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Union Bank of India, one of India’s largest government-owned banks, offers a way to fulfil your dream of owning a house through Union Bank of India home loans. The bank offers several home loan schemes that suit the needs of people from various backgrounds.
In this article, all possible aspects related to Union Bank of India home loans are addressed.
| Union Home | Purchase new/old residential unit (house/flat/apartment/villa, etc.), construction of residential unit on existing non-agricultural plot, and purchase on a non-agricultural plot for construction of the residential unit. |
| Union Top-Up | Borrow additional funds on an existing home loan that have paid 24 EMIs in the existing home loan account on time. A loan amount starting from Rs.50,000 subject to repayment capacity. |
| Union Awas | A special home loan scheme to purchase/construct houses in semi-urban and rural areas. |
| Union Smart Save | Option to pay an additional amount over and above the regular EMI with the facility to withdraw the excess amount when there is a need to such excess funds are available in the account. |
| Pradhan Mantri Awas Yojana | Interest subsidy is provided on home loans to economically backward sections, low-income groups, and middle-income groups to ensure ‘housing for all’. |
The EBLR provided in the table below is 6.80%, i.e. repo rate (4%) + spread (2.80%). The rates are effective from 1 November 2020.
Floating Rate Applicable to Union Home/Awas Scheme
Loan Amount | CIBIL Score | LTV Ratio (%) | Interest Rate for Salaried Applicants | Interest Rate for Non-Salaried Applicants |
||
Male | Female | Male | Female |
|||
Up to Rs.30 lakh | >=700 | <=80 | EBLR + 0.05% | EBLR% | EBLR + 0.10% | EBLR + 0.05% |
>80 and <=90 | EBLR + 0.10% | EBLR + 0.5% | EBLR + 0.20% | EBLR + 0.15% |
||
>=600 and <700 | <=80 | EBLR + 0.10% | EBLR + 0.5% | EBLR + 0.30% | EBLR + 0.25% |
|
>80 and <=90 | EBLR + 0.20% | EBLR + 0.15% | EBLR + 0.45% | EBLR + 0.40% |
||
<600 | <=80 | EBLR + 0.35% | EBLR + 0.30% | EBLR + 0.55% | EBLR + 0.50% |
|
>80 and <=90 | EBLR + 0.45% | EBLR + 0.40% | EBLR + 0.20% | EBLR + 0.15% |
||
Above Rs.30 lakh | >=700 | <=80 | EBLR + 0.15% | EBLR + 0.10% | EBLR + 0.25% | EBLR + 0.20% |
>80 and <=90 | EBLR + 0.20% | EBLR + 0.15% | EBLR + 0.30% | EBLR + 0.25% |
||
>=600 and <700 | <=80 | EBLR + 0.25% | EBLR + 0.20% | EBLR + 0.35% | EBLR + 0.30% |
|
>80 and <=90 | EBLR + 0.30% | EBLR + 0.25% | EBLR + 0.55% | EBLR + 0.50% |
||
<600 | <=80 | EBLR + 0.50% | EBLR + 0.45% | EBLR + 0.50% | EBLR + 0.45% |
|
>80 and <=90 | EBLR + 0.55% | EBLR + 0.50% | EBLR + 0.60% | EBLR + 0.55% |
||
Fixed-Rate Applicable to Union Home/Awas (maximum for five years)
| Loan Amount | Interest Rate |
| Up to Rs.30 lakh | 11.40% p.a. |
| Rs.30 lakh to Rs.50.00 lakh | 12.40% p.a. |
| Rs.50 lakh to Rs.200 lakh | 12.65% p.a. |
Union Smart Save
Union Awas
Our home loan calculator can help you evaluate and plan your budget for a home loan.
You will have to pay a share of up to 25% of the total cost based on the following scenarios:
The bank offers the following repayment options:
You may opt for a fixed rate home loan. However, stay informed that the fixed interest rate is only applicable up to a maximum of five years. A floating interest rate will be applied for the remaining loan tenure.
If you are a Indian citizen resident in India, you don’t have to provide any guarantor. If you are an NRI, you will have to provide 1-2 guarantors who are Indian residents having assets equivalent to that of the loan amount.
