Union Bank Home Loan Details

Loan amount

No limit on loan amount

Funding for up to 90% of property value

Rate of interest6.40% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 626 per lakh
Processing fee

0.5 % of loan amount

Max: Rs15000 + GST

Foreclosure ChargesNil for floating rates

Union Bank Home Loan Features

  • 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 6.40 % 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. 626 per lakh.
  • Home loan eligibility depends on the market value of property and repayment capacity of borrower.

Union Bank Home Loan Benefits

  • 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 Home Loan Eligibility Criteria

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 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.

Documents Required for Union Bank 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).

Union Bank Home Loan Interest Rates

Union Bank is currently offering a festive home loan offer at the lowest ever floating interest rate starting at 6.40% p.a. The offer is available till November 30, 2021. The effective rate will change according to borrowing repayment capacity and credit score.

External benchmark lending rate or EBLR is 6.80%

RBI Repo rate is 4.00%

Spread charged by Union Bank is 2.80%

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

Loan AmountCredit ScoreSalariedNon-Salaried
Up to 30 Lakh

800+

750-799

700-749

650-699

<650

6.40%

6.50%

6.80% - 6.90%

6.85% - 7.00%

7.10% - 7.25%

6.50 %

6.60 %

6.85% - 7.00%

6.95% - 7.10%

7.20% - 7.35%

Above 30 Lakh

800+

750-799

700-749

650-699

<650

6.40%

6.50%

6.90% - 7.00%

7.00% - 7.10%

7.25% - 7.35%

6.50 %

6.60 %

6.95% - 7.5%

7.05% - 7.15%

7.30% - 7.40%

 Product Wise Union Bank Home Loan Interest Rates

 SalariedSelf employed
Union Home Floating Rates6.40 - 7.35%6.50% - 7.40%
Union Home Fixed Home Loan Rates (for Max 5 years)11.40% - 12.65%
Union Smart Save Home Loan Rates7.05% - 7.60%7.10% - 7.65%
Union Commercial Real Estate – residential housing (CRE)7.85% - 8.35%7.90% - 8.40%
Union Mortgage9.80% - 10.65%
Union Ashiyana Personal Loan9.30% - 9.55%9.80% - 10.05%
Union Ashiyana Overdraft8.50% - 8.85%8.55% - 8.90%

Union Bank Home Loan Processing Fee and Other Charges

Valuation feesUp to Rs. 10,000, depends on the loan amount
Fee for giving Title Search ReportRs. 1,000 for Mumbai/Delhi/Bengaluru/Chennai/ and Rs. 1,500 for Kolkata/Hyderabad/Ahmedabad.
Vetting of DocumentsRs. 750 for loan up to Rs. 10 Crores, and Rs. 1,000 for loan above Rs. 10 Crores.
Relaxation charges0.10% of the loan amount, minimum Rs. 500 and maximum Rs. 5,000
Copy of document500 per set of document

Union Bank Home Loan Comparison with Other Top Banks

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
Union Home LoanUp to 90% of property cost, no upper capping

30 years

(+ optional moratorium up to 36 months)

6.40% to 7.40%0.5 % of the loan amount or Max of Rs 15000
Canara Bank Home LoanUp to 85% of property cost30 years6.90%- 8.90% onwards0.5% of the loan amount (Rs1500- Rs 10000)
Kotak Mahindra Home LoanRs. 5 Crore30 years6.55% onwardsUp to 2% of the loan amount + GST
ICICI Bank Home Loan90% of property cost30 years6.70% - 7.55%0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST
SBI Home LoanRs. 10 Crore25 years6.70% - 8.00%

0.40% of the loan amount

 

HDFC Ltd Home LoanUp to 90% of property cost30 years6.70% - 7.65%Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes
Bank of Baroda Home LoanRs. 10 Crore30 years6.50% onwardsUp to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)

Union Bank Home Loan Schemes & Offers

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, purchasing a plot 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.

How to calculate Union Bank Home Loan EMI?

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 6.40%.

Loan Amount10 years20 years30 years
10000001130473976255
2000000226081479412510
3000000339122219118765
4000000452162958825020
5000000565203698531275
6000000678244438237530
7000000791285177943785

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

Union Bank Home Loan Customer Care

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.

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Union Bank Of India Home Loan FAQs

Can I apply for Union Bank Home Loan online?

Yes, you can apply for Union Bank of India Home Loan online or offline, as per your convenience. Applying though a loan marketplace brings you free assistance of a loan specialist.

What is the maximum limit for Union Bank Home Loan?

There is no upper loan capping for Union Home Loan amount. However, eligibility depends on your repayment capacity & market value of property. For instance, Union Housing Loan is sanctioned up to 90% of property value for up to Rs 30 Lakhs loans, up to 80% for loans in the range of Rs 30 Lakhs to 75 Lakhs and up to 75% for above 75 Lakhs loans. The charges such as stamp duty, registration fee, cost of furnishing, transfer fee, etc are not included in the loan amount.

How long is the repayment tenure for Union Bank Home Loan?

The repayment period can be extended up to 30 years, including 36 months' moratorium period from the date of disbursal or house completion, whichever is earlier. The repayment tenure is up to 15 years, including 12 months' moratorium period for repairs of the House/ Flat.

What are the loan repayment options for Union Home Loans?

You can repay Union Bank of India Home Loan in equated monthly instalments (EMIs), through any of the following methods:

Standing instruction through your Union Savings Account

ECS (Debit) facility

Post Dated Cheques (PDCs)

Can I prepay my Union Bank Home Loan?

Yes. You can prepay your Union home loan without any prepayment charges. The charges are applicable if you prepay your loan through takeover by other bank/ FI before completing first 12 months of home loan.

How can I apply for additional loan with my Union Home Loan?

Existing Union Bank Home loan Customers can apply for special schemes such as Union Ashiyana Overdraft Scheme, Union Ashiyana Personal Loan Scheme and Union Mortgage Plus, subject to meeting eligibility requirements.

How do I download Union Bank of India Home Loan Statement?

Use internet baking to download your Union Home Loan Statement. All you need to do is log in on to your loan account. Here select 'Home loan provisional certificate' option under the enquiries tab. Download or print as per the requirement.