Union Bank of India Home Loan EMI Calculator
Last Updated : May 14, 2020, 1:09 p.m.
Union Bank of India offers you a home loan to purchase a new or resale unit, construct a home, 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 how the tool works and what benefits it could provide to the borrower.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
How does the Union Bank of India Home Loan EMI Calculator Work?
To use the 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.
The interest rate on Union Bank of India Home Loan starts from 8.60% - 11.20%. The bank provides the loan for a maximum of 30 years.
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
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) |
|---|---|---|---|---|---|
| Up to INR 30 Lakh | 700 & above | 7.10%-7.25% | 7.15%-7.30% | 7.25%-7.35% | 7.30%-7.40% |
| Below 700 | 7.25%-7.35% | 7.30%-7.40% | 7.35%-7.45% | 7.40%-7.50% | |
| Above INR 30 Lakh to 75 Lakh | 700 & above | 7.35% | 7.40% | 7.35% | 7.40% |
| Below 700 | 7.45% | 7.50% | 7.45% | 7.50% | |
| Above INR 75 Lakh | 700 & above | 7.40% | 7.45% | 7.40% | 7.45% |
| Below 700 | 7.50% | 7.55% | 7.50% | 7.55% |
Example – 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 |