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Home-loan   UNION HOME


  • Purchase of new/old residential unit (house/ flat/villa/apartment etc.)
  • Construction of residential unit on exiting non agriculture plot.
  • Purchase of non-agricultural plot and construction of residential unit (composite project) thereon**
  • Repairs/ improvements/ extension of the existing residential property.
  • Take-over of housing loan availed from another bank / FI
  • Completion of under construction residential unit.
  • Purchase of solar power panel along with purchase / construction of house.


  • Indian citizens and NRIs
  • Minimum entry age is 18 years and maximum exit age up to 75 years.
  • Individuals may apply singly or jointly with other eligible individuals.


  • No limit on the quantum of loan.
  • Loan eligibility depending on repayment capacity of the borrower and value of property
  • Maximum loan amount for repairs/renovation is Rs.30 lakh.


  • For Purchase/Construction of Residential Unit (House, Flat, Bungalow etc)
  • Loan Amount


    Loan to Value (LTV) Ratio

    Up to Rs.30.00 Lakhs



    Above Rs.30.00 to Rs.75.00 Lakhs



    Above Rs.75.00 Lakhs



  • 20% of total cost of the repairs/renovation.


  • Moratorium period of up to 36 months in case of purchase/ construction
  • Moratorium period of to 12 months in case of repair & renovation.
  • Moratorium period of up to 48 months in case of Composite Home Loans from the date of first disbursement OR upto the period allowed by Development Authority from the date of purchase of plot, whichever is earlier.


  • Repayment period of up to 30 years in case of purchase/ construction
  • Repayment period of 15 years in case of repair & renovation


  • Equated Monthly Installments (EMI)
  • For borrowers engaged in agriculture or allied activities, Equated Quarterly Instalment (EQI) instead of EMI may be permitted.
  • Step-Up Repayment Method: EMI is set at a value lower than the normal EMI for initial months and for the remaining tenure it is set at a level higher than the normal EMI.
  • Balloon Repayment Method: lower than normal EMI at the start of the repayment tenure followed by lump sum amount expected to be available at end of repayment tenure.
  • Flexible Loan installment Plan (FLIP) Method: After receipt some lump-sum amount midway the EMI for the remaining period can be at a lower value than normal EMI.
  • Bullet payment: Deposit of lump sum payment during the repayment tenure and downward revision in EMIs for the remaining tenure.


  • Please click here to know our latest interest rates
  • Processing charges are 0.50% of loan amount subject to a maximum of Rs. 15000 plus GST.
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.


Floating rate loans

  • There is no prepayment penalty / take-over penalty if loan is taken over by other banks/FIs.

Fixed rate loans

  • There is no prepayment penalty if loan is prepaid from own verifiable sources.
  • A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank / FI or adjusted by the borrower in lump-sum from any third party/source (except genuine sale)


  • Simple/Equitable mortgage (E.M.) of the residential property
  • In case the proposed residential unit is under construction, suitable interim security is required (till the period of its completion)
  • However, interim security is not required if tie-up with the builder (with tripartite agreement) for the particular housing project exists.
  • DETAILS OF BUILDER TIE-UP click the link.


  • Third party guarantee is not required for Resident Indian
  • In case of NRI, guarantee of one/ two local resident Indian (other than spouse), acceptable to the bank to be obtained. However, in case where a resident co-applicant (other than spouse) is available for the loan facility, guarantee need not be sought. The resident co-applicant has to be among the close relatives as permitted.


  • Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.


**Conditions Apply**

**Contact our nearest Branch for more details**

Click here for apply online loan

FAQ: Union Home

  • Can I get reimbursement of the cost already incurred towards purchase of House/Flat/Construction?

Answer: Yes, reimbursement of cost already incurred during the preceding 6 months for purchase of house/flat/construction is allowed. However the same is restricted on case to case basic subject to fulfilment of scheme criteria. For further information please visit Branch/office.

  • What is the normal time required for sanction of home loan?

Answer: It takes only 5 working days to get the Home Loan sanctioned from Union Bank of India after submission of requisite documents and papers.

  • What does the own contribution i.e., (Margin) mean ?

Answer: Own contribution i.e., (Margin) means is the total cost of the property minus Home Loan.

  • What is EBLR ?

Answer: EBLR stands for external benchmark lending rate. Union bank of India has adopted Repo rate as the External benchmark to link its floating rate home loans with effect from 01.10.2019.

  • When will my interest Rate changes under EBLR regime?

Answer: The External Benchmark shall be reset at least once in three months or any other frequency as prescribed by Bank / RBI.

  • How will Union Bank of India decide the loan amount I am eligible for?

Answer- We will determine Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, co-applicant’s income, margin offered by you, continuity of occupation and Credit Information Bureau (CIBIL/Experian etc.) track record. However sanction of loan to individual is sole discretion of Bank. Here Bank may reserve the right to approve or reject the loan without assigning any reason.

  • Can I get instant digital approval ?

Answer: Instant In-principal approval can be obtained. However final sanction will be given after scrutiny of all documents and process.

  • How do I make a Union Home Loan Application ?

Answer:-You could collect an application form from our nearest branch or simply download it from our website and submit it along with documents and the Processing fees Cheque at any Union bank of India Branch. Alternatively you have the option to make online application on our website.

  • What does market value of the property mean?

Answer- Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions which bank take from approved independent valuer.

  • Is it mandatory to buy insurances policy with home loan?

Answer: For a borrower to understand the same better, there are two types of insurance covers available for Home Loan:

  • Property Insurance: In order to safeguard the Bank’s interest against any loss to the Property caused by unpredictable damages and natural disasters, insurance cover is mandatory. Property insurance policy should cover the structure as well as its contents or possessions.
  • Liability Insurance or Life Insurance: This is optional and purely at the discretion of the Borrower. However it is always advisable to get a liability/life insurance cover so that family members don’t suffer in case of any unfortunate event. For the benefit of the borrowers, one time Liability Insurance premium can be added in the cost of the property so that the burden can be reduced. Further, Bank also has tied-up with various insurance providers so that suitable products can be available to its customers with reasonable premium.
  • What does encumbrance refer to?

Answer- Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.

  • Can i apply for a loan to union Bank of India to takeover/repay a Home loan availed by me from another bank/ housing finance company?

Answer- Yes, you can apply for a loan to us for repaying a Home Loan availed by you from another bank/ housing Finance. For more details Contact our Nearest Branch/Office.

  • I am existing Home loan customer of Union bank of India and I need additional funds urgently. How can I get additional loan?

Answer: Existing Home loan Customers of Union Bank are eligible for various additional loans with special concessions such as:

  • Union Mortgage plus, or
  • Union Ashiyana overdraft Scheme, or
  • Union Ashiyana personal loan Scheme