Union Bank of India Home Loan EMI Calculator
Union Bank of India is India's popular public sector bank, offering a complete range of financial services to eligible candidates. If you are keen to apply for a Union Bank of India Home Loan, then take no stress to manually calculate your estimated home loan EMI. Simply use the online Union Bank of India EMI calculator available at the bank's official website. Borrowers can use the online Union Bank of India Home Loan EMI Calculator to get an estimate of monthly EMI for any loan amount, tenure, and interest rate combination that too multiple times absolutely free of cost. Continue to know all about the Union Bank of India home loan calculator.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate Union Bank of India Bank Home Loan EMI?
One crucial aspect of the journey called a home loan is paying the monthly installments to repay the loan, also known as the EMIs. This tricky task of calculating the home loan EMI has been simplified as borrowers can now access the Union Bank of India EMI calculator to plan their monthly expenses better. Borrowers can calculate home loan EMI using a simple formula, entering details like the principal loan amount, the number of repayment installments, and the home loan interest rate.
Union Bank of India Home Loan EMI Calculator Formula
The Union Bank of India home loan EMI calculator online has emerged as a useful tool providing users with quick and precise insights into their monthly repayment obligations. Behind the seamless functionality of this calculator lies the simple Union Bank of India home loan calculation formula, which is elaborated below:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
In the above formula:
P stands for the Principal Amount
R stands for the Rate of Interest
N stands for the Number of Monthly Repayment Installments
Factors Affecting Union Bank of India Home Loan EMI
Whether you know or not, as a prospective home loan borrower, you must be aware of the key factors that may play a crucial role in determining the Equated Monthly Installment (EMI). Hence, we advise you to read on to understand the main Union Bank of India Bank home loan criteria that might impact your overall home loan EMI:
Rate of Interest: Let us talk about the main things first! A home loan EMI is closely related to the interest rate at which the home loan is taken. The higher the interest rate, the higher would be its EMI.
Loan Amount: The second main loan component to affect your monthly repayment EMI is the loan amount or the principal amount. The higher the amount you take as a loan from a lender, the higher the repayment you will be expected to pay in the form of a monthly EMI.
Loan Duration: Also known as the loan tenure, the duration for which the loan is taken from the bank has a direct effect on the monthly EMI. Generally, borrowers choose longer tenure to pay lower EMIs, but it comes with a con of paying more as overall interest builds up for the longer tenure and vice versa.
Benefits of Using the Union Bank of India Home Loan EMI Calculator
There are not one but several reasons why home loan borrowers these days prefer using the online EMI calculator tool rather than calculating the EMI payment themselves. Proceed further to know all about these benefits of the Union Bank of India home loan EMI calculator:
Quick and Accurate: Calculating the home loan EMI through the online calculator is quick as well as accurate. It forgoes the scope of errors possible in manual calculations and gives out results within seconds. If you are not convinced, try using the online EMI calculator available at the official website of the BASIC Home Loan: EMI and see for yourself.
Convenient and Free: Users can use the online EMI calculator anytime from anywhere and for as many times as they wish to for different loan amounts, rates of interest, and tenures. The best thing is that it is completely free to use.
Helps in Financial Planning: Not to forget the ultimate benefit of using the online EMI calculator is that it helps in financial planning for the month. It allows borrowers to assess whether the proposed loan fits within their monthly budget or not.
Union Bank of India Home Loan Interest Calculator Formula
Just like you learned about the EMI calculation formula, you will now learn about the formula used by the Union Bank of India housing loan interest rate calculator. The Union Bank of India home loan interest rate calculator formula again uses the same three loan components: principal loan amount, rate of interest, and loan tenure. Have a look to understand it better:
Total Interest = (P X R X T) / 100
In the above formula:
P stands for Principal Amount
R stands for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments
Union Bank of India Home Loan Eligibility Criteria
You are happy with the interest rate and other features of a home loan from UBI, but are you eligible for the same or not? How to find out that? For this, we suggest you use the online Union Bank of India home loan eligibility calculator. All you need to do is enter details like your age, income, employment status, credit score, and nationality to use the online UnionBank home loan eligibility calculator.
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Comparison of Union Bank of India Home Loan EMI with other Popular Banks
You are already going in the right direction by choosing Union Bank of India for a home loan. We just want to boost your confidence by showing you a comparison of the Union Bank of India EMI with 5 other competitor banks and NBFCs for a 10-year tenure through this table:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| Union Bank of India | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
| LIC | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| Kotak Mahindra Bank | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,7012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
| Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
| ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
| YES Bank | 9.40% p.a. onwards | Rs. 12,885 | Rs. 25,770 | Rs. 38,655 | Rs. 51,540 | Rs. 64,425 |
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Union Bank of India Home Loan Amortization Schedule
Whether new or an existing home loan borrower, you are strongly advised to use the Union Bank of India Home Loan Amortisation Schedule. It is a useful table that gives a complete breakdown of the interest paid and other components of the EMI on a home loan. Borrowers can use the amortization schedule to make their monthly budget with a home loan EMI.
Steps to Calculate Union Bank of India Home Loan Amortized Interest
Step 1: Divide your Union Bank of India home loan interest rate by the total number of EMIs you will make in a year. For instance, 8.40% p.a. and you make monthly payments, then you would divide 8.40% by 12 = 0.007
Step 2: Multiply the number you got in Step 1 with your outstanding loan, and you will get the monthly interest payable. For instance, if your loan balance is Rs. 4,000,000, your first month's interest would be 4,000,000 x 0.007 = Rs. 28,000
Step 3: Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 53,839, you will pay Rs. 39,155 - Rs. 28,000 = Rs. 11,155 as the principal amount, and this amount will be deducted from your outstanding loan to calculate the outstanding for the subsequent month
Step 4: Continue repeating these steps to calculate the interest, principal, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 139,135.78 | 330,724.22 | Rs. 4,000,000.00 | Rs. 469,860 |
| 1st Month | Rs. 11,155.00 | Rs. 28,000.00 | Rs. 4,000,000.00 | Rs. 39,155 |
| 2nd Month | Rs. 11,233.09 | Rs. 27,921.92 | Rs. 3,988,845.00 | Rs. 39,155 |
| 3rd Month | Rs. 11,311.72 | Rs. 27,843.28 | Rs. 3,977,611.92 | Rs. 39,155 |
| 4th Month | Rs. 11,390.90 | Rs. 27,764.10 | Rs. 3,966,300.20 | Rs. 39,155 |
| 5th Month | Rs. 11,470.63 | Rs. 27,684.37 | Rs. 3,954,909.30 | Rs. 39,155 |
| 6th Month | Rs. 11,550.93 | Rs. 27,604.07 | Rs. 3,943,438.66 | Rs. 39,155 |
| 7th Month | Rs. 11,631.79 | Rs. 27,523.21 | Rs. 3,931,887.74 | Rs. 39,155 |
| 8th Month | Rs. 11,713.21 | Rs. 27,441.79 | Rs. 3,920,255.95 | Rs. 39,155 |
| 9th Month | Rs. 11,795.20 | Rs. 27,359.80 | Rs. 3,908,542.74 | Rs. 39,155 |
| 10th Month | Rs. 11,877.77 | Rs. 27,277.23 | Rs. 3,896,747.54 | Rs. 39,155 |
| 11th Month | Rs. 11,960.91 | Rs. 27,194.09 | Rs. 3,884,869.77 | Rs. 39,155 |
| 12th Month | Rs. 12,044.64 | Rs. 27,110.36 | Rs. 3,872,908.86 | Rs. 39,155 |
FAQs
The maximum tenure on the Union Bank of India EMI calculator is up to 30 years.
The key details required to enter for using the Union Bank of India EMI calculator are the interest rate at which the loan is taken or is to be taken, the repayment tenure, and the principal loan amount.
Yes, you can apply online for a Union Bank of India home loan after using the EMI calculator on the bank's official website or through the BASIChomeloan website.
Yes, users can easily check for different loan amounts in the Union Bank of India home loan EMI calculator.
As such, there is no starting interest rate value on the Union Bank of India EMI calculator. The bank, however, offers easy home loans starting at 8.40% per annum.
The maximum tenure provided by Union Bank Home Loan for EMI payments is 30 years.
Calculating the home loan EMI before taking a loan helps properly plan the monthly budget. It helps the borrower estimate the monthly expense he/ she is expected to pay for the home loan repayment, which helps assess the overall affordability of the home loan.