Union Bank Home Loan Interest Rates - Updated in September 2024

For customers wishing to buy their dream homes, Union Bank provides alluring home loan interest rates starting at 8.70% p.a. These rates are fair, and they provide enticing financing choices for terms of up to 30 years. 

The housing loan from Union Bank of India can cover up to 80% of the property's value if certain requirements are satisfied. Women candidates qualify for loan rates starting at 8.70% p.a., which are significantly more alluring. It's important to keep in mind that Union Bank evaluates the creditworthiness of loan applicants and needs a credit score of 600 or higher in order to offer loans.

Union Bank Home Loan Interest Rates of Different Schemes in 2024

Here are the interest rate ranges for different home loan schemes offered by Union Bank:

Scheme	Interest Rate Range
Union Home/Awas	8.70% - 10.80%
Union Smart Save	9.35% - 10.95%
Commercial Real Estate Loan	9.35% to 9.70%
Union Mortgage	10.60% - 13.15%
Women's Home Loan	8.70% - 10.45%

Union Bank Offers Various Types of Home Loans - A Detailed Overview

Union Bank provides a wide variety of home loan types to fit different needs:

Union Home/Awas Loan

The Union Home/Awas Loan is a home loan that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property. 

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility:
  • Age: 18 - 75 years
  • Cibil Score: Minimum credit score must be 600.
  • Employment Type: Salaried or self-employed.
• Loan Tenure: Up to 30 years.
• Loan Amount: Up to 2 Crores
• Interest Rate: 8.70% - 10.80%
• Processing Fees: 0.5% of the loan amount

Union Smart Save

Union Smart Save is a home loan product provided by Union Bank that caters to both salaried and self-employed individuals who are looking forward to purchasing their residential property.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility:
  • Age: 18 - 75 years
  • Cibil Score: Minimum credit score must be 600.
  • Employment Type: Salaried or self-employed.
• Loan Tenure: Up to 30 years.
• Loan Amount: Up to 75 Lakhs
• Interest Rate: 9.35% - 10.95%
• Processing Fees: 0.5% of the loan amount

Union Commercial Real Estate Loan

Union Commercial Real Estate Loan is a home loan that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property. This home loan plan with flexible repayment options for you to be one step closer to purchasing your residential property.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility:
  • Age: 21 - 65 years
  • Cibil Score: Minimum credit score must be 600.
  • Employment Type: Salaried or self-employed.
• Loan Tenure: Up to 30 years.
• Loan Amount: Up to 75 Lakhs
• Interest Rate: 9.45% to 11.55%
• Processing Fees: 0.5% of the loan amount

Union Mortgage

The Union Mortgage is a home loan that is a very alluring plan for both salaried and self-employed individuals who are looking to purchase their very own housing property. 

This mortgage option comes with competitive Union Bank of India Home Loan interest rates, making it even more appealing to potential borrowers.

• Applicant Type: Individuals, including salaried and self-employed.
• Eligibility:
  • Age: 21 - 65 years
  • Cibil Score: Minimum credit score must be 600.
  • Employment Type: Salaried or self-employed.
• Loan Tenure: Up to 30 years.
• Loan Amount: Up to 75 Lakhs
• Interest Rate: 10.60% - 13.15%
• Processing Fees: 0.5% of the loan amount

Union Women's Home Loan

Union Bank offers special home loan packages that are only available to female applicants. These include appealing Union Bank of India housing loan interest rates, less processing fees, and other incentives to encourage and support women in their pursuit of homeownership. 

• Applicant Type: Women, including salaried and self-employed.
• Eligibility:
  • Age: 18 - 65 years
  • Cibil Score: Minimum credit score must be 600.
  • Employment Type: Salaried or self-employed.
• Loan Tenure: Up to 30 years.
• Loan Amount: Up to 75 Lakhs 
• Interest Rate: 8.70% - 10.45%
• Processing Fees: 0.5% of the loan amount

Union Bank Home Loan Interest Rates for Women

To make home loans more affordable for women who apply, Union Bank offers reduced interest rates and reductions in processing expenses.

CIBIL Score	Interest Rate
700 and above	8.70% p.a.
650 - 699	9.10% p.a.
600 - 649	9.30% p.a.
550 - 599	9.50% p.a.
500 - 549	10.45% p.a.

Please take note that the interest rates stated are merely examples and could vary. However, female candidates are still able to make use of these advantages to get a mortgage with a favourable interest rate.

Union Bank Home Loan Interest Rates for Self-Employed

Union Bank offers home loans to self-employed individuals. The UBI home loan interest rates

for self-employed individuals are slightly higher than the interest rates for salaried individuals.

CIBIL Score	Interest Rate Range
700 and above	9.00%
650 - 699	9.20%
600 - 649	9.40%
550 - 599	9.60%
500 - 549	9.80%

Union Bank Home Loan Interest Rates for Salaried

Salaried individuals are welcome to take advantage of alluring Union Bank housing loan interest rates, which are depending on their credit scores.

CIBIL Score	Interest Rate Range
700 and above	8.70%
650 - 699	8.80%
600 - 649	9.00%
550 - 599	9.20%
500 - 549	9.40%

Union Bank Home Loan Interest Rates for NRI

Union Bank provides competitive interest rates for home loans catering to NRIs. 

Eligibility	Non-Resident Indians (NRIs) and Persons of Indian origin (PIO)
Loan Tenure	up to 30 years
Loan Amount	10 Crores
Interest Rate Range	9.25% - 10.25%
Processing Fees	0.5% of the loan amount.

Unique Benefits and Features of Union Bank Home Loan

• Attractive interest rates: Union Bank Home Loan offers attractive interest rates based on the MCLR, which are reevaluated and subject to change regularly. You can reduce your monthly EMI costs by doing this.
• Long repayment term: The Union Bank Home Loan's prolonged repayment term lowers monthly EMIs because EMI amounts decrease with longer repayment terms. It's crucial to keep in mind, though, that larger overall interest payments result from a longer tenure.
• Relaxed documentation: Documentation requirements are more simplified for Union Bank Home Loans, which further simplifies the application procedure. While collateral or third-party guarantees are not required, basic documents like a PAN card, passport, and pay stubs are.
• Benefits for Female Applicants: Union Bank provides female applicants with unique advantages including reduced interest rates and processing cost exemptions. These benefits are designed to make homeownership more affordable and accessible for women, enabling them to fulfil their aspirations of owning a home.
• Curated Loan Options for Self-Employed Applicants: Union Bank recognises the unique financial needs of self-employed people and offers home loan choices that are specialised and catered to their needs. These personalised loan alternatives take into account the particular needs and preferences of self-employed people, ensuring that they have access to the right kinds of finance.

How to Apply for a Home Loan at Union Bank?

Union Bank Home Loan Eligibility

To be eligible for a Union Bank Home Loan, applicants must meet certain criteria:

• Income Criteria: Applicants must establish their ability to repay the loan with a steady and predictable income to be approved for one. For various loan amounts and localities, Union Bank establishes certain income criteria, often beginning at a minimum of Rs. 20,000.
• Credit Score: The borrower's credit score is important since it indicates how creditworthy they are. When determining a candidate's eligibility for a house loan, Union Bank considers their credit score.
• Age Criteria: For those requesting house loans, Union Bank sets both a minimum and a maximum age restriction. In general, the minimum age requirement is 18, while the maximum age limit varies depending on the loan tenure selected.
• Employment Type: By taking into account the applicant's employment status—salaried or self-employed—Union Bank assesses their stability and repayment capabilities. This evaluation aids Union Bank in determining the applicant's financial stability and capacity to make loan repayments.
• Loan Amount Eligibility: A borrower's eligibility for a specific loan amount depends on a variety of factors, including the applicant's ability to repay the loan and the value of the item being financed. These factors are taken into consideration while determining the maximum loan amount that the applicant is qualified for.

Documents Required for Union Bank Home Loan

Applicants need to submit the following documents when applying for a Union Bank Home Loan:

• Proof-of-Identity: Valid documents like an Aadhaar card, PAN card, passport, or voter ID are necessary to establish the applicant's identity.
• Proof-of-Address: Documents like an Aadhaar card, utility bills, or rental agreement are needed to verify the applicant's residential address.
• Proof-of-Age: Documents like a birth certificate, school leaving certificate, or any other valid document that confirms the applicant's age are required.
• Income-Proof: Union Bank mandates income proof to evaluate the applicant's repayment capacity. This may include salary slips, income tax returns, bank statements, or other relevant documents.
• Property-related Documents: Documents about the property being financed, such as the agreement, title deed, NOC from the builder, and property valuation reports, are necessary for verification purposes.

Union Bank Home Loan EMI Calculator - How to Calculate Union Bank Home Loan EMI?

To calculate your Union Bank home loan EMI, use the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount
• R = Interest rate per month
• N = Loan tenure in months

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Union Bank Home Loan Interest Rates for the Last 10 Years

Year	Interest Rate Range
2013	10.50% - 12.00%
2014	10.25% - 11.75%
2015	10.00% - 11.50%
2016	9.75% - 11.25%
2017	9.50% - 11.00%
2018	9.25% - 10.75%
2019	9.00% - 10.50%
2020	8.75% - 10.25%
2021	8.50% - 10.00%
2022	8.25% - 9.75%

Union Bank Home Loan Interest Rate Compared to Other Banks | 2024

Bank/ NBFC Name	Interest Rate
Axis Bank	8.85% - 14.00%
Aditya Birla Capital Home Loan	9% - 12.50%
Bandhan Bank	8.65% - 13.65%
Bank of Baroda	8.50% - 10.60%
Bank of India	7.80% - 9.65%
Bank of Maharashtra	8.40% - 10.80%
Canara Bank	8.85%- 11.25%
Central Bank of India	8.45% - 9.20%
Citibank	8.45%
Corporation Bank	8.60% - 11.20%
Dena Bank	8.40%
Federal Bank	10.15% - 10.30%
Fullerton Bank	9.50%
HDFC Bank	8.95% - 9.85%
HSBC	8.60%
ICICI Bank	9.00% - 10.05%
IDBI Bank	8.75% - 11.45%
IDFC First Bank	8.85%
Indian Overseas Bank Home Loan	9.55%
Indiabulls Housing Finance	8.75%
Jammu and Kashmir Bank	8%
Karnataka Bank	9.08% - 10.38%
Karur Vysya Bank	9.23% - 12.13%
Kotak Mahindra Bank	8.85% - 9.40%
LIC HFL	8.70%
PNB HFL	8.50% - 10.85%
Reliance Home Finance	9.35% - 13%
State Bank of India	8.25% - 9.65%
Sundaram Home Finance Ltd Home Loan	6.95% - 8.30%
Tata Capital	8.95%
Union Bank of India	8.75%
YES Bank	9.15% - 11.25%

Factors that Affect Union Bank Home-Loan Interest Rate

• CIBIL score: Your CIBIL score is a measure of your creditworthiness. A higher CIBIL score indicates that you are a good borrower and are less likely to default on your loan. As a result, you will be offered a lower interest rate.
• Loan amount: The loan amount is the total amount of money that you are borrowing. The larger the loan amount, the higher the interest rate will be.
• Loan tenure: The loan tenure is the period you will repay the loan. The longer the loan tenure, the higher the interest rate will be.
• Property type: The type of property that you are buying can also affect the interest rate. For example, a loan for a residential property will have a lower interest rate than a loan for a commercial property.
• Lender's risk appetite: If the lender perceives the loan as being riskier, they will charge a higher interest rate.
• Market conditions: The current market conditions can also affect the interest rate on a Union Bank home loan.

Tips for Lower-Interest Union Bank Home Loans

• A good credit score: Ensure timely payment of bills and keep your credit utilisation ratio low to maintain a favourable credit score.
• Opt for shorter tenures: Selecting a shorter loan tenure can potentially lead to lower interest rates.
• Compare schemes and interest rates: Conduct thorough research and compare the various home loan schemes and interest rates offered by Union Bank to identify the most suitable option for you.
• Making a higher down payment: Making a higher down payment reduces the loan amount, resulting in a lower interest burden.
• Accurate documentation: Ensure that all required documents are precise and complete to avoid delays and increase the likelihood of securing a lower interest rate.
• Build a relationship with the bank: Establishing a positive relationship with the bank, such as maintaining accounts or investments, may aid in negotiating better interest rates.

Competitive interest rates on home loans from Union Bank begin at 8.70% p.a. In order to meet a range of customer needs, they offer entertaining programming for ladies, self-employed people, salaried employees, and NRIs. 

Union Bank provides adaptable options, whether you're looking to refinance your existing loan or purchase a new home. Apply as soon as possible to take advantage of the current low-interest rates on Union Bank home loans. Visit NoBroker Home Loan Services for more details.

Disclaimer

This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.

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