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United Bank Loan Against Property EMI Calculator

United Bank of India Mortgage Loan EMI

Last Updated 01st Mar 2021

Get monthly EMI as low as ₹ 1,699 per lakh on United Bank of India loan against property. Mortgage loan EMI in United Bank of India depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan7 Year loan
₹ 20 Lakh₹ 43,236₹ 33,983₹ 33,983
₹ 30 Lakh₹ 64,854₹ 50,974₹ 50,974
₹ 50 Lakh₹ 1,08,090₹ 84,956₹ 84,956

    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 Loan Against Property.

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    Loan Against Property EMI Calculator United Bank of India

    Use the above quick and easy tool to easily calculate and compare monthly EMI on United Bank of India Loan Against Property.

    United 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 schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from United Bank for 15 years at an interest rate of 10.75%, the EMI calculated for this loan amount would be ₹ 16,814 and the total annual EMIs to be paid annually is ₹ 2,01,771. The United 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 ₹ 1,19,825 ₹ 31,503 ₹ 1,51,328 ₹ 14,68,497
    2022 ₹ 1,55,634 ₹ 46,136 ₹ 2,01,771 ₹ 14,22,361
    2023 ₹ 1,50,423 ₹ 51,348 ₹ 2,01,771 ₹ 13,71,013
    2024 ₹ 1,44,623 ₹ 57,148 ₹ 2,01,771 ₹ 13,13,865
    2025 ₹ 1,38,167 ₹ 63,603 ₹ 2,01,771 ₹ 12,50,262
    2026 ₹ 1,30,983 ₹ 70,788 ₹ 2,01,771 ₹ 11,79,474
    2027 ₹ 1,22,987 ₹ 78,784 ₹ 2,01,771 ₹ 11,00,690
    2028 ₹ 1,14,087 ₹ 87,683 ₹ 2,01,771 ₹ 10,13,007
    2029 ₹ 1,04,183 ₹ 97,588 ₹ 2,01,771 ₹ 9,15,419
    2030 ₹ 93,160 ₹ 1,08,611 ₹ 2,01,771 ₹ 8,06,808
    2031 ₹ 80,891 ₹ 1,20,880 ₹ 2,01,771 ₹ 6,85,928
    2032 ₹ 67,237 ₹ 1,34,534 ₹ 2,01,771 ₹ 5,51,394
    2033 ₹ 52,040 ₹ 1,49,731 ₹ 2,01,771 ₹ 4,01,664
    2034 ₹ 35,127 ₹ 1,66,644 ₹ 2,01,771 ₹ 2,35,020
    2035 ₹ 16,303 ₹ 1,85,468 ₹ 2,01,771 ₹ 49,552
    2036 ₹ 890 ₹ 49,552 ₹ 50,443 ₹ 0

    Each United 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 21.1% of your EMI has been used to repay the principal amount. This means that the remaining 78.9% of the EMI went into interest payment. Thus, you end up paying only 2.84% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to United Bank.

    In year 15, the interest component of United Bank EMI is around 5.59%, while the principal component is around 94.41%. Upto 15 years, you have cumulatively repaid 100% of your total United Bank Loan Against Property.

    How to process for Loan Against Property EMI moratorium in United Bank of India?

    After the announcement of RBI on 22nd May 2020, United 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 United 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 United Bank of India customer care or its nearest branch.

    FAQs

    Will the United Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    United 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 United 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, United 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 United 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 United 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.
    • United 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 United Bank of India?

    You can avail of a maximum loan of ₹ 5 Cr, depending on the value of the property. However, the loan amount cannot be more than 60% of the property value. United Bank of India assesses the property before approving your mortgage loan application.


    United Bank Loan Against Property News - Apr 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.
    • 2019-03-07 : United Bank of India signs bancassurance deal with HDFC Life Insurance
      United Bank of India (UBI) has signed a bancassurance deal with private life insurer HDFC Life Insurance Company. Through this partnership, the customers of the bank will be able to take advantage of the relevant expertise in the field of insurance across life insurance products, distribution and customer service. In addition to this, the lender also has plans to achieve a significant growth across its retail loans including home loans and mortgage loans.
    • 2018-09-14 : United Bank of India increases Floating LAP rates by 5bps
      United Bank of India has increased its floating interest Rate on the Loan Against Property (LAP) by 5 basis points. The new rate for the LAP now stands at 8.75%, which was 8.70% earlier. These rates are currently effective. There is no change in the processing fees.
    • 2018-08-21 : United Bank of India reports Q1: net loss widens to Rs 389 crore
      United Bank of India announced Q1 result. Its net loss widened to Rs 389 crores in the first quarter ended June against a net loss of Rs 211 crore a year ago. Its overall profitability was affected due to a spike in mark-to-market provisioning by 195.78% year on year due to an “adverse market scenario”. Gross non-performing assets (NPAs) declined 8.35% q-o-q to Rs 15169 crore from Rs 16552 crore a year ago.
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