Check Union Bank Home Loan Balance Transfer EMI Calculator

UBI Home Loan Balance Transfer EMI Calculator

Online Process | Easy Transfer | Flexible Repayment

✓ Home Loan Balance Transfer Facility ✓ Multiple Lending Partners ✓ Attractive Interest Rates 

UBI Home Loan Balance Transfer EMI Calculator

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

How to Use Union Bank Home Loan Balance Transfer EMI Calculator

The Union Bank of India now offers a home loan balance transfer interest rate starting from as low as 7.75 percent to its customers. Prospective customers who wish to avail of this provision may now calculate their home loan EMI using the Union Bank Home Loan Balance Transfer EMI calculator in a few simple steps only at Finserv MARKETS. All you need to do is:

  • Enter the Loan Amount, Interest rate per annum, and the tenure in months
  • Click on ‘Calculate Now’

How Home Loan EMI is Calculated

A Home loan EMI consists of interest and a principal component. The EMI for a home loan is calculated using the loan amount, tenure, and rate of interest parameters. With each passing EMI payment, the interest and principal components to be repaid vary every month. Initially, a major portion of EMI paid is contributed towards the interest component and as the tenure progresses, the EMI interest component reduces, and the EMI principal component increases. The Home loan EMI is calculated with the formula given below:

EMI = P*r* (1+r)^n/([(1+r)^n]-1)

where

P is the total Principal or home loan amount

r is the rate of interest of the home loan

n is the loan tenure

Here’s a snapshot of the EMI calculation for a home loan amount of Rs. 50,00,000 at a 6.9 percent rate of interest for a tenure of 15, 20, and 30 years:

Tenure

EMI at 6.9 % rate of interest 

Total Principal 

Total Interest

Total Amount

15 years

Rs. 44,662

Rs.50,00,000

Rs. 30,39,220

Rs. 80,39,220

20 years

Rs. 38,465

Rs. 50,00,000

Rs. 42,31,692

Rs. 92,31,692

30 years

Rs. 32,930

Rs. 50,00,000

Rs. 68, 54,793

Rs. 118, 54,793

The above table indicates that the longer the tenure of the home loan, the lesser the EMI payable. However, with higher tenure, the total interest amount paid is also heavier. In the above example, the Union Bank home loan balance transfer EMI is the lowest for a tenure of 30 years. However, the total interest that the borrower pays for a 30-year loan period exceeds the principal amount.

Benefits of using Union Bank Home Loan Balance Transfer EMI Calculator

With the lowest interest rates, the Union Bank Home Loan Balance Transfer is one of the most preferred balance transfer facilities in India. Before applying for a home loan balance transfer with the Union Bank, home loan borrowers may use the Union Bank Home Loan Transfer EMI calculator to plan accordingly. The Union Bank Home Loan Balance Transfer EMI Calculator entails the following benefits to its house loan borrowers:

  • Helps pre-plan and balance one’s financial inflows and outflows without walking a tightrope.

  • Allows the existing home loan borrowers to leverage cheaper rates of interest and calculates the interest savings on home loan balance transfer to the Union Bank based on the borrower’s eligibility.

  • Provides a detailed repayment schedule with a clear demarcation between principal and interest amounts payable.

  • It is user-friendly and facilitates the borrower with options to play around with various permutations and combinations of interest rates, tenure and loan amount, thereby analyzing the best home loan amount available to the borrower.

  • It can be accessed online for free of cost and the accurate results are at your disposal within a matter of seconds.

  • Helps in calculating the EMIs and interest amount in case of any pre-payment.

Factors affecting Union Bank Home Loan Balance Transfer EMI

The Union Bank Home Loan Balance Transfer EMI depends on the following parameters:

Quantum of the Loan Amount

The loan amount required by a home loan balance transfer applicant at the Union Bank is decided based on his/her eligibility and the value of the property. While evaluating the applicant’s eligibility for a given home loan balance transfer amount, the lender looks at the applicant’s age, nature of the borrower’s occupation, CIBIL score, and if the income can sufficiently contribute to the home loan EMI and other day-to-day expenses. The Union Bank offers a home loan amount of up to Rs. 5 Crores based on the borrower’s eligibility.

Rate of Interest

The rate of interest offered under the Union Bank Home Loan Balance transfer decides the EMI amount. The higher the rate of interest, the higher shall be the home loan EMI amount. Fixed interest rates also entail higher EMIs; floating rates are usually preferred by the borrowers.

Tenure

It is the number of years the loan amount is to be repaid in EMIs by the borrower. The loan tenure can be decided by calculating the borrower’s age at the time of loan sanction and his/her retirement age. Higher the loan tenure, the lower shall be the EMI, subject to the rate of interest. The maximum tenure permissible under Union Bank Home Loan Balance Transfer is 30 years.

Conclusion

The Union Bank Home Loan transfer calculator is a smart digital calculator that gives an idea about the amount of interest savings possible for the existing home loan borrowers by transferring their home loan to the Union Bank. The low home loan balance transfer interest rates offered by the Union Bank come across as a boon to the existing home loan borrowers, and the EMI calculator comes in handy to plan one’s finances and boost their savings.

FAQs on UBI Home Loan Transfer EMI Calculator

  • ✔️How accurate is a Union Bank Home Loan transfer EMI calculator?

    The Union Bank Home Loan transfer EMI calculator provides 100 percent accurate EMI calculations within a few seconds.

  • ✔️How can I get a home loan from the Union Bank of India?

    You can now apply for a home loan online from Union Bank of India’s website by submitting the following documents along with the application:

    • KYC: Aadhaar (Compulsory) and PAN/Driving License/Passport as Identity proof and address proof

    • Bank statements of the recent 12-month period

    • Latest 3-month salary slips for salaried persons

    • Proof of Business certificate for self-employed persons

    • Property documents

    • Form 16/ITR forms

    • Credit information and 2 passport-sized photos

  • ✔️Will the Union Bank home loan EMI remain constant or change in future?

    The interest rates of home loans by any lender are subject to change as per RBI’s revision of interest rates. So, the Union Bank’s home loan EMI depends on the type of interest rate chosen by the borrower. Home loans with floating rates of interest are subject to variation in their EMIs whereas home loans EMIs remain the same for those with fixed rates of interest.

  • ✔️Why should I calculate the Union Bank of India loan EMI before transferring my loan?

    Checking the Union Bank of India home loan EMI before transferring your existing home loan helps you assess the interest savings and EMI on your home loan with the Union Bank over the EMI charged by your home loan current lender.

  • ✔️Why should I calculate my Union Bank home loan EMI in advance?

    Calculating your Union Bank Home Loan EMI in advance helps you plan your finances meticulously for the required home loan amount and the EMI you shall pay in the future.