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✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.25%

The Union Bank Home Loan Calculator can come in handy at a time when you want to know what your monthly home loan EMI obligations could look like. Additionally, you can also find out what kind of loan repayment tenure will suit your pocket by changing your repayment tenure length on the tool. All in all, the Union Bank Home Loan EMI calculator can help you manage your finances more efficiently. Read on to know more.

How does Union Bank Calculate Home Loan EMI

Apart from your credit history and score, Union Bank calculates your home loan EMI amount by considering factors such as the expected interest rate, principal amount, and repayment tenure. This information helps the bank arrive at the equated monthly instalment (EMI) amount that you must honour to repay your Union Bank home loan throughout your repayment tenure.

How to use Union Bank Home Loan EMI Calculator

To use the Union Bank home loan EMI calculator, you must determine the following variables first:

  • Principal amount

  • Expected interest rate

  • Preferred repayment tenure

Once you have ascertained the above-mentioned variables, all you must do is enter them in the correct boxes on the Union Bank home loan EMI calculator page. Once you do that, the algorithm-based tool will calculate your housing loan EMI obligation within seconds and flash a near-to-accurate EMI estimate on your screen.

Union Bank Home Loan EMI Calculation Methods

You can calculate your Union Bank Home Loan EMIs in three ways, using the manual formula, using Microsoft Excel, and using the Home Loan EMI calculator available on Bajaj MARKETS. Let us understand these methods in detail:

Union Bank Home Loan EMI Calculation Formula

If you want to manually calculate your Union Bank home loan EMI amount, you can use the following formula:

E = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

  • E stands for the EMI amount you will need to pay

  • P stands for the principal loan amount you want or have been approved for

  • N stands for your home loan repayment tenure (Expressed in months), and

  • R stands for the rate of interest applicable to you.

Calculate Union Bank Home Loan EMI With Microsoft Excel

You can calculate your monthly Union Bank home loan EMI outflow through Microsoft Excel if you enter the following function in one of the cells:

=PMT (RATE,NPER,PV,FV,TYPE)

where,

  • RATE stands for the applicable Union bank home loan interest rate

  • NPER is the total number of monthly EMIs

  • PV stands for the outstanding principal amount

  • FV is the future value or the cash balance post the last EMI payment. Note that this can be omitted and the value will be counted as zero.

  • Type is 0 or 1. This is an indicator of when the payment is due. If it is due at the end of the month, the type will be 0. If it is due at the start of the month, it will be 1.

Calculate Union Bank Home Loan EMI With Home Loan EMI Calculator

You can save yourself the time and energy you would have otherwise wasted on the above two methods simply by using the Housing Loan EMI calculator available on Bajaj MARKETS. It is a free online tool available on our portal that will ask you some basic information pertaining to your Union bank home loan.

All you must do is enter the principal amount, the preferable loan repayment tenure (in months), and the estimated interest rate on the borrowing. Within seconds, you will see your Union bank home loan EMI amount displayed on the screen.

Union Bank Home Loan EMI at Different Tenures

You can acquire a Union Bank home loan and and repay the same over 30 years. Your EMI obligations at different tenures and at 7% p.a. as your applicable interest rate will look as follows:

Principal Home Loan Amount

Interest Rate (Per Annum)

10-Year tenure

15-Year tenure

20-Year tenure

30-Year tenure

₹20 Lakhs

7%

₹23,222

₹17,977

₹15,506

₹13,306

30 lakh

7%

₹34,833

₹26,965

₹23,259

₹19,959

50 lakh

7%

₹58,054

₹44,941

₹38,765

₹33,265

75 lakh

7%

₹87,081

₹67,412

₹58,147

₹49,898

1 crore

7%

₹1,16,108

₹89,883

₹77,530

₹66,530

 

Factors affecting Union Bank Home Loan EMI

One’s home loan EMI can be estimated through a calculator that is based on their loan amount, loan tenure, and rate of interest per month. Hence, each of these factors (the amount borrowed, the duration it is borrowed for, and rate of interest applied) subsequently affects one’s home loan. Keep reading to understand what these factors are.

  • Loan Amount: The loan amount is the main amount that is requested by a borrower and given out by a lender. The higher the amount you apply for, the higher your EMI is likely to be. With the Union Bank of India, you get to choose from anywhere between a minimum home loan of ₹1,00,000 up to a loan amount of ₹5,00,00,000.

  • Interest Rate: The annual rates of interest are those that apply to your repayment amount by the Union Bank of India for your home loan. Keeping all other factors constant, a higher rate of interest will increase your housing loan EMI, thereby increasing the total cost of your loan. Currently, the Union Bank of India’s home loan interest rate starts at a modest 8.25%. Before you apply for home loan, ensure that you carry out market research to compare interest rates while also calculating your EMI online using the Union Bank home loan calculator.

  • Loan Tenure: The period within which you are meant to repay your home loan amount and interest applied to the lender through your EMIs is known as the loan tenure. Keeping all other factors constant, the longer your loan tenure, the lower your EMI will be. Your loan term can be determined based on your age at the time at which the loan was sanctioned in addition to your retirement age. Typically, the Union Bank of India tends to offer housing loans for a maximum tenure that goes up to 30 years.

Tips to Decide the Right Amount of EMI

Here are the few tips that will help you in taking decision about correct home loan EMI:

  • Estimate your loan amount: Before you approach a bank, create an account of your cash flow and thereby estimate the true amount you need to borrow. Now try to minimise this amount as much as possible. Ensure you limit your loan amount to the remaining funding needed after properly accounting for all available funding. Ensure you make use of the Union Bank of India Housing Loan EMI calculator so you can assess EMI costs for the lowest tenure of loans possible with the highest rate of interest.

  • Review your current obligations: Assess your ongoing monthly expenses which include other EMI obligations on your separate loans. This will help you to determine the amount of EMI you can pay each month comfortably since you have accounted for all other financial obligations. After you arrive at the EMI that you can comfortably service, also decide on the apt loan tenure.

  • Calculate your home loan eligibility: Your Union bank home loan eligibility is based on your current monthly income and is an assessment of your repayment capacity. Union Bank of India provides an LTV of up to 90% and expects the borrower to fund the remaining value of the property with their own money.

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Union Bank Home Loan EMI Calculator FAQs

✔️How does Union Bank home loan EMI calculator help with planning my home purchase?

The Union Bank home loan EMI calculator can help you decide the maximum amount you can apply for while staying in your monthly budget. The loan repayment tenure plays a crucial part in this. If the loan amount and repayment tenure disagrees with your monthly budget, you can always alter these variables until you arrive at a figure that suits your finances.

✔️How can part-prepayments impact my Union Bank home loan EMI amount?

If you make a part-prepayment of your Union Bank home loan, you can either get your EMI reduced or ask for a reduction in your repayment tenure. Not to mention that you will also save several lakhs of rupees that you would have otherwise paid as interest on your Union Bank home loan over the course of your repayment tenure.

✔️Can I get my Union Bank home loan EMI amount reduced?

Yes, you can get your Union Bank home loan EMI reduced by either opting for a longer loan repayment tenure, making a sizable downpayment on your home loan, or even going for a smaller home loan amount. Alternatively, if you have a CIBIL score of 750 or above, you can always leverage the same to negotiate interest rates with your lender.

✔️Why should I calculate my Union Bank of India home loan EMI in advance before taking a loan?

The main benefit of calculating your EMIs in advance is that you can assess whether these EMIs are payable, identify the amount that can afford to comfortably pay each month as EMI, discover the maximum loan amount you can be eligible for as well as the applicable rate for it.

✔️How to pay your Union Bank of India Home loan EMI?

You can pay through your savings account or debit/credit card.