from your employer, Form 16 or Last 2 year ITR. This is used to determine how much you can afford to repay each month.
- Bank statement: Bank account statements for the last 6 months.
- Property Documents: Title Deed, Allotment letter, Advance money receipt.
Read Also – Canara Bank Gold Loan
FAQs
Q. What is the interest rate on Union Bank of India home loans?
Ans. The interest rate on Union Bank of India Home Loan starts at 8.35% p.a. The actual rate will depend on factors such as your income, credit score, and the value of the property you are looking to purchase.
Q. What is the maximum loan amount that I can avail from Union Bank of India?
Ans. The maximum loan amount that you can avail from Union Bank of India will depend on your income and repayment capacity. The bank will also consider the value of the property you are looking to purchase.
Q. How can I calculate my EMI for Union Bank of India home loan?
Ans. You can use an online EMI calculator to calculate your EMI for a Union Bank of India home loan. Simply enter the loan amount, repayment period and interest rate into the calculator, and it will generate your EMI amount.
Q. How do I apply for Union Bank of India Home Loan?
Ans. You can apply for Union Bank of India Home Loan online, by visiting the official website of the bank. Alternatively, you can also approach any Union Bank of India branch and speak to the home loan officer there.
Conclusion
Union Bank of India offers some of the most competitive home loan interest rates in the market. If you are looking for a hassle-free home loan with attractive interest rates, then Union Bank of India should be your first choice. The bank also has a wide network of branches, which makes it easy to get in touch with them and avail their services.
