As Generation has changed, now-a-days youngsters are preferring to buy a house in their early careers! As they are getting 4-5 digit salary figures in their initial earning years, they are preferring to take a home loan and fulfill their dream.
As banks are coming forward to issue home loans who have good earning capacity and cibil score, generally taking housing loans has become a common thing these days!
Let us discuss Union Bank of India housing loan details –
Eligibility–
- The loan borrower should have a valid income source
- The loan should taken for residential purposes only
- The loan borrower should submit his proof of address, proof of identity and income sources
- Maximum age to take housing loan is up to 75 Years
- He should have good credit history
Loan–
- There is no maximum ceiling on the quantum of the loan
- Loan amount would be sanctioned purely on loan repayment capacity of the borrower and on the value of the property
- If the loan is taken for renovation and repairs, maximum loan amount sanctioned will be 30 Lakh
Margin of Loan–
- 10% of the total purchase cost is the loan amount is below 30 Lakhs
- 20% of the total purchase cost if the loan is above 30 Lakhs
- 20% of the total cost for renovation charges.
Loan Repayment Period–
- The Maximum Repayment period for renovation/ repairs of house is 15 years
- The Maximum Repayment Period for Construction of a house is 30 Years
Mode of Payment
- Loan can be paid through ECS(Electronic Clearing Service)
- Instructions would be given to bank for EMI Debits
- EMIs can be paid monthly, quarterly, half yearly or even yearly but the customer has to maintain sufficient balance at the time of ECS Clearance
Housing Loan Interest Rate–Upto 30 Lakh
| CIBIL Score | Salaried | Non Salaried |
| 800 and above | External Benchmark Lending Rate(EBLR)-0.40=6.40% | EBLR-0.50=6.50% |
| From 750 to 799 | EBLR-0.30=6.50% | EBLR-0.20=6.40% |
| From 700 to 749 | EBLR+0.05=6.85% | EBLR+0.10=6.90 |
| From 650 To 699 | EBLR+0.10=6.90% | EBLR+0.20=7% |
| Less Than 650 | EBLR+0.35=7.15% | EBLR+0.45=7.25% |
Above 30 Lakh–
| CIC Score | Salaried | Non Salaried |
| 800 and above | EBLR-0.40=6.40% | EBLR-0.30=6.50% |
| From 750 To 799 | EBLR-0.30=6.50% | EBLR-0.20=6.60% |
| From 700 To 749 | EBLR+0.15=6.95% | EBLR+0.20=7% |
| From 650 To 699 | EBLR+0.25=7.05% | EBLR+0.30=7.10% |
| Less Than 650 | EBLR+0.50=7.30% | EBLR+0.55=7.35 |
The above interest rates are “Floating Interest Rates”. Let us consider the -“Fixed Rates“
| Loan Amount | Rate of Interest |
| Upto 30 Lakh | 11.40% |
| 30 Lakhs to 50 Lakhs | 12.40% |
| Above 50 Lakhs | 12.65% |
The above interest rates are taken from the official webiste of union bank and the bank has the right to change interestrates without prior notice!
Consult your union bank branch and make a informed choice of the latest interest rates
bank-info.in 