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Union Bank Home Loan

Union Bank Housing Loan 2021

Last Updated 25th Nov 2021

Union Bank of India is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 8.25% with quick approval and online process. Home Loan in Union Bank of India is quite popular with its special features and attractive rates under various Union Bank of India home loan schemes for different income and occupation groups. Some of the key features of Union Bank of India housing loan are:

  • Union Bank of India also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Union Bank of India has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Union Bank of India home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Union Bank of India Home Loan Details

Union Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Union Bank

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 8.25%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Maximum ₹ 15,000
Lowest EMI Per Lakh ₹ 751
  • Purpose of Loan: Union Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Union Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 8.25% to 8.35%.
    • Union Bank home loan EMI per lakh starts from ₹ 751. However, you can calculate your home loan EMI using Union Bank home loan calculator 2021.
  • Special schemes: Union Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Union Bank of India Home Loans

Some of the features and benefits of Union Bank of India Home Loans are listed as follows:-

  • Union Bank of India Home Loan Interest Rate starts from 6.70%.
  • Union Bank of India charges a processing fees of Upto 0.50%, Maximum ₹ 15,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Union Bank of India is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Union Bank of India allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from Union Bank of India?

Getting a home loan from Union Bank is fairly easy with an online application process. 5 Steps for Union Bank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Union Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Union Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Union Bank’s representative will visit your home or office to collect your documents.
  • Step 4: Union Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Union Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Union Bank of India Home Loan Documents Required

To apply for a home loan in Union Bank, the bank asks you to submit the following Union Bank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Union Bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Union Bank of India Home Loan EMI Calculator

Union Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Union Bank of India Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Union Bank of India Home Loan Eligibility Calculator

Union Bank of India Home loan eligibility calculator is an online tool that helps the Union Bank home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Union Bank of India Home Loan with Other Banks

FAQs

What are the documents required for home loan Union Bank?

To apply for Union Bank of India Home Loan, you will be required to submit Union Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Union Bank of India ?

Below-mentioned is the reason why you must avail a home loan from Union Bank

Can I apply for an Union Bank home loan online?

Yes, you can apply for a Union Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Union Bank home loan scheme?

Choosing the best Union Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Union Bank home loan scheme is based on one’s needs.

Is Union Bank good for a home loan?

Union Bank is one of the best home loan lenders in the country. Currently, Union Bank home loan interest rate 2021 starts at 6.50%.

How can I check my Union Bank home loan status?

One can check their Union Bank home loan status on Union Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Union Bank mobile app

What is the eligibility for a Home Loan of Union Bank of India?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Union Bank of India Home Loan procedure?

There are two methods to complete the application for Union Bank of India Home Loan Process online:

  • Apply online at Union Bank of India official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Union Bank of India house loan?

Union Bank of India offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does Union Bank of India check CIBIL for home loan?

Yes, to avail home loan from Union Bank of India, you must fulfill Union Bank of India Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Union Bank of India?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Union Bank of India can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Union Bank of India is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Union Bank Home Loan News - Dec 2021
  • 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.
  • 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.
*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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