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Union Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Union Bank of India 2021

Last Updated 25th Nov 2021

Eligibility CriteriaUnion Bank of India Home Loan
Eligible Age of Borrower21 - 60 years
Home Loan Eligibility Calculator

What is Union Bank Home Loan Eligibility?

Union Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Union Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Union Bank home loan using the Union Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Union Bank?

Union Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

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. The minimum Union Bank of India home loan age limit to get a Union Bank of India home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Union Bank of India offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Union Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Union Bank of India home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Union Bank of India, the loan amount that you will be eligible for would be ₹ 28,75,093 to ₹ 51,95,794 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 57,50,185 to ₹ 1,03,91,588 for the same property at the same rate depending on your age at the time of loan application. However, Union Bank of India asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years51.96 Lakh77.94 Lakh1.04 Cr
30 years51.96 Lakh77.94 Lakh1.04 Cr
35 years48.58 Lakh72.87 Lakh97.16 Lakh
40 years43.94 Lakh65.91 Lakh87.87 Lakh
45 years37.55 Lakh56.32 Lakh75.09 Lakh
50 years28.75 Lakh43.13 Lakh57.50 Lakh

You may consider repaying any loans with short tenure and high EMI 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.

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

  • Value of property: Union Bank of India does 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%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Union Bank of India's legal team.

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

Union Bank Housing Loan Eligibility Calculator based on FOIR

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

Union Bank of India Home Loan Eligibility for Women

In the case of a sole woman applicant, Union Bank of India offers a concessional home loan rate of 6.80% for women borrowers, although the eligibility criteria are the same for them. In the 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.

Minimum CIBIL Score for Union Bank Home Loan

Union Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Union Bank. However, a low CIBIL score reduces your chances to get a home loan. Union Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Union Bank Home Loan Eligibility?

You can enhance the Union Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Union Bank’s Home Loan Eligibility Calculator?

To check Union Bank of India home loan eligibility perform the following steps:-

  • Go to the Union Bank of India website
  • Now navigate to the option Union Bank of India home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1800-22-2244/ 1800-208-2244.

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.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Union Bank of India.

Is Union Bank of India good for home loan?

The lowest interest rate provided by Union Bank of India is 6.40% 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.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Union Bank Home Loan News - Nov 2021
  • 2021-10-27 : Union Bank of India Cuts Home Loan Interest Rate
    Union Bank of India has slashed the home loan interest rate by 35 basis points. Now, the lender is offering the loan at 6.40 percent, these rates are applicable for new customers as well as balance transfer customers.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 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.
*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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