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Union Bank Home Loan EMI Calculator
Union Bank of India offers a Home Loan EMI Calculator that allows you to calculate your monthly EMI for a home loan. You can enter the loan amount, interest rate, and loan tenure to get an estimate of your monthly EMI. This tool can help you plan your finances and make an informed decision about availing of a home loan from Union Bank of India. Moreover, Union Bank’s Calculator can be accessed online from any device with no sign-up requirements.
- 5 Lac
- 20 Cr
- 5
- 30
- 6
- 20
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
Table of Content
Union Bank Home Loan Calculator allows users to calculate the EMI amount of their home loan from the comfort of their homes. The calculator allows the users to gain an estimate of their EMI payments on their home loan so that they can plan the repayment better.
Union Bank is one of the most renowned financial institutions in the banking sector, offering a myriad of financial and investment products to the customer base in India. The bank merged with Andhra and Cooperation Bank in April 2020. The bank caters to the requirements of its customer base in India through 9,500 branches spread across the country. The bank also boasts an international presence in Antwerp, Dubai, Sydney and Hong Kong.
Union Bank home loan is a financial product offered to individuals to cater to their housing requirements. One can raise to Rs 30 Lakhs at attractive interest rates from 6.70% per annum.
Union Bank Home Loans EMI Calculator: Key Features and Benefits
Union Bank Home loan calculator provides the following features and benefits to the users:
- Union Bank Home Loan calculator allows users to compare the EMIs at varying tenures. One can also compare the home loan interest rates offered under various schemes to meet the one that fits the applicant’s budget. The calculator allows the user to research and derive the repayment amount on an easily manageable home loan.
- Union Bank Home Loan calculator is a free-to-use tool that can be easily accessed online. Users can quickly mention the necessary values on the calculator and compute the EMI amount from their homes at their discretion.
- Union Bank Home Loan Calculator is an AI-powered tool featuring a straightforward interface that even first-time users can easily access. It is a better alternative to manual calculations, which are prone to errors and inaccuracies.
How Union Bank Home Loan Calculator Works & Formula
Union Bank Home Loan Calculator allows users to compute the EMI amount on their home loan instantly. The user can conveniently use the calculator from the comfort of their home. They are required to mention their desired values in the following fields.
- Loan Amount: refers to the amount the individual is willing to borrow from the Union Bank to obtain property.
- Rate of interest: refers to the interest rate offered by the Union Bank to the applicant.
- Tenure (months): refers to the repayment tenure of the home loan. The duration in which the loan will be paid in full, along with interest.
- After successfully mentioning the values in the fields, the applicant would be provided with the following values:
- EMI Amount: The monthly payments against the loan amount.
- Total Interest: Refers to the borrower’s total interest amount to the bank and the principal.
- Total Amount: refers to the total amount accrued to the bank, i.e. Principal plus interest.
How Does EMI Calculation Help in Planning the Home Purchase?
Union Bank Home Loan EMI calculator assists the users in the following ways to plan to make a purchase.
- It gives an accurate estimate of the EMIs on the loan amount.
- The user can budget their loan better if they can review the EMIs.
- Users can input multiple values in the calculator, enabling them to compare the varying interest rates and tenures.
- Union Bank Home Loan EMI calculator provides accurate and instantaneous results.
Factors Affecting Union Bank Home Loan EMI
The following factors impact the EMIs of the Union Bank Home Loan.
- The EMI amount on the home loan with the Union Bank will be directly proportional to the loan amount borrowed from the financial institution. A substantial loan amount increases the monthly repayments.
- The interest rate is the fee the bank charges to loan the amount to the applicant. The applicant should compare different banks’ interest rates to obtain the best deal in the market.
- The loan tenure is another important factor that impacts the EMI amount on a loan. A lengthier tenure ensures the repayment is spread out and makes the repayments more manageable.
Union Bank Home Loan Amortisation Schedule
The following table showcases the repayment schedule of the loan amount of Rs 25 Lakhs. The interest rate charged for the loan is 6.70% per annum, and the repayment tenure is set at ten years.
Year | Opening Balance | EMI (Annual) |
Interest (Annual) | Principal (Annual) | Closing Balance |
2023 | 15,00,000 | 1,58,785 | 98,676 | 60,109 | 14,39,891 |
2024 | 14,39,891 | 1,58,785 | 94,523 | 64,262 | 13,75,629 |
2025 | 13,75,629 | 1,58,785 | 90,083 | 68,702 | 13,06,927 |
2026 | 13,06,927 | 1,58,785 | 85,336 | 73,449 | 12,33,478 |
2027 | 12,33,478 | 1,58,785 | 80,261 | 78,524 | 11,54,953 |
2028 | 11,54,953 | 1,58,785 | 74,835 | 83,950 | 10,71,003 |
2029 | 10,71,003 | 1,58,785 | 69,034 | 89,751 | 9,81,252 |
2030 | 9,81,252 | 1,58,785 | 62,833 | 95,952 | 8,85,300 |
2031 | 8,85,300 | 1,58,785 | 56,203 | 1,02,582 | 7,82,718 |
2032 | 7,82,718 | 1,58,785 | 49,115 | 1,09,670 | 6,73,048 |
2033 | 6,73,048 | 1,58,785 | 41,537 | 1,17,248 | 5,55,800 |
2034 | 5,55,800 | 1,58,785 | 33,436 | 1,25,349 | 4,30,450 |
2035 | 4,30,450 | 1,58,785 | 24,775 | 1,34,011 | 2,96,440 |
2036 | 2,96,440 | 1,58,785 | 15,515 | 1,43,270 | 1,53,170 |
2037 | 153,170 | 1,58,785 | 5,616 | 1,53,170 | 0 |
Union Bank Home Loan EMI for ₹10 Lakh
The following table showcases the EMI amount for Rs 10 lakhs at different tenures.
Loan Amount | Interest Rate | Tenure | EMI |
10,00,000 | 6.70% | 5 | 19,660 |
10,00,000 | 6.70% | 10 | 11,457 |
10,00,000 | 6.70% | 15 | 8,821 |
10,00,000 | 6.70% | 20 | 7,574 |
10,00,000 | 6.70% | 30 | 6,453 |
Union Bank Home Loan EMI for ₹20 Lakh
The following table showcases the EMI amount for Rs 20 lakhs at different tenures.
Loan Amount | Interest Rate | Tenure | EMI |
20,00,000 | 6.70% | 5 | 39,320 |
20,00,000 | 6.70% | 10 | 22,914 |
20,00,000 | 6.70% | 15 | 17,643 |
20,00,000 | 6.70% | 20 | 15,148 |
20,00,000 | 6.70% | 30 | 12,906 |
Union Bank Home Loan EMI for ₹ 25 Lakh
The following table showcases the EMI amount for Rs 25 lakhs at different tenures.
Loan Amount | Interest Rate | Tenure | EMI |
25,00,000 | 6.70% | 5 | 49,150 |
25,00,000 | 6.70% | 10 | 28,642 |
25,00,000 | 6.70% | 15 | 22,053 |
25,00,000 | 6.70% | 20 | 18,935 |
25,00,000 | 6.70% | 30 | 16,132 |
Union Bank Home Loan EMI for ₹30 Lakh
The following table showcases the EMI amount for Rs 30 lakhs at different tenures.
Loan Amount | Interest Rate | Tenure | EMI |
30,00,000 | 6.70% | 5 | 58,980 |
30,00,000 | 6.70% | 10 | 34,370 |
30,00,000 | 6.70% | 15 | 26,464 |
30,00,000 | 6.70% | 20 | 22,722 |
30,00,000 | 6.70% | 30 | 19,358 |
Union Bank Home Loan EMI for ₹50 Lakh
The following table showcases the EMI amount for Rs 50 lakhs at different tenures.
Loan Amount | Interest Rate | Tenure | EMI |
50,00,000 | 6.70% | 5 | 98,300 |
50,00,000 | 6.70% | 10 | 57,248 |
50,00,000 | 6.70% | 15 | 44,107 |
50,00,000 | 6.70% | 20 | 37,870 |
50,00,000 | 6.70% | 30 | 32,264 |
Comparison of Union Bank Home Loan Interest Rates with other Banks
The following table showcases a comparison between Union Bank Home Loan Interest Rates with other banks and lenders.
Bank | Interest Rate |
Union Bank of India | 8.25% Onwards |
HDFC Bank | 8.60% Onwards |
SBI Bank | 8.70% Onwards |
ICICI Bank | 8.65% Onwards |
Axis Bank | 8.65% Onwards |
Home Loan EMI Calculators By Nationalized Banks
Home Loan EMI Calculators By Private Banks
Frequently Asked Questions (FAQs)
What happens if Union Bank home loan EMI is missed?
If the borrower defaults on their loan repayments, they will be required to pay penalty fees.
Can I change my housing loan EMI date for union bank?
Yes, one can change the EMI date on their repayments. The Union Bank has established various online and offline channels.
How does your home loan repayment work in union bank?
The repayment would be made through EMI payment. That is a sum of principal and interest.
What are the interest rates on housing loans in union Bank?
The interest rate on the home loan commences from 8.25% per annum.
What is the Union Bank home loan processing fee?
The Union Bank home loan processing fee is 0.5% of the loan amount.
Why should I calculate the Union Bank housing loan EMI before taking a loan?
The calculator provides an estimate of the EMI amount on the home loan. This AI-powered tool is free and convenient to use.
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