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✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50%

Union Bank Home Loan Details

Interest Rate

8.60% p.a. onwards

Loan Amount

Up to ₹15 Cr

Processing Fees

0.50% of the loan amount or ₹15,000 + GST (Whichever is higher).

Prepayment/Foreclosure Charges

Nil

Max Repayment tenure

Up to 30 years

Types Available

Fixed and Floating Interest Rate

 

Union Bank of India Home Loan Interest Rate 2023

Particulars

Interest Rate

Salaried Applicants

8.60% p.a. onwards

Self-Employed Applicants

8.60% p.a. onwards

 

Check Current Interest Rate for Home Loan 2023

Compare Union Bank Home Loan Interest Rates vs Other Lenders

Name of Lender

Applicable

Interest

Rates (% p.a.)

 

Up to ₹30 Lakhs

Between ₹30- ₹75 Lakhs

Above ₹75 Lakhs

Union Bank of India

8.60 – 9.20

8.60 – 9.30

8.60 – 9.30

PNB Housing Finance

8.75-13.00

8.75-13.00

8.85-12.20

State Bank of India

8.40-9.15

8.40-9.05

8.40-9.05

HDFC

8.20-10.00

8.20-10.25

8.20-10.35

ICICI Bank

8.40-9.50

8.40-9.50

8.40-9.50

Punjab National Bank

8.60-9.35

8.55-9.25

8.55-9.25

LIC Housing Finance

8.30-10.00

8.30-10.20

8.30-10.40

 

Disclaimers: The current interest rates are subject to change per the lender’s rules and regulations.

Union Bank Home Loan EMI 

There are many ways to calculate your Union Bank Home Loan EMI (Equated Monthly Instalment), one of which is to do it manually using the formula given below:

UBI Home Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

  • EMI is Equated Monthly Instalment

  • P is the principal amount

  • R is the monthly rate of interest

  • N will be the loan repayment tenure (in months)

This process is not easy and will require you to convert values to ensure accuracy. If you are unaware of how to convert these values or follow through with the calculation accurately, you could end up with inaccurate results. These can affect your borrowing decisions. 

An easy way to avoid any errors pertaining to your Union Bank Housing Loan EMIs is to use the Home Loan EMI Calculator tool on Bajaj Markets. This is a free digital tool that computes your EMI amount accurately within seconds. Best of all, you can use as many times as needed to find the best terms for you. 

 

Here are the steps to use the Union Bank Home Loan Calculator on Bajaj Markets.

  • Step 1: Click on the ‘EMI Calculator’ tab on the Union Bank Home Loan webpage
  • Step 2: Enter the values for your home loan amount, tenure, and the rate of interest
  • Step 3: Check the monthly EMI amount displayed and other loan specifics

In three simple steps, you can know your EMI amount and the total interest payable. Do note that you can also scroll down and view the amortisation schedule for the entire tenure. Here, you will find a year-by-year breakup of the loan, your payments, and the balance. 

Union Bank Home Loan Eligibility Criteria

Given below is the comprehensive list of UBI Home Loan Eligibility Criteria:

  • You must be an Indian Citizen who may be employed/self-employed or engaged in agriculture & similar activities, having a regular source of income

  • You must be at least 18 years of age to avail the loan, and maximum 75 years of age at loan exit. 

  • Resident Indian Citizens and Non-resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizenship of India (OCI) are to be treated as NRI.

Use the Home Loan Eligibility Criteria calculator to get a better idea of your eligibility and whether or not you qualify for the quantum of funding you need. You can also note the various other factors about the eligibility criteria.

Documents Required for Union Bank Housing Loan

  • Bank statements for last 6 months

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

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

  • Property Documents: Title deed, Original Sale Deed/Share Certificate(s) issued by the society (duly registered) and other parent documents conveying the ownership, Agreement to sell/Allotment letter, Copy of approved plan by the 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

  • Two passport-size photographs

UBI Home Loan Schemes

Union Home Loans: You can easily avail these straightforward home purchase loans. Apply for a Union home loan jointly or with co-applicants. If you are an NRI, you can also avail a Union home loan as long as you purchase a property in India with the loan.

  • Union Awas: If you earn around ₹48,000 per year, the Union Awas home loan is perfect for you. This is a multipurpose home loan that you can only avail of up to ₹10 Lakhs.
  • Union Smart Save Home Loans: These home loans allow you to pay over and above your EMIs. In addition, they also provide you with the option of withdrawing this deposited amount when the need arises. As you deposit additional funds, your outstanding principal and payable interest decrease.
  • Union Roof Top Solar Scheme (URTS): This is a pan-India home loan offered to you if you plan to install a roof top solar grid. This is provided for units used for residential purposes only, and can only be availed if you own your home and have no other active loans on it. 

Union Bank Housing Loan Features & Benefits

  • Loan Amount: There is no upper limit on the quantum offered and you can get the funds you need to the purchase or construction of your dream home

  • Flexible Repayment Tenure: The repayment tenure ranging between 12-360 months, is flexible enough for you to pay your EMIs without financial burden.

  • Attractive Interest Rates: The UBI Home Loan Interest Rates start at 8.60% p.a., thus being very pocket-friendly.

  • Balance Transfer Options: You can also transfer your Home Loan balance at a low rate of interest through the facility of balance transfer.

  • Property Value: Get a loan up to 75%-90% of the property value.

  • Loans for Varied Purposes: You can avail a home loan to purchase a new or old house or a flat for residential purposes, construct a residential unit, extend, repair or renovate an existing house.

Why Choose Bajaj Markets for UBI Home Loan

  • Fast Online Process: Get an online home loan with easy approval and disbursal process.

  • Minimal Documentation: Get the best home loan offers hassle-free, without tedious paperwork.

  • Transparency Guaranteed: No hidden charges, no uncertain policies, and 100% transparency; these are the perks you enjoy when you avail the UBI Home Loan.

  • Tailor-made Loans: Finance your dream home with easy home loans designed to meet your specific requirements.

  • Trusted Companion: Customers across the country have sought financial solutions from Bajaj Markets. 

UBI Home Loan Customer Care

You can contact Union Bank of India regarding home loan queries or grievances through its customer care number - 1800 22 2244.

Union Bank Home Loan FAQs

✔️How can I get a Home Loan from Union Bank of India?

You can apply for a UBI Home Loan at Bajaj Markets and get a loan of up to ₹15 Cr with minimal documentation and instant approval.

✔️What is the interest rate of a Union Bank Housing Loan?

The Union Bank of India Home Loan interest rate starts at 8.60% p.a. for salaried and self-employed applicants.

✔️Who can be a co-applicant for my Union Bank of India Home Loan?

  • Here is the detailed list of co-applicants as per the conditions: 
  • If the applicant is a male, co-applicants can be a wife, father, mother, son, daughter-in-law, or unmarried daughter

  • If the property is in the joint name, co-applicants can be a brother, unmarried sister, grandchildren from son, grandparents 

  • If the applicant is an unmarried female, then her father or mother can be her co-applicant

  • If the applicant is a married female applicant, then her co-applicants can be husband, son, daughter-in-law, unmarried daughter, father-in-law, mother-in-law

✔️Does UBI Provide 90% Home Loan?

Yes. If you plan to get a loan for your home, Union Bank of India can offer up to 90% of the total property cost for a maximum tenure of 30 years.

✔️What are the special concessions on the home loan interest rates offered by Union Bank for women borrowers?

Union Bank of India offers a 0.05% concession on home loan interest rates for women borrowers.

✔️What is the moratorium period for Union Home Loans?

The moratorium period for the Union Bank of India Home Loan is up to 36 months if you are constructing or purchasing a house. If you are availing a home loan for renovation or repair, there is a moratorium period of 12 months.

✔️What is the repayment period of the Union Bank of India Home Loan?

There is a maximum repayment period of up to 30 years to repay your loan.

✔️Is there an option to choose between floating and fixed home loan interest rates?

Yes, Union Bank of India offers both floating and fixed interest rates. However, fixed interest rates are comparatively higher than floating rates.