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Union Bank Home Loan Interest Rates 2021

Union Bank of India Housing Loan Interest Rate -Today

Last Updated 16th Jul 2021

Current Union Bank of India Home Loan interest rates Jul 2021 starts at 8.25% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.50%, Maximum ₹ 15,000.

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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Current Union Bank of India Home Loan Rate

Today Union Bank of India home loan interest rates are in the range of 8.25% to 8.35%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.25%.

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 Rates for Salaried and Self Employed

The home loan interest rates in Union Bank for salaried & non-salaried employee 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 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
Foreclosure Charges Nil for floating rate home loans

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 lowest home loan balance transfer rate of 8.25%.

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

What is Union Bank Home Loan Interest Rate?

Union Bank Home Loan interest rate ranges between 8.25% to 8.35%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

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. you are paying an EMI more than ₹ 751 per lakh, you should consider the option for a loan transfer to Union Bank of India from your existing bank.

  • Union Bank of India offers RBI Repo Rate linked Home Loan which starts at 8.25%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Union Bank of India Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 4.25% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Union Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Union Bank of India Repo Rate linked Home Loan rate will cut from 8.25% to 8.1%.

What is the current Union Bank of India Home Loan rate?

The current Union Bank Home Loan rate starts from 8.25% with a processing fee of Upto 0.50%, and Maximum ₹ 15,000.Union Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Union Bank offers different home loan rates for different home loan products.

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.

What are the interest rates of home improvement loans in Union Bank?

You can avail of Union Bank home loans for home improvement at regular home loan rates starting at 6.65%.

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

Union Bank home loan rates change for the existing customers if they have availed 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?

Union Bank home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Union Bank provides home loan interest rate starting at 6.65%.

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 rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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Union Bank Home Loan News - Jul 2021
  • 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.
  • 2020-02-12 : Union Bank posted a Q3 profit of Rs. 575 Crores
    Union Bank reported an increase in Q3 profit to Rs. 575 crores on the back of higher recoveries. Net interest income grew by 23% year-on-year basis at Rs. 3,134 crores against Rs. 2,493 crores in the year-ago period driven by an increase in Home Loan and Personal Loan.
*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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