Highlights
- Are Union Bank of India Home Loan Rates the best?
- On What Basis does the Union Bank Set the Home Loan Rates - Read this page to know all!
The affordable Interest rate of the Union Bank of India Home makes it attractive for borrowers. Ranging from 6.80% - 7.40% per annum, the low interest rates help you in reducing your repayment amount. Individuals can make smooth repayment and also maintain a good credit score by doing so.
We are providing you some of the important details related to the Union Bank of India Home Loan interest rate. Do not forget to check them!
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Table of Contents
Union Bank of India Home Loan Interest Rate and Other Details
| Particulars | Details |
|---|---|
| Interest Rates | 6.80% - 7.40% |
| Maximum Loan Amount | Above INR 75 lakh For Repairs and Renovations - INR 30 lakh |
| Loan to Value Ratio | 75% to 90% |
| Repayment Period | Upto 30 years Upto 15 years in case of Repair or Renovation |
| Repayment Methods | Equated Monthly Installments (EMI) Equated Quarterly Installments (EQI) Step-up Repayment Method Ballon Repayment Method Flexible Loan Installment Plan (FLIP) Bullet Repayment Plan |
There is one thing that you need to know: the interest rate on Union Bank of India Home Loan depends on the CIBIL score and the loan to value ratio. That’s why the interest rates may change from one individual to another individual. We are providing you the interest rates based on the different loan to value ratio and CIBIL scores. Have a look!
Floating Rate for Loan Amount upto INR 30 lakh
Check the rates applicable to different credit scores and different LTV in the table below.
| CIBIL Score | Loan to Value Ratio | Effective Rate of Interest (Per Annum) |
|---|---|---|
| 700 and Above | Less than 75% | 6.70% - 6.90% |
| Less than 75% to less than or equal to 80% | 6.75% - 6.90% | |
| Less than 80% to less than or equal to 90% | 6.85% - 7.00% | |
| Below 700 | Less than 75% | 6.85% - 7.00% |
| Less than 75% to less than or equal to 80% | 6.85% - 7.00% | |
| Less than 80% to less than or equal to 90% | 6.95% - 7.10% |
Floating Rate for Loan Amount Above INR 30 lakh and Upto INR 75 lakh
The rate for this loan range is decided based on the CIBIL score as well as the profession and gender of an individual. Take a look!
| CIBIL Score | Interest Rates for Salaried (Female) | Interest Rates for Salaried (Male) | Interest Rates for Non Salaried (Female) | Interest Rates for Non Salaried (Male) |
|---|---|---|---|---|
| 700 and Above | 6.95% | 7.00% | 6.95% | 7.00% |
| Below 700 | 7.05% | 7.10% | 7.05% | 7.10% |
Floating Rate for Loan Amount Above INR 75 lakh
For loans above INR 75 lakh, the interest rates on the Union Bank of India Home Loan are decided according to the CIBIL Score, Gender, and Employment type of individuals.
| CIBIL Score | Interest Rates for Salaried (Female) | Interest Rates for Salaried (Male) | Interest Rates for Non Salaried (Female) | Interest Rates for Non Salaried (Male) |
|---|---|---|---|---|
| 700 and Above | 7.00% | 7.05% | 7.00% | 7.05% |
| Below 700 | 7.10% | 7.15% | 7.10% | 7.15% |
Union Bank of India Balance Transfer Facility
As you can see the Union Bank of India home loan rates have come down to 6.80% - 7.40% per annum, you can thus switch your outstanding loan balance to this PSU lender if the existing rate is much higher. Switchover of outstanding balance will not only help you reduce the EMI but also the interest outgo. You can use the savings realized on the same for some productive purposes.
