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Union Bank Home Loan EMI Calculator

Union Bank of India Home Loan Calculator

Last Updated 13th May 2022

  • Union Bank of India home loan EMI per ₹ 1 Lakh is ₹ 751, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in Union Bank of India is calculated based on the loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for the Union Bank of India home loan before applying. Use an online Union Bank of India loan EMI calculator to estimate your EMI.
  • Check Union Bank of India home loan EMI for different tenures at the current Union Bank of India home loan interest rate of 8.25%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 10 Lakh₹ 12,265₹ 9,701₹ 7,513
    ₹ 20 Lakh₹ 24,531₹ 19,403₹ 15,025
    ₹ 30 Lakh₹ 36,796₹ 29,104₹ 22,538
    ₹ 50 Lakh₹ 61,326₹ 48,507₹ 37,563

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Union Bank Housing Loan EMI Calculator

Union Bank of India Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure, and interest rate. You can calculate your Union Bank of India housing loan EMI in advance to plan your loan payments and expenses using a Union Bank of India home loan calculator. Union Bank of India home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why Should You Use Union Bank of India Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: Union Bank of India offers the lowest EMI per lakh at ₹ 751. To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for Union Bank of India home loan.
  • Compare Union Bank of India Home Loan EMI: With the Union Bank of India home loan EMI Calculator online, you can also estimate EMI on your home loan from Union Bank of India with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any loan tenure period. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

How to Calculate EMI for Home Loan in Union Bank of India?

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Union Bank of India Home Loan EMI calculator. The below-mentioned table shows the calculation of Union Bank of India Home Loan at the various combinations of loan amount and years at the lowest rate of 8.25%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Union Bank of India Home loan plan for you.

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Union Bank of India Home Loan EMI calculator. The below-mentioned table shows the calculation of Union Bank of India Home Loan at the various combinations of loan amount and years at the lowest rate of 8.25%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Union Bank of India Home loan plan for you.

Union Bank of India home loan EMI is calculated for different loan amounts and tenures at 8.25% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 24,254 ₹ 21,302 ₹ 18,782
₹ 50 Lakh ₹ 48,507 ₹ 42,603 ₹ 37,563
₹ 75 Lakh ₹ 72,761 ₹ 63,905 ₹ 56,345
₹ 1 Cr ₹ 97,014 ₹ 85,207 ₹ 75,127

Benefits of using Union Bank of India Home Loan EMI Calculator

Union Bank of India Home Loan interest Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate, and tenure. Thus, using the Union Bank of India Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Union Bank of India Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting Union Bank of India Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI Union Bank of India gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 5,00,00,000.

Interest Rate

Higher interest rate increases your Union Bank of India housing loan EMI which will increase the total cost of the loan. Union Bank of India current home loan interest rate starts at 8.25%. Do a complete market research and compare rates and calculate EMI online using the Union Bank of India home loan calculator before you apply for a home loan.

Loan Tenure

This is the period in which you can repay your home loan in Union Bank of India. Your EMI will be lower if you take a 30 years loan from Union Bank of India as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

Union Bank Home Loan EMI Calculator Formula

Union Bank Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Union Bank of India Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Union Bank of India home loan amount can range from ₹ 15,00,000 to ₹ 5,00,00,000
  • R = Rate of interest per month. Current Union Bank of India housing loan rate 8.25%.
  • N = tenure in month. For Union Bank of India, maximum home loan tenure is 360 months

Comparison of Union Bank of India Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Union Bank of India 8.25% ₹ 7,513 ₹ 22,538 ₹ 37,563
HDFC 7.00% ₹ 6,653 ₹ 19,959 ₹ 33,265
ICICI Bank 6.90% ₹ 6,586 ₹ 19,758 ₹ 32,930
SBI 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098
LIC Housing Finance 6.95% ₹ 6,619 ₹ 19,858 ₹ 33,097
Axis Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264

Union Bank of India Home Loan Amortization Calculator

Union Bank of India Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Union Bank of India gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 35 Lakh for 15 years from Union Bank of India at an interest rate of 8.25%. EMI calculated for this loan amount is ₹ 33,955 and the total annual EMIs to be paid annually is ₹ 4,07,459. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 35 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2022 ₹ 1,90,569 ₹ 81,070 ₹ 2,71,639 ₹ 34,18,930
2023 ₹ 2,77,210 ₹ 1,30,249 ₹ 4,07,459 ₹ 32,88,681
2024 ₹ 2,66,048 ₹ 1,41,410 ₹ 4,07,459 ₹ 31,47,270
2025 ₹ 2,53,931 ₹ 1,53,528 ₹ 4,07,459 ₹ 29,93,742
2026 ₹ 2,40,775 ₹ 1,66,684 ₹ 4,07,459 ₹ 28,27,058
2027 ₹ 2,26,491 ₹ 1,80,968 ₹ 4,07,459 ₹ 26,46,090
2028 ₹ 2,10,983 ₹ 1,96,476 ₹ 4,07,459 ₹ 24,49,614
2029 ₹ 1,94,147 ₹ 2,13,312 ₹ 4,07,459 ₹ 22,36,302
2030 ₹ 1,75,868 ₹ 2,31,591 ₹ 4,07,459 ₹ 20,04,711
2031 ₹ 1,56,022 ₹ 2,51,437 ₹ 4,07,459 ₹ 17,53,275
2032 ₹ 1,34,476 ₹ 2,72,983 ₹ 4,07,459 ₹ 14,80,292
2033 ₹ 1,11,084 ₹ 2,96,375 ₹ 4,07,459 ₹ 11,83,917
2034 ₹ 85,687 ₹ 3,21,772 ₹ 4,07,459 ₹ 8,62,144
2035 ₹ 58,113 ₹ 3,49,346 ₹ 4,07,459 ₹ 5,12,799
2036 ₹ 28,177 ₹ 3,79,282 ₹ 4,07,459 ₹ 1,33,517
2037 ₹ 2,303 ₹ 1,33,517 ₹ 1,35,820 -₹ 0

In the above illustration, on a Union Bank of India Home Loan of₹ 35 Lakh, taken at the lowest interest rate of 8.25, EMI paid is ₹ 33,955 and an annual total of EMIs is ₹ 4,07,459, the interest component is ₹ 2,84,157 while the principal component is ₹ 1,23,302 in year 1 of loan disbursement. You repay only 3.52% of the total principal after paying 12 EMIs during the first year.

Union Bank of India Home Loan EMI for ₹ 10 Lakh

The following table shows Union Bank of India Housing Loan EMI for ₹ 10 lakh home loan for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 8.25% 5 Years ₹ 20,396
₹ 10,00,000 8.25% 10 Years ₹ 12,265
₹ 10,00,000 8.25% 15 Years ₹ 9,701
₹ 10,00,000 8.25% 20 Years ₹ 8,521
₹ 10,00,000 8.25% 30 Years ₹ 7,513

Union Bank of India Home Loan EMI for ₹ 20 Lakh

The following table shows Union Bank of India Housing Loan EMI for ₹ 20 lakh home loan for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 8.25% 5 Years ₹ 40,792
₹ 20,00,000 8.25% 10 Years ₹ 24,531
₹ 20,00,000 8.25% 15 Years ₹ 19,403
₹ 20,00,000 8.25% 20 Years ₹ 17,041
₹ 20,00,000 8.25% 30 Years ₹ 15,025

Union Bank of India Home Loan EMI for ₹ 25 Lakh

The table below shows Union Bank of India Housing Loan EMI for ₹ 25 lakh home loan for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 8.25% 5 Years ₹ 50,991
₹ 25,00,000 8.25% 10 Years ₹ 30,663
₹ 25,00,000 8.25% 15 Years ₹ 24,254
₹ 25,00,000 8.25% 20 Years ₹ 21,302
₹ 25,00,000 8.25% 30 Years ₹ 18,782

Union Bank of India Home Loan EMI for ₹ 30 Lakh

The following table shows Union Bank of India Housing Loan EMI for ₹ 30 lakh home loan for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 8.25% 5 Years ₹ 61,189
₹ 30,00,000 8.25% 10 Years ₹ 36,796
₹ 30,00,000 8.25% 15 Years ₹ 29,104
₹ 30,00,000 8.25% 20 Years ₹ 25,562
₹ 30,00,000 8.25% 30 Years ₹ 22,538

Union Bank of India Home Loan EMI for ₹ 50 Lakh

The following table shows Union Bank of India Housing Loan EMI for ₹ 50 lakh home loan for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 8.25% 5 Years ₹ 1,01,981
₹ 50,00,000 8.25% 10 Years ₹ 61,326
₹ 50,00,000 8.25% 15 Years ₹ 48,507
₹ 50,00,000 8.25% 20 Years ₹ 42,603
₹ 50,00,000 8.25% 30 Years ₹ 37,563

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FAQs

Will the Union Bank of India home loan EMI remain constant or change in future?

No, your Union Bank of India Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Union Bank of India Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

What happens in case of increase or decrease in Union Bank of India interest rate?

Union Bank of India offers floating rate home loans only. If you take a floating rate loan from Union Bank of India, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Union Bank of India home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

Will Union Bank of India home loan EMI change in case of prepayment?

Union Bank of India allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Union Bank of India home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Union Bank of India home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Union Bank of India home loan calculator.

Why should I calculate Union Bank of India loan EMI before taking a loan?

It is advised to calculate Union Bank of India home loan EMI before taking a home loan. There are several benefits of calculating your Union Bank of India housing loan EMI which can be done using Union Bank of India home EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Union Bank of India EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Union Bank of India.

What is the EMI for home loan in Union Bank of India?

The Union Bank of India EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Union Bank of India home loan calculator. Based on the lowest rate of 8.25% and maximum tenure of 30 years, the Union Bank of India home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 7,513
₹ 12 Lakh ₹ 9,015
₹ 15 Lakh ₹ 11,269
₹ 30 Lakh ₹ 22,538
₹ 50 Lakh ₹ 37,563

You can compare Union Bank of India home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Union Bank of India Housing Loan EMI calculator?

Online Union Bank of India housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Union Bank of India home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Union Bank of India Home loan EMI Online?

To pay the EMI of Union Bank of India home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Union Bank of India home loan EMI calculated?

The Union Bank of India Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

Compare Home Loan EMI of All Banks


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Union Bank Home Loan News - May 2022
  • 2022-05-02 : Union Bank Becomes the First Public Sector Bank to Go Live on Account Aggregator Framework.
    The Account Aggregator Framework has linked 332,000 accounts and has fulfilled over 310,000 consent requests since it has gone live. AA ensures swift data sharing with the consent of the user and eliminates the need for physical documents.
  • 2022-04-28 : Union Bank Rolls out Automated Solution for Recovery of Bad Loans
    Union Bank of India will be using a first-of-its-kind stressed asset recovery automated solution (SARAS) to help the bank enforce securities, track recoveries, and enhance monitoring of stressed assets.
  • 2021-12-17 : Union Bank of India Announces Co-Lending Partnership for Home Loans
    Union Bank of India has entered into a strategic co-lending partnership with Home First to offer home loans at a competitive interest rate.
  • 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
*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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