The Union Bank of India Home Loan is a financial instrument that can help you purchase, construct, or renovate a home. Union Bank of India provides various types of home loans at competitive interest rates with flexible repayment options.
You can use the loan amount for various purposes, such as buying a new property, renovating an existing property, or transferring an existing home loan from another bank.
Furthermore, you can get a loan of up to ₹15 Cr at attractive interest rates from 8.50% onwards.
Continue reading to understand more about Union Bank of India Home Loan eligibility and other essential Union Bank home loan details.
Interest Rate |
8.50% p.a. onwards |
Loan Amount |
Up to ₹15 Crores |
Processing Fees |
0.50% of the loan amount or ₹15,000 + 18% GST (Whichever is higher). |
Prepayment/Foreclosure Charges |
Nil for floating interest rates |
Maximum Repayment Tenure |
Up to 30 years |
Types Available |
Fixed and floating interest rates |
Disclaimer: Above-mentioned rates and charges are subject to change at the lender’s discretion.
Check the current interest rates for home loans in 2023
The following table compares Union Bank housing loan interest rates with other partners of Bajaj Markets.
Name of the Financial Institution |
Interest Rates (% p.a.) |
8.50% onwards |
|
9.50% onwards |
|
9.00% onwards |
|
10.50% onwards |
|
9.00% onwards |
|
8.65% onwards |
|
8.50% onwards |
|
10.90% onwards |
|
11.50% onwards |
Disclaimer: The Union Bank of India housing loan interest rate and any rates of any other lenders are subject to change at the lender’s discretion.
Get a loan of up to 75%-90% of the property value when you apply for a Union Bank home loan online/offline.
Knowing these Union Bank of India Home Loan details can help you avail one without much hassle. All you have to do is check if you meet the required Union Bank housing loan eligibility and then submit the necessary documents for a Union Bank of India Home Loan. That’s all, and you can get the amount credited to your bank account quickly once approved.
To apply for a Union Bank home loan online on Bajaj Markets, follow the steps mentioned below:
Click on the ‘Apply Now’ tab in the ‘Home Loan’ section
Fill in your personal, income details and check for a loan offer
Select Union Bank from the list of partners
Find out the home loan amount you can avail
Fill in your required home loan amount & details of the property
Check out your loan details, along with the Union Bank of India Home Loan processing fee, charges and net disbursal amount
Once you have completed these steps, a loan expert will connect with you to process your application further. Check current home loan interest rates at Union Bank of India before applying.
If you are a male, your wife, father, mother, son, daughter-in-law, or unmarried daughter can be co-applicants. Also, if the property is owned jointly, your brother, unmarried sister, grandchildren from son, and grandparents can be co-applicants.
Your father or mother can be your co-applicant if you are an unmarried female. However, if you are married, your co-applicants can be your husband, son, daughter-in-law, unmarried daughter, father-in-law, or mother-in-law.
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. However, note that the housing loan interest rate at Union Bank of India can vary depending on the tenure and the borrowed amount.
Union Bank of India offers a 0.05% concession on home loan interest rates for women borrowers.
The moratorium period for the Union Bank of India Home Loan is up to 36 months if you are constructing or purchasing a house. However, if you are availing a home loan for renovation or repair, there is a moratorium period of 12 months.
There is a maximum repayment period of up to 30 years to repay your loan at affordable housing loan interest rates in Union Bank of India.
As mentioned earlier, you must meet the required eligibility criteria and submit the relevant documentation, when you avail a home loan from Union Bank of India.
It is not mandatory to have a co-applicant for Union Bank Home Loans. However, having a co-applicant with a good credit score and a regular source of income can increase the chances of loan approval and help avail a higher loan amount.
Yes, you can claim tax benefits under Section 80C and Section 24B of the Income Tax Act on the principal repayment and interest payments on the home loan.
The current home loan interest rate of the Union Bank of India starts at 8.50% p.a. You can get the lowest rate as per your employment profile by meeting the eligibility criteria and maintaining a good credit history.