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Union Bank of India offers home loans at the competitive interest rates with a longer tenure. The loan starts with 7.40%
per annum. The bank offers a smooth loan process, hassle-free documentation along with a flexible repayment period.
To get a Union Bank Home Loan at lower rates, you need to have a CIBIL Score of 700+. A score below than 700, might attract higher interest rates. So, ideally it is suggested to make an enquiry about a loan if your Credit Score is good.
Read such important information about Union housing home loans.
The interest rates for Union housing loans start @7.40
per annum. The Floating Rate for a maximum tenure is up to 30 years.
The table below gives details about interest rates for loan amount between Rs. 30 lakh to Rs. 75 lakh:
CIBIL Score | Salaried | Non-Salaried |
---|---|---|
700 & above | Male- 7.40%, Female- 7.35% | Male- 7.40%, Female- 7.35% |
Below 700 | Male- 7.50%, Female- 7.45% | Male- 7.50%, Female- 7.45% |
The following table shows interest rate for the amount above Rs. 75 lakh:
CIBIL Score | Salaried | Non-Salaried |
---|---|---|
700 & above | Male- 7.45%, Female- 7.40 | Male- 7.45%, Female- 7.40% |
Below 700 | Male- 7.55%, Female- 7.50% | Male- 7.55%, Female- 7.50% |
Here's a Fixed Interest Rate for a maximum of 5 years:
Loan amount | Rate of Interest |
---|---|
Up to Rs. 30 lakh | 11.40% |
Rs. 30 lakh to Rs. 50 lakh | 12.40% |
Rs 50 lakh to Rs. 200 lakh | 12.65% |
Under the smart save option, you can deposit additional amount with an option to withdraw the excess amount at a later date as per your requirements
Excess funds assist the borrower to reduce the outstanding amount, therefore, a lower interest rate is charged in the loan account. In simple words, these options help you to increase the savings on interest without hampering your financial liquidity.
The purpose of the loan is to fund borrowers wanting to purchase a new, plot, villa or apartment. The bank provides you with many options under the scheme, such as-
Following individuals can avail the loan-
The moratorium period and repayments are based on the purpose of the loan.
The period for the moratorium and repayments are as follows:
Moratorium | Repayment |
---|---|
Up to 36 months for purchase and construction | Up to 30 years for purchase and construction |
12 months for repair and renovation | 15 years for repair and renovation |
Applicants those who are engaged in agriculture or allied activities may be permitted with Equated Quarterly Instalment (EQI) instead of EMI.
Under this option, at the initial stage, you have to pay lower EMIs and for the remaining tenure, a higher EMIs are set than the normal ones.
Initially a lower than normal EMIs to be paid. At the end of the repayment tenure, a lump sum amount is expected.
After paying a lump sum amount, the applicant can get the lower EMI than the normal for the remaining period.
Payment of lump-sum amount is required during the repayment tenure and lower the EMI for the remaining tenure.
Union Awas is a special scheme which offers purchase or renovation of your home in semi-urban or rural areas. You can avail 10% of the total cost of the purchase & construction, and 20% of the total cost for repairs & renovation.
The moratorium period and repayments are based on the activity of the loan.
The period for the moratorium and repayments are as follows:
Moratorium | Repayment |
---|---|
Up to 36 months for purchase and construction | Up to 30 years for purchase and construction |
12 months for repair and renovation | 15 years for repair and renovation |
The Union Smart Save loan product allows you to make additional payments over your EMIs (equated monthly instalments) along with the option to withdraw the amount at any time in the future. The additional funds that you deposit will lower your outstanding principal amount and subsequently the interest as long as the additional amount remains in your account.
This Union Bank home loan option helps you to maximize your savings. It allows you to make additional payments over your EMIs with an option to withdraw it anytime in the future. The additional deposit lowers your outstanding principal amount, which also helps in reducing interest rates till the excess amount is in your account. In simple words, it helps to increase your savings without hampering your financial liquidity.
Indian citizens above 21 years of age can apply for the Union Smart Save scheme. You can singly or with any other family member who has a regular income.
The smart save interest rates majorly relies on your CIBIL score.
Also, the interest rates for salaried and non-salaried are different from each other-
Loan amount | Salaried | Non-salaried |
---|---|---|
Up to Rs. 30 lakh | CIBIL above 700- 7.45%, Below 700- 7.55% | CIBIl above 700- 7.55%, Below 700- 7.65% |
Above Rs. 30 lakh to Rs. 75 lakh | CIBIL above 700- 7.65%, Below 700- 7.75% | CIBIL above 700- 7.65%, Below 700- 7.75% |
Above Rs. 75 lakh | CIBIL above 700- 7.95%, Below 700- 8.05% | CIBIL above 700- 7.95%, Below 700- 8.05% |
The moratorium period of the loan is up to 36 months.
The loan margin is as follows:
Particulars | Details |
---|---|
Loan up to Rs. 75 lakh | 20% of the total cost of the purchase or construction of the house |
Loan up to 75 lakhs to Rs. 2 Crore | 25% of the total cost of the purchase or construction of the house |
Loan above Rs. 2 crore | 35% of the total cost of the purchase or construction of the house |
Union Top-up loan enables the home loan borrowers to avail an additional loan for those who have paid 24 EMIs in their existing loan. This scheme is to meet additional expenses such as repairs, renovation and furnishing.
The maximum loan amount in Union top-up loan is subjected to outstanding under loan.
Ideally, both amounts (home loan and top-up loan) put together should not exceed the original housing loan limit. The details of the loan is given in the table below-
Particulars | Details |
---|---|
Minimum amount | Rs. 0.50 lakh |
Maximum amount | Depending on the repayment capacity |
Processing fees | 0.50% of the loan amount |
Repayment period | Up to 5 years |
For Salaried Class
Union Bank has a 24x7 customer care service for its customers as well as non-customers. You can get your queries resolved here. The toll-free numbers of Union Bank of India are as follows:
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