Union Bank of India Home Loan Interest Rate
Counted as one of India's leading public sector banks, the Union Bank of India offers hassle-free home loans at affordable interest rates. The Union Bank of India home loan interest rate starts at 8.40% per annum. The bank charges a processing fee of up to 0.50% of the loan amount, which is subject to a maximum of up to Rs. 15,000 + GST on all home loan applications. Both salaried and self-employed borrowers can enjoy low Union Bank of India housing loan interest rates on popular schemes like Union Awas, Union Smart Save, Union Ashiyana and Union Plot Purchase loans. The Union Bank of India home loan interest rate is largely impacted by the CIBIL score of the borrower, and the maximum loan repayment tenure offered is up to 30 years.
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Union Bank of India Home Loan Key Highlights
| Amount of Loan | Up to 90% of the property cost |
|---|---|
| Rate of Interest | 8.40% p.a. onwards |
| Processing Fees |
Up to 0.50% of the loan amount (Maximum up to Rs. 15,000 + GST) |
| Max Tenure for Loan Repayment | 30 years |
Union Bank of India Home Loan Interest Rates in 2024
The Union Bank of India offers a competitive interest rate on its home loan products, starting at 8.40% per annum. The maximum tenure for loan repayment for a Union Bank Home Loan is up to 30 years. The tables given below enlist the Union Bank of India home loan interest rate 2023 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Applicants with a CIBIL score of 750 or higher | 8.40% p.a. |
| Other Applicants | 9.35% - 10.75% p.a. |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Retail Prime Lending Rate: 9.30%
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | Policy Repo Rate (6.50%) + Spread (2.80%) = 9.30% |
Union Awas Housing Loan Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.40% p.a. onwards |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers (Outstanding Home Loan + Top-Up Loan) | 8.40% p.a. onwards |
Interest rates were last updated on 20th November 2023
Union Bank of India Home Loan Interest Rates for All Schemes in India
The Union Bank of India is one of the best public sector banks in the country, offering a whole range of housing loan schemes. The bank understands the varied needs of different customers and therefore offers home loans to buy a home, construct or renovate a home, balance transfer and top-ups. The table below enlists some of the key home plans offered by the bank and the standard rate of interest offered on each.
| Rates of Interest for Each Plan | Rates of Interest for Each Plan |
|---|---|
| Union Awas Loan |
|
| Union Smart Save Loan |
|
| Union Plot Purchase Loan |
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| Union Ashiyana Overdraft Loan |
|
| Union Ashiyana Personal Loan |
|
Union Bank of India Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
The Union Bank of India does everything possible to offer its home loan customers a comfortable experience. For this, it offers three types of privileges to make the housing loan facility more convenient to them, and these are listed below:
Union Bank of India Home Loan Balance Transfer
If you are repenting not getting a home loan from the Union Bank of India at lower interest rates, then worry not! You can easily opt for Union Bank of India Balance Transfer Home Loans and get the outstanding loan amount transferred to the Union Bank at a lower interest rate and enjoy reduced EMIs. The interest rate for a Balance Transfer home loan from the Union Bank of India starts at 8.40% per annum.
Union Bank of India Home Loan Top-Up
The Union Bank of India offers the Ashiyana Personal Loan Scheme as a top-up facility to the existing and new home loan borrowers of the bank. It helps the customers meet their financial expenses in a flexible way by offering them reduced EMIs and some tax benefits. The Union Bank of India home loan top up interest rate starts at 11.80% p.a.
Union Bank of India Home Loan Overdraft Option
The Union Bank of India allows its home loan customers to use additional funds for personal and professional requirements through an overdraft facility. Through this overdraft scheme, the customer can deposit a surplus amount in the linked overdraft account and easily withdraw funds as and when required without applying for a fresh loan from the bank.
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Compare Union Bank of India Home Loan Interest Rate with Top Union Banks
The Union Bank of India offers a variety of home loan schemes to eligible applicants at affordable interest rates. But, we recommend comparing its home loan rates with other leading banks and NBFCs. So, with this purpose, we present you this table highlighting the interest rates and the processing fees of other competitors for a thorough comparison:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Bank of Baroda | 8.40% p.a. onwards | Nil |
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| Bajaj Housing Ltd. | 8.50% p.a. onwards | Up to 7.00% of the loan amount + GST |
| LIC HFC | 8.50% p.a. onwards | Up to 0.50% of the loan amount |
| Kotak Mahindra | 8.75% - 9.60% p.a. | 0.5% - 1.0% of loan amount + taxes |
| Union Bank of India | 8.70% p.a. onwards | 0.50% of sanctioned loan amount + GST |
Union Bank of India Home Loan Balance Transfer Interest Rates
The Union Bank of India does everything possible to help home loan borrowers shed their financial loads. For this, it offers them to transfer their outstanding balance from any other bank of NBFC to Union Bank at lower interest rates. These benefits are roped in the form of Union Bank Balance Transfer Home Loans that help the borrower enjoy reduced EMIs.
The Union Bank of India balance transfer interest rates for salaried and self-employed individuals start at 8.40% per annum for all loans. The easiest way to apply for a Union Bank of India balance transfer process is as follows:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- In the section, fill out the provided form with all your key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the Union Bank of India Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with Union Bank of India Balance Transfer on home loans.
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How to Calculate Union Bank of India Home Loan Interest Rates?
The most convenient way to find your interest rate payable on a Union Bank home loan plan is by using the online home loan interest rate calculator available at EMI. Feel free to use this online home loan EMI calculator to plan your monthly finances better as you figure out how much EMI you would be required to pay against your home loan amount with Union Bank of India. The table below provides a detailed estimate of the EMI payable and the interest rate on Union Bank of India home loans so that you have a better picture before applying for one.
Union Bank of India Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.40% p.a. | Rs. 12,345 | Rs. 8,615 | Rs. 7,618 |
| Rs. 20 lakh | 8.40% p.a. | Rs. 24,690 | Rs. 17,230 | Rs. 15,237 |
| Rs. 30 lakh | 8.40% p.a. | Rs. 37,035 | Rs. 25,845 | Rs. 22,855 |
| Rs. 40 lakh | 8.40% p.a. | Rs. 49,381 | Rs. 34,460 | Rs. 30,474 |
| Rs. 50 lakh | 8.40% p.a. | Rs. 61,726 | Rs. 43,075 | Rs. 39,092 |
| Rs. 60 lakh | 8.40% p.a. | Rs. 74,071 | Rs. 51,690 | Rs. 45,710 |
| Rs. 70 lakh | 8.40% p.a. | Rs. 86,416 | Rs. 60,305 | Rs. 53,329 |
| Rs. 80 lakh | 8.40% p.a. | Rs. 98,761 | Rs. 68,920 | Rs. 60,947 |
| Rs. 90 lakh | 8.40% p.a. | Rs. 1,11,106 | Rs. 77,535 | Rs. 68,565 |
| Rs. 1 crore | 8.40% p.a. | Rs. 1,23,452 | Rs. 86,150 | Rs. 76,184 |
The figures in the table above are based on an 8.70% p.a. interest rate offered by the Union Bank of India. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
The current interest rate of a Union Bank home loan 2023 starts at 8.40% per annum. However, we suggest you verify the same from the official bank website.
The monthly EMI on a Rs. 25 lakh home loan depends on the lender, the interest rate, repayment capacity, and loan repayment tenure of the plan chosen by the borrower.
Yes, the Union Bank of India offers the special Nari Shakti Mudra Loan to help arrange funds for women-owned Micro enterprises. It is a collateral-free loan to help such women meet their capital requirements.
Yes, you can easily prepay the loan, and the bank will not charge any prepayment fee. However, for this, the borrower must prepay through a personal source or a balance transfer scheme to another bank.
Yes, you can choose between fixed and floating interest rates on home loans from the Union Bank of India. However, if you wish to swap anytime during the tenure of the loan, the bank may charge some swapping or conversion charges.
The moratorium period is the period during the loan tenure when the borrower is not required to make any kind of repayment towards the home loan. The moratorium period for a Union Bank home loan is up to 12 months for home repair or renovation loans and up to 48 months for composite home loans.
The Union Bank of India home loan interest rates may change multiple times during a year depending on factors such as the benchmark lending rate, and the present market scenario.
One can easily check the eligibility for a Union Bank of India home and the associated interest rate by visiting the bank’s official website. Alternatively, you can get in touch with the BASIChomeloan team to get further assistance and information on the same.