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United Bank Home Loan Interest Rates 2021

United Bank of India Housing Loan Interest Rate -Today

Last Updated 15th Jul 2021

Current United Bank of India Home Loan interest rates Jul 2021 starts at 6.95% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.59%, Minimum ₹ 1,180 Maximum ₹ 11,800.

Loan AmountUnited Bank Repo Rate Home Loan Rate
Upto ₹ 30 Lakh6.95%
₹ 30 Lakh - ₹ 75 Lakh6.95%
₹ 75 Lakh - ₹ 1 Cr6.95%
Above ₹ 1 Cr6.95%

United Bank of India has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on United Bank of India Home Loan.

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Current United Bank of India Home Loan Rate

Today United Bank of India home loan interest rates are in the range of 6.95% to 7.75%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.95%.

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

United Bank of India Home Loan Scheme Interest Rates
United Bank Repo Rate Home Loan6.95% - 7.75%

United Bank Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in United Bank for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 30 Lakh 6.95%
₹ 30 Lakh - ₹ 75 Lakh 6.95%
₹ 75 Lakh - 1 Cr 6.95%
Above ₹ 1 Cr 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 30 Lakh 6.95%
₹ 30 Lakh - ₹ 75 Lakh 6.95%
₹ 75 Lakh - 1 Cr 6.95%
Above ₹ 1 Cr 6.95%

United Bank of India Home Loan Processing Fee and Other Charges

United Bank of India home loan processing charges are upto 0.59% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. United Bank of India charges a minimum processing of ₹ 1,180 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 0.59% of the loan amount; minimum processing fee of ₹ 1,180 to maximum fee of ₹ 11,800
Foreclosure Charges Nil for floating rate home loans

United Bank Home Loan Balance Transfer Interest Rates

United 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 United 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, United Bank of India offers the lowest home loan balance transfer rate of 6.95%.

Illustration on Home Loan Interest Rate United Bank of India
Maximum Annual Percentage Rate (APR) 6.97% to 7.77%
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
  • United Bank of India Home Loan Interest Rate: 6.95% to 7.75%
  • Processing Fee payable to: Upto ₹ 590
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 662 for 30 Years ₹ 1,00,000 loan at 6.95% (lowest rate, longest time period) to ₹ 2,016 for 5 Years ₹ 1,00,000 loan at 7.75% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.97% to 7.77%
  • Total cost payable over loan tenure: ₹ 1,19,256 for 5 Years loan to ₹ 2,38,892 for 30 Years loan

FAQs

What is United Bank Home Loan Interest Rate?

United Bank Home Loan interest rate ranges between 6.95% to 7.75%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has United Bank reduced home loan rates?

Presently, United Bank offers personal loans at an interest rate starting at 6.95%. There has been no change in personal loan rates of United Bank for a long time and continue to stand at 6.95%.

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

United Bank of India offers lowest Home Loan EMI of ₹ 662 per lakh availed at the lowest interest rate 6.95% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 662 per lakh, you should consider the option for a loan transfer to United Bank of India from your existing bank.

  • United Bank of India offers RBI Repo Rate linked Home Loan which starts at 6.95%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called United 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 2.95% 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 United 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 United Bank of India Repo Rate linked Home Loan rate will cut from 6.95% to 6.8%.

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

The current United Bank Home Loan rate starts from 6.95% with a processing fee of Upto 0.59%, Minimum ₹ 1,180 and Maximum ₹ 11,800.United Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. United Bank offers different home loan rates for different home loan products.

Can United 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 United Bank to lower the home loan rates.

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

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

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

United 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 United Bank offer a concessional home loan interest rate for women?

Yes, United Bank offers special home loan interest rates for women. As against United Bank home loan rates for male which is 6.95%, the home loan interest rate for women starts at %.

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

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

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

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

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

United 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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United Bank of India Home Loan News - Jul 2021
  • 2021-07-15 : UBI and OBC merged with PNB
    After the merger of UBI and OBC with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2019-07-19 : United Bank of India loans to get cheaper, as lender reduces MCLR rates by 5 basis points
    United Bank of India has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 8.70% as against 8.75% earlier. For one-month and three months, the rate has been revised to 8.25% and 8.40% respectively, which is also down by 5 basis points from earlier rates. The rates are effective from July 17, 2019.
  • 2019-04-18 : United Bank of India cuts MCLR by 5 basis points
    United Bank of India has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for 3 months, the MCLR stands at 8.45% as compared to 8.50% earlier while for 6 months, the rate has been revised to 8.55% from 8.60% respectively and for 1 year the rate now stands at 8.80% from 8.85% earlier. The revised rates are effective from April 18, 2019.
  • 2019-01-21 : United Bank of India partners with Star Health & Allied Insurance Company
    Public sector lender, United Bank of India (UBI) has announced its partnership with Star Health & Allied Insurance Company that would offer third-party health cover to its customers. In this way, the lender has become a corporate agent of the health insurer. This arrangement would help the bank boost its fee income. In addition to this, the bank is also planning to boost its home loan portfolio this year.
  • 2018-09-14 : United Bank of India shoot up Floating Home Loan rates by 5bps
    United Bank of India has increased its floating interest Rate on the home loan by 5 basis points. The new rate for the Home loan now stands at 8.65%, which was 8.60% earlier. These rates are currently effective. There is no change in the processing fees.
*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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