Union Bank Home Loan EMI Calculator

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Union Bank of India Home Loan EMI Calculator

Last Updated 22nd Oct 16

Union Bank Home Loan - Lowest EMI is Rs. 841 per lakh

  • Get monthly EMI as low as Rs. 841 per lakh with Union Bank of India now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by Union Bank of India is 9.5%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,044 for a 15 year loan and Rs. 932 for a 20 year loan. Check the EMI for other tenures using the Union Bank of India home loan EMI calculator on this page.

Home Loan EMI Calculator Union Bank of India

Union Bank of India Home Loan EMI Calculator

Union Bank Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Union Bank of India against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Union Bank of India offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 841 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Union Bank of India on Home Loan is 9.5%. You can check EMI for other tenures using our Union Bank of India Home Loan EMI calculator.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 26,10623,30321,021
    5,000,000 52,21146,60742,043
    7,500,000 78,31769,91063,064
    10,000,000 104,42293,21384,085
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Union Bank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Union Bank of India Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000
r = Rate of interest per month. Current rate is 9.5%, which is linked to 1 Year MCLR, last revised on 01st Oct 16
n = tenure in month. For Union Bank of India, this can be 360 months

Will the Union Bank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Union Bank of India subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Union Bank of India will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Union Bank of India, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Union Bank of India allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
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Union Bank Home Loan EMI Calculator News - Oct 2016
26th May 16 Union Bank of India launches product to facilitate stamp duty and registration on property purchases
Union Bank of India launched e SBTR (Electronic Secured Bank Treasury Receipt), a facility for a single window payment facility of both stamp duty and registration fee for home purchase in Maharashtra. The e SBTR allows payment without any ceiling and is available on 24x7x365 through internet banking. The facility makes it possible to do the necessary paper work and formalities on line and get the endorsement of the final document at the branch level at one go.