Union Bank of India Home Loan Balance Transfer

To reduce your home loan EMIs or get a lower interest rate, consider the Union Bank home loan balance transfer facility. It allows you to transfer your outstanding home loan amount from your existing bank to the Union Bank of India (UBI).

With a home loan balance transfer to Union Bank of India, you can benefit from:

• Reduced monthly instalments

• Extended loan tenure

• Top-up loan

In addition, the transfer process is simple and does not involve any complicated paperwork. With Bajaj Markets, you can transfer your home loan balance at low rates of interest to Union Bank of India hassle-free. All you need to do is apply online and provide minimal documents. Read on to learn more about the features, benefits, and eligibility of the Union Bank of India home loan balance transfer facility.

Nominal interest rates are the main reason to transfer your existing home loan to Union Bank. UBI home loan balance transfer interest rates, which start at just 8.50%, are among the lowest in India. 

This makes the Union Bank home loan balance transfer facility an ideal option if you are looking to reduce your cost of borrowing a home loan. However, to get the best rate from UBI, ensure you have a good credit score and history as well as a stable source of income. 

UBI home loan balance transfer interest rates also depend on your loan amount and tenure, as well as your employment type (salaried or self-employed). Apart from knowing the interest rates, there are other fees and charges associated with a balance transfer. What’s more, you do not have to pay any penalty or additional fees if you choose to prepay your loan before the end of the loan tenure. This helps you become debt-free faster. 

See the table below for a snapshot of the interest and other charges that apply:

*Disclaimer: The interest rate, processing and prepayment charges are subject to change as per UBI. Check them from the official website of the lender before applying.

Before you proceed with switching your home loan, ensure you compare the available interest rates in the market. This helps you make an informed and pocket-friendly decision. 

On Bajaj Markets, you can not only apply with ease, but also compare the rates of partners offering a balance transfer. Check the rates of UBI home loan balance transfer interest rates and that of our partners in the table below. 

Disclaimer: These interest rates are indicative and subject to change at the discretion of the lenders.  

To determine the EMI amount for your loan, you can use the UBI Home Loan Balance Transfer EMI calculator available at Bajaj Markets. To use this handy digital tool, you just need to enter the loan amount, interest rate, and tenure. 

Computing your EMIs in advance helps in two ways:

• Allows you to check your savings 

• Helps you to plan repayment

Both these factors can help you take a better call on whether carrying out a home loan balance transfer to Union Bank of India is a financially smart move. 

Meet the following UBI home loan balance transfer eligibility criteria to qualify for the facility:

• Your age must be between 18-75 years

• Your net monthly income should be at least ₹15,000 a month if you are salaried 

• Your minimum Profit After Tax (PAT) must be ₹12,500 per month if you are self-employed 

You must submit a few documents when applying for the Union Bank home loan balance transfer. See the list of UBI home loan balance transfer documents required below.

• KYC: Aadhaar Card (Mandatory), PAN/Passport/Driving License as identity and address proof

• Bank statements for the last 12 months as income proof

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

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

• Property Documents: Original Sale Deed/ Title deed/Share Certificate(s) issued by the society (duly registered) and other documents conveying ownership, Agreement to sell/Allotment letter, Copy of approved plan by local body NOC from Builder/Developer/Society, Statutory and regulatory approval of construction of proposed residential unit as per state laws

• Form 16 / Income Tax Returns

• Duly Filled credit information form

• 2 Passport-sized photographs