Union Bank of India Home Loan

Union bank offers you attractive interest rates to make your Home Loans affordable and easier on your pocket. Union Bank charges you interest rate of 8.65% to 12.65% per annum within 5 working days of approval including all applicable fees. Union Bank offers you a longer tenure of 30 years to repay your loan. Union Bank has a special scheme for BSNL employee or a existing customer of the bank.


Union Bank of India is a good fit for you if?

If You're a BSNL Employee – Union Bank offers home loan on low interest rates ranging from 8.65% to 8.70% per annum with zero processing charges and no third-party guarantee requirements.If you are a permanent employee of BSNL or employee on permanent deputation from Department of Telecom (DOT) to BSNL having regular source of income and having salary account with our bank then you can apply for home loan from the bank easily.

If You're an Existing Customers – Union Bank offers special benefits to the existing customers such as concession on car loan interest rate to customers who have availed home loans under Union Awas scheme. Union Smart save Home Loan comes with a special feature, where you are allowed to deposit amount in addition to your monthly EMIs as well as you can also withdraw such excess amount at a later date as per your requirement.Union Paradise loan provides you home Loan for NRI Applicants.

Union Bank of India Home Loan at a glance

Annual Interest Rate

8.65% - 12.65%

Loan Term

Up to 30 Years

Loan Amount

Up to Rs. 2 Crores and Above

Time of Funding

Within 5 working days

Pre-Payment Charges

Zero to 2%

Union Bank avails your home loan dream with flexible tenure and attractive interest rates.Union Bank charges you interest rate of 8.65% to 12.65% per annum including all applicable fees. Union Bank offers you a longer tenure of 30 years to repay your loan. Union Bank provides you loan amount of ypto Ts. 2 crores and above in some exceptional cases within five working days. The Prepayment charges of Union Bank are zero to 2% on the balance amount.

Why Choose Union Bank of India?

Zero Processing Charges for BSNL Employees – Union Bank doesn't levies any processing charges to BSNL Employees. Hence, if you're a salaried employee working in BSNL (Bharat Sanchar Nigam Limited) then Union Bank of India is a good choice for your personal loan.

No Prepayment Charges if Preclosed from Own Funds – Union Bank offers zero prepayment charges if the loan is preclosed using the own funds of the borrower regardless of floating or fixed rate loans. So ,if you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Union Bank. Hence, you can prepay your home loan with Union Bank at Nil charges.

Concessional Car Loan to Existing Borrowers – Union Bank offers concession on interest rates to existing borrowers who are applying for car loans in a view of their past relationships with the bank.

What to watch out for?

Property Insurance Compulsory – Property insurance is compulsory equal to the value of the property and Union bank is tied up with the Bajaj Allianz General Insurance Co ltd to offer its customers; quality general insurance products at competitive rates.

Guarantee is Mandatory for NRIs and Union Awas Loan – A valid Third-party guarantee is mandatory except in case of home loan for BSNL Employees. Under Union Awas Loan a third party guarantee is required. And , In case of NRIs a guarantee of one/two local resident Indian are required.

Top Up Loan Only After Repayment of 24 EMIs – Union Top Up Loan offer can only be availed by the borrower after the repayments of first 24 EMIs. While Axis Bank offers you top up loan after 6 months.

SmartSave Home Loan Facility – Union Bank gives you the facility to pay additional funds in addition to your monthly EMIs which you can withdraw if required, resulting in lower balance amount. Hence, low interest is paid for the period till the excess amount is available in the loan amount.

Compare Union Bank of India Home Loans to Other Banks

Bank Name Union Bank of India Tata Capital Axis Bank

Typical APR

8.65% - 12.65%

8.35% - 915% 8.50% - 12.50%

Loan Term

Up to 30 Years

1 Year - 30 Years 1 Year - 30 Years

Maximum Lending Amount

Rs. 2 Crores

Above Rs. 2 Crores in some cases

Rs. 10 Crores Rs. 15 Crores

Processing Fee

0.50% of the loan amount

Max Rs. 15000 & NIL for BSNL Employees

0.50% of the loan amount

Up to 1% of the loan amount

Min Rs. 10,000

Time to Funding

Within 5 working days

Within 7 working days of approval  

Pre-Closure

Zero to 2%

Zero to 2% of the balance amount Zero to 2% of the balance amount

If we compare Union Bank with other banks then Tata Capital bank provides the best and the lowest APR rate of 8.35% to 9.15%. While Axis Bank gives 8.50% to 12.50% APR rate. And thus, Union Bank gives the highest amount of APR rate of 8.65% to 12.65%. So if you compare three banks the best APR rate is provided by Tata Capital Bank. Union Bank offers you tenure upto 30 years while Tata Capital Bank and Axis Bank provides you the loan term of 1 year to 30 years. Axis Bank provides you upto 15 crores of maximum loan amount, 10 crores of the maximum loan amount is provided by the Tata Capital Bank and Union Bank gives you Rs 2 crores and in some cases its above then 2 crores.

Union bank charges you minimum of 0.5% processing fee to the maximum of Rs 15000 on the loan amount. Union Bank doesn't charges any processing fee from BSNL employees. Tata Capital bank also charges 0.5% of the processing fee while Axis Bank charges you upto 1% processing fee on the total loan amount. Pre closure charges for Union bank , Axis Bank and Tata Capital Bank are the same zero to 2% on the balance amount left.

Am I Eligible?

  • Applicant should be at least 21 years old at the time of loan.
  • Co-applicant can be a family members viz. father, mother, son and/or spouse, who have regular sources of income. However, all the owners of the property must be the co-applicant in the loan.
  • Applicant should have a minimum annual income of Rs. 48,000.

Loan Offerings

Union Home Loan

  • Union Bank provides home Loan for Purchasing or construction of a house/ flat. Union bank also provides you aid in purchase of plot and construction of house thereon, Repairs/ improvements/ extension of the existing residential property and take-over of housing loan availed from another bank / FI. Union Bank provides you funds as high as Rs. 2 Crore and above in some exceptional cases. In case you want to avail funds for repairing your existing house/flat, you can avail upto Rs. 30 Lacs. Margin money(i.e your share) is mandatory for you. If you take a loan of upto Rs. 75 lakhs then you get 20% margin money and if the loan is above Rs.75 lakhs to Rs. 2 crores then the margin money percentage is 25% and if the the amount is above Rs. 2 crores then the margin money percentage is increased much to a level of 35% on purchase/construction of a house/flat. Union bank offers you 20% margin money of total cost of the repairs.
  • Union bank offers tenure up to 30 years for floating rate loans and up to 5 years for fixed rate loans including maximum repayment holiday up to 36 months. Union Bank provides you tenure of up to 10 years for home loan for repairs. The Interest rate for floating rate loans starts from 8.65% per annum for finance up to Rs. 75 Lacs and 8.70% per annum for finance above Rs. 75 Lakhs. And the Interest rate for fixed rate loans starts from 11.40% per annum for amount up to Rs. 30 Lacs, 12.40% per annum for amount above Rs. 30 Lakhs to Rs. 50 Lacs, and 12.65% per annum for amount above Rs. 50 Lakhs to Rs. 2 Crores. Union bank accepts security in form of Equitable mortgage of the residential property. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required till the period of its completion. Processing charges of Union Bank on the loan amount is equal to 0.50% subject to maximum Rs. 15,000.
  • Documents required:
    • Copy of PAN Card
    • Last 12 months bank statement
    • Proof of existing repayments, if any
    • Loan Application along with KYC Details and 3 photographs
  • Documents required for property:
    • Allotment letter
    • Advance money receipt
    • Title Deed

Union Home Loan for BSNL Employees

  • Union Bank provides home Loan for Purchasing or construction of a house/ flat. Union bank also provides you aid in purchase of plot and construction of house thereon, Repairs/ improvements/ extension of the existing residential property and take-over of housing loan availed from another bank / FI. If you are a permanent employee of BSNL or employee on permanent deputation from Department of Telecom (DOT) to BSNL having regular source of income and having salary account with our bank then you can apply for home loan from the bank easily. Bank provides you funds of Rs. 2 crore and above. You can avail loan upto Rs. 30 lakhs for repairing of your house. If you take a loan of upto Rs. 75 lakhs then you get 20% margin money and if the loan is above Rs.75 lakhs to Rs. 2 crores then the margin money percentage is 25% and if the the amount is above Rs. 2 crores then the margin money percentage is increased much to a level of 35% on purchase/construction of a house/flat.
  • Union bank offers you 20% margin money of total cost of the repairs.Union bank offers tenure up to 30 years for floating rate loans and up to 5 years for fixed rate loans including maximum repayment holiday up to 36 months. Union Bank provides you tenure of up to 10 years for home loan for repairs. Union bank accepts security in form of Equitable mortgage of the residential property. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required till the period of its completion. The Interest rate for floating rate loans starts from 8.65% per annum for finance up to Rs. 75 Lacs and 8.70% per annum for finance above Rs. 75 Lakhs. There are no processing charges if you are a BSNL employee. This scheme for BSNL employees is only valid till Dec 31st, 2018.
  • Documents required:
    • Employee ID
    • Last 12 months bank statement
    • Proof of existing repayments, if any
    • Loan Application along with KYC Details and 3 photographs

Union Awas Loan

  • Union bank provides you home loan for purchase / construction of the house, purchase of plot from government agencies and also for repairs/ improvements/ extension of the existing residential property. For purchase or construction of a house you can avail funds up to Rs. 7 Lacs in semi-urban areas and up to Rs. 5 Lacs in rural areas. If you want to repair your house and need a loan for that Union bank provides you funds up to Rs. 3 Lacs in semi-urban areas and up to Rs. 2 Lacs in rural areas. Margin is mandatory and should be paid by the applicant at the correct scale. On purchase/construction of a house 20% of margin money is provided on the total cost and on the purchase of plot, its 20% and if you are repairing or renovating your house then also 20% of margin money is provided on the total cost.
  • Union bank offers you tenure up to 30 Years including the moratorium period of up to 36 months. For repairing of your home you can avail tenure up to 10 years . Union bank accepts security in form of Equitable mortgage of the residential property. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required till the period of its completion.Interest rate for floating rate loans starts from 8.65% per annum for finance up to Rs. 75 Lacs and 8.70% per annum for finance above Rs. 75 Lakhs.The Interest rate for floating rate loans starts from 8.65% per annum for finance up to Rs. 75 Lacs and 8.70% per annum for finance above Rs. 75 Lakhs. And the Interest rate for fixed rate loans starts from 11.40% per annum for amount up to Rs. 30 Lacs, 12.40% per annum for amount above Rs. 30 Lakhs to Rs. 50 Lacs, and 12.65% per annum for amount above Rs. 50 Lakhs to Rs. 2 Crores. Processing charges of Union Bank on the loan amount is equal to 0.50% subject to maximum Rs. 15,000.
  • Documents required:
    • Copy of PAN Card
    • Last 12 months bank statement
    • Proof of existing repayments, if any
    • Loan Application along with KYC Details and 3 photographs
  • Documents required for property:
    • Allotment letter
    • Advance money receipt
    • Title Deed

Union Top Up Loan

  • In this bank facilitates you additional funds to meet any expenditure with respect to the house such as repairs, renovations, furnishing, etc. You can avail funds as high as 50% of the total amount repaid, subject to minimum Rs. 50,000 to maximum Rs. 5 Lacs. union bank provides you the Interest rate equal to 9.70% per annum if original home loan limit is up to Rs. 30 Lacs and 9.95% per annum if original home loan limit is above Rs. 30 Lacs. Processing charges of Union Bank on the loan amount is equal to 0.50% subject to maximum 15000. Union bank offers you repayment tenure up to 60 EMIs or residual period of existing home loan.
  • Documents required:
    • Copy of PAN Card
    • Last 12 months bank statement
    • Proof of existing repayments, if any
    • Loan Application along with KYC Details and 3 photographs
  • Documents required for property:
    • Allotment letter
    • Advance money receipt
    • Title Deed

Union SmartSave Home Loan

  • Union Smart save Home Loan comes with a special feature, where you are allowed to deposit amount in addition to your monthly EMIs as well as you can also withdraw such excess amount at a later date as per your requirement. Lower interest rate would be charged till the excess amount is available in the loan account. Union Bank provides home Loan for Purchasing or construction of a house/ flat. Union bank also provides you aid in purchase of plot and construction of house thereon, Repairs/ improvements/ extension of the existing residential property and take-over of housing loan availed from another bank / FI. In this scheme Indians residents as well as the NRIs can also apply.
  • Union Bank provides you funds of Rs. 2 crore and above. You can avail loan upto Rs. 30 lakhs for repairing of your house. If you take a loan of upto Rs. 75 lakhs then you get 20% margin money and if the loan is above Rs.75 lakhs to Rs. 2 crores then the margin money percentage is 25% and if the the amount is above Rs. 2 crores then the margin money percentage is increased much to a level of 35% on purchase/construction of a house/flat. Union bank offers you 20% margin money of total cost of the repairs.Union bank offers tenure up to 30 years for floating rate loans and up to 5 years for fixed rate loans including maximum repayment holiday up to 36 months. Union Bank provides you tenure of up to 10 years for home loan for repairs.
  • The Interest rate for floating rate loans starts from 8.65% per annum for finance up to Rs. 75 Lacs and 8.70% per annum for finance above Rs. 75 Lakhs. Processing charges of Union Bank on the loan amount is equal to 0.50% subject to maximum 15000.Union bank accepts security in form of Equitable mortgage of the residential property. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required till the period of its completion.
  • Documents required:
    • Copy of PAN Card
    • Last 12 months bank statement
    • Proof of existing repayments, if any
    • Loan Application along with KYC Details and 3 photographs
  • Documents required for property:
    • Allotment letter
    • Advance money receipt
    • Title Deed

Union Paradise Loan

  • Union Paradise loan provides you home Loan for NRI Applicants for Purchase/ construction of house/ flat. It also helps in purchase of plot and construction of house thereon,Repairs/ improvements/ extension of the existing residential property and take-over of housing loan availed from another bank / FI. Bank provides you funds of Rs. 2 crore and above. You can avail loan upto Rs. 30 lakhs for repairing of your house. Margin money(i.e your share) is mandatory for you. If you take a loan of upto Rs. 75 lakhs then you get 20% margin money and if the loan is above Rs.75 lakhs to Rs. 2 crores then the margin money percentage is 25% and if the the amount is above Rs. 2 crores then the margin money percentage is increased much to a level of 35% on purchase/construction of a house/flat. Union bank offers you 20% margin money of total cost of the repairs.Union bank offers tenure up to 30 years for floating rate loans and up to 5 years for fixed rate loans including maximum repayment holiday up to 36 months.
  • Union Bank provides you tenure of up to 10 years for home loan for repairs. The Interest rate for floating rate loans starts from 8.65% per annum for finance up to Rs. 75 Lacs and 8.70% per annum for finance above Rs. 75 Lakhs. And the Interest rate for fixed rate loans starts from 11.40% per annum for amount up to Rs. 30 Lacs, 12.40% per annum for amount above Rs. 30 Lakhs to Rs. 50 Lacs, and 12.65% per annum for amount above Rs. 50 Lakhs to Rs. 2 Crores.
  • Union bank accepts security in form of Equitable mortgage of the residential property. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required till the period of its completion. Processing charges of Union Bank on the loan amount is equal to 0.50% subject to maximum Rs. 15,000.
  • Documents required for NRI:
    • Copy of PAN Card
    • Last 12 months bank statement
    • Loan Application along withKYC Details and 3 photographs
    • Proof of existing repayments, if any
    • Copy of Visa stamped on the passport
    • Latest work permit
    • Employment contract (if the contract is in any language other than English, the same has to be translated into English and attested by Employer/Indian Embassy).
    • Any other document required as per the application form.
  • Documents required for property:
    • Allotment letter
    • Advance money receipt
    • Title Deed

Union Bank of India Home Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Union Home Loan

8.65% - 12.65% per annum (Floating & Fixed)

Union Home Loan for BSNL Employees

8.65% - 8.70% per annum (Floating)

Union Awas Loan

8.65% - 12.65% per annum (Floating & Fixed)

Union Top Up Loan

9.70% - 9.95% per annum (Floating)

Union SmartSave Home Loan

8.90% - 9.20% per annum (Floating & Fixed)

Union Paradise Loan

8.65% - 12.65% per annum (Floating & Fixed)

How to Apply for Union Bank of India Home Loan?

At Paisa

    • Check the personal loan offer which suits you best and click on apply now
    • Fill the required details (purpose,annual salary,EMIs you can pay)
    • Choose the loan you want to take
    • After this submit the details.

At nearest Union Bank of India Branch

    • Visit the nearest branch of Union bank along with the loan application form and required documents. Click here to download Union Bank of India Home Loan Application. If you want to apply for top-up loan, you can download the application form from here.
    • Fill up the form if you are stuck with some query may ask at MAY I HELP YOU desk in the bank.
    • Submit the form in the bank

After I Apply?

Check loan status

  • Through Status Tracking Page
    • Click here to go on online retail loan application page.
    • Then click on "existing"
    • After this put up your reference number and mobile number
    • Click the submit button
  • Through Customer Care
    • First you need to dial 1800-22-2244 / 1800-208-2244 (Toll-Free) and wait for the IVR options.
    • If you want to proceed in hindi you will have to press 1, if want to proceed in english press 2, for regional language press 3.
    • Now, press 2 for product related services and your call will be transferred to Customer Customer Executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50% of the loan amount

Maximum Rs. 15,000


NIL

For BSNL Employees

Foreclosure Charges

NIL

For Floating / Fixed rate loans if paid from own funds or Balance Transfer


2% of the average outstanding balance in last 12 Months.

For Balance Transfer on Fixed rate loans.

The processing fee charged by Union Bank is 0.5% on the total loan amount to maximum of Rs. 15000. Union Bank doesn't charges any processing fee from BSNL(Bharat Sanchar Nigam Limited) employees. While, if you see Axis Bank charges 1% processing fee on the total loan amount. Some bank doesn't take foreclosure charges. In Union Bank the Foreclosure charges are nil in case for floating/fixed rate loans if paid from own funds or balance transfer. On the outstanding amount 2% is taken as a foreclosure charge from the Union Bank while, ICICI bank takes 5% of the foreclosure charges.

FAQs

How can I contact Union Bank of India Customer Support?

You can contact Union Bank of India Customer Care either at their contact numbers or at their email address. To contact Union Bank of India Customer Support at their contact number, you can dial either of the following number – 1800-22-2244 (Toll-Free) / 1800-208-2244 (Toll-Free), 080-25300175, +91-802-530-2510 (for NRIs).

Apart from it, you can write an email to them at [email protected].

What is the MCLR Rate applicable on Home Loan?

Interest rate is linked to one year MCLR which is 8.55%.

Do I have to provide any guarantee to avail the loan?

Third party guarantee is not mandatory for Resident Indian. However, in case of NRI Home Loan, One/two guarantors of Indian Residents, having means equivalent to that of the loan amount are necessary.Under Union Awas Loan a third party guarantee is also required.

What Housing Projects are approved by Union Bank of India?

You can click here to check approved projects.

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