Union Bank Loan Against Property Interest Rate Calculator - Dec 2016

Union Bank of India Loan Against Property Interest Rates

Last Updated 09th Dec 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Interest Rate 12.20% - 12.20%
Check Special Offers
Lowest EMI Rs. 1,326 per lakh
Max Tenure 12 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 18 and Max 60 years for Salaried
Min 18 and Max 70 years for Self Employed
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 





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Union Bank of India Loan Against Property

Union Bank of India offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 50% of the market’s value for tenure of 18 years.

Loan Against Property Union Bank

Loan Against Property interest rates offered by Union Bank of India depends upon MCLR
  • Floating rates changes with a single change in Union Bank of India MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Union Bank of India offers Property Loan based on 1 Year MCLR which is currently 9.30%
Union Bank of India mortgage loan interest rate depends upon
  • Loan amount: Union Bank of India mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Union Bank of India has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Union Bank of India interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Union Bank of India allows prepayment of loan against property with Own sources- Nil, Refinance- 2% prepayment charges
Processing Fee - Union Bank of India asks for a processing fee of 0.50% of loan amount with applicable service tax

Union Bank Loan Against Property EMI Calculator

Loan Against Property EMI of Union Bank of India is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • Union Bank of India Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Union Bank Loan Against Property EMI?
  • Union Bank of India Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Union Bank of India EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Union Bank Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Union Bank of India
Eligibility of Loan Against Property in Union Bank of India relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Union Bank of India offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 70 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Union Bank of India decides your loan amount based on the market value of the property which you place as your collateral for the loan. Union Bank of India lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Union Bank of India gives maximum LTV of 50% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Union Bank of India checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Union Bank of India does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, Union Bank of India gives you a maximum tenure of 18 years for a maximum loan amount of Rs.100,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
    Business person should be in business from the past 0 years and minimum ITR of last 1years is required as proof to Union Bank of India
Estimated eligibility online by using Eligibility Calculator.
Popular Products:
  • Union Mortgage
  • Union Reverse Mortgage

Union Bank of India Floating Rate Loan Against Property

Union Bank of India Loan Against Property Floating
Upto Rs. 2,500,000 - 12.20%
Rs. 2,500,001 - 7,500,000 - 12.20%
Rs. 7,500,001 - 30,000,000 - 12.20%
Above Rs. 30,000,000 - 12.20% linked to 1 Year MCLR

Union Bank of India Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to Union Bank of India?
Union Bank of India offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of Union Bank of India
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property Union Bank documents required

Loan Against Property for Salaried employee Union Bank of India documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 1 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed Union Bank of India documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • ITR of last 1 years
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from Union Bank of India

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of Union Bank of India
Date MCLR
01st Dec 16 9.55%
04th Oct 16: 0.25% repo cut by RBI
30th Jun 16 9.60% decreased by 0.05%
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.65% decreased by 0.35%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
04th Mar 15: 0.25% repo cut by RBI
27th Jan 15 10.00% increased by 2%
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
06th Sep 13 10.25%
08th Jul 13 10.00% decreased by 0.25%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
09th Feb 13 10.25% increased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% increased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
26th Dec 11 10.65% increased by 0.15%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
08th Aug 11 10.75% increased by 0.1%
26th Jul 11: 0.5% repo hike by RBI
11th Jul 11 10.25% decreased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
07th May 11 10.00% decreased by 0.25%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
04th Feb 11 9.50% decreased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
27th Dec 10 9.00% decreased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
18th Oct 10 8.50% decreased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00% decreased by 0.5%

Union Bank MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in Union Bank ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from Union Bank of India and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to Union Bank of India and other banks and all EMI's have been paid. Note that Union Bank of India can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Union Bank of India in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will Union Bank mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on Union Bank of India property loan is linked to its 1 Year MCLR, which is currently 9.30%. So, when Union Bank of India offers a loan against property at 12.20%, it applies a 2.9% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Union Bank of India, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on Union Bank loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

Union Bank of India Loan Against Property in India

Union Bank of India Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-208-2244, customercare@unionbankofindia.com
Ahmedabad 1800-208-2244, customercare@unionbankofindia.com
Ambala 1800-208-2244, customercare@unionbankofindia.com
Anand 1800-208-2244, customercare@unionbankofindia.com
Aurangabad 1800-208-2244, customercare@unionbankofindia.com
Bangalore 1800-208-2244, customercare@unionbankofindia.com
Bhilai 1800-208-2244, customercare@unionbankofindia.com
Bhilwara 1800-208-2244, customercare@unionbankofindia.com
Bhiwadi 1800-208-2244, customercare@unionbankofindia.com
Bhopal 1800-208-2244, customercare@unionbankofindia.com
Bhubaneswar Cuttack 1800-208-2244, customercare@unionbankofindia.com
Bikaner 1800-208-2244, customercare@unionbankofindia.com
Chandigarh 1800-208-2244, customercare@unionbankofindia.com
Chennai 1800-208-2244, customercare@unionbankofindia.com
Cochin 1800-208-2244, customercare@unionbankofindia.com
Coimbatore 1800-208-2244, customercare@unionbankofindia.com
Dehradun 1800-208-2244, customercare@unionbankofindia.com
Delhi 1800-208-2244, customercare@unionbankofindia.com
Durg 1800-208-2244, customercare@unionbankofindia.com
Faridabad 1800-208-2244, customercare@unionbankofindia.com
Gandhinagar 1800-208-2244, customercare@unionbankofindia.com
Ghaziabad 1800-208-2244, customercare@unionbankofindia.com
Goa 1800-208-2244, customercare@unionbankofindia.com
Greater Noida 1800-208-2244, customercare@unionbankofindia.com
Gurgaon 1800-208-2244, customercare@unionbankofindia.com
Guwahati 1800-208-2244, customercare@unionbankofindia.com
Gwalior 1800-208-2244, customercare@unionbankofindia.com
Hyderabad 1800-208-2244, customercare@unionbankofindia.com
Indore 1800-208-2244, customercare@unionbankofindia.com
Jabalpur 1800-208-2244, customercare@unionbankofindia.com
Jaipur 1800-208-2244, customercare@unionbankofindia.com
Jalandhar 1800-208-2244, customercare@unionbankofindia.com
Jodhpur 1800-208-2244, customercare@unionbankofindia.com
Kanpur 1800-208-2244, customercare@unionbankofindia.com
Karnal 1800-208-2244, customercare@unionbankofindia.com
Kolhapur 1800-208-2244, customercare@unionbankofindia.com
Kolkata 1800-208-2244, customercare@unionbankofindia.com
Kota 1800-208-2244, customercare@unionbankofindia.com
Kozhikode 1800-208-2244, customercare@unionbankofindia.com
Lucknow 1800-208-2244, customercare@unionbankofindia.com
Ludhiana 1800-208-2244, customercare@unionbankofindia.com
Madurai 1800-208-2244, customercare@unionbankofindia.com
Meerut 1800-208-2244, customercare@unionbankofindia.com
Mehsana 1800-208-2244, customercare@unionbankofindia.com
Mohali Sas Nagar 1800-208-2244, customercare@unionbankofindia.com
Mumbai 1800-208-2244, customercare@unionbankofindia.com
Mussoorie 1800-208-2244, customercare@unionbankofindia.com
Nagpur 1800-208-2244, customercare@unionbankofindia.com
Nashik 1800-208-2244, customercare@unionbankofindia.com
Noida 1800-208-2244, customercare@unionbankofindia.com
Noida Extn. 1800-208-2244, customercare@unionbankofindia.com
Panipat 1800-208-2244, customercare@unionbankofindia.com
Patna 1800-208-2244, customercare@unionbankofindia.com
Pondicherry 1800-208-2244, customercare@unionbankofindia.com
Pune 1800-208-2244, customercare@unionbankofindia.com
Raipur 1800-208-2244, customercare@unionbankofindia.com
Rajkot 1800-208-2244, customercare@unionbankofindia.com
Ranchi 1800-208-2244, customercare@unionbankofindia.com
Rohtak 1800-208-2244, customercare@unionbankofindia.com
Roorkee 1800-208-2244, customercare@unionbankofindia.com
Salem 1800-208-2244, customercare@unionbankofindia.com
Shimla 1800-208-2244, customercare@unionbankofindia.com
Sonepat 1800-208-2244, customercare@unionbankofindia.com
Surat 1800-208-2244, customercare@unionbankofindia.com
Trichy 1800-208-2244, customercare@unionbankofindia.com
Udaipur 1800-208-2244, customercare@unionbankofindia.com
Vadodara 1800-208-2244, customercare@unionbankofindia.com
Varanasi 1800-208-2244, customercare@unionbankofindia.com
Vijaywada 1800-208-2244, customercare@unionbankofindia.com
Vizag 1800-208-2244, customercare@unionbankofindia.com
Union Bank Loan Against Property News - Dec 2016
01st Sep 16 Union Bank of India will reduce its MCLR from September 1, 2016
Union Bank of India has reduced its Marginal Cost Based Lending Rate (MCLR) by 5 basis points (bps) across maturities. The 1 year MCLR has been reduced to 9.4 percent from the current rate of 9.45 percent. The 2 year and 3 year MCLR is reduced to 9.45 and 9.5 percent respectively. The 3 month and 6 month MCLR has been reduced to 9.25 percent and 9.35 percent respectively. Similarly the Overnight and 1 month MCLR has been reduced to 9.15 and 9.2 percent. These changes are effective from 1st September, 2016. For borrowers who have taken a home loan from Union Bank of India after 1st April 2016, the reduction in MCLR will translate into a reduction in their floating home loan rates and hence their interest outgo.
11th Aug 16 Union Bank of India app allows users to control credit card transactions
Union Bank of India has launched an app called UControl for its customers that will allow them to block transactions and set limits over their credit cards. This app will also allow customers to block certain transaction channels such as ATM withdrawals, in store transactions, Internet transactions and foreign transactions. Through this app, customer can also monitor and analyze spends of dependents or joint cardholders.
08th Aug 16 Union Bank of India Q1 profit falls to Rs 166.32 crore
Union Bank of India Ltd reported a fall of 68 per cent in net profit to Rs. 166.32 crore in the first quarter of FY17. Net interest income of the bank decreased to Rs. 2102.25 crore against Rs. 2130.17 crore during same period of FY16. Gross NPAs of the bank as a percentage of total loans increased by 12.86 per cent to Rs. 27280.90 crore in the first quarter of FY17.
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