Union Bank of India Home Loan
Union Bank of India is one of India's leading public sector banks, headquartered in Mumbai. Union Bank of India home loan starts with an interest rate of 8.70% per annum. The processing fee is 0.50% of the loan amount, subject to a maximum of Rs. 15,000 + GST. UBI offers home loans for the purchase of a new or old residential home, and the construction of a new home. Borrowers also prefer UBI bank home loans for the purchase of a non-agricultural plot, and solar power panels along with the purchase or construction of a home. Union Awas is a Union Bank home loan specially designed for borrowers residing in rural or semi-urban areas. Borrowers can get a loan amount of up to 90% of the property value as a UBI home loan.
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Union Bank of India Home Loans Key Highlights
Get the lowest interest rates with Union Bank of India
| Loan Amount | Up to 75 lakhs |
|---|---|
| Rate of Interest | Starts at 8.70% per annum |
| RPLR | 9.30% per annum |
| Processing Fee |
0.50% of the loan amount (Maximum up to Rs. 15,000 + GST) |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | Nil for the floater & for fixed 2% on the average outstanding balance of the preceding 12 months, in case the loan is taken over by some other bank |
| Rate Packages | Fixed/Floater |
| Charges for Prepayment/Foreclosure |
Union Bank Home Loan Interest Rates in 2024
UBI home loan interest rate starts at 8.70% per annum and may vary for different types of applicants (salaried or non-salaried) and the type of home loan scheme chosen. The interest rate of the Union Bank home loan is also largely impacted by the CIBIL score of the applicant. The table below enlists the Union Bank of India home loan interest rate 2023 for salaried applicants applying for home loans up to Rs. 30 lakhs:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Less than 600 (Male) | 10.70% |
| Less than 600 (Female) | 10.70% |
| 600 - 649 (Male) | 10.15% |
| 600 - 649 (Female) | 10.15% |
| 650 – 699 (Male) | 9.55% |
| 650 – 699 (Female) | 9.5% |
| 700 - 749 (Male) | 9.45% |
| 700 - 749 (Female) | 9.40% |
| 750 – 774 (Male) | 8.85% |
| 750 – 774 (Female) | 8.85% |
| 775 and more (Male) | 8.70% |
| 775 and more (Female) | 8.70% |
Interest rates were last updated on 23rd August 2023
Union Bank of India Home Loan Eligibility Criteria
It is essential to check the Union Bank home loan eligibility before applying for a home loan. There are several factors that the bank takes into consideration before lending you money for the purchase or construction of a house, like age, income, nationality, and repayment capability. The table below lists the criteria for home loan eligibility Union Bank of India:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 – 70 years | 21 – 70 years |
| Nationality | Indian Resident/ NRI | Indian Resident/ NRI |
| Minimum Income Earned |
Union Bank Home Loan Processing Fee and Charges
Every day thousands of applicants apply for Union Bank of India home loans, and to process each application, the bank charges a processing fee. Besides the processing fee, UBI has some other charges too levied upon you, and you must be aware of them all. The table below enlists the updated Union Bank of India home loan processing fee and charges:
| Processing Fee | 0.50% of the loan amount (Maximum up to Rs. 15,000 + GST) |
|---|---|
| Charges of Cheque Bounce | Rs. 250 + GST |
| Charges for Supplying Copy of Documents | Rs. 500 per set |
| Stamp Duty/ Valuation/ Legal/ CERSAI | As per actual |
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Union Bank Home Loan Schemes and Top Plans
Union Bank of India offers a plethora of home loan schemes for those living in urban, semi-urban, metro, and state capitals. Listed below are the top UBI home loan schemes that have gained popularity among borrowers:
1. Union Home Loan
- Easy and multiple ways for loan repayment
- Available for single as well as joint applicants
- Available for NRIs who wish to purchase a property in India
- Maximum loan amount of up to Rs. 30 lakhs for home renovation or repair
- Maximum loan repayment tenure of up to 30 years (purchase/ construction) and 15 years (renovation/ repair)
2. Union Awas Loan
- Designed for people living in rural (up to Rs. 7 lakhs) and semi-urban (up to Rs. 10 lakhs) areas
- Offers 10% of the total purchase or construction cost
- Offers 20% of the total cost for renovation or repair of a home
- Customizable for applicants with a minimum income of Rs. 48,000 per annum
3. Union Smart Save Loan
- Easy home loan overdraft facility for applicants to deposit their surplus money
- Reduces the interest cost for the borrowers by maintaining the balance by deductions from the outstanding home loan amount
- Easy fund withdrawal is available as per the need of the borrower
- Lower interest rates on the loan amount
4. Union Ashiyana Personal Loan
- Best top-up home loan facility for existing and new home loan applicants
- Maximum loan amount of up to Rs. 15 lakhs
- Maximum loan repayment tenure of up to 7 years
5. Union Ashiyana Overdraft Loan
- Designed especially for existing and new home loan applicants to meet their financial needs with an easy home loan overdraft facility
- Important to close the overdraft account with this home loan account from UBI
- Maximum loan amount of up to Rs. 20 lakhs
- Maximum loan repayment tenure is up to 65 years for non-salaried applicants and up to the retirement age for salaried applicants
6. Union Bank of India Pradhan Mantri Awas Yojana (PMAY)
- Assists urban poor people to purchase a home under the PMAY scheme
- Available only to beneficiaries or family members who do not own a pucca house under their name anywhere in the country
- Home loans offered for purchase, construction, and renovation of a property
- Home loans under the PMAY scheme come with an interest subsidy of up to 6.5%, subject to change as per the category of the beneficiary
- Moratorium period of up to 36 months (Not applicable for purchase of a completed home)
7. Union Plot Purchase Loan
- Ideal for borrowers interested in buying residential plots from State or Government bodies
- Minimum loan amount is Rs. 50 lakhs for Tier 1, including metros, cities, urban areas, and state capitals
- Maximum loan amount of up to Rs. 10 crores for (state capitals/ metro) and Rs. 5 crores for (urban areas/ cities)
- Maximum loan repayment tenure for borrowers taking loans for construction is up to 30 years or 70 years of the borrower’s age
- Maximum loan repayment tenure for borrowers taking loans not for construction is up to 10 years or 70 years of the borrower’s age
Note: All of the above home loan plans are made available to applicants solely at the discretion of Union Bank of India, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for Union Bank of India Home Loan
It is mandatory to submit a set of documents to apply for a home loan from any bank or NBFC. Have a look at the Union Bank of India home loan documents required list and arrange for the same before applying for a UBI home loan:
Documents Required for Salaried Applicants
- Salary Slip for the last 3 months
- Bank Statements for the last 6 months
- ITR for the last 2 years
- Duly filled application form
- 3 Passport-size photographs
- Processing fee in favour of the UBI
Documents Required for Self-Employed Applicants
- Profit and Loss Account Statement for the last 2 years
- ITR for the last 3 years or proof of any other income
- Bank Statements for the last 6 months
- Duly filled application form
- 3 Passport-size photographs
- Processing fee in favour of the UBI
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
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Find Union Bank of India Home Loan Offices Near You
If you are planning to visit one of the offices of Union Bank of India Home Loan near you to understand the Union Bank of India Home Loan Offer in details and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Union Bank of India is currently offering home loans starting at an interest rate of 8.70% per annum. However, make sure to check the same from the bank’s official website, as it is subject to change for different types of applicants.
To apply for a Union Bank home loan, make sure to arrange for the following set of documents:
- Proof of identity (PAN/ AADHAR/ Voter ID/ Birth Certificate)
- Proof of address (AADHAR/ Voter ID/ Utility Bill)
- Proof of income (latest salary slips/ bank statements/ ITR Form 16)
- Property papers
- Passport-size photographs
- Proof of any other outgoing loan
Union Bank of India home loans under the PMAY scheme come with an interest subsidy of up to 6.5%, which is subject to change as per the category of the beneficiary.
The Credit Information Bureau Score or the CIBIL Score is one of the main criteria to avail of a home loan from UBI. The minimum CIBIL score for a Union Bank home loan is 600, but one can also get a home loan with a credit score below 600.
Yes, you may choose to get two home loans from Union Bank of India, but only if you have that much-repaying capacity.
A borrower can fetch a Union Bank home loan of up to Rs. 75 lakhs for purchasing or constructing a new home after meeting some eligibility criteria.
The moratorium period in a home loan is the period during the loan tenure when the borrower is not required to repay the loan. The moratorium period for Union Bank of India home loans is up to 3 years for the purchase or construction of a new home. It is up to 1 year for home loans taken for renovation or repair of an existing property.
Having a co-applicant while applying for home loans from the Union Bank of India is not at all mandatory. Home loans can be easily availed from Union Bank of India on a single or joint basis.
Yes, Union Bank of India offers a 0.05% concession on the home loan interest rates for female applicants or co-applicants.