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Union Bank Home Loan Interest Rates 2022

Union Bank of India Housing Loan Interest Rate -Today

Last Updated 20th Jan 2022

Loan AmountUnion Bank Repo Home Loan Rate
Upto ₹ 75 Lakh8.25%
₹ 75 Lakh - ₹ 1 Cr8.30%
₹ 1 Cr - ₹ 3 Cr8.30%
Above ₹ 3 Cr8.30%
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Union Bank of India Home Loan Rate

Union Bank of India offers home loans to both salaried individuals and self-employed at a minimum rate starting at 8.25% up to 8.35%. Apart from the interest rate, the bank also has various other charges such as Union Bank of India processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

Union Bank of India Home Loan Processing Fee and Other Charges

Union Bank of India home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Union Bank of India charges the maximum processing fees at ₹ 15,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.50% of the loan amount; maximum fee of ₹ 15,000
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on Union Bank Home Loans Schemes

Union Bank of India offers a housing loan interest rate at 8.25%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Union Bank of India home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are Union Bank of India home loan rates for multiple housing schemes.

Union Bank of India Home Loan Scheme Interest Rates
Union Bank Repo Home Loan8.25% - 8.35%

Union Bank Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in Union Bank for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 75 Lakh 8.25%
₹ 75 Lakh - ₹ 1 Cr 8.30%
₹ 1 Cr - 3 Cr 8.30%
Above ₹ 3 Cr 8.30%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 75 Lakh 8.25%
₹ 75 Lakh - ₹ 1 Cr 8.30%
₹ 1 Cr - 3 Cr 8.30%
Above ₹ 3 Cr 8.30%

Union Bank Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Union Bank Home Loan Rate For Women Union Bank Home Loan Rate For Govt Employee
Upto ₹ 75 Lakh 8.25% 8.25%
₹ 75 Lakh - ₹ 1 Cr 8.30% 8.30%
₹ 1 Cr - 3 Cr 8.30% 8.30%
Above ₹ 3 Cr 8.30% 8.30%

Union Bank Home Loan Balance Transfer Interest Rates

Union Bank of India home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Union Bank of India at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Union Bank of India offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate Union Bank of India
Maximum Annual Percentage Rate (APR) 8.27% to 8.37%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Union Bank of India Home Loan Interest Rate: 8.25% to 8.35%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 751 for 30 Years ₹ 1,00,000 loan at 8.25% (lowest rate, longest time period) to ₹ 2,044 for 5 Years ₹ 1,00,000 loan at 8.35% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 8.27% to 8.37%
  • Total cost payable over loan tenure: ₹ 1,22,878 for 5 Years loan to ₹ 2,70,957 for 30 Years loan

FAQs

Has Union Bank reduced home loan rates?

Presently, Union Bank offers personal loans at an interest rate starting at 8.25%. There has been no change in personal loan rates of Union Bank for a long time and continue to stand at 8.25%.

Why should I opt for balance transfer to Union Bank of India?

Union Bank of India offers lowest Home Loan EMI of ₹ 751 per lakh availed at the lowest interest rate 8.25% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 751 per lakh, you should consider the option for a loan transfer to Union Bank from your existing bank. Current Union Bank balance transfer rate is 6.50%.

Can Union Bank of India housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Union Bank to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Can Union Bank revise the home loan interest rates for their existing customers?

Yes, Union Bank offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Union Bank offer a concessional home loan interest rate for women?

Yes, Union Bank offers special home loan interest rates for women. As against Union Bank home loan rates for male which is 8.25%, the home loan interest rate for women starts at %.

What is the Union Bank home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, Union Bank provides home loan interest rate starting at 8.25%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

At what interest rate does an Union Bank employee get a home loan?

Union Bank offers concessional home loan rates of about 1% than the current home loan rates to Union Bank employees.

Is Union Bank of India home loan a floating rate loan or fixed-rate loan?

Union Bank home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Union Bank home loan rate today ?

Union Bank home loan rate today is in the range of 8.25% to 8.35%.The bank also charges a processing fee of upto Upto 0.50%, Maximum ₹ 15,000 of the home loan amount.

How much interest does Union Bank take on home loans?

The rate of interest on Union Bank home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, Union Bank home loan current interest rate 2021 are in the range of 8.25% to 8.35%.


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Union Bank Home Loan News - Jan 2022
  • 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
  • 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.
*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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