Union bank home loan Interest rates | Eligibility Calculator

Now Check Union bank of India home loan interest rates.: Details on Documents, Eligibility and Loan Amount of Union bank housing loans. Apply online after calculate EMI for loan at deal4loans.

ELIGIBILITY Required for Union Bank of India Housing Loan -

  • Indian citizen above 21 years
  • Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants
  • NRIs are also eligible for the home loan.



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Interest Rates of Home loans on Union Bank of India – 2014

Up to 75 lacs Loans 75lacĀ  to 5 crore Above 5 crore
Interest Rates 10.25% 11.00% 11.00%

You Can Calculate Your Union Bank Home Loan EMI with this Calculator: Just Enter your Loan Amount, Interest Rates and Loan Period/Tenure:


Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

How much loan amount you can get / QUANTUM OF LOAN

  • 20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 2 Crores
  • 35% of the total cost of the purchase/ construction of house/ flat for loans above Rs. 2 Crores
  • 20% of the total cost of the repairs

In How much time you Repay or Repayment Period available-

  • Repayment period of up to 30 years; 10 years in case of repairs
  • Flexible methods of repayment

What are the Processing charges which you have to pay for home loan @ Union Bank:

  • Processing charges are 0.50% of the loan amount subject to maximum of Rs. 15,000 plus service tax as applicable.

How is the interest charged/calculated?

Interest will be applied in the account on the basis of reducing balance method at monthly rests. During moratorium period compounding interest would be charged.

Can I prepay my home loan?

Yes, you can make your prepayment. There is no charge on pre payment if the loan is adjusted by the borrower from his own verifiable legitimate sources. However, a charge of 2% on the average balance of the preceding 12 months if the loan is taken over.

What are the tax benefits I get from my home loan?

Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act, 1961. A deduction of up to Rs. 2,00,000 can be claimed towards the total interest that one would pay on the home loan. The interest on home loans taken for repairs, renewals or reconstruction, also qualifies for the deduction of Rs. 2,00,000. The principal repayment of up to Rs. 1,50,000 on the home loan is allowed as a deduction from the gross total income subject to fulfillment of prescribed conditions. These benefits on interest on housing loans are allowable only for the original loan and for a second loan taken to repay the first loan and not for subsequent loans.

Prepayment Charges : NIL

PREPAYMENT PENALTYFloating rate loans

  • There is no prepayment penalty if loan’s prepaid from own verifiable sources or taken over by other banks/FIs.
    Fixed rate loans

    • There is no prepayment penalty if loan’s prepaid from own verifiable sources.
    • A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan’s taken over by any other bank / FI or adjusted by the borrower in lump sum from any third party/source (except genuine sale)

GUARANTEE – Third party guarantee is not mandatory

INSURANCE – Property insurance is compulsory to the tune of the value of the property

Other Available Products of Union Bank of India are -

Source: Union Bank of india Website

 

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