# Union Bank of India Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

Union Bank of India offers you a home loan to purchase a new or resale unit, construct a home, or repair or renovate the existing housing units. As the loan brings an EMI obligation for you, it is important to ensure proper management of the loan. You can use the Union Bank of India Home Loan EMI Calculator to do so. It gives you the approximate result of your EMI payments using which you can manage your monthly budgets and pay the EMI on time. Read on to find out how the tool works and what benefits it could provide to the borrower.

## How Does the Wishfin Union Bank of India Home Loan EMI Calculator Work?

To use the Wishfin EMI calculator, you are required to provide a few details of your loan which are the borrowed amount, interest rate, and tenure. Based on your details the calculator generates the EMI and shows the repayment schedule. Additionally, you receive an amortization table that shows the maturity value for each year throughout the loan tenure.

## Union Bank of India Home Loan EMI Calculation Formula

The calculator uses the below formula to calculate the monthly installment, total interest outgo, and total repayment amount.

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

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For instance, Mohini Verma avails a home loan worth ₹48,00,000 for a tenure of 25 years at an agreed-upon interest rate of 9.5%. Using the formula:

• Principal Amount (P): ₹48,00,000
• Interest Rate (R): 9.5% per annum (which is 9.5/12/100 = 0.00791  per month)
• Loan Tenure (n): 25 years, or 300 months

Let’s see how it works:

[48,00,000 x 0.00791 x (1 + 0.00791) ^ 300]/[(1+0.00791) ^300 -1] = 41,937

The EMIs you will be required to pay is ₹41,937

## Union Bank of India Home Loan Interest Rate

The rate of interest of your loan is based on the lending rate of the bank; it means the interest rate is floating in nature. And depending on the borrower’s repayment history, it is decided. Look to the table below to see the rate of interest that applies to different loan amounts.

Loan Amount CIBIL Score Interest Rates for Salaried (Women) Interest Rates for Salaried (Men) Interest Rates for Non-salaried (Women) Interest Rates for Non-salaried (Men)
Irrespective of Loan amount 800 & above 8.35% 8.35% 8.35% 8.35%
750 to 799 8.50% 8.50% 8.50% 8.50%
Irrespective of Loan amount 700 to 749 (Inculding -1 & 1 to 5) 9.10% 9.15% 9.20% 9.25%
650 to 699 9.40% 9.45% 9.45% 9.50%
Irrespective of Loan amount 600 to 649 10.25% 10.25% 10.25% 10.25%
Below 600 10.75% 10.75% 10.75% 10.75%

## Union Bank of India Home Loan Amortisation Schedule

If you apply for a home loan of INR 30 lakh at Union Bank of India at 7.50% for 15 years, how will the repayment pan out? Let’s check out the table to do so.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 30,00,000 7.50% 1 ₹ 2,60,272 ₹ 1,23,267 ₹ 31,23,267
₹ 30,00,000 7.50% 2 ₹ 1,34,999 ₹ 2,39,971 ₹ 32,39,971
₹ 30,00,000 7.50% 3 ₹ 93,319 ₹ 3,59,472 ₹ 33,59,472
₹ 30,00,000 7.50% 4 ₹ 72,537 ₹ 4,81,762 ₹ 34,81,762
₹ 30,00,000 7.50% 5 ₹ 60,114 ₹ 6,06,831 ₹ 36,06,831
₹ 30,00,000 7.50% 6 ₹ 51,870 ₹ 7,34,664 ₹ 37,34,664
₹ 30,00,000 7.50% 7 ₹ 46,015 ₹ 8,65,246 ₹ 38,65,246
₹ 30,00,000 7.50% 8 ₹ 41,652 ₹ 9,98,555 ₹ 39,98,555
₹ 30,00,000 7.50% 9 ₹ 38,283 ₹ 11,34,569 ₹ 41,34,569
₹ 30,00,000 7.50% 10 ₹ 35,611 ₹ 12,73,264 ₹ 42,73,264
₹ 30,00,000 7.50% 11 ₹ 33,444 ₹ 14,14,610 ₹ 44,14,610
₹ 30,00,000 7.50% 12 ₹ 31,657 ₹ 15,58,578 ₹ 45,58,578
₹ 30,00,000 7.50% 13 ₹ 30,161 ₹ 17,05,134 ₹ 47,05,134
₹ 30,00,000 7.50% 14 ₹ 28,894 ₹ 18,54,242 ₹ 48,54,242
₹ 30,00,000 7.50% 15 ₹ 27,810 ₹ 20,05,867 ₹ 50,05,867

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 1,12,540 ₹ 2,21,184 ₹ 28,87,459
2 ₹ 1,21,277 ₹ 2,12,447 ₹ 27,66,181
3 ₹ 1,30,692 ₹ 2,03,032 ₹ 26,35,488
4 ₹ 1,40,838 ₹ 1,92,886 ₹ 24,94,649
5 ₹ 1,51,772 ₹ 1,81,952 ₹ 23,42,877
6 ₹ 1,63,554 ₹ 1,70,170 ₹ 21,79,322
7 ₹ 1,76,252 ₹ 1,57,472 ₹ 20,03,070
8 ₹ 1,89,935 ₹ 1,43,789 ₹ 18,13,135
9 ₹ 2,04,680 ₹ 1,29,044 ₹ 16,08,455
10 ₹ 2,20,570 ₹ 1,13,154 ₹ 13,87,885
11 ₹ 2,37,693 ₹ 96,031 ₹ 11,50,191
12 ₹ 2,56,146 ₹ 77,578 ₹ 8,94,045
13 ₹ 2,76,031 ₹ 57,693 ₹ 6,18,013
14 ₹ 2,97,460 ₹ 36,264 ₹ 3,20,553
15 ₹ 3,20,725 ₹ 13,171 ₹ 0

## The Minimum EMI Offered by Union Bank of India on Home Loans

Below, you’ll see the minimum and maximum monthly EMIs for different home loan amounts, calculated at annual interest rates of 8.60% and 11.20% over a 25-year period:

Interest Rate of 8.60%

Interest Rate of 11.20%

10 lakh loan amount - ₹8,120 p.m.

10 lakh loan amount -  ₹9,946 p.m.

12 lakh loan amount - ₹9,744 p.m.

12 lakh loan amount -  ₹11,935 p.m.

15 lakh loan amount - ₹12,180 p.m.

15 lakh loan amount -  ₹14,919 p.m.

17 lakh loan amount - ₹13,804 p.m.

17 lakh loan amount - ₹16,908 p.m.

20 lakh loan amount - ₹16,240 p.m.

20 lakh loan amount -  ₹19,892 p.m.

## The Key Benefits of Using Union Bank of India Home Loan EMI Calculator

The Union Bank of India Home Loan EMI Calculator offers several key benefits for users considering a home loan from this financial institution:

• Financial planning: The calculator helps prospective borrowers understand their monthly outgo in terms of EMI payments. This assists in better financial planning and budgeting. This also ensures that borrowers do not overextend themselves financially.
• Accessibility : The EMI calculator is accessible online, offering convenience to users. They can access this tool from anywhere, at any time, which is especially beneficial for busy individuals who are planning their home purchases.
• Time-Saving : Instead of manually calculating EMIs, which can be time-consuming and prone to errors, the calculator provides quick and accurate results. This allows users to explore various loan scenarios in real time.
• Loan Comparison : Users can input different interest rates, loan amounts, and tenures to compare various loan options. This feature is invaluable for finding the most suitable loan terms that align with an individual’s financial capabilities and goals.

## Eligibility Criteria to Apply for Union Bank of India Home Loan

Here are the eligibility criteria you need to meet before applying for a home loan with Union Bank of India:

Union Home Loan

• Eligibility : Available to Indian citizens and Non-Resident Indians (NRIs).
• Age Requirement : Applicants must be between 18 to 75 years old.

Union Awas Home Loan

• Target Group : Specifically designed for residents of rural and semi-urban areas.
• Age Requirement : Applicants must be between 18 to 75 years old.
• Minimum Income : At least Rs 48,000 per annum.
• Eligible Professions : Permanent employees in educational institutions (such as schools and colleges), other establishments, and farmers.

Union Ashiyana Personal Loan

• Eligibility : Open to both new and existing home loan borrowers.
• Age Requirement :
1. Salaried individuals: 18 years up to the age of retirement.
2. Non-salaried individuals: 18 to 65 years.
• Loan Conditions :
1. For new applicants, the personal loan will be approved alongside the home loan but will only be disbursed upon the possession or completion of the property and after the security is perfected.
2. Existing home loan borrowers must demonstrate a satisfactory repayment record to qualify.

## Factors to Determine Union Bank of India Home Loan EMIs

Here are the factors that influence the monthly EMIs you will be required to pay on your home loans by Union Bank of India:

• Age: The borrower's age is considered when determining loan eligibility and tenure, which in turn affects the EMI calculation.
• Co-applicants Income: If there's a co-applicant, their income is also taken into account, potentially increasing the loan amount and impacting the EMI.
• Credit Score: A good credit score (CIBIL/Experian) can lead to better loan terms, potentially affecting the monthly repayments.
• Existing Financial Liabilities : Other ongoing loans or EMIs are considered when determining the home loan amount, which influences the EMI.
• Margin/Down Payment: The amount of down payment or margin offered by the borrower affects the loan amount and subsequently the EMI.
• Property Value: The market value of the property, as assessed by the bank's approved valuer, impacts the loan amount and EMI.
• Employment Stability: Continuity of occupation is considered when determining loan eligibility, which can influence the loan amount and EMI.

## Union Bank of India Home Loan Fees and Charges

Here are the fees and charges related to Union Bank of India home loan:

Fee Type

Charges

Processing fees

0.50% of the loan amount (Maximum Rs 15,000)

Legal & Valuation Charges

For new home loans: As applicable

For home loan balance transfer: Waiver of up to Rs.10,000

Stamp Duty/ CERSAI/ Memorandum Registration Charges

As per actuals

Prepayment charges

For floating rate home loans: No charges

For fixed-rate home loans:

• No prepayment penalty if the loan is prepaid from own verifiable sources.
• A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank / FI or adjusted by the borrower in lump-sum from any third party/source (except genuine sale).

## The Main Limitations of Union Bank of India Home Loan Calculator

Here are the main disadvantages of using a home loan EMI calculator:

• The calculator typically allows inputting only basic parameters like loan amount, interest rate, and tenure. It may not account for factors like changing interest rates, prepayments, top-up loans, etc.
• The EMI calculation usually does not include processing fees, prepayment charges, and other associated costs of taking a home loan. The total cost of the loan may be higher than what the calculator shows.
• The calculator provides generic calculations and cannot offer personalized loan recommendations based on an individual's financial profile and needs.
• The amortization schedule provided may be simplified and not account for factors like changing interest rates over time.

Frequently Asked Questions (FAQs)