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Union Bank Home Loan Eligibility Calculator

Union Bank of India Home Loan Eligibility in India 2021

Last Updated 13th May 2021

Eligibility CriteriaUnion Bank of India Home Loan
Eligible Age of Borrower21 - 60 years
  • Union Bank of India home loan eligibility is calculated based on your age, income, property value and repayment capacity.
  • Increase your Union Bank housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan
Home Loan Eligibility Calculator

Union Bank Home Loan Eligibility based on Salary

Union Bank of India offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Union Bank of India:

  • Net income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.80% offered by Union Bank of India, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be ₹ 28,24,114 to ₹ 49,85,235 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,48,228 to ₹ 99,70,469 for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.85 Lakh74.78 Lakh99.70 Lakh
30 years49.85 Lakh74.78 Lakh99.70 Lakh
35 years46.83 Lakh70.24 Lakh93.65 Lakh
40 years42.58 Lakh63.86 Lakh85.15 Lakh
45 years36.61 Lakh54.92 Lakh73.22 Lakh
50 years28.24 Lakh42.36 Lakh56.48 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Union Bank of India home loan eligibility.

  • Nature of employment: Union Bank of India will check whether you are salaried or self employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Union Bank of India requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Union Bank Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. Union Bank of India home loan age limit to get the loan is 21 years of age at the time of loan commencement. Union Bank of India offers home loans for a maximum period of 30 Years years subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 Years years for salaried borrowers and 30 Years years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years30 years30 years
30 years30 years30 years
35 years25 years30 years
40 years20 years25 years
45 years15 years20 years
50 years10 years15 years

Home Loan Eligibility Union Bank of India based on Value of Property

  • Value of property: Union Bank of India will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

The housing loan eligibility calculator Union Bank of India can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Union Bank Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, Union Bank of India will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to Union Bank of India will get approved. However, low CIBIL score will decrease your eligibility to get home loan. Union Bank of India requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Union Bank of India.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Union Bank of India, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator Union Bank of India for quick calculation of your home loan eligibility.

Union Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter that Union Bank of India uses to determine your Union Bank of India home loan eligibility. Union Bank of India considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for home loan from Union Bank of India is 0.65. Calculate your eligibility with Union Bank of India home loan calculator and apply for eligible loan amount hassle free.

Union Bank of India Home Loan for Women Eligibility

In the case of sole woman applicant, Union Bank of India offers concessional home loan rate of 6.80% for women borrowers, although the eligibility criteria are the same for them. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

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FAQs

What is the criteria to get Union Bank of India home loan?

The basic criteria to get a home loan from Union Bank of India are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Union Bank of India?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Union Bank of India?

The minimum salary required to avail home loan from Union Bank of India is ₹ 0.

Is Union Bank of India good for home loan?

The lowest interest rate provided by Union Bank of India is 6.80% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

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Union Bank Home Loan News - Jun 2021
  • 2020-12-03 : Union Bank completes integration of all branches of Corporation Bank
    Union Bank of India has completed the IT integration after which all the branches of former Corporation Bank have come fully under its fold as part of the amalgamation exercise. Union Bank offers retail loans like home, personal, car, two-wheeler, gold loan along with business and mudra loans.
  • 2020-11-10 : Union Bank of India net profit ₹517 cr in Q2
    Union Bank of India reported a net profit of Rs 517 crore in the September quarter as against a loss of Rs 994 crore in the same period last year. The net interest income (NII) rose 6.05% to Rs 6,293 crore on the back of retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans. Further, the net interest margin (NIM) dipped to 2.51% in Q2FY21 from 2.68% in the year-ago quarter.
  • 2020-08-24 : Union Bank of India posted Rs. 340.95 crore net profit in Q1FY21
    Union Bank of India posted a net profit of Rs.340.95 crores for the period ended June 30, 2020, as against a net loss of Rs.2713.03 crores for the period ended March 31, 2020. Further, the Bank reported total income of Rs.20487.01 crores bolstered by retail loans like home, personal, car, two-wheeler and gold loan along with business and mudra loans.
  • 2020-02-12 : Union Bank posted a Q3 profit of Rs. 575 Crores
    Union Bank reported an increase in Q3 profit to Rs. 575 crores on the back of higher recoveries. Net interest income grew by 23% year-on-year basis at Rs. 3,134 crores against Rs. 2,493 crores in the year-ago period driven by an increase in Home Loan and Personal Loan.
  • 2019-12-12 : Union Bank of India cuts MCLR by up to 10 bps
    Union Bank of India has revised its Marginal Cost of Funds Based Lending Rate (MCLR) for December month. For 6-months, the MCLR stands at 8.05% as compared to 8.10% earlier. For 1 year, the rate has been revised to 8.20% from 8.25% earlier. The cut in rates is supposed to make home loan and mortgage loan rates cheaper. The revised rates have been in effect from December 11, 2019.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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