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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.

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By opting for this facility, you can get lower interest rates starting from 8.35% p.a. resulting in lower EMIs and savings on interest charges of the loan. Repay the loan at your convenience over an extended repayment tenure of up to 30 years.

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Your Home Loan Balance Transfer EMI
₹ 1,153,370
Total Interest Amount
₹ 265,213,281
Principal Amount
₹ 150,000,000
Total Payable Amount
₹ 415,213,281
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
Min value reached
Max value reached
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You can also make instant comparisons between loan offers from multiple providers on Bajaj Markets.

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Furthermore, you can gain deeper insights into your loan instalments with the free amortisation schedule, which is provided with each calculation. 

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Union Bank of India offers housing loans with both floating and fixed interest rate options. The floating rate is a combination of the RBI's repo rate, the bank’s own spread, and an additional premium. Here are the starting interest rates:

Loan Type

Interest Rate

Home Loan Balance Transfer

8.35% p.a. onwards

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

It is important to review the processing and prepayment charges as they increase your loan’s overall cost. However, securing a lower interest rate from your new lender can offset this increase in loan cost. It may enable you to save a substantial amount over the loan’s tenure. 

Let us consider a simple example. Assume that you have a home loan of ₹50 Lakhs for a tenure of 20 years, and the interest rate on this loan is charged at 15% p.a. That means the EMI you are currently liable to pay amounts to ₹66,169. 

So, how does a balance transfer help in this situation? Check the table below:

Particulars

Current Home Loan Details 

Home Loan Details After Transfer

Loan Amount

₹50 Lakhs

₹50 Lakhs

Interest Rate

15% p.a.

8.35% p.a.

Processing Fee

0.50% of the amount

0.50% of the amount

EMI Amount

₹66,169

₹43,132

Disclaimer: Note that these are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Consider that when transferring your home loan to the Union Bank of India, you were offered an interest rate of 8.35% p.a. Now, the EMI amount reduces to ₹43,132. The lower EMI makes it easier for you to manage the loan and helps you save money on the overall loan costs.

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

Particulars

Charges

Prepayment Charges

NIL

Processing Fees

0.50% of the loan amount, subject to maximum of ₹15,000 + GST 

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

Here are some key benefits of transferring your home loan to Union Bank of India:

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 transparency and no hidden charges.
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Here is all you need to know about the Union Bank of India home loan balance transfer eligibility criteria:

  • You must be an Indian citizen or a Non-resident India (NRI)

  • The minimum entry age is 18 years

  • The maximum exit age is up to 75 years

  • You can apply individually or jointly with other eligible individuals

You can find the list of documents below:

  • KYC Documents: Aadhaar Card and any one of the following

    • PAN card

    • Passport

    • Driving licence

  • Bank statements of the last 12 months as income proof

  • Salary slips of the last 3 months (for salaried applicants)

  • Certificate and proof of business existence (for self-employed applicants)

  • Property Documents:

    • Original Sale Deed, Title deed, or Share Certificate issued by the society. Any other document conveying ownership shall also be accepted.

    • Agreement to sell or allotment letter

    • Copy of the plan approved by the local body

    • NOC from the builder, developer, or society

    • Statutory and regulatory approval of construction of proposed residential unit as per state laws

  • Form 16 or ITR filings

  • Duly filled credit information form

  • 2 passport-size photographs

Here are the steps to successfully apply for a Union Bank of India home loan balance transfer:

  1. Go to the home loan balance transfer page of Union Bank of India’s website

  2. Choose the type of loan that you want to apply for and enter your contact information

  3. A representative from Union Bank of India will contact you to discuss the loan type and collect additional information

  4. Based on your requirements, Union Bank of India will assign a Relationship Executive to assist you

  5. Submit the required documents as per the bank’s procedure

  6. Once your application is processed, the Union Bank of India will sanction the loan

  7. Your Relationship Executive will coordinate with the branch officials to initiate the disbursement of the loan

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.

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Frequently Asked Questions

Union Bank HLBT
Is it beneficial to transfer my home loan to UBI?

Yes. Similar to loan refinancing, opting for a balance transfer allows you to enjoy lower interest costs on your home loan. You can also lengthen your loan tenure. This enables you to repay the loan at your convenience.

After the transfer, a new EMI amount will be set and shall remain constant. This is unless you restructure the loan again. This new EMI is decided as per changes in interest rates, tenure, and the balance loan amount.

No, there is no mandatory requirement for a guarantor for a home loan transfer to UBI.

Yes, it is possible to transfer your home loan from one Union Bank of India branch to another. You need to obtain and submit the prescribed application form along with the required documents and applicable processing fees at the desired branch. 

The forms are available at Union Bank branches or can be downloaded online.

As per the current rules, the maximum repayment tenure for a home loan balance transfer in Union Bank of India is up to 30 years.

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