Union Bank of India offers prospective homebuyers loans at competitive interest rates starting from 8.20% p.a. Longer tenures of up to 30 years coupled with EMIs as low as Rs.783 per lakh ensures a flexible repayment period. You can also get up to Rs.30 lakh as loan for home repairs.
The loans attract a processing fee of 0.50% of the loan amount plus GST, subject to a minimum of Rs.5,000 and a maximum of Rs.15,000 plus GST. The bank also offers a full waiver of prepayment penalty on floating rate loans. You also get a repayment holiday of up to 3 years.
Union Bank of India Home Loan Schemes
- Union Home
- Available for single and joint application, even with siblings
- Several convenient ways to make repayments
- Also available for NRIs to purchase property in India
- Union Home – Special Scheme for BSNL Employees
- Exclusively for permanent employees of BSNL and employees permanently deputed to BSNL from the Department of Telecom (DoT)
- Full waiver of processing fee
- Benefits also available for balance transfer of housing loan from another bank
- Union Awas
- Customised for individuals with a minimum income of Rs.48,000 per year
- Specially for purchase of houses with a maximum cost of Rs.7 lakh
- Can be availed for purchase/construction of a house, repairs/improvements/extension of an existing property or purchase of plot from government agencies.
- Union Smart Save
- Allows borrowers to deposit additional funds with the regular EMIs
- Savings on interest payments in case of additional deposits
- Opportunity to withdraw the excess funds later for personal requirements
Use Creditupchar Union Bank of India Home Loan EMI Calculator to Know Your EMI
Knowing the Equated Monthly Instalments (EMIs) payable on your loan is of utmost importance when it comes to getting a housing loan. Creditupchar Union Bank of India Home Loan EMI Calculator is one such online tool that will help you get an idea of the EMIs you need to pay to the bank during the tenure.
This automated tool takes into account basic parameters such as the principal, rate of interest, loan tenure and the processing fee to calculate the EMI you will have to make against a loan.
The EMI calculator also provides a break-up of the total amount payable during the entire tenure and an amortisation schedule illustrating your repayments on a monthly and an annual basis.
Union Bank of India Home Loan Eligibility Criteria
Document Required for All Home Loan Applicants Under UNION Bank
Union Bank of India Pradhan Mantri Awas Yojana
Union Bank of India provides central assistance to the urban poor including slum dwellers to buy a house under the Pradhan Mantri Awas Yojana. The scheme can be availed by eligible beneficiaries looking to:
- Purchase/construct a new house
- Purchase a residential plot for construction
- Extend/renovated an existing property
In order to be eligible for benefits under PMAY, the applicant must be a resident Indian citizen of at least 21 years of age and belong to one of the following categories:
- Economically Weaker Section (EWS)
- Low-Income Group (LIG)
- Middle Income Group – I (MIG – I)
- Middle Income Group – II (MIG – II)
Furthermore, the beneficiary or any of the beneficiary’s family should not own a pucca house under their name in any part of the country.
Housing loans availed under the PMAY scheme are eligible for an interest subsidy up to 6.50% depending on the category the beneficiary belongs to.
Union Bank of India also offers a moratorium period of up to 36 months for MIG - I/MIG - II categories and up to 18 months for beneficiaries in the EWS/LIG category. However, the moratorium period is not applicable to loans availed for the purchase of a completed house/flat.
Union Bank of India Home Loan FAQs
- Who can be a co-applicant for my housing loan?
Any immediate family member – your parents, spouse, earning children, or siblings – is permitted to be a co-applicant for a loan. Adding a co-applicant will increase your loan eligibility as the income of the co-applicants will also be considered while determining the eligible loan amount.
- Can I apply for Union Bank of India Home Loan online?
Yes, you can apply online through the Union Bank of India website.
- an I make prepayments towards my loan? What are the charges?
Yes, you can choose to prepay your loan. The bank offers a full waiver of prepayment charges if the loan is being prepaid through personal sources or through balance transfer to another bank.
- What is the moratorium period?
Moratorium period is defined as the period during the tenure when you will not be required to make kind of repayment towards your loan. You will have to make repayments in the form of EMIs only after the completion of the moratorium period. It is also known as repayment holiday.
- What is an amortisation schedule?
An amortisation schedule is a table that depicts the repayments to be made during the loan tenure. The table also illustrates the contribution of your EMI towards the interest and principal components of the loan.