United Bank Home Loan EMI Calculator

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United Bank of India Home Loan EMI Calculator

Last Updated 22nd Oct 16

United Bank Home Loan - Lowest EMI is Rs. 848 per lakh

  • Get monthly EMI as low as Rs. 848 per lakh with United Bank of India now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by United Bank of India is 9.6%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,050 for a 15 year loan and Rs. 939 for a 20 year loan. Check the EMI for other tenures using the United Bank of India home loan EMI calculator on this page.

Home Loan EMI Calculator United Bank of India

United Bank of India Home Loan EMI Calculator

United Bank Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to United 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 United Bank of India offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 848 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by United Bank of India on Home Loan is 9.6%. You can check EMI for other tenures using our United Bank of India Home Loan EMI calculator.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 26,25723,46721,204
    5,000,000 52,51346,93442,408
    7,500,000 78,77070,40063,612
    10,000,000 105,02793,86784,816
  • 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.

United Bank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how United Bank of India Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 30,000,000
r = Rate of interest per month. Current rate is 9.6%, which is linked to 1 Year MCLR, last revised on 01st Jul 16
n = tenure in month. For United Bank of India, this can be 360 months

Will the United 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 United 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, United 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 United 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?

  • United 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.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.
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United Bank Home Loan EMI Calculator News - Oct 2016
09th Aug 16 United Bank of India Q1 net down 27 per cent, bad loans rise
United Bank of India reported nearly 27 per cent fall in its net profit to Rs. 38.32 crore for the quarter ended June 30 due to rise in bad loans. The total income of the bank fell by 2.67 per cent to Rs. 2819.37 crore in the June quarter of FY17 from Rs. 2896.75 crore in the June quarter of previous year. Gross NPAs as a percentage of total loans increased to 14.29 per cent in the first quarter of current financial year. Similarly, the net NPA ratio increased to 9.85 per cent, up from 6.30 per cent during same period of previous fiscal.
20th Jul 16 Govt to infuse up to Rs 810 Cr capital in United Bank of India
United Bank of India said that the government has decided to infuse up to Rs 810 crore capital into the bank in the current fiscal year. Government has decided to allocate 75 per cent of the capital to the bank immediately and remaining 25 per cent will be infused depending upon the performance of the bank by the end of 2016. Government has already announced its plan to infuse Rs. 22915 crore in 13 public sector banks like SBI, PNB, Bank of India and Central Bank of India.
15th Jan 16 United Bank of India to cut bulk deposit rates by up to 1.5%
UBI has reduced interest rates by 25 bps -50 bps for deposits up to Rs 1 Cr and by 25 bps to 150 bps for deposits above Rs 1 crore