Union Bank of India Home Loan

Last Updated : April 5, 2025, 5:53 p.m.

Everybody needs a home of their own. A home loan helps those individuals in purchasing their own homes who do not have enough funds to buy one. If you are also looking for a home loan at affordable interest rates, Union Bank of India could be a suitable option for you. After the recent merger of Andhra Bank and Corporation Bank into it, Union Bank of India has emerged as one of the leading public sector banks of India. Available for a wide range of purposes such as the purchase of a house/flat, construction of a house, Repairs, Renovation, etc, Union Bank of India Home Loan is one of the most preferred options among individuals. Read on to know more about the details of this product!

Union Bank of India Home Loan Interest Rate Details 2025

Find below the table containing home loan interest rate details and all the required details of the home loan -

Interest Rate for Retail Loan Schemes Under Union Bank of India

Union Bank Smart Save Home Loan

For Loan Amount Up to Rs 30 lakh ( Salaried/Professional Individuals)

For Loan Amount Above Rs 30 lakh ( Salaried/Professional Individuals)

Union Home/Awas Loan – For Government Employees

Special Retail Lending Scheme for Government Employees (SRLGE) {Salaried/Professional Individuals}

Union Bank Home Loan Eligibility Criteria

Before applying for the Union Bank of India Home Loan, it’s important to know the eligibility criteria required to get the loan amount. The eligibility criteria are nothing but a set of conditions that are required to be fulfilled by any individual. Without meeting the eligibility criteria, your loan application may be rejected, and that’s why it is important to know them in advance.

You can have a glance at all of them below.

• Open to Indian citizens and NRIs.
• Minimum entry age: 18 years
• Maximum age: Up to 75 years at loan maturity
• The borrower can opt singly or jointly with other eligible co-applicants.
• The CIBIL score must be good to be eligible for the loan.
• The borrower must have a stable source of income to ensure smooth loan repayment.

Documents Required for Union Bank of India Home Loan

Apart from meeting the eligibility criteria, you also need to submit the right documents to authenticate your candidature. Improper documentation can lead to the rejection of the home loan application. The list of documents is given in the table below. Do not forget to check them!

General Documents

• A duly filled application form and credit information
• KYC documents: ID proof, address proof, 2 passport-size photographs
• Last 6 months’ bank statements

Income Documents

• For Salaried :
  • Last 2 years’ ITR/Form 16
  • Latest 3 salary slips
  • Proof of any other income
• For Self-employed/Others :
  • Last 3 years’ ITR
  • Proof of any other income

Property Documents

• Allotment letter/Sale agreement
• Approved building plan by the local authority
• Advance payment/own contribution receipt
• NOC from builder/developer/society
• Construction/extension/repair cost estimate
• Original sale deed/title deed/share certificate
• Link documents establishing ownership history

If a Loan is Taken Over from Another Lender

• Sanction letter from the previous lender
• Last 12 months’ loan account statement
• List of documents on the lender’s letterhead
• Authority letter to hand over the original documents to the Union Bank

For NRI Applicants

• Latest work permit and passport copy
• Local (residence) address proof
• Valid VISA stamp
• Employer ID card
• Employment contract/offer letter

How Can you Calculate EMI for Union Bank of India Home Loan?

If you are interested in availing a home loan from Union Bank of India, you can easily calculate the EMI using the Wishfin Union Bank of India Home Loan EMI Calculator . This online tool helps you determine your monthly EMI by performing all the necessary calculations for you. Simply input your loan amount, interest rate, and tenure, and get instant results.

Let’s understand this with an example: Suppose you wish to avail a home loan of Rs 20,00,000 from Union Bank of India for a tenure of 25 years, with an interest rate ranging from 8.10% p.a. to 10.65% p.a. You might wonder what your monthly EMIs would be. Just enter the following three details into the calculator:

• Loan Amount

• Loan Tenure

• Interest Rate

The calculator will instantly show you the estimated EMI amount for your loan.

Fee/Charges of the Union Bank of India Home Loan

In this table, you can find additional fees/charges apart from the Union Bank of India Home Loan interest rate -

Union Bank of India Home Loan Features

We are providing some of the amazing features of the Union Bank of India Home Loan. These features will help you know the reason behind its popularity.

• The most special thing about this loan facility is the affordable interest rate which ranges from 8.10% - 10.65% per annum. The rate of interest on your home loan will be decided based on the CIBIL score of an individual and Loan to Value Ratio. So it may change from one lender to another.
• You can easily opt for the maximum loan amount possible, depending on your property value and repayment capacity. The repayment capacity will be decided by the borrower’s present income, age, employment type, existing obligations, etc.
• By opting for a loan with a co-applicant, an individual can improve their repayment capacity. The co-applicant can be your parents, siblings, son, or spouse.
• In the case of a Home Loan for Repair, the maximum loan amount is fixed at INR 30 lakh.
• You can be given a maximum period of 30 years to repay the loan. This period will include the moratorium period from the date of disbursal or when the house is completed. The repayment period for the House Repair Loan is fixed at a maximum of 10 years.
• Interest will be calculated on a reducing balance method so that you can have significant savings, as the Interest amount will decrease with time.
• Individuals with a good repayment track can also opt for the Top-up Loan facility. With this, you can get the additional loan amount over and above your current amount.

How to Apply for the Union Bank of India Home Loan?

After knowing all the details related to the Union Bank of India Home Loan, it is important to know the application process through which you can get the loan amount. There are a total of three stages involved in the overall application process. These are Application, Sanction, and Loan Amount Disbursement.

To apply for the Union Bank of India Home Loan, you can follow any of the methods mentioned below.

1. Union Bank of India has set some of its special retail lending branches as Union Loan Points (ULPs). To apply for the loan, you just need to visit one of these ULPs with your documents. The representatives will tell you everything about the home loan facility.
2. Other than this, you can also go to any of the normal Union Bank of India branches to apply for the home loan.
3. You can also apply for this loan via the online method. All you need is an internet connection, a mobile, or a laptop. Just visit the official website of the Union Bank of India and fill out the application form with the required details. Soon, you will get a call back from the concerned officials regarding your loan application.
4. The fourth and last method is to apply via Union Bank of India’s 24*7 Call Centre by calling 1800-22-22-44 or 1800-208-2244.

Conclusion

Here is the most reliable and affordable Union Bank of India Home Loan with a financing solution for individuals looking to purchase, construct, or renovate their dream home. With competitive interest rates, flexible repayment options, minimal processing fees, and customized schemes for salaried, non-salaried, and government employees, Union Bank ensures that every borrower finds a plan that suits their financial needs. Backed by transparent terms and hassle-free processing, Union Bank of India makes homeownership easier and more accessible for all.