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Union Bank of India Home Loan Balance Transfer

You can save substantially by transferring your home loan to the Union Bank of India (UBI), one of India’s largest public sector banks. By opting for this facility, you can get lower interest rates starting from 7.45% p.a.

Your Home Loan Balance Transfer EMI

₹ 1,153,370

Total Interest Amount

₹ 265,213,281

Principal Amount

₹ 15,00,00,000

Total Payable Amount

₹ 4

Loan Amount

Interest Rate

- +

Tenure

- +

Check Offer

To check your new EMIs and plan your balance transfer better, you can use the Home Loan Balance Transfer EMI Calculator.

Union Bank of India Home Loan Balance Transfer Interest Rates and Charges

Union Bank of India offers home loans with both floating and fixed interest rate options. The floating rate is determined by the RBI's repo rate, the bank’s spread, and an additional premium. The starting interest rates and the processing fee are as follows:

Particulars	Details
Interest Rate	7.45% p.a. onwards
Processing Fee	0.50% of the loan + GST; capped at ₹15,000 plus GST

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.  

It is important to consider processing and prepayment charges, as these can increase the overall cost of your loan. However, securing a lower interest rate with a balance transfer can offset these charges, potentially saving you a substantial amount over the loan’s tenure.

For example, assume you take a home loan of ₹50 Lakhs for 20 years at an interest rate of 15% p.a. The EMI on this loan would be approximately ₹65,839.

Here is how a balance transfer helps:

Particulars	Current Home Loan Details	Home Loan Details After Transfer
Loan Amount	₹50 Lakhs	₹50 Lakhs
Interest Rate	15% p.a.	7.45% p.a.
Tenure	20 years	20 years
EMI Amount	₹65,839	₹40,126

Disclaimer: The EMI calculations are for illustration purposes only. Actual figures may vary depending on the loan terms. 

Transferring your home loan to Union Bank of India at a rate of 7.45% p.a. reduces your EMI to ₹40,126. The lower EMI makes managing the loan easier and helps save significantly on overall interest payments.

Other Fees and Charges for a Union Bank of India Home Loan Balance Transfer

When transferring a home loan, low interest rates are important, but additional fees can increase the total cost. Here are the additional charges for a Union Bank of India Home Loan Balance Transfer:

Particulars	Charges
Prepayment Charges	Floating Rate: Nil Fixed-rate: 2% of the outstanding balance of the last 12 months + GST
Relaxation Charges	0.10% of the loan, ranging ₹500 to ₹5,000

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.  

Union Bank of India Home Loan Balance Transfer EMI Calculator

Use a Home Loan EMI Calculator to estimate your repayment plan after a balance transfer and compare it with your current EMIs. Simply enter the loan amount, tenure, and interest rate to see your monthly instalment.

The calculator also displays the total interest, principal, and overall payable amount, enabling you to plan your finances more effectively.

Calculator Component

Features and Benefits of the Union Bank of India Home Loan Balance Transfer

Transferring your home loan to Union Bank of India can help reduce your EMI burden and make loan management easier. Here’s why you should consider it:

Low Interest Rates

Save on EMIs with low interest rates starting from just 8.35% p.a.

Flexible Repayment Tenure

Benefit from extended repayment tenures of up to 30 years.

No Hidden Charges

Apply for this balance transfer facility with complete transparency and no hidden charges

Eligibility Criteria for a Union Bank of India Home Loan Balance Transfer

Meeting the eligibility criteria for the transfer ensures your application is processed smoothly and increases the chances of quick approval. This helps you avoid any unnecessary delays. To qualify for a balance transfer, you must meet the following terms:

Nationality: Indian citizen or NRI
Minimum Age: 18 years
Maximum Age: 75 years
Application: Accepted from single applicants or jointly with eligible co-applicants

Documents Required for a Union Bank of India Home Loan Balance Transfer

Providing the right documents speeds up the balance transfer process. Here is the list of documents to be submitted:

Identity Proof: Any one of the following
- Passport
- PAN card
- Employee identity card
Address Proof: Any one of the following
- Electricity bill
- Telephone bill
- Aadhaar card
Income Proof for Salaried:
- ITR of the last year
- Form-16/ letter from employer
- Salary slips for the last 6 months
Income Proof for Business Owners:
- ITR of the last three years
- Profit and Loss sheet
Income Proof for Agriculturists:
- Income certificate issued by the designated revenue officer (Tahsildar)
- Document showing proof of land ownership
Property Documents:
- Advance money receipt
- Title Deed
- Allotment letter
Proof of Outgoes:
- Loan repayment statements, if any
- LIC policy documents, if any
- Valid proof of any other recurring financial obligations
Passport-size photograph
Bank statements of the last 12 months

How to Apply for a Union Bank of India Home Loan Balance Transfer

Applying for a home loan balance transfer with Union Bank of India is simple. You can apply online or visit a branch in person.

Apply Online

Step 1: Go to the official website of Union Bank of India
Step 2: Hover over ‘Loan’, and click on ‘More’ under ‘Home Loan’ option
Step 3: Click on ‘Apply Now’ under ‘Union Home’
Step 4: Enter your details, such as name, mobile number, email, and PIN code
Step 5: Fill in the description box and enter the captcha
Step 6: Check and agree to the terms and conditions
Step 7: Click on ‘Apply Now’ to submit your application

Apply Offline at a Branch

Step 1: Visit your nearest Union Bank of India branch
Step 2: Carry your existing loan documents and basic KYC proof
Step 3: Request assistance in calculating potential savings
Step 4: Submit your application for the takeover loan

How to Check Union Bank of India Home Loan Balance Transfer Status

Monitoring the status of your home loan balance transfer application online ensures timely updates, allowing you to plan your finances smoothly. Here is how you can do so:

Step 1: Visit www.unionbankofindia.co.in/applynow and click on ‘Track Status’
Step 2: Enter your ‘Customer Reference ID’ on the next page
Step 3: Click on ‘Submit’ to view the current status of your application

This process allows you to monitor progress and ensures you are informed at every stage of your balance transfer.

How to Download a Union Bank of India Home Loan Balance Transfer Statement

Accessing your statement regularly provides clarity on EMIs paid, outstanding amounts, and interest components, allowing better financial planning. Here’s how you can get it:

Internet Banking

Step 1: Visit the Union Bank of India website
Step 2: Click on the ‘Internet Banking’ button on the top-right corner
Step 3: Tap on the ‘RETAIL USER LOGIN’ button
Step 4: Enter your User ID, password, and Captcha code
Step 5: Click on ‘Login’
Step 6: Navigate to the section that displays your loan details and look for the statement option
Step 7: View or download your statement as needed

Mobile App

Step 1: Download and install the Union Bank of India mobile app, Vyom
Step 2: Log in with your credentials
Step 3: Look for the section that shows your loan details
Step 4: Find the statement option, choose the date range, and view your statement

Offline

Step 1: Go to the nearest Union Bank of India branch
Step 2: Request your home loan balance transfer statement
Step 3: Share your account information and ID to collect the statement

Union Bank of India Home Loan Balance Transfer Repayment Options

You can choose the method that best fits your convenience, ensuring timely payments and hassle-free management of your EMIs.

Standing Instruction

You can set up a standing instruction from your Union Bank of India savings account to automatically transfer the EMI to your loan account each month. This ensures timely payments without manual intervention.

Internet Banking / ECS (Debit) Facility

You may pay EMIs securely through your Union Bank of India internet banking account or by using the ECS (Debit) facility. Both options provide a convenient and reliable way to manage repayments.

Post-Dated Cheques (PDCs)

You can submit post-dated cheques to cover your monthly EMIs in advance. The bank will present these cheques on the due dates, ensuring payments are made on time.

Each option ensures that your EMIs are paid on time, helping to maintain your credit score and manage your finances efficiently.

Disclaimer

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.


Union Bank of India Home Loan	Union Bank Home Loan Customer Care Number

Other Home Loan Balance Transfer Provider

L&T Finance Housing Loan Balance Transfer	Shubham Housing Finance Home Loan Balance Transfer
LIC Housing Finance Home Loan Balance Transfer	TruHome Finance Housing Loan Balance Transfer
Vridhi Home Finance Housing Loan Balance Transfer	Sammaan Capital Housing Loan Balance Transfer
ICICI Bank Housing Loan Balance Transfer	-

Frequently Asked Questions

Union Bank HLBT

After transferring my loan to Union Bank of India, will the EMI remain constant or change in future?

The new EMI is set after the balance transfer has been completed. It generally remains constant unless you restructure the loan later. EMI is determined based on interest rate, tenure, and outstanding loan amount. If the floating interest rate fluctuates, your tenure will be affected while EMIs remain the same.

Do I need to pay any prepayment fee for a balance transfer to Union Bank of India?

Prepayment charges for a Union Bank of India Home Loan Balance Transfer vary by interest rate type. Floating-rate loans have no prepayment fee, whereas fixed-rate loans incur a fee of 2% of the outstanding balance for the last 12 months, plus GST.

Can I choose a different loan tenure when transferring my home loan? How does it affect the EMI?

Yes, changing the tenure alters the EMI. Longer tenures reduce monthly payments but increase total interest, while shorter tenures raise EMI but reduce overall interest costs.

How long does it take for Union Bank of India to process a home loan balance transfer?

Union Bank of India typically processes a balance transfer within 5 days. This timeline applies once all required documents have been submitted and verified.

Can I transfer my home loan balance even if I have a variable interest rate with my current lender?

Yes, Union Bank of India facilitates balance transfers for both floating and fixed-rate loans, making it possible to transfer even if you're on a variable rate.

What is the minimum outstanding loan amount required to qualify for a Union Bank of India Home Loan Balance Transfer?

Union Bank of India does not specify a minimum outstanding loan amount to qualify for a home loan balance transfer. Applicants with any outstanding loans can generally apply, subject to standard approval and property criteria.

Does Union Bank of India offer a top-up loan option along with the home loan balance transfer?

Yes, Union Bank of India offers a top-up loan facility called Union Mortgage Plus for existing home loan borrowers with a good repayment record. It can be used for repairs, renovations, or furnishings.

What impact will transferring my home loan to Union Bank of India have on my credit score?

Transferring your home loan to Union Bank of India involves a hard inquiry on your credit report, which may slightly affect your credit score. However, managing repayments efficiently can support better credit health over time.

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