Union Bank of India Home Loan Interest Rate

Here are the Union Bank of India home loan interest rates in 2024 for all those home loans that are more than Rs. 30 lakhs

Union Bank of India home loan interest for salaried persons

• Their Union Bank Home loan is associated with 0.50% of the loan amount, which would be a maximum of Rs. 15,000.
• The stamp duty and registration is according to the actuals. 
• The legal and valuation charges of the home loan are applicable for new homes as applicable.
• For the floating rate home loans, there are no charges.
• There are no prepayment charges when the loan has been repaid from verifiable sources. 
• There is a 2% penalty charged on the average outstanding balance of the preceding 12 months if the loan is taken from another bank.

There are different kinds of home loans provided by the bank for different purposes-

The purpose of this loan is to buy new or old dwelling units. It can also be used for the construction of a house or flat. It can also be for the purchase of a plot and construction of the house on the same. You can also use it for repair, extension, renovation, or addition. The amount for this loan is according to the capacity of the borrower, and for the repair or renovation, it is up to Rs. 30 lakhs. The tenure for this loan is 30 years for purchase or construction and 15 years for renovation.

The major motive of the loan scheme is to provide an overdraft facility to buy or construct a flat or a house. The loan amount for this loan is according to the eligibility of the borrower. 

The motive of this scheme is to aid the personal expenses of the existing and new home loan borrowers. The amount of this loan goes up to Rs. 15 lakhs, and with a tenure that goes up to 7 years.

This scheme aims at a home loan overdraft for personal or business requirements of home loan borrowers or repayment of high-cost loans. The loan amount ranges up to Rs. 20 lakhs. 

The motive of this loan is to purchase or construct a new house or flat for the repair or renovation and addition for economically weaker sections, middle-income groups, and lower-income groups. 

This is a home loan scheme for the construction or purchasing of houses in rural and semi-urban areas. You will also be allowed to carry out the repair, improvements, and more to the existing dwelling units of the rural or semi-urban areas. The loans offer up to Rs. 10 lakhs in semi-urban areas, up to Rs. 7 lakhs for rural, and up to Rs. 5 lakhs for semi-urban and rural. 

• Application form and credit information duly completed.
• KYC paperwork includes ID verification, address proof, and two passport-sized pictures.
• Other than salaried: ITR for the last three years and [proof of any other income].
• Salaried: Last two years' ITR/Form 16, latest three pay stubs, plus proof of any other income.
• Bank statement over the previous six months.

Indian Resident citizens and NRIs

Age Criteria: 18-75 years