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Union Bank Loan Against Property EMI Calculator
Union Bank of India Mortgage Loan EMI
Get monthly EMI as low as ₹ 1,184 per lakh on Union Bank of India loan against property. Mortgage loan EMI in Union Bank of India depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.
Loan Amount | 5 Year Loan | 7 Year loan | 12 Year loan |
---|---|---|---|
₹ 20 Lakh | ₹ 42,298 | ₹ 32,996 | ₹ 23,671 |
₹ 30 Lakh | ₹ 63,446 | ₹ 49,494 | ₹ 35,507 |
₹ 50 Lakh | ₹ 1,05,744 | ₹ 82,490 | ₹ 59,178 |
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Loan Against Property EMI Calculator Union Bank of India
- Loan Against Property EMI (or equated monthly instalment) is a fixed amount of money you pay Union Bank of India towards repayment of your property loan every month on a fixed day of the month till your loan is fully paid back.
- With Union Bank of India now offering loan tenure upto 12 years at attractive interest rates starting is 9.80%, your EMI can be as low as ₹ 1,184 per ₹ one lakh loan amount.
- The Loan Against Property EMI comprises of both principal repayment and interest payment. While the EMI amount remains constant, the interest component keeps reducing and the principal component keeps increasing, except in case of an increase in the interest rate on loan.
Use the above quick and easy tool to easily calculate and compare monthly EMI on Union Bank of India Loan Against Property.
Union Bank Loan Against Property Amortization Calculator
The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.
Illustration: How to read an amortization scheduleSuppose you borrow a Loan Against Property of ₹ 15 Lakh from Union Bank for 15 years at an interest rate of 9.80%, the EMI calculated for this loan amount would be ₹ 15,936 and the total annual EMIs to be paid annually is ₹ 1,91,233. The Union Bank Loan Against Property EMI schedule for 15 years is explained below in the table –
Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 15 years
Year | Interest paid during the year | Principal repaid during the year | Total amount paid during the year (Interest + Principal) | Outstanding Principal |
---|---|---|---|---|
2021 | ₹ 1,09,145 | ₹ 34,279 | ₹ 1,43,424 | ₹ 14,65,721 |
Apr | ₹ 12,250 | ₹ 3,686 | ₹ 15,936 | ₹ 14,96,313 |
May | ₹ 12,220 | ₹ 3,716 | ₹ 15,936 | ₹ 14,92,597 |
Jun | ₹ 12,190 | ₹ 3,746 | ₹ 15,936 | ₹ 14,88,851 |
Jul | ₹ 12,159 | ₹ 3,777 | ₹ 15,936 | ₹ 14,85,074 |
Aug | ₹ 12,128 | ₹ 3,808 | ₹ 15,936 | ₹ 14,81,266 |
Sep | ₹ 12,097 | ₹ 3,839 | ₹ 15,936 | ₹ 14,77,427 |
Oct | ₹ 12,066 | ₹ 3,870 | ₹ 15,936 | ₹ 14,73,556 |
Nov | ₹ 12,034 | ₹ 3,902 | ₹ 15,936 | ₹ 14,69,654 |
Dec | ₹ 12,002 | ₹ 3,934 | ₹ 15,936 | ₹ 14,65,721 |
2022 | ₹ 1,41,444 | ₹ 49,789 | ₹ 1,91,233 | ₹ 14,15,932 |
Jan | ₹ 11,970 | ₹ 3,966 | ₹ 15,936 | ₹ 14,61,755 |
Feb | ₹ 11,938 | ₹ 3,998 | ₹ 15,936 | ₹ 14,57,756 |
Mar | ₹ 11,905 | ₹ 4,031 | ₹ 15,936 | ₹ 14,53,725 |
Apr | ₹ 11,872 | ₹ 4,064 | ₹ 15,936 | ₹ 14,49,661 |
May | ₹ 11,839 | ₹ 4,097 | ₹ 15,936 | ₹ 14,45,564 |
Jun | ₹ 11,805 | ₹ 4,131 | ₹ 15,936 | ₹ 14,41,433 |
Jul | ₹ 11,772 | ₹ 4,164 | ₹ 15,936 | ₹ 14,37,269 |
Aug | ₹ 11,738 | ₹ 4,198 | ₹ 15,936 | ₹ 14,33,071 |
Sep | ₹ 11,703 | ₹ 4,233 | ₹ 15,936 | ₹ 14,28,838 |
Oct | ₹ 11,669 | ₹ 4,267 | ₹ 15,936 | ₹ 14,24,571 |
Nov | ₹ 11,634 | ₹ 4,302 | ₹ 15,936 | ₹ 14,20,269 |
Dec | ₹ 11,599 | ₹ 4,337 | ₹ 15,936 | ₹ 14,15,932 |
2023 | ₹ 1,36,339 | ₹ 54,893 | ₹ 1,91,233 | ₹ 13,61,039 |
Jan | ₹ 11,563 | ₹ 4,373 | ₹ 15,936 | ₹ 14,11,559 |
Feb | ₹ 11,528 | ₹ 4,408 | ₹ 15,936 | ₹ 14,07,151 |
Mar | ₹ 11,492 | ₹ 4,444 | ₹ 15,936 | ₹ 14,02,707 |
Apr | ₹ 11,455 | ₹ 4,481 | ₹ 15,936 | ₹ 13,98,226 |
May | ₹ 11,419 | ₹ 4,517 | ₹ 15,936 | ₹ 13,93,709 |
Jun | ₹ 11,382 | ₹ 4,554 | ₹ 15,936 | ₹ 13,89,155 |
Jul | ₹ 11,345 | ₹ 4,591 | ₹ 15,936 | ₹ 13,84,563 |
Aug | ₹ 11,307 | ₹ 4,629 | ₹ 15,936 | ₹ 13,79,935 |
Sep | ₹ 11,269 | ₹ 4,667 | ₹ 15,936 | ₹ 13,75,268 |
Oct | ₹ 11,231 | ₹ 4,705 | ₹ 15,936 | ₹ 13,70,563 |
Nov | ₹ 11,193 | ₹ 4,743 | ₹ 15,936 | ₹ 13,65,820 |
Dec | ₹ 11,154 | ₹ 4,782 | ₹ 15,936 | ₹ 13,61,038 |
2024 | ₹ 1,30,711 | ₹ 60,521 | ₹ 1,91,233 | ₹ 13,00,518 |
Jan | ₹ 11,115 | ₹ 4,821 | ₹ 15,936 | ₹ 13,56,217 |
Feb | ₹ 11,076 | ₹ 4,860 | ₹ 15,936 | ₹ 13,51,357 |
Mar | ₹ 11,036 | ₹ 4,900 | ₹ 15,936 | ₹ 13,46,457 |
Apr | ₹ 10,996 | ₹ 4,940 | ₹ 15,936 | ₹ 13,41,517 |
May | ₹ 10,956 | ₹ 4,980 | ₹ 15,936 | ₹ 13,36,537 |
Jun | ₹ 10,915 | ₹ 5,021 | ₹ 15,936 | ₹ 13,31,516 |
Jul | ₹ 10,874 | ₹ 5,062 | ₹ 15,936 | ₹ 13,26,454 |
Aug | ₹ 10,833 | ₹ 5,103 | ₹ 15,936 | ₹ 13,21,351 |
Sep | ₹ 10,791 | ₹ 5,145 | ₹ 15,936 | ₹ 13,16,206 |
Oct | ₹ 10,749 | ₹ 5,187 | ₹ 15,936 | ₹ 13,11,019 |
Nov | ₹ 10,707 | ₹ 5,229 | ₹ 15,936 | ₹ 13,05,789 |
Dec | ₹ 10,664 | ₹ 5,272 | ₹ 15,936 | ₹ 13,00,517 |
2025 | ₹ 1,24,506 | ₹ 66,726 | ₹ 1,91,233 | ₹ 12,33,792 |
Jan | ₹ 10,621 | ₹ 5,315 | ₹ 15,936 | ₹ 12,95,202 |
Feb | ₹ 10,577 | ₹ 5,359 | ₹ 15,936 | ₹ 12,89,843 |
Mar | ₹ 10,534 | ₹ 5,402 | ₹ 15,936 | ₹ 12,84,441 |
Apr | ₹ 10,490 | ₹ 5,446 | ₹ 15,936 | ₹ 12,78,995 |
May | ₹ 10,445 | ₹ 5,491 | ₹ 15,936 | ₹ 12,73,504 |
Jun | ₹ 10,400 | ₹ 5,536 | ₹ 15,936 | ₹ 12,67,968 |
Jul | ₹ 10,355 | ₹ 5,581 | ₹ 15,936 | ₹ 12,62,387 |
Aug | ₹ 10,309 | ₹ 5,627 | ₹ 15,936 | ₹ 12,56,761 |
Sep | ₹ 10,264 | ₹ 5,672 | ₹ 15,936 | ₹ 12,51,088 |
Oct | ₹ 10,217 | ₹ 5,719 | ₹ 15,936 | ₹ 12,45,369 |
Nov | ₹ 10,171 | ₹ 5,766 | ₹ 15,936 | ₹ 12,39,604 |
Dec | ₹ 10,123 | ₹ 5,813 | ₹ 15,936 | ₹ 12,33,791 |
2026 | ₹ 1,17,665 | ₹ 73,567 | ₹ 1,91,233 | ₹ 11,60,224 |
Jan | ₹ 10,076 | ₹ 5,860 | ₹ 15,936 | ₹ 12,27,931 |
Feb | ₹ 10,028 | ₹ 5,908 | ₹ 15,936 | ₹ 12,22,023 |
Mar | ₹ 9,980 | ₹ 5,956 | ₹ 15,936 | ₹ 12,16,067 |
Apr | ₹ 9,931 | ₹ 6,005 | ₹ 15,936 | ₹ 12,10,062 |
May | ₹ 9,882 | ₹ 6,054 | ₹ 15,936 | ₹ 12,04,008 |
Jun | ₹ 9,833 | ₹ 6,103 | ₹ 15,936 | ₹ 11,97,905 |
Jul | ₹ 9,783 | ₹ 6,153 | ₹ 15,936 | ₹ 11,91,752 |
Aug | ₹ 9,733 | ₹ 6,203 | ₹ 15,936 | ₹ 11,85,548 |
Sep | ₹ 9,682 | ₹ 6,254 | ₹ 15,936 | ₹ 11,79,294 |
Oct | ₹ 9,631 | ₹ 6,305 | ₹ 15,936 | ₹ 11,72,989 |
Nov | ₹ 9,579 | ₹ 6,357 | ₹ 15,936 | ₹ 11,66,633 |
Dec | ₹ 9,528 | ₹ 6,409 | ₹ 15,936 | ₹ 11,60,224 |
2027 | ₹ 1,10,123 | ₹ 81,109 | ₹ 1,91,233 | ₹ 10,79,115 |
Jan | ₹ 9,475 | ₹ 6,461 | ₹ 15,936 | ₹ 11,53,763 |
Feb | ₹ 9,422 | ₹ 6,514 | ₹ 15,936 | ₹ 11,47,249 |
Mar | ₹ 9,369 | ₹ 6,567 | ₹ 15,936 | ₹ 11,40,683 |
Apr | ₹ 9,316 | ₹ 6,620 | ₹ 15,936 | ₹ 11,34,062 |
May | ₹ 9,262 | ₹ 6,675 | ₹ 15,936 | ₹ 11,27,388 |
Jun | ₹ 9,207 | ₹ 6,729 | ₹ 15,936 | ₹ 11,20,659 |
Jul | ₹ 9,152 | ₹ 6,784 | ₹ 15,936 | ₹ 11,13,875 |
Aug | ₹ 9,097 | ₹ 6,839 | ₹ 15,936 | ₹ 11,07,035 |
Sep | ₹ 9,041 | ₹ 6,895 | ₹ 15,936 | ₹ 11,00,140 |
Oct | ₹ 8,984 | ₹ 6,952 | ₹ 15,936 | ₹ 10,93,188 |
Nov | ₹ 8,928 | ₹ 7,008 | ₹ 15,936 | ₹ 10,86,180 |
Dec | ₹ 8,870 | ₹ 7,066 | ₹ 15,936 | ₹ 10,79,115 |
2028 | ₹ 1,01,807 | ₹ 89,425 | ₹ 1,91,233 | ₹ 9,89,690 |
Jan | ₹ 8,813 | ₹ 7,123 | ₹ 15,936 | ₹ 10,71,991 |
Feb | ₹ 8,755 | ₹ 7,181 | ₹ 15,936 | ₹ 10,64,810 |
Mar | ₹ 8,696 | ₹ 7,240 | ₹ 15,936 | ₹ 10,57,570 |
Apr | ₹ 8,637 | ₹ 7,299 | ₹ 15,936 | ₹ 10,50,270 |
May | ₹ 8,577 | ₹ 7,359 | ₹ 15,936 | ₹ 10,42,912 |
Jun | ₹ 8,517 | ₹ 7,419 | ₹ 15,936 | ₹ 10,35,493 |
Jul | ₹ 8,457 | ₹ 7,480 | ₹ 15,936 | ₹ 10,28,013 |
Aug | ₹ 8,395 | ₹ 7,541 | ₹ 15,936 | ₹ 10,20,473 |
Sep | ₹ 8,334 | ₹ 7,602 | ₹ 15,936 | ₹ 10,12,870 |
Oct | ₹ 8,272 | ₹ 7,664 | ₹ 15,936 | ₹ 10,05,206 |
Nov | ₹ 8,209 | ₹ 7,727 | ₹ 15,936 | ₹ 9,97,479 |
Dec | ₹ 8,146 | ₹ 7,790 | ₹ 15,936 | ₹ 9,89,689 |
2029 | ₹ 92,639 | ₹ 98,593 | ₹ 1,91,233 | ₹ 8,91,097 |
Jan | ₹ 8,082 | ₹ 7,854 | ₹ 15,936 | ₹ 9,81,836 |
Feb | ₹ 8,018 | ₹ 7,918 | ₹ 15,936 | ₹ 9,73,918 |
Mar | ₹ 7,954 | ₹ 7,982 | ₹ 15,936 | ₹ 9,65,936 |
Apr | ₹ 7,888 | ₹ 8,048 | ₹ 15,936 | ₹ 9,57,888 |
May | ₹ 7,823 | ₹ 8,113 | ₹ 15,936 | ₹ 9,49,775 |
Jun | ₹ 7,756 | ₹ 8,180 | ₹ 15,936 | ₹ 9,41,595 |
Jul | ₹ 7,690 | ₹ 8,246 | ₹ 15,936 | ₹ 9,33,349 |
Aug | ₹ 7,622 | ₹ 8,314 | ₹ 15,936 | ₹ 9,25,035 |
Sep | ₹ 7,554 | ₹ 8,382 | ₹ 15,936 | ₹ 9,16,654 |
Oct | ₹ 7,486 | ₹ 8,450 | ₹ 15,936 | ₹ 9,08,204 |
Nov | ₹ 7,417 | ₹ 8,519 | ₹ 15,936 | ₹ 8,99,685 |
Dec | ₹ 7,347 | ₹ 8,589 | ₹ 15,936 | ₹ 8,91,096 |
2030 | ₹ 82,531 | ₹ 1,08,702 | ₹ 1,91,233 | ₹ 7,82,395 |
Jan | ₹ 7,277 | ₹ 8,659 | ₹ 15,936 | ₹ 8,82,437 |
Feb | ₹ 7,207 | ₹ 8,729 | ₹ 15,936 | ₹ 8,73,708 |
Mar | ₹ 7,135 | ₹ 8,801 | ₹ 15,936 | ₹ 8,64,907 |
Apr | ₹ 7,063 | ₹ 8,873 | ₹ 15,936 | ₹ 8,56,034 |
May | ₹ 6,991 | ₹ 8,945 | ₹ 15,936 | ₹ 8,47,089 |
Jun | ₹ 6,918 | ₹ 9,018 | ₹ 15,936 | ₹ 8,38,071 |
Jul | ₹ 6,844 | ₹ 9,092 | ₹ 15,936 | ₹ 8,28,979 |
Aug | ₹ 6,770 | ₹ 9,166 | ₹ 15,936 | ₹ 8,19,813 |
Sep | ₹ 6,695 | ₹ 9,241 | ₹ 15,936 | ₹ 8,10,572 |
Oct | ₹ 6,620 | ₹ 9,316 | ₹ 15,936 | ₹ 8,01,256 |
Nov | ₹ 6,544 | ₹ 9,392 | ₹ 15,936 | ₹ 7,91,864 |
Dec | ₹ 6,467 | ₹ 9,469 | ₹ 15,936 | ₹ 7,82,394 |
2031 | ₹ 71,386 | ₹ 1,19,846 | ₹ 1,91,233 | ₹ 6,62,549 |
Jan | ₹ 6,390 | ₹ 9,546 | ₹ 15,936 | ₹ 7,72,848 |
Feb | ₹ 6,312 | ₹ 9,624 | ₹ 15,936 | ₹ 7,63,224 |
Mar | ₹ 6,233 | ₹ 9,703 | ₹ 15,936 | ₹ 7,53,520 |
Apr | ₹ 6,154 | ₹ 9,782 | ₹ 15,936 | ₹ 7,43,738 |
May | ₹ 6,074 | ₹ 9,862 | ₹ 15,936 | ₹ 7,33,876 |
Jun | ₹ 5,993 | ₹ 9,943 | ₹ 15,936 | ₹ 7,23,933 |
Jul | ₹ 5,912 | ₹ 10,024 | ₹ 15,936 | ₹ 7,13,909 |
Aug | ₹ 5,830 | ₹ 10,106 | ₹ 15,936 | ₹ 7,03,804 |
Sep | ₹ 5,748 | ₹ 10,188 | ₹ 15,936 | ₹ 6,93,615 |
Oct | ₹ 5,665 | ₹ 10,272 | ₹ 15,936 | ₹ 6,83,344 |
Nov | ₹ 5,581 | ₹ 10,355 | ₹ 15,936 | ₹ 6,72,988 |
Dec | ₹ 5,496 | ₹ 10,440 | ₹ 15,936 | ₹ 6,62,548 |
2032 | ₹ 59,099 | ₹ 1,32,133 | ₹ 1,91,233 | ₹ 5,30,416 |
Jan | ₹ 5,411 | ₹ 10,525 | ₹ 15,936 | ₹ 6,52,023 |
Feb | ₹ 5,325 | ₹ 10,611 | ₹ 15,936 | ₹ 6,41,412 |
Mar | ₹ 5,238 | ₹ 10,698 | ₹ 15,936 | ₹ 6,30,714 |
Apr | ₹ 5,151 | ₹ 10,785 | ₹ 15,936 | ₹ 6,19,929 |
May | ₹ 5,063 | ₹ 10,873 | ₹ 15,936 | ₹ 6,09,056 |
Jun | ₹ 4,974 | ₹ 10,962 | ₹ 15,936 | ₹ 5,98,094 |
Jul | ₹ 4,884 | ₹ 11,052 | ₹ 15,936 | ₹ 5,87,042 |
Aug | ₹ 4,794 | ₹ 11,142 | ₹ 15,936 | ₹ 5,75,900 |
Sep | ₹ 4,703 | ₹ 11,233 | ₹ 15,936 | ₹ 5,64,667 |
Oct | ₹ 4,611 | ₹ 11,325 | ₹ 15,936 | ₹ 5,53,343 |
Nov | ₹ 4,519 | ₹ 11,417 | ₹ 15,936 | ₹ 5,41,926 |
Dec | ₹ 4,426 | ₹ 11,510 | ₹ 15,936 | ₹ 5,30,415 |
2033 | ₹ 45,553 | ₹ 1,45,680 | ₹ 1,91,233 | ₹ 3,84,736 |
Jan | ₹ 4,332 | ₹ 11,604 | ₹ 15,936 | ₹ 5,18,811 |
Feb | ₹ 4,237 | ₹ 11,699 | ₹ 15,936 | ₹ 5,07,112 |
Mar | ₹ 4,141 | ₹ 11,795 | ₹ 15,936 | ₹ 4,95,317 |
Apr | ₹ 4,045 | ₹ 11,891 | ₹ 15,936 | ₹ 4,83,426 |
May | ₹ 3,948 | ₹ 11,988 | ₹ 15,936 | ₹ 4,71,438 |
Jun | ₹ 3,850 | ₹ 12,086 | ₹ 15,936 | ₹ 4,59,352 |
Jul | ₹ 3,751 | ₹ 12,185 | ₹ 15,936 | ₹ 4,47,168 |
Aug | ₹ 3,652 | ₹ 12,284 | ₹ 15,936 | ₹ 4,34,883 |
Sep | ₹ 3,552 | ₹ 12,384 | ₹ 15,936 | ₹ 4,22,499 |
Oct | ₹ 3,450 | ₹ 12,486 | ₹ 15,936 | ₹ 4,10,013 |
Nov | ₹ 3,348 | ₹ 12,588 | ₹ 15,936 | ₹ 3,97,426 |
Dec | ₹ 3,246 | ₹ 12,690 | ₹ 15,936 | ₹ 3,84,735 |
2034 | ₹ 30,617 | ₹ 1,60,616 | ₹ 1,91,233 | ₹ 2,24,120 |
Jan | ₹ 3,142 | ₹ 12,794 | ₹ 15,936 | ₹ 3,71,941 |
Feb | ₹ 3,038 | ₹ 12,899 | ₹ 15,936 | ₹ 3,59,043 |
Mar | ₹ 2,932 | ₹ 13,004 | ₹ 15,936 | ₹ 3,46,039 |
Apr | ₹ 2,826 | ₹ 13,110 | ₹ 15,936 | ₹ 3,32,929 |
May | ₹ 2,719 | ₹ 13,217 | ₹ 15,936 | ₹ 3,19,712 |
Jun | ₹ 2,611 | ₹ 13,325 | ₹ 15,936 | ₹ 3,06,387 |
Jul | ₹ 2,502 | ₹ 13,434 | ₹ 15,936 | ₹ 2,92,953 |
Aug | ₹ 2,392 | ₹ 13,544 | ₹ 15,936 | ₹ 2,79,409 |
Sep | ₹ 2,282 | ₹ 13,654 | ₹ 15,936 | ₹ 2,65,755 |
Oct | ₹ 2,170 | ₹ 13,766 | ₹ 15,936 | ₹ 2,51,989 |
Nov | ₹ 2,058 | ₹ 13,878 | ₹ 15,936 | ₹ 2,38,111 |
Dec | ₹ 1,945 | ₹ 13,991 | ₹ 15,936 | ₹ 2,24,120 |
2035 | ₹ 14,150 | ₹ 1,77,083 | ₹ 1,91,233 | ₹ 47,038 |
Jan | ₹ 1,830 | ₹ 14,106 | ₹ 15,936 | ₹ 2,10,014 |
Feb | ₹ 1,715 | ₹ 14,221 | ₹ 15,936 | ₹ 1,95,793 |
Mar | ₹ 1,599 | ₹ 14,337 | ₹ 15,936 | ₹ 1,81,456 |
Apr | ₹ 1,482 | ₹ 14,454 | ₹ 15,936 | ₹ 1,67,002 |
May | ₹ 1,364 | ₹ 14,572 | ₹ 15,936 | ₹ 1,52,430 |
Jun | ₹ 1,245 | ₹ 14,691 | ₹ 15,936 | ₹ 1,37,739 |
Jul | ₹ 1,125 | ₹ 14,811 | ₹ 15,936 | ₹ 1,22,927 |
Aug | ₹ 1,004 | ₹ 14,932 | ₹ 15,936 | ₹ 1,07,995 |
Sep | ₹ 882 | ₹ 15,054 | ₹ 15,936 | ₹ 92,941 |
Oct | ₹ 759 | ₹ 15,177 | ₹ 15,936 | ₹ 77,764 |
Nov | ₹ 635 | ₹ 15,301 | ₹ 15,936 | ₹ 62,463 |
Dec | ₹ 510 | ₹ 15,426 | ₹ 15,936 | ₹ 47,037 |
2036 | ₹ 770 | ₹ 47,038 | ₹ 47,808 | -₹ 0 |
Jan | ₹ 384 | ₹ 15,552 | ₹ 15,936 | ₹ 31,485 |
Feb | ₹ 257 | ₹ 15,679 | ₹ 15,936 | ₹ 15,806 |
Mar | ₹ 129 | ₹ 15,807 | ₹ 15,936 | ₹ 0 |
Each Union Bank Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.
As you assess the amortization table, you will find that by the end of 1st year 24.2% of your EMI has been used to repay the principal amount. This means that the remaining 75.8% of the EMI went into interest payment. Thus, you end up paying only 3.08% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Union Bank.
In year 15, the interest component of Union Bank EMI is around 5.11%, while the principal component is around 94.89%. Upto 15 years, you have cumulatively repaid 100% of your total Union Bank Loan Against Property.
How to process for Loan Against Property EMI moratorium in Union Bank of India?
After the announcement of RBI on 22nd May 2020, Union Bank of India has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Union Bank of India. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Union Bank of India customer care or its nearest branch.
FAQs
✅Will the Union Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?
Union Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:
- Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Union Bank of India subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
- In case the floating rate of interest on your loan increases, Union Bank of India will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Union Bank of India, the bank may increase your EMI amount.
✅Will Loan Against Property EMI change in case of prepayment?
Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:
- When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
- Note that Union Bank of India may levy prepayment charges except on floating rate property loans sanctioned to individuals.
✅How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?
Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:
- EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
- Union Bank of India mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.
✅How much loan can I get against my property from Union Bank of India?
You can avail of a maximum loan of ₹ 10 Cr, depending on the value of the property. However, the loan amount cannot be more than 50% of the property value. Union Bank of India assesses the property before approving your mortgage loan application.
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- 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. - 2020-08-24 : 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. - 2019-12-12 : Union Bank of India cuts MCLR by up to 10 bps
Union Bank of India has revised its Marginal Cost of Funds Based Lending Rate (MCLR) for December month. For 6-months, the MCLR stands at 8.05% as compared to 8.10% earlier. For 1 year, the rate has been revised to 8.20% from 8.25% earlier. The cut in rates is supposed to make home loan and mortgage loan rates cheaper. The revised rates have been in effect from December 11, 2019. - 2019-07-31 : Union Bank of India loans to become cheaper, the lender cuts MCLR rates by up to 20 bps
The loans offered by the Union Bank of India will become cheaper now as the lender ahas reduced its MCLR rate by up to 20 basis points (bps) across various tenors, effective August 1. One-year MCLR will now come down from 8.55% to 8.50%. The overnight tenor and one-month MCLR are down to 8.10% each as compared with the earlier rates of 8.25% and 8.30%, respectively while the three-month and six-month rates have been reduced by 10 bps each, to 8.25% and 8.35%. - 2019-05-03 : Union Bank of India revises MCLR rates across loan tenure
Union Bank of India has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenors for the month of May. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.30% and 8.35% respectively. While for 3 months, the rate has been revised to 8.40% and for 1 year the rate now stands at 8.60%. The revised rates are effective from May 1, 2019.
