Compare Home Loan - Union Bank of India vs Corporation Bank

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Bank	SBI HDFC Citibank Bank of Baroda ICICI Bank Axis Bank PNB Housing Finance LIC Housing Finance Bajaj Home Finance Sundaram Home Finance Kotak Bank Yes Bank Syndicate Bank IDFC First Bank Union Bank of India Lakshmi Vilas Bank Allahabad Bank Andhra Bank Bank of India Bank of Maharashtra Canara Bank Central Bank of India Punjab and Sind Bank UCO Bank Aadhar Housing Finance United Bank of India DBS Bank Tata Capital Home Finance LT Housing Finance Piramal Housing Finance Aavas Financiers Indian Bank Karur Vysya Bank RBL Bank HSBC Bank Standard Chartered Bank Edelweiss GIC Housing Finance Reliance Capital IIFL IDBI Bank Jammu And Kashmir Bank Indian Overseas Bank OBC PNB Indiabulls DCB Bank Dhan Laxmi Bank Karnataka Bank South Indian Bank Federal Bank	SBI HDFC Citibank Bank of Baroda ICICI Bank Axis Bank PNB Housing Finance LIC Housing Finance Bajaj Home Finance Sundaram Home Finance Kotak Bank Yes Bank Syndicate Bank IDFC First Bank UCO Bank Jammu And Kashmir Bank Lakshmi Vilas Bank Allahabad Bank Andhra Bank Bank of India Bank of Maharashtra Canara Bank Central Bank of India Punjab and Sind Bank Aadhar Housing Finance United Bank of India DBS Bank Tata Capital Home Finance LT Housing Finance Piramal Housing Finance Aavas Financiers IDBI Bank Karur Vysya Bank RBL Bank HSBC Bank Standard Chartered Bank Edelweiss GIC Housing Finance Reliance Capital IIFL Corporation Bank Federal Bank Indian Bank Indian Overseas Bank OBC PNB Indiabulls DCB Bank Dhan Laxmi Bank Karnataka Bank South Indian Bank
Parameters
Interest Rate	Interest Rate 8.25% - 8.35%	6.80% - 7.35%
Processing Fees	Processing Fees Upto 0.50% Max ₹ 15,000	Upto 0.50% Max ₹ 50,000
Maximum Loan Amount	Maximum Loan Amount ₹ 5 Cr	₹ 5 Cr
Maximum Tenure	Maximum Tenure 30 Years	30 Years
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 751	₹ 652
Benchmark Rate (Check Rates)	Benchmark Rate (Check Rates) RLLR	RLLR
Minimum Age	Minimum Age 21 Years	21 Years
Maximum Age	Maximum Age 65 Years	65 Years
For Women	For Women N	Y
Overdraft Facility	Overdraft Facility N	N
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	3.5/5.0

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Compare EMI of Union Bank of India and Corporation Bank Home Loan

Loan Amount	Union Bank of India	Corporation Bank
₹ 10 Lakh	₹ 7,513	₹ 6,519
₹ 25 Lakh	₹ 18,782	₹ 16,298
₹ 30 Lakh	₹ 22,538	₹ 19,558
₹ 50 Lakh	₹ 37,563	₹ 32,596

Which is a better bank for Home Loan – Corporation Bank or Union Bank of India?

Corporation Bank offers lower Home Loan EMI at ₹ 652 on a Home Loan for 30 Years as compared to Union Bank of India with a minimum EMI of ₹ 751 for 30 Years. Average customer ratings for Corporation Bank is currently at 3.5/5.0 which makes it a good choice for taking a Home Loan.

How does Corporation Bank Home Loan compare with Union Bank of India Home Loan?

It is important to do a detailed comparison of Corporation Bank and Home Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

Lowest Interest rate of Corporation Bank Home Loan is 6.80%, which is lower than the lowest interest rate of Union Bank of India at 8.25% and hence, Corporation Bank is offering a cheaper loan option.
When compared on other Home Loan charges such as processing fees, all banks Corporation Bank, Union Bank of India and charge the same amount of processing fees as a 0.50% of the loan amount.
Union Bank of India has a maximum processing fee of ₹ 15,000 compared to Corporation Bank with higher processing fees of ₹ 50,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Union Bank of India.
Corporation Bank is a Public Sector Bank with its Home Loan rates benchmarked to RLLR. Union Bank of India is a Public Sector Bank with its home loan rates benchmarked to RLLR. Hence, both banks are benchmarked to same rate which make them a comparable option to choose from.
Corporation Bank has an average customer ratings of 3.5, while has an average customer rating of , based on which it is clear that Corporation Bank has a high customer service focus, an easy Home Loan process and a quick turnaround.
Corporation Bank offers special discounted rate Home Loan schemes for women, while Union Bank of India currently doesn’t have such schemes for women. Hence, women borrowers should definitely evaluate Corporation Bank.

Which bank offers lower interest rate on Home Loan – Corporation Bank or Union Bank of India?

As per the current rates, Corporation Bank offers a lower interest rate of 6.80% on Home Loan when compared to Union Bank of India which offers a Home Loan at 8.25%.

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Home Loan News - Jun 2021

2021-06-14 : 76% increase in Home Loans in the March quarter
Home loans sanctioned by banks and NBFCs grew 76% to Rs 79,043 crore in the quarter ended March 2021. Steps like reduction in stamp duties by the government immensely increased the demand for Home Loans.
2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
2021-06-10 : Rural Loan Collections to be affected by the Second wave
As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
2021-06-09 : Growth of upto 18% expected by IIFL Home Finance on loans
IIFL Home Finance expects a growth on its loan book which includes Home loans and Loan against property of upto 18%.
2021-06-09 : IIFL Home Finance signs MOU with Central bank of India
IIFL Home Finance signed a MOU with Central bank of India for co-lending. The Central bank will be providing 80% of the loan amount of IIFL.

*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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