Union Bank Home Loan Calculator

Benefits of Union Bank Home Loan Calculator

• A home loan calculator helps you to calculate the amount of money you need to pay every month as EMI.
  
  
• Union Bank of India Home Loan Calculator is the best utility tool available on the online platform to calculate the Mount you pay on monthly basis towards your loan.
  
  
• It guides you to know the loan amount you can take, the rate of interest, and the tenure of the loan.
  
  
• This helps you to decide the loan amount within your budget limit and ensures that EMI does not become a burden to you.
  
  
• It provides you with the facility to compare the principal amount, interest rate and the tenure for which you want to pay the amount.
  
  
• You can make proper decisions by changing the various factors that affect the monthly installment.
  
  
• It saves time and provides good assistance and helps you to make sustainable decisions.
  
  
• It is easy to use and delivers accurate results.
  
  
• The future borrowing process is made easy and accessible by the proper usage of the Union Bank of India Home Loan Calculator.

Union Bank Home Loan Calculator EMI Formula

Among all the available online home loan EMI calculators union bank offers the best and most trustworthy tool to calculate your monthly home loan EMI.

The basic formula used for the calculation of home loan EMI is as follows:

EMI=[PxRx(1+R)^N]/[(1+R)^N-1]

Here,

P refers to: Amount of the loan

R refers to: Rate of interest

N refers to: Tenure in months

Persons who apply for home loans need to pay fixed amounts as monthly installments to the bank until the advance liability is completed.

The EMI to be paid is generally calculated manually, but this type of calculation often leads to confusion and is time-consuming.

Whereas when we use the Union Bank Home Loan EMI Calculator, performing manual calculations is not needed and the monthly installment is automatically generated.

It also provides the option to check and adjust the payment options by comparing all the factors.
 
Let's know in detail about it through an example

For example, Sanjay applied for a house loan in Union Bank. After calculating his credit score, eligibility, and other details he is eligible for a loan of Rs 40,00,000 ( forty lakhs) with an interest rate of 7.5%.

The time limit for the payment is 22 years, which is 22*12= 264 months.

To make sure the loan installment paid every month stays in his budget, he can use the Union Bank Home Loan EMI Calculator to calculate the EMI to be paid.

Now according to the formula;

EMI =[PxRx(1+R)^N]/[(1+R)^N-1]

        = [40,00,000x7.5%x(1+7.5%)^264] / [(1+7.5%)^264-1]

        =30,980

By using the Union Bank Home Loan EMI Calculator, Sanjay can easily calculate the amount to be paid towards the loan EMI.

So he can decide whether it meets his budget or not. If needed he can increase or decrease the loan amount accordingly.

Union Bank Home Loan EMI Calculation

Union Bank Home Loan Eligibility Requirements & Documents Required 

• The purpose to apply for a house loan is limited to those who need to purchase a constructed house or to construct a new house on empty land.
  
  
• Sometimes the loan is also sanctioned for those who want to innovate.
  
  
• The applicant should be a citizen of India and above 21 years of age.
  
  
• The amount of the loan is based on the loan repayment capacity of the applicant.
  
  
• The maximum tenure for the loan payment is 30 years for a new house and 10 years for renovations.
  
  
• The applicant needs to satisfy the document criteria required by the bank like property documents, surety, and other credentials.
  
  
• The documents required are identity proof, address proof, bank statement, income certificate, and property papers.
  
  
• For the identity proof the applicant need to submit a proof authorised by the government of India like aadhar or election id.
  
  
• For address proof the applicant can submit aadhar card or current bill.
  
  
• The applicant needs to submit the bank statement provided by the bank to understand their transaction details.
  
  
• Income certificate as a proof of their financial status and also to estimate their loan repayment capacity.
  
  
• The original documents of the property they choose to keep as liability for the loan should be submitted.
  
  
• The person who gives guarantee for the loan also need to sign the form and submit their identity proof, bank statement and income certificate.

Why Should You Use Union Bank Home Loan EMI Calculator?

• Union bank is one of the leading public sector banks that provide home loans with affordable rates of interest and easy payment methods.
  
  
• The Union Bank Home Loan Calculator helps to easily calculate the monthly installment to be paid.
  
  
• It's easy, user friendly, and comfortable.
  
  
• By using a online tool to calculate the EMI, the applicant can adjust the loan amount and the number of installments easily.
  
  
• By comparing and adjusting the number of installments the applicant can understand the rate of interest and choose accordingly.

Factors Affecting Union Bank Home Loan

The following factors may affect the amount of loan sanctioned for an individual,

• Income- Depending on the income of the individual the amount of the loan may increase or decrease.
  
  
• Repayment capacity - The loan amount also depends on the amount of loan repayment done by an applicant. The increase in EMI increases the loan amount.
  
  
• Tenure- The number of months the applicant chooses to pay the loan also affects the loan amount. 

Frequently Asked Questions: FAQs

1. What are the processing fees for Union Bank?

The processing fee ranges from 2500 to 6500. The fee depends on the loan amount. It is the amount that is charged for all online transactions.

2. Does the Union Bank home loan consider the salary of the spouse?

Yes, the husband can apply for a joint loan along with his wife and can repay the loan together.

3. How can I decrease Union Bank home loan EMIs?

You can either go for more tenure extensions or you can make a prepayment and get a reduction in EMI.