Union bank of India home loan – Get details on interest rates, Documents,Eligibility, Low EMI Rs.878 per lac. Compare processing fees, loan amount, margin & per month emi online.
Why to Apply for Home Loans with Union Bank
✔ 31664 Crore Retail Advance Business as per March 2015, In which 59.3% comes from Home Loan.
✔ Good Presence in Indian Banking
✔ 49 million + Trusted Customers
✔ 4078 Branches (61% branches in rural/semi-urban markets)
✔ Most advanced Technology for Operating Customers
✔ Customer Service is upto the Mark.
Per Lac EMI on Union Bank Home Loan as Follows:
|Interest Rate||Per Lakh EMI for 30 Years|
|9.65% (Floating rate Option)||Rs. 852|
|11.40% (Fixed Rate Option)||Rs. 982.67|
New Base Rate of Union Bank of India – 9.65%
Interest Rates UNION HOME / UNION AWAS / UNION PARADISE – 2016 ( Updated on 06 January 2016)
FLOATING RATE UNDER REGULAR UNION HOME (For up to 30 years)
Up to 5 Crore = 9.65%
Above 5 Crore = 10.40%
FLOATING RATE UNDER SMART SAVE OPTION OF UNION HOME (For up to 30 years)
Up to Rs.75 Lakh = 9.90%
Rs.75 Lakh to Rs.5 Crore = 10.15%
Above Rs.5 Crore = 10.90%
UNION TOP-UP Home Loan
Up to Rs.30 Lakh = 10.65%
Above Rs.30 Lakh = 10.90%
FIXED RATE (For maximum 5 years)
Up to Rs.30 Lakh = 11.40%
Rs.30 Lakh to Rs.50 Lakh = 12.40%
Rs.50 Lakh to Rs.2 Crore = 12.65%
Union Bank Home Loan EMI Calculator
You Can Calculate Your Union Bank Home Loan EMI with this Calculator: Just Enter your Loan Amount, Interest Rates and Loan Period/Tenure:
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 PENALTY – Floating 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 -
- Union Bank Personal Loan
- Union Bank Car Loan
- Union Bank Credit Card
- Union Bank Education Loan
- Union Bank Loan Against Property
For More Info Visit Union Bank of india Website
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