Union Bank Home Loan Interest Rate @ 7.40%

With Union Bank, you can get a home loan of up to ₹5 Crores starting at an interest rate of just 7.40% per annum. However, you must remember that the final interest rate will depend on factors like your status of employment, repayment history, credit score and your overall creditworthiness. On top of that, a nominal processing fee will be charged to you as well.

Union Bank Home Loan Processing Fees and Charges

The charges associated with a Union Bank home loan in addition to the interest rate are:

^{Disclaimer: The charges mentioned above are subject to constant change. You must always inquire about the latest applicable rates before applying for a Union Bank home loan.}

Example of Union Bank Home Loan Interest Rate

For example, you have borrowed ₹5,00,000 as a housing loan from Union Bank at an interest rate of 8.60% p.a and your loan repayment tenor is 5 years. On the other hand, your colleague has secured the same amount, but his interest rate is 6.90% p.a. and his repayment tenor is 30 years. We will now take a look at what your EMI outflow and that of your friend will look like as per your respective repayment terms. Additionally, you will also get to see the total amount both of you will repay over your respective repayment periods

Union Bank Loan Scheme Interest Rates

Union Bank has multiple home loan schemes available for people from all walks of life. The interest rate that each one of them attracts are as follows:

Union Bank Home Loan Interest Rates for Salaried and Self-Employed Individuals

The Union Bank home loan interest rates applicable to salaried and self-employed people are:

Union Bank Home Loan Interest Rates for Government Employees and Women

The applicable Union Bank home loan interest rates are as follows:

Union Bank Home Loan Balance Transfer Interest Rates

Balance transfer facilities permit you to pay off the remainder of your housing loan to a different lender. You should consider making a switch like that to enjoy lower interest rates at which the other lender is letting you repay your outstanding housing home loan balance. But, before you actually make the switch, take the applicable processing fees and foreclosing charges (if any) into account. As of now, the Union Bank home loan balance transfer interest rate is within the range of 6.50% p.a.- 8.20% p.a.

Compare Union Bank Home Loan Interest Rates with Top Banks

The interest rates at which other leading lending institutions are providing home loans are as follows:

Factors that Affect Union Bank Home Loan Interest Rates

Some variables that could affect your Union Bank loan interest rate are:

• Your CIBIL Score: Your CIBIL score is an indicator of your loan repayment capability. If your CIBIL score is 750 or above that, you can get a Union Bank loan at a favourable interest rate. If your CIBIL score is below 750, it is possible that you may still be able to get a home loan online from Union Bank, but you will do so at a higher interest rate.

• Your Monthly Income: The amount of money that you make on a monthly basis will determine your ability to repay your Union Bank home loan. The higher your monthly inflow of cash is, the lower your Union Bank home loan interest rate can be and vice-versa.

• Your Loan Amount: If you take a high loan amount, you may get to repay it at a higher house loan interest rate. The opposite may be true if your Union Bank home loan amount is low.

• Down Payment: If you have paid a large sum of money upfront as down payment, you may get a Union Bank home loan at a low interest rate.