To use the Union Bank of India Home Loan EMI calculator, you need to have a few details ready:

• Loan amount

• Preferred repayment tenure

• Expected interest rate

Once you enter these in the respective fields, the calculator will generate your EMI instantly. This gives you a quick estimate of your monthly repayment.

You can also view the amortisation schedule, which provides a detailed breakup of your payments over the entire tenure. This can help you plan ahead and manage your finances more effectively.

The Union Bank of India home loan EMI is calculated using a standard mathematical formula. It factors in the principal loan amount, the monthly interest rate, and the total number of instalments or tenure in months. The formula is expressed as:

• EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]

Here,

• P represents the principal loan amount

• r is the monthly interest rate (derived by dividing the annual rate by 12 and then by 100)

• n is the repayment tenure in months

For instance, you take a housing loan of ₹15 Lakhs at an annual interest rate of 7.5% p.a. for 15 years. Your monthly EMI will be approximately ₹13,905, with a total interest payable of ₹10,02,933, and a total repayment amount of ₹25,02,933 at the end of the tenure.

This formula-based approach provides accurate results and offers a clear understanding of your repayment obligations over the loan tenure. By knowing the principal, interest rate, and tenure, you can effectively estimate your monthly outflow and plan your finances.

To determine your housing loan eligibility with Union Bank of India, you need to meet a few basic requirements set by the bank. These criteria ensure you qualify for financing and can manage repayments smoothly.

• Nationality: Indian citizens or NRIs

• Age: 18 to 75 years at the time of loan maturity

• Application Type: Single or joint with eligible co-applicants

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