Union Bank of India Home Loan

You can also check Union Bank of India MCLR Rate History Online.

• Union Home Loan Processing Fees is nominal at Rs 15000 + GST (Max) or 0.5% of the loan amount.
• Interest Rate: Currently Union Bank of India Home Loan Interest Rates are the lowest in the market and start at 6.90 % per annum.
• Loan amount: Union Home Loan is sanctioned for up to 80-90% of the property cost. There is no upper limit placed on the maximum amount.
• Union Housing Loan Repayment Tenure: Up to 30 years
• Moratorium option for 12-36 months are available according to profile & loan scheme.
• Lowest EMI for Union Bank of India Home Loan is Rs. 689 per lakh.
• Home loan eligibility depends on the market value of property and repayment capacity of borrower.

Additional Info: Also check DDA Housing Scheme

• Customised home loans for purchase, construction or renovation of a residential unit/ plot.
• Resident as well as Non-Resident Indians (NRIs) can apply.
• Avail lowest home loan interest rate in the market.
• Extended tenure of 30 years.
• Optional moratorium option for up to 36 months, included in the total tenure.
• Union Home Loan Borrowers can avail PMAY benefit as per eligibility.
• The PSU bank offers flexible home loans tailored according to customer needs.
• No foreclosure or prepayment charges are applicable for housing loans on floating interest rate.
• Smart Save Option (Home Loan OD Product) for maximum interest savings.

Union Bank is currently offering a festive home loan offer at the lowest ever floating interest rate starting at 7.35% - 9.75% p.a. The effective rate will change according to borrowing repayment capacity and credit score.

External benchmark lending rate or EBLR is 9.30%

RBI Repo rate is 6.50%

Spread charged by Union Bank is 2.80%

Union Bank of India Home Loan Interest Rate on Floating Basis:

 Product Wise Union Bank Home Loan Interest Rates

To apply for Union Bank of India Home Loan, fulfil following eligibility criteria:

• You should be an Indian resident/ NRI.
• The applicant’s age should be between 18 to 75 years during the loan duration.
• You can add co-applicants for improving home loan eligibility.
• Loan amount eligibility depends on your repayment capacity and value of property.
• There is no capping on housing loan for purchase of a property.
• Maximum loan approval for repairs/renovation is restricted at Rs. 30 lakh.
• You can avail approval for up to 90% cost of property value for home loans up to Rs. 30 Lakhs for purchase or construction.
• You can avail approval for up to 80% of the total cost of the purchase/ construction for Union Bank of India housing loans above Rs. 30 lakhs and also for loans for repairs/renovation.

You can Apply for 20 Lakh Home Loan

Here is the list of home loan documents required to apply for Union Bank Home Loan:

• Duly filled & self-attested home loan application.
• 3 recent passport-sized photographs of the applicant(s).
• Mandatory documents: PAN and Bank statement of the last 12 months.
• Identity proof (any one): PAN / Passport/ Employee ID card/ Any other valid identity proof.
• Address proof (any one): Telephone bill/ Electricity bill/ Aadhar card/ Any other valid document.

Income proof:

• For salaried: ITR for last 1 year,  Salary Slips for last 6 months, Form 16/ letter from employer
• For business owners/ self-employed: ITR for last 3 years, P&L A/c, Balance Sheet
• For agriculturists: Landholding proof and income certificate by concerned revenue officer (Tahsildar).
  • Property documents: Allotment letter, Title deed and Advance money receipt.
  • Proof of outflows (if any): Loan repayment statement, LIC policies & alike.
  • Additional documents for NRIs: Latest work permit, Copy of Visa duly stamped on Passport and Employment contract in English (or translated into English & attested by Employer/ Indian Embassy).

Additional Info: Also check Sukanya Samriddhi Yojana

Union Home Loan:

Union Home Loan can be availed for any of the following needs:

• Purchase of new or pre-owned residential unit i.e. flat/ house/ villa/ apartment.
• Construction of home on existing (non-agriculture) plot.
• Purchase of non-agricultural plot and construction of a housing unit thereon.
• Repair, improvement, extension of an existing residential property.
• Takeover of an existing housing loan by another bank or financial institution.
• Completion of under-construction housing unit.
• Purchasing a solar power panel + purchase/ construction of home.
  • UBI Home loan can be availed on floating basis or 5 year fixed home loan.
  • Both resident & non-resident Indians can apply.
  • Union Bank of India Housing Interest rates are lowest ever currently.
  • There is no upper limit on home loan amount for purchase of a residential unit.
  • Maximum approval up to Rs. 30 Lakhs for repairs and renovation.
  • Repayment tenure is extended up to 30 years for purchase or construction and up to 15 years for repairs and renovation respectively.
  • Optional moratorium up to 36 months for purchase or construction.
  • Optional moratorium up to 12 months for repair & renovation.
  • Property insurance is mandatory.

Union Home Smart Save

• Home Loan overdraft product by Union Bank of India.
• By depositing surplus amount over & above the scheduled EMI, borrower will pay lower interest.
• Excess amount (overflow) in the account is available for withdrawal.
• Other terms & conditions are similar to regular home loan product.
• Customers can switch from regular home loan to smart save account & vice versa for maximum of two times during the loan tenure.
• A nominal charge of 0.25% of outstanding loan + GST (maximum Rs.5000 + GST) will be levied for each switch.

Union Awas

• Union Home Loan for purchase or construction of a house in Semi-Urban/ Rural Area
• Home loan can also be availed for repair, improvement or extension of an existing residential unit in semi-urban or rural setting.
• Home Loan limit for purchase/ construction is placed up to Rs. 10 Lakhs for semi-urban areas and up to Rs. 7 Lakhs for rural areas respectively.
• Home loan limit for repairs/ improvement for semi-urban & rural areas is capped at Rs. 5 Lakhs.
• Loans are sanctioned for up to 90% of purchase/ construction and 80 % for repairs/ improvement of housing project in the Semi-Urban/ Rural areas.
• Repayment tenure is maximum of 30 years for purchase or construction and up to 15 years for repair and renovation.
• Moratorium (included in the total repayment tenure) is up to 36 months for purchase/ construction and up to 12 months for repair & renovation.
• Smart Save option is not available.
• Property insurance is mandatory.
• Who can apply? Residents of rural & semi-urban areas can apply.
• Salaried applicants such as permanent employees of colleges, schools and other establishments of repute can apply.
• Farmers with regular income, capped at minimum of Rs. 48,000 per annum are eligible.
• Repayment capacity will be assessed by the bank based on the income certificate provided by Tehsildar/ Mandal Revenue Officer.

PMAY

• Credit linked housing loan interest subsidy offered by the central government.
• PMAY Home Loan subsidy is offered to urban poor (including slum dwellers) for purchasing a new or old residential unit, constructing a house, taking a plot loan and constructing thereon or extending an existing residential unit.
• Category PMAY interest subsidy can be availed as:
  • Up to Rs. 6 Lakhs by EWS: 6.50% interest subsidy
  • Up to Rs. 6 Lakhs (LIG): 6.50% interest subsidy
  • Up to Rs. 9 Lakhs (MIG-I): 4% interest subsidy
  • Up to Rs. 12 Lakhs (MIG-II): 3% interest subsidy
• Subsidy extended for maximum of 20 years.
• Terms & conditions for PMAY are universal as directed by central government.
• Borrowers are required to apply for subsidy on PMAY official portal.
• On approval, the amount is deposited in the loan account directly.

To calculate Union Bank Home Loan EMI, all you need to do is share loan amount, UBI home loan interest rate and loan tenure in Home Loan EMI Calculator. You can instantly estimate the monthly EMI, overall interest burden and loan amortisation schedule using the calculator.

Let’s review the lowest Union Home Loan EMIs for 10, 20 & 30 years tenures for various loan amounts at minimum rate of 7.35% - 9.75%.

Thus effective EMI burden varies according to loan amount & tenure. You must use the calculator to assess the loan affordability.

You can contact Union Bank of India by filling up online feedback form on website, calling customer care 24X7 or writing an email.

Union Home Loan Customer Care Numbers are:

• All-India Toll Free number: 1800 22 22 44/ 1800 208 2244
• Charged Numbers: 080-61817110
• Dedicated number for NRIs: +918061817110

Write emails at: customercare@unionbankofindia.com

You can also share grievances & ask questions on Union Bank website or by visiting any of the nearest bank branches.